Fragmentation delays pile pressure on suppliers like GAN
The US online gambling headlines are dominated by B2C brands, but B2B suppliers are a key component of the sports betting ecosystem and their performances are impacted by the underlying trends that run throughout the industry. This was evidenced during GAN’s results statement this week, during which CEO Dermot Smurfit said “the current state of […]
Read MoreThe Wagers E+M Golden Alarm Clock Awards
The beats, beefs and boasts of Q3 Beef of the quarter: Deutsche Bank vs. Dave Portnoy As if Dave Portnoy didn’t have enough to worry about this past quarter, he also found himself the subject of an ad hominem attack via a Deutsche Bank analyst note. Wrote the DB team: “At present, we believe Penn, […]
Read MoreMGM *hearts* NY
MGM Resorts International Q3 The top line Revenue up 140% YoY to $2.7bn and consolidated adj. EBITDAR of $765m, Las Vegas revenues up 187% YoY to $1.4bn but down 8% on Q319. Adj. EBITDAR up to $535m from $15m in Q320 and up 21% on Q319. Margin up 943 bps on Q219. Regional revenues to […]
Read MoreG2E review
Wish you were here: Travel restrictions meant most of the international representatives were unable to travel to G2E. Analysts at Truist noted that the number of mask-mandated attendees appeared to be around 50% of normal but those that were there were clearly “enthusiastic”. The dominant headlines from the week were generated by Bill Hornbuckle’s less-than-surprising […]
Read MoreStreet hits like on DK’s social plans
DraftKings Analysts: Deutsche Bank, Macquarie, Credit Suisse, Truist Securities, Jefferies Extending losses: Deutsche Bank (hold) suggested the marginally worse than expected EBITDA losses performance in Q1 has led expectations for losses for the year to “migrate lower” – they are now projecting losses of $551m versus prior estimates of $460m. The revenue beat was due […]
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