DraftKings’ BetMGM conundrum
No stranger to overly populated conference calls with bankers and lawyers, DraftKings is in a race to gain scale and there is some sound logic to the $22.4bn bid for Entain. Ownership would give it a much wider global footprint, bringing both expertise and technology alongside between £850-900m ($1.17-1.24bn) in forecast EBITDA for 2021. In […]
DraftKings bid for Entain – reaction
The top line Late last night, UK time, Entain released a further statement clarifying the terms of the offer received from DraftKings. It said that an initial offer of £25 a share was rejected and that a renewed offer was received on 19 September worth £28 a share or ~$22.4bn. This offer consisted of 630p […]
Rush Street Interactive: boxing clever
Rush Street Interactive Q2 The top line Revenue was up 89% to $122.8m, net loss was down to $14m vs. $50.6m in Q220. Adjusted EBITDA loss was $6.6m vs -$3.7m in Q220. FY guidance raised to $465-$495m from $440-$480m, implying 72% YoY growth at mid-point. Adjusted advertising and promotions costs were up to $36.9m (30% […]
Entain: ‘We’ve delivered’
Entain H1 The top line Net gaming revenues were up 11% to £1.79bn ($2.48bn) while revenue of £1.77bn was up 12%. Underlying EBITDA up 12% to £401.1m. Online revenue up 29% to £1.56bn (the 22nd quarter of consecutive growth). Ex-Germany, online growth was 38%. Retail was down 46% to £191.3m with continued Covid-related closures. BetMGM […]
Scientific Games SciPlay buyout
Play it again: To no great surprise, Scientific Games has announced it is to buy the outstanding 19% of the free float of SciPlay that it doesn’t already own as it seeks to refocus on gaming following the news of the sports-betting and lottery division planned sales or IPOs. The all-stock deal involves circa $430m […]