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 […]
Penn National Gaming analyst update
Don’t hold back: Compliments don’t come much more backhanded than in the Deutsche Bank note issued today, which upgrades Penn National to a hold from a sell on the basis of its “massive underperformance” against its regional gaming peers. “Since our downgrade, and after numerous character assassinations, we stuck with our sell rating, because it […]
Aristocrat buys Playtech for £2.7bn
The top line The deal values Playtech at 680p a share which represents a 58.4% premium to the share price on Friday. The £2.1bn offer will also see Aristocrat take over Playtech’s ~£600m of debt. The valuation is 11.4x EBITDA for the 12 months to June. The deal has been unanimously accepted by the Playtech […]
GAN: Operators ‘underestimate’ tech stack challenge
The top line As prefigured in the Q2 pre-announcement, GGR was up 24% QoQ to $34.6m with strong B2C (Coolbet) growth (up 68% to $24m) in Latin America and Europe. B2B was down c$3.5m QoQ to $10.6m. Adjusted EBITDA rose 171% to $4.6m vs. $1.7m in Q1. Net losses were trimmed QoQ to $2.7m vs. […]
Flutter keeps its eyes on the prize
Flutter H1 The top line Revenue up 99% to £3.05bn ($4.22bn), pro forma up 30% while adjusted group EBITDA was up 75% to £597m. Excluding US losses that figure would have been up 101%. Pre-tax profit up 2221% to £77m. US revenue rose 159% to £652m ($906m) and the company expects US to be EBITDA […]