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 […]
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 […]
DraftKings digs deep for Golden Nugget
DraftKings acquires Golden Nugget Online Gaming A rich seam: DraftKings acquires Golden Nugget Online Gaming in an all-stock transaction valuing GNOG at approximately $1.56bn. The offer is at a 7.6x multiple on 2022E revenue and is a 51% premium on GNOG’s closing price on 6 August. GNOG will own 6.6% of DraftKings going forward. The […]
DraftKings readies for NFL return
DraftKings Q2 and earnings call The top line Revenues up 297% to $298m, operating losses hit $321.5m vs $160m Q220. Adjusted EBTIDA losses were $95.3m vs $57.5m Q220 and marketing costs came in at $170m. DraftKings raised FY21 revenue guidance from $1.05bn-$1.15bn to $1.21bn-$1.29bn, implying YoY growth of 88%-100%. Monthly unique player were up 281% […]