Endeavor adds OpenBet to its entourage
Scientific Games sells OpenBet to Endeavor The top line Endeavor will pay $1.2bn for the OpenBet sports-betting backend supply business. The deal consists of $1bn in cash and $200m in Endeavor stock The price represents c.10x FY21 revenues and an estimated 34x assumed FY21 EBITDA of ~$35m. U.S.-listed sports and entertainment group Endeavor owns data […]
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 […]
Catena buy i15 Media
On tick: Catena Media has moved once more to bolster its US presence via the acquisition of the online betting and casino sites of i15 Media for $45m, with $12.5m paid on closing and the rest – including $12.5m of new Catena shares – paid in instalments. Among the portfolio of more than 100 sites […]
Better Collective sets $100m US revenue target for 2022
Better Collective Q2 The top line Revenue hit €40m ($46.9m), up 162% YoY on a Covid-hit prior-year period and up 3% sequentially. EBITDA before special items rose 89.6% YoY to €12.7m but was down 3.8% QoQ. Publishing accounted for €26.1m of revenues (up 79% YoY) and paid media stood at €13.9m, with organic growth rate […]
Money burns a hole in MGM’s pocket
MGM Resorts International Q2 The top line The rise in net revenue to $2.27bn represented a near 700% bounceback on Q220. Consolidated Adjusted EBITDAR hit $617m, a record helped by record margins of just below 40%. Regional lead the way up 859% to $856.3m while Las Vegas was up 566% to $1bn. MGM China reported […]