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Bet On It: DraftKings to launch video streaming service
The Fly

Bet On It: DraftKings to launch video streaming service

Flutter gets approval for secondary listing in the U.S., Fanatics expands licensure to new state and other notable stories in the sports betting and iGaming space.

Welcome to the latest edition of "Bet On It," where The Fly looks at news and activity in the sports betting and iGaming space.

SECTOR NEWS: Entain (GMVHF) announced that it has acquired the entire issued share capital of 365scores, a sports media business, for a consideration of $150M and contingent payments totaling up to $10M. "365scores is one of the world’s leading scores and sports media companies, providing scores & sports information, editorial & social content, as well as sports-focused free-to-play games. They have a fast growing and highly engaged global audience of over 15 million active users and are ranked amongst the top 5 scores apps worldwide. The combination of 365scores’ deep expertise in data-driven sports media content alongside Entain’s global scale and market leading platform capabilities will provide customers with a broader offering of interactive content and experiences. The acquisition unlocks further growth opportunities and supports our global strategic ambitions," Entain stated.

Separately, Entain welcomed the publication of the review of the UK Gambling Act 2005 by the UK Government’s Department for Culture, Media and Sports, or DCMS. The review contains an extensive set of proposals, many of which align with actions that Entain has implemented. However, it requires comprehensive assessment and analysis, and a more detailed response will be provided by the company. Jette Nygaard-Andersen, Entain’s CEO, commented: "The UK Gambling Act Review is an important step towards having a robust regulatory framework that is fit for the digital age and creates a level playing field for all operators. We welcome the clarity that it will bring to the industry and customers. In leading the industry on player protection, we have already implemented a comprehensive range of actions to protect our customers, such as our industry-leading Advanced Responsibility and Care safer gaming program, personalized online slots staking limits, and the implementation of an affordability model across the UK. We are also extremely proud to have led the industry in 2019 by voluntarily agreeing to increase our levy donations to 1% of our UK gross gaming revenues. As a global and diversified business that operates in over 40 territories around the world, all of which are regulated or regulating, we are firmly in favor of regulation that preserves the market for the vast majority of customers who enjoy recreational betting and gaming, whilst also ensuring appropriate protection to all players."

DraftKings (DKNG) plans to launch a free, ad-supported video streaming service with videos of podcasts the company sponsors, Bloomberg’s Gerry Smith reported. The offering is expected to debut in the coming weeks, people familiar with the matter say. "Over the years DraftKings has expanded our media footprint by securing top talent and trusted personalities across sports media, and we’ve begun the initial rollout of DK Network," a company spokesperson said in a statement.

Cathie Wood’s ARK Investment sold 210K shares of DraftKings on Wednesday. 

Sportradar Group (SRAD) announced that Gerard Griffin has been named CFO of the company, effective May 9. Griffin most recently served as CFO at Zynga, a global leader in interactive entertainment. Griffin, who will succeed Uli Harmuth, will be based in St. Gallen in the future and will be responsible for the company’s accounting, finance and investor relations operations. He will report directly to CEO and founder Carsten Koerl.

Churchill Downs (CHDN) announced that its the board of directors approved a two-for-one stock split. The stock split will be effectuated by distributing to each shareholder one additional share for every outstanding share held as of May 5. The company expects the additional shares to be distributed on May 19 and the stock to begin trading at the split-adjusted price starting on May 22.

Nevada reported March statewide gaming win down 3.18% to $1.31B. Las Vegas Strip gaming win was down 2.9% compared to last year to $724.58M.

Sportradar Group announced that executives, Rajani Ramanathan and William Kurtz, will stand for election as independent members of its board of directors at the company’s annual general meeting of shareholders, on May 16 in St. Gallen, Switzerland. In addition to Ramanathan and Kurtz, the candidates for the seats include seven incumbent directors advanced by the board. Ramanathan currently serves as an advisor and director to several public and private technology companies in the AI, VR, Blockchain, and connected technology space. Currently, Ramanathan is a member of the board of directors of ESI Group. Kurtz has over 30 years of experience as a chief financial officer and chief operating officer in several high-growth technology equipment and software companies and likewise sits on several corporate boards. Kurtz currently sits on the board of directors of Aterian (ATER). Additionally, Chuck Robel, who has served on the board since September 2020, will retire from the company’s board this year and will not stand for re-election at the annual general meeting.

Penn Entertainment (PENN) unveiled an enhanced customer loyalty program, Penn Play, replacing its mychoice branded program. The new program greatly expands the ways Penn’s 26M loyalty members can earn and redeem rewards across the company’s portfolio of entertainment brands. Penn Play assets for media use are available to download here. Penn Play further connects the company’s brands under one loyalty program, making it easier than ever for members to earn, track, and redeem Penn Cash across a variety of gaming and entertainment experiences. Penn Cash, the company’s new loyalty currency, can be earned and redeemed through gaming, dining, shopping or staying at Penn destinations across the country – including Hollywood Casino, L’Auberge and M Resort – or by playing online with Barstool Sportsbook & Casino*, HollywoodCasino.com and PENNPlaycasino.com.


The Massachusetts Gaming Commission announced Tuesday that Fanatics’ proposed house rules and Betr was issued a certificate of operation. The addition of these two platforms would bring Massachusetts’s OSB options up to 10. Fanatics is also licensed in Maryland, Ohio, and Tennessee, but haven’t gone live in any states yet as they are currently beta-testing. Betr is live in Ohio but hasn’t decided to launch yet in either Massachusetts or Virginia.

Yahoo announced the acquisition of Wagr, a peer-to-peer sports betting app focused on making gaming social and accessible. "The acquisition of Wagr is an exciting step in the development of the next generation of Yahoo Sports’ gaming portfolio," said Jim Lanzone, CEO of Yahoo. "Wagr stands out for their innovative emphasis on community and social engagement in sports gaming, which aligns perfectly with the Yahoo award-winning fantasy platform that has brought tens of millions of fans together around their love of sports for over 20 years."

SECONDARY LISTING:  Flutter Entertainment (PDYPY) has received approval at its AGM for a secondary listing in the U.S., according Jefferies. The resolution received almost 100% backing. The firm assumes a six-month regulatory process will follow,. The firm told investors in a research note that they expect Flutter to pursue a primary listing with another shareholder approval required, possibly at the 2024 AGM, with a realistic prospect of a mid-2024 primary U.S. listing. 

EARNINGS RECAP: Boyd Gaming (BYD) beat analyst expectations in its first quarter earnings report on Wednesday. Keith Smith, CEO, said: "The first quarter was an excellent start to 2023 for our Company, as we again demonstrated the strength of our business model and the resilience of our diversified portfolio. We continued to see increased play from our core customers across the country, as well as strong growth in our non-gaming operations. Our Nevada segments delivered outstanding performances, as increased tourism in southern Nevada and growing play from core customers helped drive record first-quarter EBITDAR and operating margins in both our Las Vegas Locals and Downtown Las Vegas segments. Our growth initiatives also contributed to our record performance, as EBITDAR from our online operations more than doubled year-over-year, Sky River Casino continued to perform ahead of expectations, and recent property investments helped drive incremental revenue and EBITDAR growth. Our proven business model and experienced team are delivering strong results for our shareholders, giving us confidence in our continued ability to successfully navigate the current economic environment."

ANALYST COMMENTARY: JMP Securities raised the firm’s price target on Churchill Downs to $326 from $298 and keeps an Outperform rating on the shares. The company reported one of its most impressive quarters in recent memory as revenue and EBITDA beat expectations by 4% and 6%, respectively, the analyst tells investors in a research note.

Truist raised the firm’s price target on Boyd Gaming (BYD) to $85 from $83 and maintained a Buy rating on the shares. The company reported a "strong" Q1 EBITDAR, with earnings beat fueled by strength in Locals, Online and Managed gaming, more than offsetting the softness in some Midwest and South locations, the analyst tells investors in a research note.

PUBLICLY TRADED COMPANIES IN THE SPACE INCLUDE: Accel Entertainment (ACEL), Bally’s (BALY), Boyd Gaming (BYD), Caesars (CZR), Churchill Downs (CHDN), DraftKings (DKNG), Flutter Entertainment (PDYPY), Gan Limited (GAN), Genius Sports (GENI), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn Entertainment (PENN), Rush Street Interactive (RSI), Super Group (SGHC) and Wynn Resorts (WYNN).

Keywords: online betting, online sports betting, 365scores, UK Gambling Act 2005, DCMS, Nevada, Massachusetts Fanatics, Betr, Yahoo, Wagr,

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