Management – FairOdds Network

August 8, 2024

Penn CEO Snowden: “Don’t believe everything you read” on M&A, points to late August NY launch

Penn Entertainment CEO Jay Snowden refused to comment on speculation of competitors teaming up to acquire the operator during Thursday's quarterly earnings call. Instead, he talked up deeper and deeper integrations with partner ESPN.
On Thursday’s (8 August) earnings call, Snowden said the company will be live in the biggest legal market in the US – New York – by the start of the college football season. He also addressed the controversial winners’ surcharge that DraftKings is floating. But his main focus was acquisition rumours.

The ESPN Bet launch last November brought the premier sports media brand into the betting sector. Snowden said it was a milestone moment. But it hasn’t yet translated into a podium position for Penn Entertainment.

Blended market share across six states averaged 6% for March, and investors have started to question Penn’s digital strategy. This led to rumours of a sale, suggesting Boyd Gaming would bite. Those rumours evolved into a joint approach with ..

February 13, 2024

WynnBet ceases operations in Massachusetts

The Wynn Interactive division of Wynn Resorts has ceased operations of its WynnBet online gambling brand in the state of Massachusetts.

Players in Massachusetts have 30 days from yesterday (12 February) to withdraw any funds from their WynnBet account.

Wynn Resorts, however, will continue to operate retail sports betting in the state. Players can continue to wager at the land-based sportsbook and kiosks inside its Encore Boston Harbor casino.

The halting of operations in Massachusetts comes after Wynn Resorts last August set out plans to scale back the brand across the US. Along with Massachusetts, WynnBet will also exit Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virginia.

WYNNBET IS IS ALSO SET TO EXIT Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virginia

The brand remains active in Nevada, New York and Michigan. However, Wynn chief financial officer Julie Cameron-Doe last week said its operations in New York and Michigan rem..

January 19, 2024

Intralot extends contract with Morocco’s MDJS until 2025

Intralot has announced a two-year extension to its games operator contract with La Marocaine des Jeux et des Sports (MDJS).

The fresh deal is set to run out in December 2025. The agreement will see Intralot continue to operate MDJS’ lottery, while also offering sports betting and other games of chance.

Intralot has had a long-term partnership with MDJS, powering its offering since 2010. The Greek operator will continue to operate MDJS’ lottery games, which include Tifo and Chrono.

In March 2021, Intralot announced it had agreed to reduce the term of an eight-year deal with MDJS, signed in 2019, to end in December 2022.

However, despite MDJS launching a tender in January 2022 for a new supplier, a new one-year extension was agreed with Intralot in March 2022. This most recent extension, announced on Friday, prolongs the relationship between the pair.

Intralot at risk of not meeting 2024 bond obligations

In November 2023, Intralot announced a return to net profit for Q3. Gross gam..

January 17, 2024

Tiers and turbulence in US sports betting

The US sports betting sector has grown rapidly, but Paul Girvan sees trouble on the horizon for the early leaders.

The rapid development of US sports betting has been astounding. Currently some 32 states have legalised some form of sports betting and, of this number, 28 provide either mobile or online access.

Within the 32, there are five states where tribal operators provide the only betting option. To date the markets have been characterised by a hierarchy of operators that have gained access primarily via partnerships with land-based casino operators, both tribal and commercial.

A further eight states are considering the issue and could pass legislation in the coming year. Beyond these is a disparate group of states that have been resistant to passing sports betting legislation – although some have been actively considering the issue.

Among these are three powerhouses of tribal gaming; Minnesota, Oklahoma (with its proximity to Texas) and the behemoth of California. Trouble, ho..

December 13, 2023

Bill Hornbuckle on MGM Resorts’ global growth ambitions

MGM Resorts’ home town of Las Vegas evolved beyond all recognition during Bill Hornbuckle’s time in gaming, but it’s not the only show in town. He’s eyeing up expansion across a range of global markets and expanding into new channels.

Things are booming in MGM Resorts’ home town, but it’s much more than a Vegas-based business. Hornbuckle leads global development efforts and having taken MGM into Macau he’s still looking east.

MGM Resorts looks east

Japan’s ministry of land, infrastructure, transport and tourism certified plans for a $10bn integrated resort in Osaka in April. After finalising agreements with Osaka Prefecture and City, construction can begin on the property.

Marginally closer, opportunities are emerging in the United Arab Emirates. First Wynn sealed an agreement for a resort in Ras al-Khaimah. Then a federal regulator, the General Commercial Gambling Regulatory Authority (GCGRA) emerged paving the way for resorts in other Emirates.

MGM is focused on Dubai, Hornbu..

November 7, 2023

BHA aims to slow decline on British horseracing betting

The British Horseracing Authority (BHA) has set out a series of changes for its 2024 fixture list, including amending how events are run, to slow what it says has been a decline in betting on British races.

Published last month, the BHA 2024 fixture list includes 170 “Premier Racedays” with higher prize money and more star horses. The BHA has also committed to investment to improve Sunday racing and increase competitiveness across the fixture list.

The plans are the first phase of a new long-term industry strategy, with changes to run for a two-year trial. The Horserace Betting Levy Board (HBLB) will support the plans by providing an additional £3.8m (€4.4m/$4.7m) in funding.

Part of the reason for these changes, the BHA says, is to support the betting side of racing.

Switching Saturday fixtures and new Sunday betting session

The organisation has set out three primary, betting-related targets for the upcoming 2024 season. The first of these is to improve the performance of Saturd..

November 1, 2023

How Adam Greenblatt is sharpening BetMGM’s competitive edge

Adam Greenblatt set BetMGM on a path to profitability and the business will be self-sustaining in the second half of 2023. How will he make sure the operator stays ahead in the US sports betting market as new competitors emerge?

July’s update on BetMGM’s first half performance confirmed the operator was on the path to profitability outlined by CEO Adam Greenblatt in June.

The business will be self-sustaining in the second half of the year. There will be no additional equity investment from joint venture partners MGM Resorts and Entain, beyond the $150m committed for 2023.

BetMGM CEO Greenblatt believes a new phase of competition could be imminent in the US

Greenblatt believes that BetMGM could operate as a separate business and stand on its own two feet if necessary.

“It could be a permanent state, absolutely,” he says of BetMGM as a self-sustaining entity. “[But] I think whether or not that is indeed a permanent state depends on how we want to ramp up and how quickly we want t..

October 25, 2023

LiveScore Group’s Sam Sadi builds his media empire

LiveScore Group aims to become the world's leading sports media operator, and sports betting is just the start. Chief executive Sam Sadi explains the masterplan.

“I remember the days when we used to press F5 to refresh the LiveScore.com website. That’s how long back it was,” says LiveScore Group chief executive Sam Sadi.

LiveScore launched in 1998, offering visitors football scores. Gamesys acquired the business in 2017 and, following that operator’s £490m sale to Jackpotjoy Group and then the £2.0bn merger with Bally’s Corporation, LiveScore Group stands alone as an independent business led by Sadi.

LiveScore turns 25 today, starting out providing live match data to players in 1998

The LiveScore Bet sportsbook launched in 2020, complementing the affiliate arm, not to mention its second brand, Virgin Bet. But Sadi isn’t only interested in building a sports betting business.

“We have a plan we’re implementing,” he explains. “You could call it a ten-to twenty-year plan. We i..

September 25, 2023

Entain online revenue fails to meet expectations in Q3

Safer gambling measures, slower growth in key markets and sporting results hindered Entain's Q3 performance, although the group remains on track to hit EBITDA guidance.

In a trading update, Entain says online net gaming revenue (NGR) has been mixed across the group in recent weeks. While it still expects to achieve growth during Q3, Entain says that, on aggregate, this will be softer than anticipated.

Third quarter online NGR growth is now expected to rise by a high single-digit percent. However, Entain also says it will likely decline by a high single digit percent on a pro forma basis.

Reasons for this, Entain says, include adverse sports results impacting sports margins during September and slower growth than expected in Australia and Italy. It also noted the impact of safer gambling measures across the group and ongoing regulatory headwinds persisting longer than expected, particularly in the UK.

However, Entain also noted drivers of growth within its online business. The..

August 11, 2023

Dearth of igaming legislation prompts major WynnBet roll-back

Wynn Resorts blames a dearth of igaming legislation and marketing costs for a major reduction in its online brand WynnBet’s US footprint.

Wynn will cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virgina as soon as possible.

Operations in New York and Michigan remain under review. Only Nevada and Massachusetts operations are guaranteed to continue – states where it operates land-based properties.

“Better uses of capital deployment”

There are better uses of capital deployment for Wynn shareholders than the high levels of marketing spend required for online sports betting, chief financial officer Julie Cameron-Doe explained.

“While we believe in the long-term prospects of igaming, the dearth of igaming legislation and the presence of numerous other investment opportunities available to us around the globe have led us to the decision to curtail our capital investment in WynnBet to focus primarily on those states where we maintain..

July 31, 2023

Fox Bet to close by 31 August

Flutter Entertainment and Fox Corporation have announced that their Fox Bet sports betting joint venture will close next month.

A phased closure of the Fox Bet operations will take place from today (31 July) until 31 August.

Flutter has been operating the brand as part of The Stars Group US, along with the US-facing operations of the PokerStars business.

It was confirmed that Flutter will retain ownership of both PokerStars and FanDuel Group. However, Fox will retain future use of the Fox and Fox Bet brands. These include the Fox Bet Super 6 prediction game, with a revamped version of this still due to go live this summer.

In addition, Fox, which holds a 2.5% stake in Flutter, will retain its option to acquire 18.6% of FanDuel.

Fox Bet’s short history

Fox Bet was born in May 2019 when Fox linked up with The Stars Group to launch a new sports betting service in the US. This was prior to Flutter acquiring The Stars Group in May of the following year.

At the time, it was planned fo..

June 7, 2023

Adam Greenblatt outlines BetMGM’s path to profitability

The US sports betting and igaming market is maturing and at BetMGM Adam Greenblatt believes product is the battleground where the leaders will be decided for the market’s next phase.

Adam Greenblatt has led BetMGM, the joint venture between Entain and MGM Resorts since its formation in 2018. It is on track to achieve profitability in the second half of the year.

BetMGM is live in 20 states, as well as Washington DC and Puerto Rico and Ontario in Canada. Since 2018, it could be seen as the only business to consistently keep pace with DraftKings and FanDuel.

It didn’t have the database of the legacy daily fantasy giants. But thanks to the MGM Resorts connection (and without M&A along the way), it’s established as a top tier brand in the US.

Other brands with designs on a top tier position such as Caesars, Bally’s, Penn National and 888, have undergone significant change. They’ve acquired to grow, onboarded new tech or sought out new partners.

This may help each business close the..

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Tag: Management