Strategy – Page 2 – FairOdds Network

April 4, 2024

OpenBet owner Endeavor taken private in $13bn deal

Technology investment company Silver Lake has agreed to take OpenBet owner Endeavor private in a deal worth $13bn (£10.2bn/€13bn).

Silver Lake will acquire 100% of the outstanding shares in Endeavor that it does not already own. This is with the exception of rolled interests.

Shareholders in Endeavor will receive $27.50 in cash per share. This is a premium of 55% compared to the $17.72 per share seen at market close on 25 October 2023.

On October 26, Endeavor announced that it had initiated a strategic review. This was to examine the potential of taking the business private. Silver Lake expressed its interest in taking Endeavor private at this time.

The deal’s $13bn equity value combined with the consolidation of TKO’s total value brings the total enterprise value to $25bn.

According to Silver Lake, this makes the acquisition the biggest private equity privatisation investment deal in more than a decade. It is also “the largest ever in the media and entertainment sector”.

When ..

March 28, 2024

The evolution of Las Vegas

Vegas has moved on from the days when slots were king and has become an all-round entertainment destination. But how on earth did this happen? Jon Bruford talks to Nevada Resort Association president and CEO Virginia Valentine about the city’s evolution from gambling mecca to so much more.

Las Vegas’ history has been documented in countless books and movies. We all know the city’s origins, the rise of organised crime and much more. But the most recent chapter in the city’s story is one that would not have been predicted even ten years ago: the arrival of professional sports teams.

It wasn’t long ago that an integrated resort’s major revenue earner would have been slots. Recent years have seen ticket-in ticket-out (TITO) replace coins on the gaming floor, the rise of the celebrity chef, big-name DJs with nightclub residencies, megastar singers at most Strip properties and much, much more.

Las Vegas’ diversification meant it appealed to a wider audience

The income has diversified and..

March 21, 2024

Penta working with JP Morgan to explore “strategic options” for Fortuna

Investment group Penta Investments is working alongside JP Morgan to explore the potential sale of Fortuna Entertainment Group.

Penta is exploring its options for Fortuna, which currently operates in Poland, Croatia, Romania, Slovakia and the Czech Republic, running sites and betting shops under the Fortuna, Casa Parulior and PSK brands.

Any sale of Fortuna could purportedly be worth up to €2bn (£1.7bn/$2.2bn), according to Reuters which broke the news. Penta acquired a 79.8% stake in Fortuna in 2017, having first bought into the company in 2005, before launching a takeover bid in 2018.

While not ruling out an exit, Penta is evaluating alternatives that would best help the development of the Fortuna franchise, the business told iGB, while ensuring sustainable growth and the creation of long-term value.

“As discussions are in their early stages, it’s premature to speculate on the specific outcomes,” Penta said. “However, the possibility of a majority sale remains within the realm of..

March 15, 2024

Caesars-licensee BIG Brazil nearing lottery accreditation in Rio de Janeiro

BIG Brazil, a licensee of Caesars Sportsbook, has announced it will look to achieve accreditation with the Rio de Janeiro State Lottery (Loterj).

André Feldman, president of BIG Brazil International Games, visited Loterj president Hazenclever Lopes Cançado on Thursday. While declaring his interest in operating sports betting with Caesars in Brazil, Feldman also requested information on becoming accredited by the Loterj to offer lottery in Rio de Janeiro.

In February 2023, BIG Brazil International Games partnered with Caesars to introduce sports betting in Brazil when legalised. After Bill 3,626/2023 was approved in December, sports betting is expected to be regulated by late 2024.

“Expectations are high,” Feldman said. “We intend to enter the Caesars Sportsbook brand in Brazil, starting in Rio de Janeiro. We are already working on composing all the technical documentation to, in the next few days, officially enter into the Loterj accreditation.”

Cançado added: “We are very happy wi..

March 14, 2024

Genius Sports announces move into free-to-play games vertical

Genius Sports has announced the launch of interactive free-to-play games for its operators, which include the likes of Betway and Bet365.

Genius’ free-to-play offering will include weekly and matchday games, tournament games and daily retention games. These are intended to meet purposes such as activating a sportsbook brand and delivering segmented daily player interaction.

Genius will also offer bespoke free-to-play solutions to meet operators’ objectives, including gamification strategy design, as well as custom game development.

Additionally, Genius is integrating its advertising solutions, helping operators to drive players from free-to-play games into their sportsbook. Genius will use advanced analytics and reporting in its advertising sector to assist operators in measuring paid media impact.

Genius aims to enable operators to boost customer acquisition and loyalty.

The provider’s launch aims to enable operators to boost customer acquisition and loyalty. Josh Linforth, Geniu..

March 12, 2024

Genius Sports set to extend Premier League data deal until 2029

Genius Sports has been chosen as the successful bidder to extend its official betting data partnership with Football DataCo, which holds data rights to the English Premier League (EPL).

DataCo also holds rights to data from the English Football League (EFL), containing the Championship, League One and League Two, as well as all leagues overseen by the Scottish Professional Football League (SPFL), including the Scottish Premiership.

Genius has now entered into an exclusive period of negotiation with DataCo as it seeks to get the extension over the line. The renewed agreement is still subject to contract and the approval of the leagues and their clubs.

Genius has exclusively supplied low latency data to DataCo from the EPL, EFL and SPFL since 2019. The current deal expires at the end of the 2024-25 season, with the new contract set to last until 2029.

The fresh deal will see Genius Sports continue to distribute data from over 4,000 UK football fixtures per season.

Genius Sports repo..

March 12, 2024

Waterhouse VC: Spotlight on industry leaders

In his latest column, Tom Waterhouse of Waterhouse VC shines a spotlight on three industry leaders and discusses their paths to success.

In every industry, there are prominent figures who stand out and the wagering industry is no exception.

This month, we shine a spotlight on three distinct leaders in the industry: Tim Heath, a crypto wagering pioneer; Peter Jackson, CEO of Flutter Entertainment; and David Walsh, renowned as one of the world’s largest professional horse racing gamblers.

Over the last decade, the online wagering industry has expanded significantly through the proliferation of mobile-focused platforms. Heath and Jackson lead companies at the forefront of digital innovation in the industry.

YOLO

Originally from Australia, Heath is a serial wagering industry entrepreneur and venture capitalist. After university, he started a software development and ecommerce firm, Heathmont.net.

In 2013, he launched Coingaming Group, a crypto wagering operator and supplier which reb..

March 5, 2024

FanDuel named as Carolina Panthers’ sports betting partner

FanDuel has been named as an official sports betting partner of the National Football League (NFL) Carolina Panthers, just days before North Carolina’s legal mobile sports betting market opens.

The North Carolina State Lottery Commission confirmed the 11 March launch date for the state’s mobile sports betting market in January. Players could register for – and fund – accounts from 1 March.

The new partnership between FanDuel and the Carolina Panthers’ NFL team allows fans to pre-register on the FanDuel Sportsbook app ahead of the market’s go-live date. FanDuel will also collaborate with the team on social media content and display digital signage at the Carolina Panthers’ Bank of America Stadium.

Fans can pre-register on FanDuel’s sportsbook app ahead of the 11 March go-live date

North Carolina marks the 22nd state where FanDuel is active with mobile sports betting. It joins the likes of Arizona, Colorado and New Jersey.

Mike Raffensperger, chief commercial officer at FanDuel, sai..

February 28, 2024

Betsson CEO Lindwall celebrates “record year for the group” and outlines 2024 plans

A record 2023 saw Betsson post higher revenues and EBITDA than ever before. With further global expansion on the cards, Betsson chief executive Pontus Lindwall believes it’s the company’s localised approach that will help them achieve further growth.

Revenues shot up by 22% to a record €948.2m (£811.3m/$1bn) for Betsson’s 2023 financial year. EBITDA also skyrocketed 52% to €262.7m from €172.4m in 2022. The year-end results were aided by a surge in Q4, one that saw group revenue hike by 14%.

Quite the set of results then for Betsson. According to Lindwall, the positive outlook for the company looks set to continue, both short- and long-term. The CEO is delighted with the group’s performance, comparing the operator to a well-oiled machine.

“Of course, we’re very happy with the outcome of 2023,” Lindwall told iGB. “It’s a record year by far for the group. It’s nice to finish off so strongly with the record quarter as well.

“I think we have a strategy that has played us well as we are ..

February 15, 2024

FDJ reports “solid” 6.5% year-on-year revenue growth for 2023

La Française des Jeux (FDJ) has reported a 6.5% year-on-year growth in revenue to €2.62bn (£2.24bn/$2.81bn) for its 2023 financial year.

FDJ attributed the “solid” growth in revenue to momentum in its sports betting and online gaming sectors. This was evidenced by an 18.8% increase in its net gaming revenue (NGR), becoming almost 13% of the group’s NGR.

FDJ’s 2023 report came in the wake of the group submitting an offer worth SEK27.96bn (£2.10bn/€2.45bn/$2.67bn) to acquire the entire outstanding share capital of Kindred Group in January.

During 2023, FDJ’s net profit rocketed by 38% to €425m, from 2022’s figure of €307.9m. Recurring operating income shot up from €459m to €532m, again a sizeable rise of 15.8%.

Despite the rise in revenue, the 6.5% revenue hike fell behind the 9.1% increase to $2.46bn reported last year. The previous year’s success was largely powered by an 11% jump in lottery. Interestingly, this was while the lottery sector only grew by 4.9% in 2023.

FDJ recorded ..

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..

February 1, 2024

Endeavor to integrate IMG Arena into Openbet

Endeavor has announced it will integrate its sport betting brand OpenBet with its data business IMG Arena under the OpenBet banner, creating a full sports betting ecosystem for operators.

Global sports and entertainment company Endeavor announced the move on Thursday. Endeavor aims to leverage the expertise of OpenBet’s betting technology with IMG Arena’s data.

IMG Arena will operate under the OpenBet banner, offering its data to operators, media outlets and other rights holders.

Jordan Levin, chief executive of OpenBet, will spearhead the company, reporting to Endeavor president and chief operating officer Mark Shapiro. Freddie Longe, former IMG Arena president, will remain with the business as a strategic advisor during the transition period.

In the announcement, Shapiro stated this move was in the works for a while following Endeavor’s acquisition of OpenBet. The September 2022 deal was worth $800m (£633.4m/€740.3m).

“When we acquired OpenBet in 2022, we envisioned a holistic ..

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Tag: Strategy