iGaming Weekly Wrap-Up #35
# Breaking News
1.??????bwin becomes sponsor of UEFA Europa and Conference Leagues in ground-breaking deal
Entain’s bwin brand has been named the first official sports betting partner of the UEFA Europa League and UEFA Europa Conference League, strengthening its international sports marketing in Europe.
Under the terms of the ‘ground-breaking’ three-year deal, bwin will gain brand visibility across both competitions across broadcast backdrops and in-stadia marketing on perimeter advertising as well as on both tournaments websites and social media channels.
The sponsorship rights also enable bwin to use content and footage from the Europa League and Conference League for use on its own platforms, as well as provision of tickets and hospitality offerings to the operator’s customers.
Furthermore, bwin will participate in responsible betting and sports integrity safeguarding activities in cooperation with UEFA, launching its betresponsbly.info website to provide details of its safer gambling tools.
2.??????Gauselmann completes €141.8m WestSpiel acquisition
Land-based gaming developer and operator Gauselmann Group has completed the purchase of the four Westdeutsche Spielbanken (WestSpiel)-operated casinos in Nordrhein-Westfalen, which are located in Aachen, Bad Oeynhausen, Duisburg and Hohensyburg.
The deal, which closed for €141.8m (￡121.7m/$168.3m), saw state-owned banking group NRW.Bank sell its shares in the WestSpiel. So once again a former state owned business has found its way to a private owner as well.
3.??????888 acquires ‘hugely exciting’ ￡2.2bn William Hill International
888 Holdings CEO Itai Pazner has confirmed the ‘hugely exciting acquisition of William Hill’s non-US business from Caesars Entertainment for ￡2.2bn.
The deal, news of which broke earlier this week, is expected to deliver ‘significant operating efficiencies’, including pre-tax cost synergies of at least ￡100 million per year, which 888 says will lead to improved profit margins. On a pro forma normalised basis the Enlarged Group’s annual revenue and adjusted EBITDA in 2020 would have been $2.5bn and $464m, respectively.
The list of interested suitors at the start of the bidding contest included all the heavyweights which you could dream of, starting with the now successful 888, Apollo, in addition to Betsson, Entain, Kindred, Betfred owner Fred Done, CVC-owned German operator Tipico and Boston-based private equity fund Advent International.
# US / Canada
4.??????Arizona tribe fails in legal challenge over sports betting launch
A Superior Court in Arizona has ruled against the Yavapai Prescott Indian tribe’s bid to halt the planned launch of sports betting in the state later this week.
The Yavapai Prescott last week requested the Maricopa County Superior Court to halt the implementation of House Bill 2772, which grants sports betting licenses to 10 sports franchises and 10 tribes. So just in time with NFL season 2021-2022 starting, license holders in Arizona are ready to roll'.
5.??????IGT splits business again with new digital and betting segment
International Game Technology (IGT) has established a new ‘Digital and Betting’ business, headed up by Enrico Drago and comprising the igaming and sports betting operations previously part of its overall Global Gaming segment.
The IGT business will now operate as three segments, with the new Digital and Betting arm running alongside its Global Lottery and Global Gaming divisions that were established in July last year. Why? They are specifically aiming to extend their footprint in the US!
6.??????Oregon sports betting revenue falls in August
Oregon’s SBTech-powered betting app Scoreboard brought in a revenue of $1.0m in August, a month-on-month decrease of 51.0% and down 42.1% year-on-year.
Handle came to $17.6m for the month, a 2.7% drop compared to July. This was also significantly less than the $25.8m that was wagered in August 2020.
Last month, it was announced that Oregon Lottery’s Scoreboard product was to be migrated to DraftKings instead of SBTech, an option that became available after DraftKings acquired SBTech in 2020.
7.??????Colorado betting revenue jumps to $15.7m in July despite handle drop
Sports betting revenue in Colorado rocketed 201.9% year-on-year to $15.7m (￡11.4m/€13.2m) in July, despite player spending in the state slipping to its lowest monthly total since August 2020.
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Revenue was significantly higher than the $5.2m posted in July last year, but down 20.3% from $19.7m in June of this year.
Online accounted for $15.4m of sports betting revenue for the month while the remaining revenue – $243,245 – came from retail sportsbooks across the state.
8.??????MaximBet extends US footprint with entering Colorado as well
Following a successful launch in Arizona in August, MaximBet is now available to residents in Colorado.
Commenting on the launch in Colorado, company CEO Daniel Graetzer simply stated: “MaximBet is the first true lifestyle sports betting brand, designed with a customer-first approach, offering great promotions and a full slate of leagues and props, all anchored around real-life rewards that players won’t be able to experience anywhere else.”
# M&A & Finance
9.??????DoubleDown Interactive closes $113.7m initial public offering
DoubleU Games subsidiary DoubleDown Interactive raised $113.7m (￡82.2m/€95.7m) via an initial public offering (IPO) on the Nasdaq exchange in the US, just short of its expectations.
The business offered 6,316,000 American depositary shares (ADSs), each representing 0.05 common shares and priced at $18.00, with the aim of generating up to $126.3m.
10.??Sportradar to sell 19m shares aiming to rais $504m with IPO
Sportradar has confirmed its Initial Public Offering (IPO, with the aim of raising $504 million through floating of shares in addition to a further $159 million via concurrent private placements.
The Swiss-based sports data and technology company will offer 19 million shares at a price range of $25 to $28, with the concurrent private placements taking place with Eldridge, entities affiliated with Radcliff Management and other investors.
Shares floated in the PIO and private placement represent 2.3% of St Gallen-headquartered Sportradar’s basic outstanding, with the company currently commanding a market value of $29.4 billion at midpoint of the proposed range. Overall there might be only one question left, will Sportradar become the first gaming related hectocorn ever?
#Legal:
11.??Operating giant Flutter Entertainment joins EGBA
Flutter Entertainment - the world's largest online gambling operator - has become the latest European operator to join the European Gaming and Betting Association (EGBA).
Flutter, owner of major European betting brands such as Paddy Power and Betfair, said a desire to promote greater industry responsibility in European gambling was the driving force behind joining the organisation.
12.??BOS urges Sweden to lift deposit cap with other Covid-19 rules in September
The Swedish Trade Association for Online Gambling (BOS) has written to the country's government requesting that temporary online casino restrictions such as a deposit cap for online casino be lifted earlier than scheduled.
The restrictions were due to be eased on 14 November, but, after the government announced during a press conference that all general pandemic-related restrictions would be lifted on 29 September, BOS argued the online casino rules should be lifted on the same date.
13.??Flutter sets monthly net deposit limit for under-25s to ￡500
Flutter Entertainment has announced the reduction of its net deposit limit for all customers under 25 years old – setting the figure at ￡500 per month.
The group’s new policy will be implemented across its UK and Irish Paddy Power, Betfair and Sky Betting & Gaming brands, as part of a general move to ‘further enhance protections for younger customers and encourage sensible spending across its platforms.
In order to deposit more, customers in the under-25 age bracket will have to prove that their income could sustain a higher level of spending, requiring a ‘detailed process’ to establish an alternative limit.
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