Month: March 2021

Announced in February, the initiative will see the operator repurchase up to 2,000,000 of its own shares for as much as SEK190m (£16.0m/€18.7m/$22.3m).

In its latest round of repurchasing, which ran from 8-12 March, Kindred bought back 138,000 shares fro SEK18.6m.

Since the programme launched in 1 March, Kindred has repurchased a total of 842,000.

Share repurchases as part of the initiative are being made on Sweden’s Nasdaq Stockholm, with the operator permitted to spend up to SEK190m.

Following the programme, Kindred said it intends to cancel the repurchased shares, subject to approval at its annual general meeting in May.

Due in 2028, the notes will be made available to qualified institutional buyers, with DraftKings also set grant initial purchasers a 13-day option to purchase up to an additional $150m aggregate principal amount of notes.

Upon conversion of the notes, DraftKings will settle its obligation in cash, shares of its Class A common stock or a combination of cash and shares.

Interest rates, initial conversion rate and other terms and conditions will be determined by negotiations between DraftKings and purchasers.

DraftKings said that it intends to use any proceeds from the offering for working capital and general corporate purposes, such as mergers and acquisitions and products or technology investments.

The operator also said funds would go towards the cost of privately negotiated transactions with one or more notes purchasers, their affiliates and other financial institutions.

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The survey by Morning Consult, conducted across 2,200 adults, also revealed that more than 47 million Americans will place bets on the National Collegiate Athletic Association (NCAA) men’s basketball tournament overall.

In total, 30.6 million Americans will place more conventional bets this year, up from 17.8 million in 2019. It is the first tournament held since 2019, after the 2020 edition was cancelled as a result of the novel coronavirus (Covid-19) pandemic.

Although the number of betting Americans has remained stable from 2019, there have been adjustments in how people will bet on the tournament this year.

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The supplier already held accreditation in the province of Buenos Aires, and is therefore now certified to provide products across the whole of Argentina’s largest and most populous province, home to around 17m people.

Play’n Go said its new accreditation ensures that any operators currently partnered with the supplier can expand into Buenos Aires, safe in the knowledge they can continue to offer Play’n Go content in the market.

Sissel Weitzhandler, chief risk and compliance officer for the supplier, said: “Our strategy remains to engage in every regulated jurisdiction with diligence and care.

“The speed at which Argentina is re-regulating is very positive and we are looking forward to supporting our partners as they enter this newly regulated and exciting marketplace.”

Cristian Acuna, head of sales in Latin America, added: “We know that the eyes of the LATAM region will be watching Buenos Aires closely, but we are confident that our wide and varied portfolio of content with resonate strongly with players.”

“Thanks to our experience in Latin America, we know that what players in Argentina enjoy will be different from players in Colombia, Peru or Mexico. Operators can’t take a ‘one-size fits all’ approach to Latin America, and we don’t either.”

Argentina’s provinces are currently in the process of regulating online gambling on an individual basis.

Licensing criteria for the city of Beunos Aires were set out in February last year, with a view to the market launching in Q4 2020.

Last week, Gaming Innovation Group (GiG) and Argentinean gaming and entertainment operator Grupo Slot received approval to launch a new gaming platform in the city, the companies’ new online casino and sports betting brand, Jugadon.bet.

The deal will see Eurocoin Interactive rebranded as Greentube Netherlands. Its catalogue of games will be coupled with Greentube’s existing content, and offered to Dutch operators ahead of the country’s igaming market opening on 1 October.

The acquisition, agreed for an undisclosed sum, will come into effect later this month, and the newly minted Greentube Netherlands’ content will be fully integrated by the October launch.

“We are very happy to welcome Eurocoin Interactive in the Greentube Group as we always aim to have a strong portfolio of games that are known to the local players – titles such as Random Runner, Simply Wild and several more have been smash hits in the land-based market for years,” Greentube’s finance chief and chief games officer Michael Bauer said.

“Greentube Netherlands will be our competence centre for this very specific market and we’ll use their vast know-how and unrivalled experience to further enhance our portfolio.”

Greentube’s expansion has been in the works for quite some time, and it is one of many companies looking to take advantage of a fresh market once online gaming launches in the Netherlands.

“When entering this new market, it is key to hit the ground running by providing high-quality, locally tailored games,” added Eurocoin Interactive director Reg Das.

“Our acquisition by Greentube further enhances its impressive portfolio, which is one I am confident will be unsurpassed in the Netherlands when the regulated market opens for business later this year.”

Under the agreement, LeoVegas will take ownership of all assets of the Nordic-focused brand.

LeoVegas said the acquisition strengthens its brand portfolio with an established position in sports betting, as well as expands its strategic growth opportunities within this segment.

LeoVegas chief executive Gustaf Hagman (pictured) added that the purchase represents a “milestone” for the operator, with plans in place to make Expekt a leading sports wagering brand in Sweden and other Nordic countries.

“For those of us who grew up with online gambling in Sweden, Expekt is undeniably one of the pioneers in sports betting,” Hagman said. “After a few years on the sidelines, we will now restore Expekt to its former glory as the leading sports betting brand.

“We are working resolutely to offer the ultimate mobile sports betting experience, which will entail a number of new innovations and new thinking with a starting point from what a mobile experience can entail for the big years of sport in 2021 and 2022.”

The acquisition comes after LeoVegas last month reported a 103.2% year-on-year increase in comprehensive profit in 2020, after its strongest-ever fourth-quarter performance helped it post record results for the year.

Revenue for the 12 months through to 31 December stood at €387.5m, up 8.9% from €356.0m in the previous year.

The operator issued a statement today (15 March) in response to media reports that emerged over the weekend, suggesting it was looking into a spinoff and share sale of FanDuel from some investors.

Citing sources close to the discussions, CNBC reported that while a separation of FanDuel is not assured or imminent, Flutter has been considering spinning out FanDuel as a separately traded business to trade on a US exchange.

Flutter said commencing an IPO of FanDuel was one of a number of options that it had been looking at, but no decision has been made yet.

Ireland-based Flutter currently owns 95% of the total shares in FanDuel, having purchased an additional 37.2% of the business in December from Fastball.

“Flutter regularly evaluates its organisational and capital structure to assess how best to position itself to deliver upon the group’s strategy,” Flutter said.

“Options including the listing in the US of a small shareholding in FanDuel are being considered but no decision has been made at this time.

“Should a decision be made to proceed with a listing in due course, an announcement will be made as appropriate.”

Media giant Fox Corporation owns 2.5% of Flutter and has an option to buy an additional 18.5% stake in Flutter in July.

The novel coronavirus (Covid-19) pandemic has completely shifted the pattern of growth in the esports industry. Sports simulation titles have exploded thanks to the cancellation of major sports leagues, but online-only circuits have slowed esports’ trinity of Counter-Strike, League of Legends and Dota. The esports gambling industry has the most incentive to predict 2021’s trends. 

In addition to the audience shift, esports betting has also become more prevalent through the sponsorship of teams and tournaments. Betway has signed partnerships with event organisers, competitive squads and even individual Twitch streamers. Meanwhile, Nasdaq-listed esports data company Esports Entertainment Group (EEG) has connected the threads between the stock market, youth esports leagues and professional football. The betting industry has been hectic during the pandemic.

Partnerships and marketing

Betway and EEG represent two distinct approaches to the video game gambling industry. Betway has been firmly entrenched in traditional sports betting since 2006 but was also one of the first major betting sites to welcome esports. EEG has been a dedicated esports betting market provider since 2008, though they also have experience in the igaming industry.

Betway’s sponsorship of OGA Dota Pit Season 3 last October was likely a test run for a larger-scale partnership in the future. The gambling company also agreed a one-year deal with North American esports team Beastcoast, which fields players in Dota 2, VALORANT, Rainbow Six Siege and multiple fighting games, in 2020. These sponsorships put Betway’s name and logo in the direct vision of esports fans, many of whom consume Twitch or YouTube content produced by Beastcoast’s roster.

Betway has also been pushing the marketing envelope in the online era, with Esports Insider naming its BLAST Betway Breakout ad as one of the best campaigns of last year.

While Betway draws itself closer to the community, EEG is focused on the business side of gaming. It partnered with Oxygen Esports to create a digital AI-driven first-person shooter coach for youths looking to go pro and also made history by becoming the first official esports tournament host for the NFL. EEG noticed the boom in both academic and sports simulation titles. This move capitalises on the momentum of both. 

Elsewhere, the company has leveraged its status as the stock market’s esports darling to introduce options trading on its capital. EEG is looking to make the financial side of esports more popular with speculative investors.

Looking longer term

What this all indicates, of course, is that esports betting is now a normal part of the industry. Not long ago, esports betting sites marketed themselves through sheer coverage of titles. Now, they’re directly courting esports culture and looking to employ their data in tangential fields. Esports betting companies are currently looking for other areas where their data might be useful. That usually wraps back around to training, tournament hosting and strategic partnerships.

Betway and EEG are looking to the post-Covid era with renewed enthusiasm. Expect similar fan-centric engagement and closer integration with traditional sports in 2021. 

The critical areas of esports betting in 2021 will be partnerships, finance and closer integration with traditional sports. Esports betting is no longer a novelty and the early adopters of video game sportsbooks are now reaping the rewards of an organic esports base. As LAN tournaments begin to reappear, partnerships with tournament hosts and competitive teams will be a top priority. 

Esports is still in its honeymoon phase on the stock market, so expect betting sites to market themselves towards investors and potential gamblers. The explosion of sports simulation titles is a precursor to more partnerships between traditional and digital sports, while NFL or NBA partnerships are good news for casual fans, esports bookies and day traders alike.

Adjusted gross revenue for February came to $17.0m, which represents 53.2% year-on-year growth but is a decrease from the figures posted in January. 

Basketball remains the most popular sport to bet on by some distance, up 29% from 2020 and drawing in $127.2m in wagers. That figure represents almost double what was spent on parlay bets, which totaled $66.4m.

Penn National Gaming’s Ameristar East Chicago and its DraftKings sportsbook proved to be the most successful, contributing 58% – $114.95m – of the total handle.

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As well as appearing in FanDuel advertising and TNT promotions, the 56-year-old nicknamed “the Jet” will also provide content for FanDuel’s social media channels.

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