Strategy – Page 3 – Bookielink

June 6, 2024

Truesdale to exit as chief executive of Jockey Club

The Jockey Club has announced Nevin Truesdale is to step down as its group chief executive, with his departure expected by the end of the year.

Nevin Truesdale has led the Jockey Club as chief executive since April 2020. Prior to this, he spent time as its chief financial officer and group finance director.

Before joining the organisation, Truesdale worked at British Gas for almost five years. This included spells in various senior financial roles.

Truesdale will continue to lead the Jockey Club in the coming months. He will work with the board of stewards and executive team to manage the transition to his successor.

Under his leadership, the Jockey Club has seen growth across all revenue lines and attracted new commercial partners to racing. The organisation has also expanded its customer base and digital platforms.

Truesdale has also played a prominent role in campaigns against various issues facing the racing sector. These include leading the petition to parliament against bett..

May 31, 2024

Key Penn shareholder: Sell ESPN Bet to save face and prop up share prices

The Donerail Group, a shareholder of Penn Entertainment, is calling for the company to sell assets amid strategic interest.

Significant shareholder Donerail sent a letter to the Penn board of directors and board chair David Handler. In the letter, Donerail urged the company to sell assets to generate “meaningful and certain” value creation for investors.

Donerail stated its belief that Penn’s casino assets alone are valued at over double the company’s current market capitalisation.

The hedge fund manager noted heavy criticism of Penn from the investment community over its capital allocation strategy. It highlighted that Penn’s shares are down more than 80% over the last three years.

Donerail said: “The growing pattern of guidance misses, alongside a demonstrated unyielding appetite to continue to invest in the company’s fledgling interactive projects, irrespective of past results and without a clear return framework, has significantly damaged the credibility of this management team..

May 21, 2024

High regulatory costs driving potential for M&A “boom” in Brazil

Economist Adam Patterson believes high regulatory costs will drive an M&A “boom” for Brazil's sports betting market.

Brazil passed Bill 3,626/2023 to regulate sports betting and igaming on 21 December. President Luiz Inacio Lula da Silva then signed the bill into law later that month.

The country is currently in the process of rolling out its regulations. Licence fees are expected to cost BRL30m (£4.6m/€5.4m/$5.9m) for up to three brands.

Normative Ordinance No 722 outlined regulations on the technology and security requirements of betting systems. Operators must gain certification of their systems from accreditation entities recognised by the ministry of finance. They must also keep their systems constantly updated to maintain compliance.

With operational fees expected to be costly, smaller companies could face obstacles if they are to operate in Brazil.

Patterson is an economist and partner at Redirection International, which specialises in M&A and has a team working in Bra..

May 10, 2024

DraftKings to acquire Sports IQ Analytics

DraftKings has agreed a deal to acquire Sports IQ Analytics, a business that uses artificial intelligence and machine learning to provide software solutions to the online sports betting market.

Full details of the agreement have not been disclosed, with the acquisition having only been confirmed on LinkedIn by Sports IQ CEO Omer Dor. DraftKings has yet to comment on the news.

Based in Vancouver in Canada, Sports IQ supports companies with software for online sports betting. Solutions cover more than 12,000 events every year, offering access to hundreds of in-play markets.

“I’m excited for this next chapter in the Sports IQ Analytics journey,” Dor said. “In DraftKings, we join a team whose desire for winning and being the best matches our own.

“I feel privileged for the last six years, working alongside the incredible group of people that make the Sports IQ team. They are hardworking intelligent and passionate and I’m so excited that we get to bring our skills and energy to DraftKin..

April 11, 2024

BetMakers acquires Racelab Global assets

BetMakers Technology Group has completed the acquisition of assets from Racelab Global, an international supplier of racing wagering products and technologies.

Under the acquisition agreement, BetMakers will pay a total consideration of AU$1.5m (£779,316/€910,620/US$977,501) to take ownership of the Racelab assets. However, there is a clawback clause of up to $500,000, dependent on key customer obligations within 30 days of closing.

BetMakers said that the deal represents a “highly strategic acquisition” for the business. It adds race form, preview and statistics technology to its ecosystem, as well as proprietary fixed-odds pricing technology and associated algorithms.

Racelab assets include ProForm informatics and enhanced content and Odds Engine pricing and trading technology.

Other benefits include potential to further expand services in the harness and greyhound form and preview racing sectors. In addition, BetMakers said the deal provides an ongoing partnership with global r..

April 11, 2024

BlueBet agrees to acquire Betr wagering business

BlueBet Holdings has entered a binding asset sale agreement to acquire the Betr wagering business and create an enlarged organisation in Australia with increased scale and market share.

Announced today (11 April), the deal will see BlueBet issue approximately 265.4 million fully paid shares to Betr shareholders. This equates to around 56.9% of BlueBet’s current shares.

A potential deal has been in the works for some time. Yesterday (10 April), BlueBet added fuel to the fire by requesting a trading halt on the Australian Stock Exchange (ASX) amid talk of an acquisition.

The deal remains subject to a series of closing conditions, including the support of BlueBet shareholders. BlueBet has “unanimously” recommended shareholders vote in favour of the merger, saying it will create material value.

If these conditions are met, BlueBet says it expects to complete the merger by 1 July.

BlueBet chair hails “transformational” moment

“This is a transformational moment for BlueBet,” says Mich..

April 10, 2024

Brazil betting regulation to be ready by end of July

Plans to implement fixed-odds betting in Brazil will take place in four stages, ending in July 2024, representing the first step towards a regulatory framework.

Brazil’s ministry of finance published the new ordinance in Brazil’s Official Gazette of the Union. It outlines how the regulations approved in Bill 3,626 will be implemented in the coming months, with an aim to be completely implemented by the end of July 2024.

The four-stage schedule is organised by which regulatory aspects take priority

The order established the Regulatory Policy of the Prizes and Betting Secretariat (SPA), a ministry of finance body which will structure and publish the incoming regulation as per the guidelines.

The body will aim to provide clarity on the legal aspects of the regulation and prioritise the most pressing measures for enactment.

“This measure’s main objective is to systematically structure the regulatory agenda for fixed-odd betting in the country and represents a considerable advance in t..

April 9, 2024

CDI completes United Tote stake sale to NYRA

Churchill Downs Incorporated (CDI) has finalised the sale of a 49% stake in its United Tote subsidiary to the New York Racing Association (NYRA).

The deal, agreed in August 2022, sees NYRA Content Management Solutions, a subsidiary of the NYRA, acquiring the stake. Financial terms of the United Tote sale were not disclosed by CDI.

United Tote primarily supplies totalisator systems, services and equipment. It also provides a range of technology services to process bets and pay-outs and pari-mutuel tote services.

The original deal said CDI would work with NYRA to provide a pari-mutuel solution through United Tote to reach customers. It was also agreed the United Tote pari-mutuel settlements business would be excluded from the sale and remain with CDI.

NYRA is a not-for-profit corporation that operates the three largest thoroughbred horse racing tracks in New York. These include Aqueduct Racetrack in South Ozone Park, Queens; Belmont Park in Elmont; and Saratoga Race Course in Sarato..

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..

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Tag: Strategy