This Week's Sports Betting Update

Hello, we’ve taken a look at what’s news, trending and being talked about in the sports betting world this week. Grab a coffee, take five minutes and we’ll fill you in on everything you need to know.

One big story 

Interest mounts in Bally’s Corporation as key shareholders comment on Standard General’s bid

In March, Standard General submitted a formal offer to acquire the remainder of Bally’s Corporation. It was a proposal that would see them pay approximately £11.85 per share to its existing shareholders.

Since the offer, Bally’s has established a special committee to review the proposal from the hedge fund based in New York.

Standard General already has a 25% stake in Bally’s Corporation, making it the largest shareholder. However, rival shareholder, K&F Growth Capital, has spoken out against the deal and proposed a strategic reset for Bally’s instead of selling lock, stock and barrel.

The Bally's share price is down around 45% in the last 12 months. Soo Kim is the current chair of Bally’s and he also happens to be the founding partner of Standard General. K&F claims Kim is exploiting the weakness of the group’s current value and standing to acquire it well below its market value.

Click here to learn more about K&F’s alternative strategy for Bally’s to revitalise this world-renowned gaming brand.

What you need to know

Commercial

• 🇬🇧  The UK's Competition and Markets Authority (CMA) warns the Spreadex-Sporting Index merger may significantly reduce competition in sports spread betting. Following initial scrutiny, the CMA demands “meaningful solutions” within five days to address these concerns, or it will escalate its investigation into the potential market impact. More
• 🇺🇸  The Tar Heel State of North Carolina saw £156.49m wagered within its inaugural week of legalised sports betting. Since the launch of its online sports betting market, the North Carolina State Lottery Commission has granted eight interactive sports betting licences to the likes of FanDuel, DraftKings, BetMGM and several more operators. More
• 🌐  Gambling.com Group has finalised its acquisition of Freebets.com, along with its associated assets. A deal worth £29.8m was brokered last month, with Gambling.com Group attempting to shift the power balance in the European affiliate market, alongside its efforts to expand stateside. More
• 🌐  Intralot remains positive about the future despite reporting a 7.3% year-on-year decline in revenue through 2023. That’s because its net debt fell 32.1% over the last 12 months. According to CEO, Sokratis Kokkalis, this will enable Intralot to seek new avenues to underpin its future growth plans. More

Regulation

Bet365 has been fined £582,000 by the UK Gambling Commission for anti-money laundering and social responsibility shortcomings. The investigation identified failures in the company's handling of seven customers' accounts, highlighting deficiencies in source-of-funds checks and customer interaction. This action emphasises the Commission's ongoing commitment to enforcing regulatory standards and protecting consumers within the gambling industry. More

Technology

Sports Information Services (SIS) has enhanced its partnership with Genius Sports following the expansion of the distribution rights to its Esports products in the US. Genius Sports’ US-based sportsbook network will now gain access to the SIS H2H Global Gaming League, with Esports betting markets expected to emerge in online sportsbooks in Colorado, New Jersey and Kentucky. More

People news

Entain Chairman Barry Gibson to Exit in September Amid CEO Search

Anthony Pullin has announced his resignation as chief financial officer of BetMakers Technology Group. Pullin, who has been in the role since autumn 2018, formally steps down on 27 March.

BetMakers was Pullin’s first foray into the gambling sector, having previously spent time at White Cloud Capital, Duke Street, The Bank of England and KPMG Australia.

The departure signals a significant transition for Entain, with interim chief executive Stella David set to succeed Gibson and the board focused on identifying a permanent CEO. More

Eric Hegarty departs as CMO of Matchbook

Eric Hegarty has left his position as chief marketing officer (CMO) at Matchbook, the challenger sports betting exchange brand. Hegarty, who has worked with Matchbook for over eight years, has served as CMO since January 2022.

Hegarty confirmed on his personal LinkedIn profile that he was resigning to take on consultancy roles in new projects within the sports betting industry.

Click here to get the thoughts of Hegarty on his time at Matchbook, rising from marketing executive to CMO in less than six years.

This week's talking point

What to glean from the latest trading updates of Flutter Entertainment and 888

Racing Post’s industry editor, Bill Barber, picked the bones out of the latest trading updates from Flutter Entertainment and 888 Holdings this week. Barber unearthed some interesting nuggets relating to the growth plans of both respective iGaming giants.

First and foremost, Flutter continues to eye opportunities outside of the US market, despite experiencing major growth stateside in recent years. Flutter’s CEO, Peter Jackson, said M&A remained on the table to achieve podium positions in other markets.

This week's insight

How has Sweden become the metaphorical poster boy for Scandinavian iGaming?

The Scandinavian iGaming market has undergone a sizeable overhaul in recent years as it seeks to accommodate a new regulatory and compliance framework. With the markets of Sweden, Denmark, Norway and Finland seemingly veering away from state-owned monopolies, the Nordic region is very much on the growth agenda.

At the recent Prague Gaming & Tech Summit, a panel discussion revealed that Sweden is leading the way in terms of the need for strict but liberalised iGaming markets in Scandinavia.

Gustaf Hoffstedt, secretary-general of the Swedish Trade Association for Online Gambling, said two-thirds of the Swedish market had now been opened for competition, with just a third remaining state-owned for lottery gaming.

Click here to learn more about Sweden’s re-regulation story, which started back in 2019 via the Swedish Gambling Authority, Spelinspektionen.

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