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But looking at prop 26 and 27 looks that both are too entrenched to serve either native indians or big online casinos. Both have downsides and big opposition so seems because they cant agree one route that both will be defeated so i think this will be kicked into the long grass again. Anyone have any other feelings as if prop 26 happened webis should 5x at least and be quickly bought up but not sensing California are backing this positively. $100 projected tax revenue is quite low also for such a divisive sector.
I don’t see whether Webis makes a small profit or loss would have any bearing on a potential takeover or its valuation. The value is all in its licences which we are led to believe are worth multiples of the current company valuation even without an imminent positive California decision. I think Mellon will happily take an exit at the right price and it might not be long coming.
The results to end of May are due out in Nov. This will coincide with the CA decision. H2 is more favourable anyway in terms of revenue. Let’s hope that has translated onto bottom line. We need a profit to make us look like an attractive proposition for a big fish.
Which is surely why something needs to happen , sports betting is happening regardless of regulation, regulation brings better controls and tax revenues
This should never have gone to the polls but been a govt led initiative $400m spent on advertising alone for either party to attack each other’s adverts.
Glad Webis kept out of the fight but need some news from mgmt re direction end of November - sooner would be good very quiet…
Just think of all the tax revenue CA is losing by not getting something through each cycle …
Looking like it won't happen anytime soon ...unfortunately
Looks like the posturing is beginning:
https://www.bloomberg.com/news/articles/2022-10-11/draftkings-ceo-sees-california-sports-betting-approval-in-2024
Interesting review from one of their affiliate sites - pinch of salt - but are we already allowing cross state activity ?
https://oddspedia.com/us/sportsbooks/watch-and-wager
Interesting move.
https://gamblingindustrynews.com/news/business/pointsbet-launch-adw-horse-betting-usa/
Biggest volume day I'm a while
Hmmm. Yes, it would appear so. Results due out next month on top of the gambling bills being passed.
is something occuring .
My guess of how things will pan out is that the Props won’t pass. Then the legislature will be forced to come up with some alternative, hopefully more inclusive, bill. It’ll then be clearer where best to direct our efforts. Webis would likely provide an update after the ballot results are done and dusted. However I still think there’s every chance we get a takeover approach much sooner than the conclusion of all that. All IMO of course
I hope it is another wait. Both Prop26 and Prop27 weren’t ideal for Webis. Although they both would have probably helped us in the long run, a more progressive online sportsbetting offer, which was more easily accessible to smaller companies is really what we want. I think if Prop 26 and Prop 27 fail then there’s a good chance we get something nearer that. Which would be fantastic news for Webis. I think in a way both these Props. failing in November could be great for Webis.
I know we have other licences - but CA has always been billed as the ‘big one’ I hope we don’t have to wait longer than this year ….
https://twitter.com/matthewkredell/status/1577411926430076928?s=46&t=7XYDsjFjSfVoedFGLPchTw
$ earning’s should help a bit here!
Next to impossible to get any volume, just nothing in free float. The recent IGT case has basically meant the Wire Act doesn't apply to online casino or shared liquidity in Poker across state lines. One of the two bills in California will most likely pass in November and then it's a full suite of sports betting we can launch into the worlds 5th largest economy. We don't really need a takeover, and it's likely if the main sponsored bill passes - the big guns won't need to acquire us. a tiny fraction of this market would be a company changer.
just shows how few shares are in free float if it moves up 6% on one small trade.one sniff of news and we are off to the races .
Most big players have already found there partners so agree either one of the remaining big players or expect more of a new entrant or local arrangement with a sports team, tribe etc
Their seems to be resentment to out of state bookmakers so keeping separate may be favourable
Expect a few players sitting on the fence - let the big guns spend millions defining the market. last estimates seemed to be around $180m spent on advertising across the opposing proposals could reach $300m so if neither succeed then justifying any future spend by either would be challenging.
So keep out of he fight enter the market at a lower cost once the dust settles regardless of the result.
Prop 27 seems to be losing favor with the voters - do not see that as a bad thing for Webis - only delays transition to online to a future date 2024 maybe that allows related parties to talk and ideal is government backed proposal versus one from either the tribes or bookmakers.
The state is losing taxes to illegal betting, offshore so why would they not want to legalise at some point with the right controls
In the meantime Webis ticks along with its niche position, expansion into Atlanta keeping in profit ideally but no fireworks(sadly)
prefer to not wait too long and drop to the 1p’s a concern but been here before so will sit tight and watch with interest - also added some more today as seems cheap again given potential
If we were to be subject to a takeover/partnership. Who do people think would be our likely suitors? I’d like the thought of a big beast like Bet365 but that’s probably just dreaming. They are only in 2 states currently , Colorado deal just signed as of yesterday. So they need to build up the number of states they are in, especially if they want a piece of the pie in California. Webis are a good fit from that perspective. Also the UK link may prove important. Just speculating obviously
8th November
Apologies for what might be a daft question, but what date is the Cali ballot? Thanks.
In the last RNS the board do comment on the proposed bills and they say the two tribe backed bills are restrictive and the two online proposals are”much more progressive.” There were four potential bills at the time of writing the RNS back in February. So Prop. 27 is the horse WEB are backing. Fingers crossed it passes!
“ On a more positive note, the other two potential bills are being worked on by key participants of the gaming industry of California. These bills are much more progressive in nature and will allow for the ability to offer mobile wagering as well as land-based facilities. These will dramatically increase revenues back to the State of California and, of course, provide equally important land-based and remote-based job opportunities in the State. Figures coming out of New Jersey and New York, which recently legalized mobile wagering, confirm our projections for rapid growth in this area. At present, we are fully engaged with our lobbyists in Sacramento to make legislatures understand the benefits of a truly democratic and competitive marketplace for sports wagering in California to the benefit of all stakeholders.”
maybe against my better judgement but purchased another 200,000
I can sell my entire holding so it looks like there are buyers out there - so might as well hold and see what transpires