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I believe the current management is shockingly incompetent.
To distract from the truth, it takes every opportunity to lay the blame on the previous management for the company's current predicament.
The truth is they have been comprehensively incompetent in managing the company since 2017.
The HMRC investigation does not impede their ability to manage the company, as the case relates to the company affairs prior to 2017.
As an example, they announced on 10th Aug. a provision of £585m, leading investors to believe that is the total hit to be expected.
...................................................
10 August 2023
Update on HMRC Investigation
The Company previously announced an investigation by HMRC into its legacy Turkish facing business, which it sold in 2017, and subsequently announced that it is in DPA negotiations with the CPS to resolve the ongoing HMRC investigation.
The DPA negotiations have now progressed to the point where the Company believes that it is likely to be able to agree a resolution of the HMRC investigation insofar as it relates to the Company and the Group. While the full terms of a DPA are subject to judicial approval, the Company has a sufficient degree of confidence to take a provision of £585 million against a potential settlement, which would be paid over a four-year period in relation to alleged offences under Section 7 of the Bribery Act 2010. The Company currently anticipates judicial approval will be sought during Q4 2023.
...........................................
But low and behold, today they announce that the on top of that there is another £30m sum to pay or 5.1% more than previously indicated.
What an incompetent bunch.
Hi CJ39, the behaviour of Virginbet that you described is on par to that to be expected from an underground bookie, is't not? So, I've to add another qualification now - a great user experience is not just solely the apps but also customer service too.
Hi Gewillia, it's valuable information to hear first hand experience and field report from an OSB app user's and investor's perspective.
Just out of curiosity, which OSB app does your son-in-law use, most of the time? Or does he have several apps on the go, as I suspect most do, hunting for the best odds or free bets available? My guess is that there is no such thing as loyalty among the user, which is fair enough.
BetMGM is not a happy ship at the moment, and things will come to a head in the near future, I suspect, as more internal squabbling is exposed publicly. Caesars is always going to be an also-run, as they are content on levering reward points to digital users, by mining their vast membership data base, luring them to their nationwide location of resorts. It's a shred marketing strategy of cross selling, I give them that.
The wide card is how the deep pocked Fanatics, with their huge marketing clout, does with their purchase of PointsBet back in July, thus giving them a ready made platform to enter the space. Discount merchandise at stores with every 5 bets, anyone?
To me, the surprising development in the past six months or so is how well Draftking (I was an one-time investor when it first listed) has turned around its once-money-losing system and control, now allowing them to make odd that make them money and increase market shares, at the expense of FanDuel primarily.
Hi CJ39, I share your sentiment regarding Flutter's share price performance, which can only be described as lacklustre at best over the course of last two years since I held the stocks. Though I'm not a punter (not counting betting on the bookies' shares) I know the online sport betting bookies live or die by the quality of their apps. Good to get some feedback on that front from an seasoned user.
In every presentation, Peter Jackson talks the talk that they have the best in class for every aspect of the OSB, but they would be tested if they can walk the walk when the crunch comes in Q1 24, when they de-camp to a NASDAQ listing. Ironically the performance of their no 1 competitor is the key for them in the USA: if Draftking's share performs well then, I believe Fan Duel will be floated off separately, thus catapulting the parent company's share to old high again, hopefully.
This news is probably the cause:
MGM RESORTS LAUNCHES BETMGM IGAMING AND ONLINE SPORTS BETTING BRAND IN UNITED KINGDOM
AUGUST 17, 2023
BetMGM-branded offering in the UK leverages the technology and platform of LeoVegas
LAS VEGAS, Aug. 17, 2023 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") announced today the launch of its BetMGM iGaming and online sports betting brand in the United Kingdom, kicking off MGM Resorts' strategy of expanding the BetMGM brand into international markets. The new international BetMGM-branded offering leverages the technology and platform of LeoVegas, the Swedish-based gaming company acquired by MGM Resorts last year.
"BetMGM is a proven brand in the sports betting and iGaming space, and we look forward to welcoming international players into our platforms designed specifically for them," said MGM Resorts CEO and President Bill Hornbuckle. "Today's announcement represents a key step forward in our international growth strategy, which has been advancing rapidly since our acquisition of LeoVegas."
The BetMGM UK online offering provides customers with exciting new product features such as large-scale and frequent jackpots, loyalty rewards, unique and compelling sports promotions and exclusive slots. The new sports and casino experience utilizes the BetMGM brand and MGM Resorts' best-in-class heritage entertainment in Las Vegas to deliver a compelling and safe online experience in the UK.
The product is available now on desktop and mobile web with further functional development, including mobile applications, planned before a national media launch in mid-September. More information can be found at: betmgm.co.uk.
"We've had great success in the U.S. and Canada with our BetMGM brand and we're confident we can duplicate this success in other markets, beginning with the UK," said Gary Fritz, President, MGM Resorts International Interactive. "The UK is a mature online gaming market, and we believe the BetMGM brand will provide distinct relevance to both sports bettors and iGaming consumers."
BetMGM, LLC, the joint venture between MGM Resorts and Entain, will continue to operate the BetMGM brand in the United States and Canada utilizing the technology and platform provided by Entain.
LeoVegas is currently available in nine jurisdictions in Europe and Canada.
Thanks for that SmoothOperator. It is still odd - dividend is 8.9p, but share price is falling by nearing 54p!
I can't find any recent negative company specific news. Share price have fallen materially for the 5th day in a row. Does anybody know?
Https://www.proactiveinvestors.co.uk/companies/news/1023630/ftse-100-live-inflation-falls-sharply-but-rate-rise-still-expected-1023630.html
2:18pm: Women’s World Cup sees more females having a punt
As the Lionesses take their place in the World Cup final, Entain has revealed the exponential growth in betting on the tournament across the globe.
The top trend seen by Entain’s UK sportsbook is the number of women betting on football.
Entain’s Ladbrokes and Coral brands in the UK recorded that the first three England games saw an average 21% of bets placed by women, compared to 17% in the 2022 Women’s Euros, and 13% during the last World Cup in 2019.
Data from Entain’s partner and official sponsor of the tournament, TAB New Zealand, showed that almost 15% of bets recorded by TAB New Zealand have been placed by women compared to 9% in 2019.
Across the pond, the strength of the US women’s team has also been credited for the rising number of US fans backing women’s football.
For the US women’s team’s opening game against Vietnam, BetMGM saw three times the number of bets compared to Lionel Messi’s debut for Inter Miami CF.
Dominic Grounsell, Entain’s chief commercial officer said: “This summer, we’re witnessing the biggest Women's World Cup in history, and around the world there is a growing audience and appetite for women’s sports.”
“The facts say it all. More of our customers are finding new ways to support their favourite teams – and that’s with a bet.“
This news overnight is the cause:
https://www.ft.com/content/8ef5b93e-4e59-4ab2-87a9-451d2c92932b
Disney’s ESPN moves into US sports betting with $2bn Penn Entertainment deal
Cable network agrees tie-up with casino and online gambling group that displaces Dave Portnoy’s Barstool Sportsbook
Penn will rebrand its US sports betting portals to ESPN Bet under the terms of a deal announced on Tuesday © AP
Disney’s ESPN moves into US sports betting with $2bn Penn Entertainment deal on twitter (opens in a new window)
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Disney is pushing into the US sports betting industry, tying its ESPN cable network to the casino and online gambling company Penn Entertainment in a $2bn deal.
Penn would rebrand its US sports betting portals, available in 16 states and currently known as Barstool Sportsbook, to ESPN Bet, the companies said on Tuesday. The move comes less than six months after Penn completed a $551mn acquisition of Barstool, the sports gambling and entertainment site founded by Dave Portnoy in 2003 and which has become known in the US for its boisterous and occasionally controversial commentary.
Under the terms of the agreement, Penn will pay ESPN $1.5bn in cash payments over a 10-year term and grant $500mn in warrants for Penn stock. The rebranding will take effect this autumn.
Penn will sell the entirety of common stock in Barstool back to Portnoy “in exchange for certain non-compete and other restrictive covenants”.
The deal between Penn and ESPN is a watershed moment for Disney’s sports cable network as it continues to build out its streaming platform ESPN+ and it has tapped advisers to examine its options.
In a video statement posted to his Twitter account, Portnoy alluded to “hit pieces” by The New York Times and Insider as among the reasons for the divestiture and said Barstool and Penn were “denied licences because of me”.
The New York Times in 2022 profiled Portnoy as someone who promoted irresponsible gambling, while the previous year Insider spoke with several women who accused him of sexual misconduct.
“We underestimated just how tough it is for myself and Barstool to operate in a regulated wor
Notice of BetMGM H1 2023 update
BetMGM LLC ("BetMGM"), one of the leading sports betting and iGaming operators across the U.S., jointly owned by Entain plc (LSE: ENT) ("Entain") and MGM Resorts International (NYSE: MGM) ("MGM Resorts") will release an update on BetMGM's H1 2023 performance at 1.30 pm UK (8.30am EST) on Wednesday 26th July 2023.
Thanks Treven.
Today's announcement:
Flutter Entertainment plc (the "Company") Notice of 2023 interim results
The Company will release its interim results for the six months ended 30 June 2023 on Wednesday 9 August at 7.00am (BST). A presentation will be made available on the corporate website (www.flutter.com) at 8.00am and the Company will also host a Q&A conference call for institutional investors and analysts on the same date at 9.30am.
This is surreal...
https://www.thetimes.co.uk/article/tory-mp-scott-benton-lobbying-investigation-ckhzrfqg0
Benton, 35, is chairman of the all-party parliamentary group for betting and gaming...
"Later in the meeting, the conversation moved on to whether he could obtain a copy of the gambling white paper in advance of publication and leak it to the company."
•Guaranteed he could leak a copy of a forthcoming white paper on gambling reforms to the company at least 48 hours before it went public, potentially allowing them to profit from market-sensitive information.
Hi CJ39, I agree with your sentiment regarding Flutter. There are several imminent events that may provide the catalyst for the shares to rise sustainably and materially from here.
In addition to the trading update on 9th Nov that you've mentioned, there is the Flutter Investors' Day event in New York on 16th Nov. Also, the conclusion of the arbitration case with FoxBet is any day now. Whichever way the case goes, the financial impact is mooted, given that so much froth has been blown from sports betting valuation. Nevertheless, once that is out of the way, I can see the shares to climb steadily from current levels. Longer term, there is always that boogey man which is the government white paper lurking in the background.
I have been averaging down my holding all the way to its recent low, and I'm holding it for 2023 when its sports betting turns profitable for the year.
I'm not a betting man at all (other than betting on the house), and therefore have no user experience of any of the betting apps, neither Flutter's nor others'. But I know in this highly competitive environment, a gambling company lives or dies by how good their apps' user experience is.
So, I've a question for you, how good is Flutter's apps? How is it when compared with the competition?
I understand that in the USA the user experience for sports betting apps has been universally underwhelming, unless things have improved lately.
This is from the Daily Mail today:
https://www.dailymail.co.uk/news/article-11293563/Nadine-Dorries-anger-crackdown-gambling-industry-delayed-FIFTH-time.html
Nadine Dorries' anger as crackdown on gambling industry is 'delayed for a FIFTH time'
...
Former culture secretary Nadine Dorries last night criticised her successor after sources claimed reform to the UK’s gambling industry is being delayed for a fifth time.
Michelle Donelan this week refused to commit to publishing a White Paper on betting laws before Christmas, telling colleagues it ‘needs a lot of work’.
But Mrs Dorries, who oversaw the review until last month, said: ‘The reforms have already been through Cabinet sign-off prior to the new PM taking office. I have no idea what the delay can possibly be. They need to crack on with this stuff.’
...
Ahead of Q2 earnings report tomorrow, Flutter shares have outperformed its gambling sector peers in the past few days. Some investors must have a good vibe about the earnings report, or may have be heard something positive in the grapevine about the arbitration versus SkyBet that is concluding in the US?
Care to share?
I must have missed it, but I don't seem to find out any reasons to explain the big jump in share prices for the whole gambling sector today, even as Bank of England has raised interest rate by another 0.5% and must worst forecast for inflation and growth.
Can anyone enlighten me? Thanks.
For those who may have missed it, this is from the InteractiveInvestors website this morning:
https://www.proactiveinvestors.co.uk/
8.48am: Gambling shares on the rise
Gambling group shares are bucking the downward trend, on talk that the government's white paper on the sector could be delayed until after the Tory leadership contest and possibly watered down under a new prime minister.
Whether that is the case or not, Entain PLC (LSE:ENT) is up 3.65% and Flutter Entertainment PLC (LSE:FLTR) has climbed 1.6%.
For those who may have missed it, this is from the InteractiveInvestors website this morning:
https://www.proactiveinvestors.co.uk/
8.48am: Gambling shares on the rise
Gambling group shares are bucking the downward trend, on talk that the government's white paper on the sector could be delayed until after the Tory leadership contest and possibly watered down under a new prime minister.
Whether that is the case or not, Entain PLC (LSE:ENT) is up 3.65% and Flutter Entertainment PLC (LSE:FLTR) has climbed 1.6%.