Core Viewpoint - Flutter Entertainment, a leading online sports betting and iGaming operator, is responding to the Illinois State legislature's decision to introduce a betting transaction fee for licensed operators starting July 1, 2025, which will impact the cost structure for operators in the state [1][2]. Group 1: Company Response - FanDuel, Flutter's US market-leading brand, will implement a $0.50 transaction fee on each bet placed on its platform in Illinois starting September 1, 2025, due to increased operational costs from the new Illinois Transaction Fee [2]. - The introduction of the transaction fee follows a significant increase in the betting tax rate in Illinois in 2024, which FanDuel had previously attempted to absorb without passing costs to customers [2]. Group 2: Industry Impact - Flutter's CEO, Peter Jackson, expressed concerns that the Illinois Transaction Fee will disproportionately affect lower wagering recreational customers and may drive some customers to unregulated operators, which do not contribute tax revenue or provide the same level of customer protection [4]. - The company emphasizes the importance of optimal gaming tax rates for maximizing market growth and revenue for states over time [4]. Group 3: Financial Performance - Flutter reported global revenue of $14,048 million for fiscal 2024, representing a 19% year-over-year increase, and $3,665 million for the quarter ended March 31, 2025 [6].

Core Insights - The article highlights three companies that have been undervalued by the market but have the potential for significant returns in the future due to their growth prospects in their respective industries. Group 1: Marvell Technology - Marvell Technology is a chip designer benefiting from the growth in artificial intelligence (AI) spending, particularly through its custom AI accelerators and networking chips [5][6]. - The company has secured deals with major hyperscalers like Amazon and Microsoft for next-generation AI accelerators, despite concerns about competition from other chip designers [7][10]. - Marvell's stock is currently trading at around $65 per share, with a forward P/E ratio of 23, indicating strong growth potential and less downside risk compared to previous months [10]. Group 2: Block - Block, the parent company of Cash App and Square, has faced recent challenges due to a shortfall in Cash App's gross profit growth, but this may present a buying opportunity for growth investors [11]. - Cash App is focusing on increasing revenue per user through new services like Cash App Borrow, which aims to enhance user engagement and address spending slowdowns [12][15]. - Block's current share price is around $63, with a P/E ratio of 16.5 based on 2026 earnings estimates, suggesting a strong long-term outlook despite short-term economic uncertainties [15]. Group 3: DraftKings - DraftKings is a leading sports betting company that has leveraged its brand strength in Daily Fantasy Sports to expand into sports betting, attracting approximately 400,000 new monthly unique payers [16][17]. - The company benefits from valuable user data, which enhances its ability to offer personalized promotions and expand into new betting types [18]. - DraftKings' stock is trading at $34 per share, with an enterprise value-to-forward-EBITDA ratio of about 21, and management projects an average EBITDA growth of 35% from 2026 to 2028, indicating strong growth potential [20].

Imagine a world where every legal sports wager — whether placed through a smartphone in New York or tapped out in a Las Vegas casino — is reliant on a single company’s technology to supply real-time, quick, and dependable data. Such a world already exists, andVolatility and Reason (V&R) is a space for clear-headed market commentary. No hot takes, no blind optimism, and no empty noise. I explore business, economics, and investing with a simple principle: logic over sentiment, curiosity over distraction. My g ...

Core Insights - BetMGM has entered into a partnership with the Las Vegas Aces, becoming the exclusive online casino and sportsbook partner for the WNBA team through the 2027 season, marking its first major collaboration with a women's professional sports franchise [1][2][3] - The partnership includes various promotional activities, such as signage at the Michelob ULTRA Arena, sponsorship on Aces' social media, and exclusive experiences for BetMGM players [1][2] - BetMGM will also serve as an authorized gaming partner of the WNBA, gaining commercial inventory on nationally televised games and the rights to co-branded content [2][3] Partnership Details - The "BetMGM Steals for Meals" program will donate $50 to The Just One Project for every steal made by the Aces during home games, aimed at supporting food-insecure families [3][4] - BetMGM plans to launch a WNBA-branded online slot game, which will be the first-ever WNBA online casino game, available exclusively on its platform [2][3] Market Growth - BetMGM reported a 133% year-over-year growth in betting on the WNBA during the 2024 season, reflecting the increasing popularity of women's sports [4] - The WNBA has seen significant growth in fan engagement, and BetMGM aims to leverage this momentum by expanding its betting markets and enhancing fan experiences [5] Company Background - BetMGM is a leading sports betting and gaming entertainment company, formed through a partnership between MGM Resorts International and Entain Plc, and has exclusive access to MGM's U.S. sports betting and online gaming operations [7] - The Las Vegas Aces have achieved notable success, including back-to-back WNBA Championships in 2022 and 2023, and have established a strong fan base, selling out their season ticket allotment in 2024 [8][9]

Core Viewpoint - SharpLink Gaming has transformed from a struggling online marketing company to a potential leading publicly-traded Ethereum proxy, following a significant stock surge of 1,067% after announcing a $425 million private placement to adopt Ethereum as its primary treasury reserve asset [1] Financial Performance - SharpLink's revenues have decreased by 31%, from $5.0 million to $3.4 million over the past 12 months, underperforming the S&P 500's growth rate of 5.5% [2] - Quarterly revenues have dropped by 24.0%, from $0.976 million a year ago to $0.742 million in the most recent quarter [2] Profitability Metrics - The company reported an Operating Income of -$4.0 million, resulting in an Operating Margin of -116.8%, compared to 13.2% for the S&P 500 [3] - SharpLink's Operating Cash Flow (OCF) was -$4.0 million, yielding an OCF Margin of -117%, while the S&P 500 has an OCF Margin of 14.9% [3] - The Net Income of -$3.2 million indicates a Net Income Margin of -94.1%, contrasting with the S&P 500's 11.6% [3] Strategic Transformation - The $425 million raise positions SharpLink as a publicly-traded Ethereum vehicle, akin to MicroStrategy's role as a Bitcoin proxy, with a more integrated approach through leadership from Joseph Lubin and backing from major crypto venture capital firms [4] - The focus on sports betting and iGaming industries may benefit from blockchain integration, particularly with support from the Ethereum ecosystem [4]

PENN Entertainment ( PENN) is infamously known for its purchase and subsequent sale of Barstool Sports, marking an entrance into the online sports betting industry and sending the stock roaring to over $120 a share. After theMy name is Mehul Singh, a student at NYU Stern School of Business. I started my investment journey 7 years ago, trading public equities under a custodial account and have since written several pitches and reports while learning through internship opportunities here in NYC. I've had expe ...

Transformational Bet.WorksAcquisition & Sinclair Broadcast Group Partnership November 19, 2020 © Bally's Corporation 2020 – All rights reserved Forward-Looking Statements — Bally's Corporation This presentation contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including future fi ...

 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,DIRECTLY OR INDIRECTLY, IN ANY JURISDICTION WHERE IT IS UNLAWFULTO DO SO Flutter announces the pricing of $1,000 million aggregate principal amount of 5.875% Senior Secured Notes due 2031, €550 million aggregate principal amount of 4.000% Senior Secured Notes due 2031 and £450 million aggregate principal amount of 6.125% Senior Secured Notes due 2031 DUBLIN and TORONTO, May 23, 2025 (GLOBE NEWSWIRE) -- Flutter Entertainment plc ("Flutter") (NYSE:FLUT; LSE:FLTR), ...

Core Viewpoint - Flutter Entertainment plc is launching an offering of senior secured notes in multiple currencies to raise a total of $2,800 million, primarily to repay existing debt and cover acquisition-related costs [1][3]. Group 1: Offering Details - The offering includes USD-denominated, EUR-denominated, and GBP-denominated senior secured notes, all due in 2031 [1]. - Flutter is also raising incremental debt under its existing U.S. dollar-denominated term loan B facility [2]. - The total amount targeted for the offering and the incremental facility is $2,800 million [3]. Group 2: Use of Proceeds - Proceeds from the offering will be used to repay all amounts due under a bridge facility, which was partially utilized for the acquisition of Snaitech S.p.A. [3]. - Additional funds will cover certain costs, fees, and expenses related to these transactions [3]. Group 3: Company Overview - Flutter is recognized as the world's leading online sports betting and iGaming operator, holding a significant market position in the US and globally [4]. - The company aims to leverage its scale and competitive advantages to foster long-term growth and promote sustainability through its Positive Impact Plan [4]. - Flutter operates a diverse portfolio of brands, including FanDuel, Sky Betting & Gaming, and PokerStars, among others [5].

Core Insights - The company reported a solid start to 2025 with double-digit adjusted EBITDA growth across all activities, indicating strong operational performance and alignment with 2025 guidance targets [2][10][31] Financial Highlights - Revenue increased by 7.8% to €1,084 million, with adjusted EBITDA rising by 16.5% to €191 million, resulting in an EBITDA margin improvement of 120 basis points to 17.6% compared to Q1 2024 [8][15][56] - Adjusted net income grew by 10.5% to €81 million, while net income reached €36 million, a significant increase from €19 million in Q1 2024 [8][15][60] - Adjusted free cash flow conversion was approximately 79%, slightly down from 81% in Q1 2024 [8][61] Business Highlights - Content production and distribution revenue grew by 4.7% at constant exchange rates, driven by strong scripted deliveries and performance of superbrands [8][32][41] - Live experiences revenue decreased by 10.8% due to seasonality, with major show deliveries expected in the second half of 2025 [8][50][33] - Online sports betting and gaming revenue surged by 18.2%, with a 33% increase in Unique Active Players, supported by a robust sportsbook app and successful poker platform launch [8][12][53] Strategic Developments - The company announced a strategic alliance with Base and AWS to enhance its digital transformation and operational efficiency [18] - The merger of Shine Fiction and Banijay Studios France aims to strengthen the scripted content offering in France [19] - The acquisition of Lotchi and the launch of Banijay Live Studio are key initiatives to expand immersive live experiences [20][21] Market Outlook - The company anticipates mid-single digit organic revenue growth in content production and distribution, mid-teens growth in online sports betting and gaming, and mid-to-high single digit organic adjusted EBITDA growth for 2025 [35][36] - The impact of increased public levies on online gaming in France is expected to affect profitability, with an estimated €20 million reduction in adjusted EBITDA for 2025 [26][27]