Core Viewpoint - DraftKings has lowered its revenue guidance for 2025 and missed first-quarter revenue estimates, but the company still shows potential for growth despite recent challenges [4][5][10]. Group 1: Financial Performance - DraftKings reported revenue of just over $1.4 billion for the first quarter, reflecting a growth rate of 20%, which was slightly below the nearly 22% growth anticipated by analysts [4]. - The company has lowered its revenue guidance for 2025 to approximately $6.3 billion, a decrease of $150 million from previous estimates [5]. - Monthly unique payers (MUPs) have increased significantly from about 900,000 at the end of 2020 to 4.3 million in the most recent quarter, indicating strong user growth [2][13]. Group 2: Market Reactions and Analyst Outlook - Despite the lowered guidance, DraftKings' stock rose over 2% after the earnings release, suggesting that investor sentiment remains relatively stable [11]. - The average drop in price targets among analysts was less than 1%, with new price targets averaging over $55 per share, indicating a potential upside of 55% compared to the closing price on May 21 [12]. - Analysts maintain a Moderate Buy rating for DraftKings, reflecting confidence in the company's long-term prospects despite recent setbacks [15]. Group 3: Industry Context and Future Potential - The March Madness betting outcomes negatively impacted DraftKings, as higher-seeded teams won 82% of the time, leading to significant losses for the company [10]. - The company expects its adjusted gross margin to increase by 300 basis points in 2025 compared to 2024, indicating potential for improved profitability [13]. - DraftKings currently operates online sports betting in about half of the U.S. states, presenting substantial opportunities for future expansion [14].

Core Insights - Stanley Druckenmiller's Duquesne Family Office has been active in the first quarter of 2025, adding new positions and increasing existing ones [3][4] Group 1: Taiwan Semiconductor Manufacturing (TSMC) - TSMC was one of Druckenmiller's largest bets, with a 457% increase in shares to 491,265 [7] - The stock experienced a decline but rebounded due to strong first-quarter results, with revenue up 41.6% year over year and earnings per share increasing by 60% [8] - Despite a slight dip in sales from the previous quarter, demand from major customers suggests potential for modest growth [9] - TSMC's largest customer, Nvidia, saw Microsoft increase its capital expenditures by 53% year over year, indicating strong demand in the semiconductor sector [10] Group 2: Flutter Entertainment - Druckenmiller increased his position in Flutter Entertainment by purchasing over 1 million shares, making it the 11th-largest holding in the portfolio [11] - Flutter's FanDuel brand grew monthly users by 11% year over year to 4.3 million, capturing a 43% market share in the U.S. sports betting market [11] - The company launched a cross-promotion for FanDuel, boosting monthly iGaming users in the U.S. above 1 million, with first-quarter revenue from iGaming growing by 32% year over year to $472 million [12] Group 3: Docusign - Druckenmiller initiated a new position in Docusign valued at $87.5 million, making it the 10th largest position in the portfolio [14] - Docusign's revenue grew by 7% year over year, with subscriptions accounting for 97% of first-quarter revenue [14] - The company reported a gross margin of 78.9% and free cash flow of $232.1 million, representing 33% of total revenue [15]

Core Viewpoint - Rivalry Corp. is under a management cease trade order (MCTO) due to delays in filing its annual financial statements for the fiscal year ended December 31, 2024, with an expected completion date by June 30, 2025 [1][2]. Group 1: Management Cease Trade Order (MCTO) - The MCTO was granted by the Ontario Securities Commission (OSC) on May 1, 2025, and will remain in effect until the company is no longer in default regarding its filing requirements [3]. - The company has confirmed that there have been no material changes to the information in the Default Announcement and intends to comply with the alternative information guidelines of NP 12-203 [2]. Group 2: Company Overview - Rivalry Corp. operates Rivalry Limited, a leading sports betting and media company focused on online wagering for esports, traditional sports, and casino games [4]. - The company has held an Isle of Man license since 2018 and is in the process of obtaining additional country licenses, enhancing its regulatory standing in the online gambling sector [4].

Financial Overview - High Roller Technologies reported total revenue of $6,800,000 for the quarter, reflecting a 4% increase compared to the same period last year [4] - The gross win margin improved to 4.8%, up by 4.3% from the previous corresponding period [4] - The net loss for the quarter was approximately $3,300,000, with a net loss ratio of $0.39, which is 50% greater than the previous corresponding period [4] - Corporate cash stood at $4,500,000, with an additional $1,000,000 in restricted cash [4] Business Line Performance - The affiliate brand Casino Room generated nearly $1,600,000 in revenue during Q1, maintaining an affiliate-only model in emerging and non-core markets [16] Market Focus and Strategic Direction - The company is focusing on high-potential regulated markets, specifically Ontario, Alberta, and Finland, to drive long-term shareholder value and sustainable revenue growth [10][14] - High Roller has submitted its initial licensing application to Ontario, which is one of the largest regulated markets globally, with a total addressable market opportunity of nearly $2.5 billion annually [11][12] - Alberta is also moving towards a regulated market, with recent legislative changes that align with Ontario's framework [13] - Finland currently comprises 60% of the company's net gaming revenue and is transitioning from a monopoly to a competitive regulated market [14] Management Commentary on Future Outlook - Management expressed optimism about future growth prospects, particularly with the ongoing strategic organizational and operational realignment plan [5][34] - The company anticipates increased cash flow and margin in the second half of 2025 as it reallocates capital to growth market opportunities [6] - The management team highlighted the importance of partnerships, particularly with SpikeUp Media, to enhance customer acquisition and marketing efficiency [20] Other Important Information - The company added over 750 new games to its casino library, bringing the total to over 5,300 games from more than 90 providers [6][7] - A brand identity refresh is underway for both High Roller and its subsidiary Fuka in anticipation of market expansion [8] Q&A Session Summary Question: Future expansion plans outside mentioned markets - Management indicated excitement about future market expansion, leveraging industry connections and data insights to make strategic decisions [29] Question: Plans to add sports betting - Management confirmed that while the primary focus is on casino operations, they are open to adding sports betting as a secondary revenue stream in regulated markets [30][31] Question: Impact of organizational operation agreement plan - Management noted positive early results from the strategic initiatives aimed at optimization and focus on regulated markets [34] Question: Concerns about capital and potential need for a raise - Management reassured that current capital is expected to sustain operations through the year without the need for an additional capital raise [42]

Financial Performance Overview - High Roller Technologies reported total revenue of $6.8 million for Q1 2025, reflecting a 4% increase compared to the same period last year, with a gross win margin of 4.8%, up by 4.3% year-over-year [4] - The net loss for the quarter was approximately $3.3 million, with a net loss ratio of $0.39, which is 50% greater than the previous corresponding period [4] - The operating loss increased compared to the previous corresponding period, primarily due to a marketing overspend of approximately $4.1 million, a 50% increase from the previous year [5] Business Lines and Market Data - The affiliate brand Casino Room contributed nearly $1.6 million in revenue during Q1 2025, maintaining an affiliate-only model in emerging and non-core markets [15] - The company added over 750 new games to its casino library, bringing the total to over 5,300 games from more than 90 providers [6] - High Roller added 30,000 new active depositing customers, representing a 34% increase from the previous corresponding period [7] Strategic Direction and Market Focus - The company is focusing on high-potential regulated markets, specifically targeting Finland, Ontario, and Alberta for future expansion [9][10] - High Roller has submitted its initial licensing application to Ontario, which is one of the largest regulated markets globally, with a total addressable market opportunity of nearly $2.5 billion annually [11] - Alberta has passed legislation to establish a framework for online gaming, which aligns with High Roller’s strategic focus on regulated markets [12] Management Commentary on Future Outlook - Management expressed optimism about the future, highlighting the strategic organizational and operational realignment plan aimed at focusing on high-potential markets [5][9] - The company expects cash flow and margins to increase in the second half of 2025 as it reallocates capital to growth market opportunities [6] - Management emphasized the importance of partnerships, particularly with Spike Up Media, to drive customer acquisition and enhance marketing effectiveness [19] Other Important Information - The company is undergoing a brand identity refresh in anticipation of its regulated market expansion [6] - A strategic advisory board has been established to assist with the transition and optimization of operations [5] Q&A Session Summary Question: Future market expansion beyond mentioned markets - Management indicated excitement about future market expansion, leveraging industry connections and data insights to make strategic decisions [26][27] Question: Plans to add sports betting - Management confirmed that while the primary focus is on casino operations, they plan to add sports betting as a secondary revenue stream when it becomes relevant [28][29] Question: Impact of organizational operation agreement plan - Management noted positive outcomes from the strategic initiatives, with expectations for growth in regulated markets like Ontario and Finland [30][31] Question: Concerns about capital and potential capital raise - Management reassured that current capital is expected to sustain operations through the year without the need for an additional capital raise [38]

Core Viewpoint - High Roller Technologies reported a 4% year-over-year revenue increase in Q1 2025, while also acknowledging a widened operating loss as part of a strategic shift towards high-potential regulated markets [5][6][12]. Financial Performance - Q1 2025 revenue reached $6,770,886, up from $6,507,000 in Q1 2024, marking a 4% increase [5][14]. - The net loss for Q1 2025 was $3,276,000, compared to a net loss of $1,849,000 in Q1 2024, resulting in a net loss per share of $(0.39) versus $(0.26) [6][12][14]. - Active users increased by 34% year-over-year, reaching nearly 30,000 [6]. Strategic Initiatives - The company is executing a strategic plan focused on regulated markets, which includes winding down operations in non-growth markets [2][5]. - High Roller has submitted its initial licensing application to enter Ontario's regulated online gambling market, with plans to launch in H2 2025 [2][5][6]. - A brand refresh and marketing spend reallocation are underway in anticipation of market expansion [6]. Operational Highlights - The company added 761 new games, bringing its total portfolio to over 5,300 games from more than 90 providers [6]. - Leadership was strengthened with the hiring of industry veterans, including Emily Micallef and Seth Young [6]. Market Position - High Roller Technologies operates in the rapidly expanding multi-billion dollar iGaming industry, offering a diverse portfolio of online casino games [8]. - The company aims to capitalize on the momentum in regulated markets, particularly in Canada and Finland [2][3].

Financial Data and Key Metrics Changes - Revenue increased by 39% year over year to $40.6 million, with adjusted EBITDA growing by 56% to $15.9 million [7][14] - Gross profit rose by 42% year over year to CHF 38.4 million, with a gross profit margin of 94.5%, up 200 basis points from the previous year [15][16] - Adjusted net income increased by 78% to GBP 16.5 million, and adjusted diluted net income per share rose by 92% to $0.46 [18][19] Business Line Data and Key Metrics Changes - The marketing business grew by 13%, delivering over 138,000 new depositing customers (NDCs), representing a 29% growth year over year [14] - The sports data services business quadrupled in revenue contributions, with subscription revenue accounting for 24% of total revenue [14][15] - Recurring revenue, including revenue share arrangements, constituted 50% of total first-quarter revenue [15] Market Data and Key Metrics Changes - iGaming revenues increased by 24% year over year, driven by organic growth and contributions from acquisitions [10] - The company continues to grow market share in the UK and Europe, with expectations for growth in North America as well [10][11] Company Strategy and Development Direction - The company aims to achieve $100 million in adjusted EBITDA, with a focus on expanding beyond marketing into sports data services [8][12] - The integration of OddsJam and Optic Odds is progressing well, with expectations for at least 20% growth in adjusted EBITDA from these acquisitions [9][12] - The company is leveraging AI to enhance technology and digital marketing capabilities, which is expected to drive organic growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the online gambling industry, stating that economic slowdowns have historically not impacted growth [11] - The company reiterated its full-year guidance, expecting a midpoint revenue of $172 million, representing 35% year-over-year growth [21] - Management highlighted the potential for growth in the prediction markets, indicating a favorable regulatory environment [90][95] Other Important Information - The company has total cash of CHF 21.5 million and CHF 70.5 million of undrawn capacity on its credit facility [20] - A swap agreement was entered into to convert a portion of US dollar borrowings to euro, reducing the cost of debt capital by approximately 200 basis points [20] Q&A Session Summary Question: What is Gambling.com doing to keep its content relevant amid changing consumer behavior? - Management noted that they are seeing high revenue from their marketing business driven by natural search and are also benefiting from referrals from generative AI tools like ChatGPT [25][26][29] Question: Any updates on the performance of Optic Odds? - Management reported that Optic Odds is growing rapidly and has hired a senior salesperson to expand its distribution in Europe [32][34] Question: How does the company view the potential for other operators to increase performance marketing? - Management indicated that as low-cost acquisition channels become exhausted, operators will increasingly rely on affiliate marketing, which is central to their strategies [38][40] Question: Can you quantify the impact of the euro on revenue and EBITDA guidance? - Management stated that while there are slight positive effects from the euro's strength, it is not significant enough to alter revenue expectations [42][45] Question: What is the path to achieving the $100 million EBITDA goal? - Management indicated that with current guidance, they would be 68% of the way there this year, and strategic acquisitions could accelerate this timeline [48][49] Question: How is the company positioned to benefit from potential tax increases in the US? - Management acknowledged that tax increases could impact player lifetime value but noted that adjustments would be made over time [79][80] Question: What is the outlook for iGaming legislation in the US? - Management expressed optimism about developments in Ohio and the potential for a streamlined regulatory approach, which could benefit the market [60][62]

Financial Data and Key Metrics Changes - Revenue increased by 39% year over year to $40.6 million, with adjusted EBITDA growing by 56% to $15.9 million [5][12][14] - Adjusted net income rose by 78% to £16.5 million, and adjusted diluted net income per share increased by 92% to $0.46 [16][17] - Free cash flow was €10.3 million, up 25% from the previous year [17] Business Line Data and Key Metrics Changes - The marketing business grew by 13%, delivering over 138,000 new depositing customers (NDCs), representing a 29% growth year over year [12] - Subscription revenue accounted for 24% of total revenue, with recurring revenue making up 50% when including revenue share arrangements [12][13] - The sports data services business quadrupled in revenue contributions following the acquisition of OddsJam and Optic Odds [12][14] Market Data and Key Metrics Changes - iGaming revenues rose by 24% year over year, reflecting solid organic growth and contributions from acquisitions [8] - The company continues to grow market share in the UK and Europe, with expectations for growth in North America as well [8][19] Company Strategy and Development Direction - The company aims to achieve $100 million in adjusted EBITDA, with a focus on expanding beyond marketing into sports data services [6][10] - The integration of OddsJam and Optic Odds is progressing well, with expectations for at least 20% growth in adjusted EBITDA from these services this year [7][10] - The company is leveraging AI to enhance technology and digital marketing capabilities, driving organic growth [10] Management's Comments on Operating Environment and Future Outlook - The online gambling industry remains resilient to economic downturns, with no significant impact expected from recent macroeconomic volatility [9][10] - The company reiterated its full-year guidance, expecting record annual revenue and adjusted EBITDA, with a midpoint revenue guidance of $172 million [19] - Management expressed confidence in the growth trajectory, citing strong competitive positioning and brand strength [10] Other Important Information - The company has a total cash balance of CHF 21.5 million and CHF 70.5 million of undrawn capacity on its credit facility [18] - A swap agreement was entered into to convert a portion of US dollar borrowings to euro, reducing the cost of debt capital by approximately 200 basis points [18] Q&A Session Summary Question: What is Gambling.com's strategy regarding AI and content focus? - Management noted that while search volumes from traditional platforms remain stable, referrals from generative AI tools are increasing rapidly, providing high-intent traffic [24][28] Question: How is the Optic Odds asset performing? - Optic Odds is experiencing rapid growth, and a senior salesperson has been hired to expand its distribution in Europe [31][32] Question: What is the impact of potential tax increases on partnerships? - While tax increases could negatively impact player lifetime value, the effects are gradual and adjustments in deals are expected [75][78] Question: What is the outlook for iGaming legislation in the US? - Management expressed optimism about developments in Ohio and the potential for a streamlined regulatory approach [56][57] Question: How does the company plan to reach the $100 million EBITDA goal? - The company is focused on organic growth and potential acquisitions, with a high growth trajectory expected even without M&A [46][66]

Core Viewpoint - The Alcohol and Gaming Commission of Ontario (AGCO) is urging media platforms to cease promoting unregulated online gambling and sports betting sites, specifically targeting Bodog, to protect Ontario residents [1][4]. Group 1: Regulatory Context - Bodog, operated by Il Nido Inc., is an offshore gambling operator that is actively advertising to Ontarians while blocking access for players in Quebec and Nova Scotia [2]. - Under the Gaming Control Act, 1992, online gambling sites must register with the AGCO and sign an operating agreement with iGaming Ontario to operate legally in Ontario [3]. - The regulated igaming framework in Ontario mandates comprehensive requirements for game integrity, player protection, anti-money laundering, and information privacy [3]. Group 2: Media Responsibility - By airing advertisements for Bodog and other unregulated operators, legitimate media platforms are inadvertently legitimizing high-risk sites and causing confusion among Ontarians [4]. - The AGCO is calling on media platforms to remove ads for unregulated gambling sites to mitigate risks and support the sustainability of Ontario's regulated igaming market [4]. Group 3: AGCO's Commitment - The AGCO is dedicated to protecting Ontario players and ensuring a safe gaming experience by promoting regulated igaming sites [6]. - The AGCO plans to collaborate with partners both locally and internationally to combat unregulated gambling sites and safeguard the public [5].

RSI's GLAD Initiative In Partnership With IC360 Aims to Give Educators the Tools to help Teens Make Informed Decisions about Gaming At RSI, we believe our role as a leading online gambling operator goes beyond simply committing financial resources. We have a responsibility to seek out and create opportunities that empower young people with the knowledge and tools to make informed decisions—so that when the time comes, they can determine for themselves, with confidence and understanding, what relationship, i ...