Summary of Organization of Football Prognostics S.A. Capital Markets Day Company Overview - **Company**: Organization of Football Prognostics S.A. (OTCPK:GOFP.Y) - **Event**: 2025 Capital Markets Day held on November 28, 2025 - **Key Speakers**: Jan Karas (CEO), Ken Morton (CFO), Karel Komárek (Founder), Kathleen Colemire (Board Member), Pavel Mucha (CFO of OPAP) Core Industry Insights - **Industry**: Lottery and Gaming Sector - **Market Dynamics**: The lottery and gaming industry is undergoing a transformation driven by evolving customer expectations, requiring personalization, social features, and seamless experiences [11][12][13] - **Technological Integration**: Emphasis on cutting-edge technology, including AI, to accelerate innovation and reduce time to market [11][12] Key Transaction Highlights - **Transaction with OPAP**: A transformational deal that positions OPAP shareholders to share in the growth of a global gaming leader while maintaining a minimum dividend of EUR 1 per share [12][13][15] - **Scale and Growth**: The combination will create the second-largest listed lottery and gaming operator globally by EBITDA, enhancing growth potential and cash flow resilience [16][17] Financial Performance - **EBITDA Growth**: Pro forma for announced acquisitions, the company generated EUR 1.9 billion of EBITDA in the 12 months to June 2025, with a compound annual growth rate (CAGR) of about 20% over the last six years [20][24] - **Cash Flow Generation**: The company has invested over EUR 2.5 billion in inorganic growth since 2019 while paying EUR 1.7 billion in dividends [26][27] Strategic Growth Initiatives - **Organic Growth Strategy**: Focus on enhancing customer offerings, driving digitalization, and expanding product portfolios [30][39] - **Inorganic Growth Strategy**: Targeted acquisitions to strengthen core operations and enter new markets, with recent acquisitions including PrizePicks and Novibet [41][42] Market Position and Expansion - **Geographic Footprint**: The transaction expands OPAP's footprint from a Cyprus-only operation to a global presence, including high-growth markets in the U.S., Brazil, and Latin America [17][19] - **Product Diversification**: The combined entity will offer a broader range of products, including daily fantasy sports through PrizePicks and enhanced iGaming capabilities [18][19] Future Outlook - **Vision for 2030**: Ambition to be the leading global gaming entertainment company with top positions across lottery, sports betting, and iGaming markets [50][51] - **Technological Advancements**: Continued investment in proprietary technology and content to enhance customer experiences and drive innovation [44][45] Additional Insights - **Responsible Gaming**: Commitment to high standards of play protection and corporate social responsibility as integral to sustainable growth [48][49] - **Community Contributions**: Active involvement in community initiatives, supporting various social causes [49] This summary encapsulates the key points discussed during the Organization of Football Prognostics S.A. Capital Markets Day, highlighting the company's strategic direction, financial performance, and future growth potential in the lottery and gaming industry.

Transaction Overview - Allwyn and OPAP are combining to unlock long-term value for OPAP shareholders, positioning them to benefit from industry trends and mitigate risks[22, 27] - The transaction aims to create the second largest listed lottery and gaming operator globally, with greater scale to seize opportunities[32] - The combined company is expected to have a pro forma LTM H1-25 Adjusted EBITDA of €1.9 billion, including PrizePicks and Novibet[28, 33] - The transaction is expected to be double-digit accretive in the first year post completion[28] Financial Highlights - Allwyn's pro forma Adjusted EBITDA margin is 37% of pro forma Net Revenue[50] - Allwyn's pro forma online NGR is 55%[50] - Allwyn has a strong track record of growth, with Net Revenue, Adjusted EBITDA, and Adjusted EBITDA – Capex all more than doubling since 2019[59] - Allwyn has distributed over €3.3 billion in capital to its and OPAP's shareholders since 2019[253] Growth Strategy - Allwyn has multiple organic and inorganic growth levers, including PrizePicks, IWG, and Betano[37] - Allwyn's medium-term growth will be driven by high-growth, market-leading assets, representing ~30% of pro forma LTM H1-25 Adjusted EBITDA[39] - The combined company will be highly diversified geographically and by product, with 57% of pro forma LTM H1-25 NGR from exclusive revenue[41]

Core Insights - Financial giants are showing a bullish sentiment towards DraftKings, with 66% of traders being bullish and 22% bearish in recent options trades [1] - The projected price targets for DraftKings range from $25.0 to $50.0, indicating significant interest from major players [2] - The average open interest for DraftKings options trades is approximately 5,979.88, with a total volume of 5,333.00, reflecting strong liquidity [3] Options Activity - The largest observed options trades include bullish call sweeps and a mix of put trades, with notable values such as $74.8K for a call at a strike price of $32.50 [7] - The options activity suggests a strategic focus on price movements within the $25.0 to $50.0 range over the past month [3] Company Overview - DraftKings, established in 2012, has expanded from daily fantasy sports to online sports and casino gambling, currently operating in 28 states and offering i-gaming in 5 states [8] - In 2024, DraftKings' revenue breakdown shows sports revenue at 61%, i-gaming at 32%, and fantasy and lottery at 7% [8] Analyst Ratings - Recent analyst ratings for DraftKings show a consensus target price of $46.2, with various analysts maintaining or adjusting their ratings, indicating a generally positive outlook [10][11] - Analysts from Barclays, Bernstein, Needham, and Susquehanna have provided target prices ranging from $40 to $52, reflecting confidence in the company's growth potential [11] Current Market Position - DraftKings' trading volume is reported at 3,975,609, with the stock price at $31.69, showing a slight increase of 0.06% [13] - The upcoming earnings announcement is anticipated in 78 days, which may influence future trading activity [13]

Core Insights - Prize Picks is expanding into regulated US prediction markets by partnering with Poly Market, allowing users to wager on real-time sports and cultural moments [1][2] - The company aims to increase its customer base and enter new states, such as Washington, welcoming millions more into its platform [3][4] Company Overview - Prize Picks differentiates itself from traditional online sports betting by operating on a peer-to-peer model rather than against the house, focusing on supply and demand dynamics [4][5] - The company holds a Futures Commission Merchant (FCM) license from the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC), ensuring compliance with federal regulations [6][10] Industry Dynamics - There is an ongoing discussion about the integrity of prediction markets and sports betting, with potential collaborations between leagues and operators to limit betting in certain scenarios [11][12] - The industry is expected to see increased competition and innovation as new players enter the market, which will enhance customer value [15]

Core Insights - DraftKings reported Q3 CY2025 revenue of $1.14 billion, which was 4.4% year-on-year growth but fell short of market expectations of $1.21 billion, resulting in a 5.6% miss [7] - The company revised its full-year revenue guidance down to $6 billion from $6.3 billion, reflecting a 4.8% decrease [7] - DraftKings' adjusted EPS was -$0.26, aligning with analysts' consensus estimates [7] Company Overview - DraftKings is a digital sports entertainment and gaming company that began in daily fantasy sports [4] Revenue Growth - Over the last five years, DraftKings achieved a compounded annual growth rate of 62.4%, outperforming the average consumer discretionary company [5] - The company's annualized revenue growth of 28.8% over the last two years is below its five-year trend but indicates healthy demand [6] Financial Performance - Adjusted EBITDA for the quarter was -$126.5 million, significantly missing analyst estimates of -$68.74 million, resulting in an 11.1% margin [7] - Operating margin improved to -23.8% from -27.3% in the same quarter last year [7] - Free cash flow margin increased to 21.9% from 11.9% in the same quarter last year [7] Market Outlook - Analysts project revenue growth of 29% over the next 12 months, consistent with the company's two-year growth rate [8] - Monthly unique payers remained stable at 3.6 million, in line with the same quarter last year [7] - DraftKings' market capitalization stands at $13.86 billion [7] Shareholder Returns - The board of DraftKings authorized an increase in the share repurchase program from $1.0 billion to $2.0 billion, emphasizing a focus on maximizing shareholder returns [3]

Summary of the Conference Call on OPAP and Allwin Merger Industry and Companies Involved - **Industry**: Gaming and Lottery - **Companies**: OPAP (Organization of Football Prognostics S.A.) and Allwin Core Points and Arguments 1. **Strategic Importance of the Merger**: The merger between OPAP and Allwin is seen as a pivotal moment in reshaping the gaming industry, combining two established leaders to create a global lottery and gaming champion [2][3][4] 2. **Market Position**: OPAP is the leading lottery, sports betting, and iGaming company in Greece, while Allwin operates in seven markets and is a significant player in online sports betting and iGaming, particularly in Brazil [3][4][5] 3. **Financial Performance**: OPAP has generated significant value for shareholders, with a total shareholder return (TSR) of over 500% since 2013. The company has also benefited from a GGR contribution prepayment, which has added approximately $235 million to EBITDA annually since 2020 [6][7] 4. **Challenges in the Industry**: The gaming industry is undergoing rapid transformation, with evolving customer expectations driven by advancements in technology and competition from non-gaming entertainment [8][9] 5. **Need for Scale**: The merger is positioned as essential for achieving the scale necessary to invest in technology and meet customer expectations, with a focus on digital content and innovation [9][10] 6. **Diversification Benefits**: The combined entity will have a diversified platform with exposure to high-growth markets, including the U.S. and Brazil, and will enhance product offerings through acquisitions like PricePicks [11][53] 7. **Shareholder Benefits**: The transaction is expected to be accretive to earnings and cash flow, with a commitment to maintaining a minimum dividend of €1 per share and potential for special distributions [11][56] Additional Important Points 1. **Governance Structure**: Post-merger, KKCG and J&T Arch will hold 78.5% of the combined company, with a dual-class share structure to maintain control while allowing for future growth [13][18] 2. **Commitment to Greece**: The merger emphasizes OPAP's Greek heritage and commitment to local communities, including ongoing CSR initiatives [20][21] 3. **Technological Advancements**: Allwin's proprietary technology and focus on AI are highlighted as key drivers for future growth and innovation in the gaming sector [52][31] 4. **Financial Guidance**: The combined entity expects consolidated net revenue growth to accelerate significantly, with EBITDA margins projected to improve over time [59][60] 5. **Long-term Vision**: The merger is framed as a strategic move to position OPAP shareholders for success in a rapidly changing industry, leveraging scale, technology, and diversified offerings [63][64] This summary encapsulates the key points discussed during the conference call regarding the merger between OPAP and Allwin, highlighting the strategic, financial, and operational implications for both companies and their shareholders.

Core Insights - DraftKings is a significant player in the online sports betting and gaming industry, offering products such as daily fantasy sports, sports betting, and online casino games [1] - The company faces competition from FanDuel, owned by Flutter Entertainment, in a challenging market environment [1] Stock Performance - Mizuho Securities has set a price target of $54 for DraftKings, indicating a potential upside of 63.88% from its current trading price of $32.95 [2][5] - DraftKings' stock has experienced a decline of over 20% in the past month, alongside its competitor FanDuel, attributed to the rising popularity of prediction markets [2][5] - Currently, DraftKings' stock price is $32.95, reflecting a decrease of 5.80% or $2.03, with a trading range today between $32.78 and $35.01 [3] - Over the past year, the stock reached a high of $53.61 and a low of $29.64, maintaining a market capitalization of approximately $16.36 billion [3][5] Trading Activity - The trading volume for DraftKings today is 28.67 million shares on the NASDAQ exchange, indicating active investor interest despite recent price declines [4]

Core Insights - Allwyn has agreed to acquire a majority stake in PrizePicks, valuing the daily fantasy platform at $2.5 billion, amidst a chaotic U.S. gaming industry [1][4] Industry Overview - The U.S. gaming industry is experiencing significant turmoil, making it increasingly difficult to define and regulate sports gambling [1] - Prediction marketplaces like Kalshi are emerging, claiming to enable legal sports betting across all 50 states, while traditional fantasy sports brands are diversifying into conventional gaming and prediction markets [2] Company Performance - PrizePicks, founded in 2015, has become the largest daily fantasy sports operator in North America, operating in 45 states, with an adjusted EBITDA of $339 million for the year ending June 2025, reflecting a 60% increase from the previous year [3] Transaction Details - Allwyn will purchase 62.3% of PrizePicks for $1.6 billion in cash, with potential additional payments based on performance metrics, leading to an implied enterprise value of $4.15 billion [4] - The investment is expected to close in the first half of 2026, with PrizePicks continuing to operate as a standalone brand under its current leadership [8] Competitive Landscape - The current uncertainty in sports betting mirrors the rise of daily fantasy sports a decade ago, where companies like FanDuel and DraftKings transitioned to sports betting, allowing smaller operators to gain market share [5] - Competitor Underdog has recently raised funding, valuing the company at $1.23 billion, and is also expanding into sports betting and prediction markets [6] Allwyn's Strategic Moves - Allwyn, based in Switzerland, has a diverse portfolio that includes lottery games, iGaming, and retail casinos, and has made significant investments in the U.S. gaming market [7]

Core Viewpoint - The NFL season's return is positively impacting DraftKings, with the company experiencing record numbers in sports betting, which is expected to boost its stock performance in the near term [1][3]. Industry Overview - The sports betting industry was valued at $100.9 billion in 2024 and is projected to grow at a CAGR of 11% from 2025 to 2030, reaching $187.39 billion [4]. - Legal betting in the U.S. is forecasted to grow by 8.5% during the current NFL season, amounting to $30 billion [9]. Company Performance - DraftKings' stock has increased over 26% in 2025 and has gained nearly 45% since its year-to-date bottom on April 4 [3][4]. - The company reported Q2 earnings with an EPS of 30 cents, surpassing analysts' expectations of 16 cents, and revenue of $1.51 billion, exceeding the forecast of $1.39 billion [10]. - Engagement on social media increased by 200% year-over-year in Q2 2025, and sportsbook net revenue rose by 45% year-over-year [11]. Financial Health - DraftKings has significantly reduced its losses, from $1.523 billion in 2021 to $507 million last year, a nearly 67% decrease [12]. - The company achieved a turnaround in net cash flow from operating activities, moving from a $420 million loss in 2021 to a $418 million gain in 2024, representing a 199.28% increase [13]. Stock Forecast - Analysts have a consensus price target of $55.12 for DraftKings, indicating a potential upside of 20.16% from the current price of $43.98 [14][16]. - The company has repurchased 6.5 million shares in the first two quarters of the year, indicating confidence in its financial position [15].

Core Insights - DraftKings reported first quarter 2025 revenue of $1,409 million, a 20% increase from $1,175 million in the same period of 2024, driven by strong customer engagement and the acquisition of Jackpocket Inc. [2][3][35] - Monthly Unique Payers (MUPs) rose to 4.3 million, reflecting a 28% increase year-over-year, with a 5% decrease in Average Revenue per MUP (ARPMUP) to $108, primarily due to the impact of Jackpocket customers [7][14][15] - The company revised its fiscal year 2025 revenue guidance to a range of $6.2 billion to $6.4 billion, down from a previous range of $6.3 billion to $6.6 billion, indicating approximately 32% year-over-year growth [5][7][10] Financial Performance - DraftKings' net loss for the first quarter of 2025 was $33.9 million, an improvement from a loss of $142.6 million in the same quarter of 2024 [14][15] - Adjusted EBITDA for the first quarter of 2025 was $102.6 million, significantly up from $22.4 million in the prior year [15][26] - The company repurchased 3.7 million shares in the first quarter under its stock repurchase program, indicating a commitment to returning value to shareholders [3][35] Market Position and Growth - DraftKings operates mobile sports betting in 25 states and Washington, D.C., covering approximately 49% of the U.S. population, and iGaming in 5 states, representing about 11% of the U.S. population [7][35] - The acquisition of Jackpocket is expected to enhance customer retention and acquisition across DraftKings' offerings [2][7] - The company is preparing to launch its Sportsbook product in Missouri, pending regulatory approvals, following the legalization of sports betting in the state [7][35]