Poker Stocks in the news
888 staggered The bottom dropped out of shares in gambling group 888 Holdings plc on Monday as CEO and Executive Director Itai Pazner has stepped down from both roles as an internal investigation into possible failures in the company’s anti-money laundering (AML) and know-your-customer (KYC) processes. 888’s shares opened down nearly 10% from Friday’s close… Read more »
We have seen it across the States of America. Areas that had never embraced gaming have moved forward with regulating online sports betting, daily fantasy sports (DFS), and even casino gaming (online poker, alas, lags far behind). Now states are beginning to eye areas of expansion for their “brick and mortar” operations, with the state… Read more »
Note: This article was originally published 8/23/22, but technical issues required it to be re-posted. A complete mess The end is likely near for Lottery.com, the lottery ticket management service that lets people play the lottery and keep track of their entries from their phones. On Monday, the Portnoy Law Firm announced that it has… Read more »
Deal could grow by hundreds of millions Entain plc, the parent company of partypoker, bwin, Ladbrokes, and many more gambling brands, has agreed to acquire BetEnt B.V., trading under the name BetCity.nl, from Sports Entertainment Media B.V. for up to €850 million. Entain will initially pay €300 million in cash when the deal is completed… Read more »
Looks like an offer will finally drop We may know within a month if another, significant offer is on the table to acquire online gambling software development company Playtech. On Friday, the gaming giant that powers the iPoker Network announced that it has given TTB Partners until June 17 to make a formal buyout offer… Read more »
Daily fantasy sports leader turned sports betting giant DraftKings may be one of the leaders in the US betting industry, but its stock has been sinking like a stone since the fall. On Monday, DraftKings’ share price closed below $11, its lowest point since the company went public in April 2020. Monday’s closing price was… Read more »
New name for a new direction In what makes it sound like a 1980’s toy company, gaming technology supplier Scientific Games is changing its name to Light & Wonder. In the Tuesday announcement, the company said, “Our new name and identity are born from our winning strategy to be the leading cross platform game company… Read more »
Not a pretty chart DraftKings, one of the top two names in daily fantasy sports, is also now one of the biggest brands in legal, regulated sports betting in the United States. But that name recognition has not helped its stock price lately, as the company has lost billions in market share. In terms of… Read more »
Couldn’t see eye to eye DraftKings’ pursuit of Entain is over. On Tuesday, the sports betting and daily fantasy sports leader said it has ended talks with Entain about acquiring the partypoker parent company. Neither company gave specifics as to way no deal could be agreed upon. According to UK law (Entain is headquartered in… Read more »
Parties need more time Today was the deadline for sports betting and daily fantasy sports leader DraftKings to officially make an offer to buy partypoker owner Entain, but an offer never materialized. That does not mean that the deal is dead, however, as Entain has extended what it calls the “put up or shut up”… Read more »
Apparently that wasn’t DraftKings’ best offer Late Tuesday, after partypoker’s parent company Entain confirmed that DraftKings had put forth an offer to buy the UK-based gambling company, Entain pulled back the curtain further, revealing that it was already considering a second offer from DraftKings. The original offer, according to CNBC, was for $20 billion. Entain… Read more »
That’s a serious offer The financial markets were abuzz on Tuesday with the news that daily fantasy sports and sports betting giant DraftKings has made a $20 billion offer to acquire UK-based gambling company Entain. According to CNBC, the offer is in both stock and cash, but mainly the former. The Entain name in and… Read more »
Dotting i’s and crossing t’s UPDATE: The companies announced on September 9 that 888 Holdings is, in fact, buying William Hill’s non-US assets for £2.2 billion. 888 has already received support for the move from its largest shareholders, totaling 47% of the company’s shares, as well as from its Board of Directors. It expects the… Read more »
DraftKings has announced that it will acquire Golden Nugget Online Gaming (GNOG) for $1.56 billion. The purchase will be an all-stock transaction, no cash. The sports betting company will get GNOG’s brand, products, and arguably most importantly for DraftKings, its database of 5 million customers. “Our acquisition of Golden Nugget Online Gaming, a brand synonymous… Read more »
WPT on the move The World Poker Tour has a new home. On Monday, Allied Esports Entertainment announced that it has completed the sale of the venerable poker institution to Element Partners, LLC. Allied stockholders officially approved the divestiture on July 1. Element’s total purchase price was $105 million for all of Allied’s poker-related businesses… Read more »
Dollar signs in their eyes Flutter Entertainment confirmed rumors Monday that it is considering an initial public offering for sports betting and daily fantasy sports arm FanDuel. Other than that, Flutter, which also owns PokerStars and several other big gaming brands, did not say much. The company’s stock price closed up nearly 6 percent on… Read more »
Fertitta Entertainment, the parent company of Golden Nugget, announced Monday that it will once again be a publicly traded company after being private for the last decade. It will make the move not via an initial public offering (IPO), but through a merger with FAST Acquisition Corp, a special purpose acquisition company (SPAC). A SPAC… Read more »
Building cash for future opportunities The World Poker Tour has its fifth home. On Tuesday, Allied Esports Entertainment announced that it has agreed to sell the WPT and its related assets to Element Partners LLC, a private investment company, for $78.25 million. The bulk of Element’s payment – $68.25 million – will be in cash,… Read more »
Entain believes it’s worth more When Entain announced on Monday that it had rejected MGM Resorts International’s £8.1 billion ($11.1 billion) acquisition offer, it said that it wanted MGM to “provide additional information in respect of the strategic rationale for a combination of the two companies.” As it turns out, MGM did provide that additional… Read more »
Entain says try again MGM Resorts International has made an £8.1 billion ($11.1 billion) offer to buy online gaming company Entain (formerly GVC Holdings), but Entain says it is not enough. On Monday, the owner of partypoker confirmed publicly that MGM did, in fact, receive a proposal from MGM, but that it “significantly undervalues the… Read more »
Quick way to become publicly traded Online payment processing company Paysafe Group has agreed to a merger with the special purpose acquisition company (SPAC) Foley Trasimene Acquisition Corp. II (FTAC). As a result, Paysafe will become a publicly traded company. The deal values Paysafe at $9 billion. FTAC is led by billionaire Bill Foley, hence… Read more »
Shareholders happy, employees out of work Despite all the problems this year, 2020 has been great for online gambling companies because everyone has spent much more time at home. But while things have been lucrative for companies, hundreds of employees of NetEnt are about to find themselves unemployed. On Tuesday, online gaming company Evolution, which… Read more »
U.S. not a large part of Sands’ portfolio Sheldon Adelson might finally be bugging out of the United States. Well, from a business standpoint, at least. According to Bloomberg News, Adelson’s Las Vegas Sands Corp. is looking into selling its properties in Las Vegas, including the Venetian Resort, the Palazzo, and the Sands Expo Convention… Read more »
Paying a premium Well that was fast. Just two days after Caesars Entertainment confirmed that it was in “advanced talks” to acquire London-based bookmaker William Hill, the deal got done. On Wednesday, the companies announced that Caesars has purchased William Hill for £2.9 billion ($3.7 billion). Caesars paid 272p ($3.52) per William Hill share, a… Read more »
Following a statement last week from William Hill, Caesars Entertainment confirmed on Monday that it is “advanced” talks to acquire the UK-based sports betting leader. The offer on the table right is for Caesars to pay 272p ($3.50) per William Hill share, making the total value of the potential takeover £2.9 billion ($3.7 billion). The… Read more »
