Poker Stocks in the news
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 »
Online casino and sports betting company Rush Street Interactive announced on Monday that it is merging with dMY Technology Group in order to become a publicly listed company. The combined company has an estimated value of $1.78 billion. dMY is a special purpose acquisition company (SPAC), also called a “blank-check” company. It sells no products… Read more »
Reverse merger Golden Nugget announced on Monday that it will taking its online gambling business unit, Golden Nugget Online Gaming, Inc. (GNOG), public. Once the process comes to fruition, GNOG will become the second “pure” online casino company, as the announcement put it, to be publicly traded. GAN was the first, going public in early… Read more »
In stunning news this morning, The Stars Group, owner of PokerStars, announced that it has agreed to be acquired by Flutter Entertainment plc. Flutter Entertainment is the parent company of PaddyPower, Betfair, FanDuel, Adjarabet, sportsbet, and TVG. A new behemoth is formed It is an all-share deal, with shareholders of The Stars Group receiving .2253… Read more »
A major investment bank has taken the surprising step of downgrading the “price targets” – or the future price of a stock – for several of the top performing online gaming and poker sites. The reason? The improvements in technology have become so good that it allows for artificial intelligence – or “bots” – to… Read more »
Surprisingly, the state of Maryland has a casino gaming war going on its turf. And the winners of the ongoing battle are the patrons of the casinos and, of course, the state government. Leader of the Pack MGM Resorts International announced last week that it will be expanding the gaming space of one of its… Read more »
Merry Christmas, Ladbrokes Coral Group shareholders. Last week, GVC Holdings, the parent company of partypoker, announced that it has come to an agreement to buy UK gaming powerhouse Ladbrokes Coral in a deal that could be worth as much as £4 billion. “In its relatively short time as a merged entity, Ladbrokes Coral has demonstrated… Read more »
While it may not be getting rave reviews from its customers, The Stars Group does appear to be keeping one segment of the populace happy – its stockholders. Now a top online market bigwig is talking up the stock on both exchanges it is traded on as a “favorable” holding for the future. Joey Frenette… Read more »
Gaming technology developer Scientific Games recently announced that it has agreed to acquire digital gaming provider NYX Gaming Group Limited. According to a press release, the purchase – financed with a combination of cash and debt – will be for CAD $2.40 per outstanding share of NYX, amounting to a total of approximately CAD $775… Read more »
One of the biggest things mentioned about a regulated online gaming industry is that, if a business goes awry of the regulations, there are methods of punishment that can be administered. A case in the United Kingdom against one of the biggest online gaming and poker companies in the industry is a clear demonstration of… Read more »
According to a Wednesday report in the Financial Times (FT), GVC Holdings PLC, the parent company of partypoker, attempted to acquire UK bookmaker Ladbrokes Coral during the last few weeks, but had its offer declined. FT says that its two sources close to the situation, GVC set the value of Ladbrokes Coral at 140p per… Read more »
As two former members resigned their seats on the Board of Directors, Amaya Gaming announced earlier this week two new directors to take their seats. Venture capitalist Peter Murphy and retired executive Mary Turner will take over the seats of the departing Dr. Aubrey Zidenberg and Army General Wesley Clark, effective immediately. The chairman of… Read more »
