Better Collective announced that it has completed the acquisition of Playmaker Capital, a Toronto-based digital sports media group. This is notably Better Collective’s second-largest acquisition to date.

The deal saw Better Collective acquire all of Playmaker Capital’s issued shares for a consideration of CAD 0.70 per share. Better Collective covered this deal both in cash and Better Collective shares.

Following the completion, Playmaker Capital’s common shares are set to be delisted from the TSX Venture Exchange. In addition, the acquired company will apply to cease to be a reporting issuer.

Speaking of shares, Better Collective’s board decided to increase the company’s share capital with nominally EUR 17,554.29. As a result, a total of 1,755,429 new ordinary shares with a nominal value of EUR 0.01 have been issued.

Playmaker Capital will be consolidated into Better Collective’s financials as of February 6. Furthermore, Better Collective updated its 2027 long-term financial targets.

Better Collective Updates Financial Targets

The acquisition deal prompted Better Collective to revisit its 2027 long-term financial targets. According to the company’s report, its revised targets include a revenue CAGR of +20% and net debt to EBITDA below 3x.

While the aforementioned metrics remain unchanged, the acquisition of Playmaker Capital increased Better Collective’s confidence in reaching the revenue CAGR target.

In addition, Better Collective updated its EBITDA margin before special items guidance from 30-40% to 35-40%.

Executives Are Excited about the Deal’s Completion

Better Collective’s co-founder and chief executive officer, Jesper Søgaard, commented on the completed deal. He said that this is an important step towards Better Collective’s vision of becoming “the leading digital sports media group.

I look forward to welcoming the entire Playmaker team and its leading sports media brands to the Better Collective group and to realize the many synergies that lie ahead for our business.

Jesper Søgaard, co-founder & CEO, Better Collective

In the meantime, Jordan Gnat, Playmaker Capital’s co-founder and CEO, said that the deal signifies the start of the next phase of his company’s journey. He thanked the Better Collective team for the incredible confidence they have in what Playmaker Capital has to offer.

I would also like to thank all the Playmaker shareholders for their support of Playmaker and look forward to their continued support of Better Collective as together we become the leading digital sports media group.

Jordan Gnat, co-founder & CEO, Playmaker Capital

Better Collective’s business has been going from strength to strength, as demonstrated by the group’s strong financial results. With Playmaker Capital under its wing, the company remains bullish on meeting its long-term targets.

The post Better Collective Finalizes Acquisition of Playmaker Capital appeared first on Keno Wizard.

Capital Research and Management Company, a subsidiary of The Capital Group Companies, Inc., reduced its shares in Kindred Group. On Wednesday, Kindred confirmed that it received notification about the reduced number of shares and voting rights by Capital Research and Management Company.

Per the notification, as of January 22, 2024, Capital Research and Management Company now holds 8.63% of shares and voting rights in Kindred. This strategic move comes at a time when La Française des Jeux (FDJ) announced a $2.5 billion bid to acquire Kindred recently. With the proposed strategic bid, FDJ seeks to propel its global presence, after it already has established strong footprint across Europe.

Considering FDJ’s announcement, Kindred’s shares skyrocketed recently. As of January 22, 2024, the company’s shares were up 17% on the Stockholm Nasdaq.

Throughout the years, Capital Research and Management Company’s stake in Kindred varied. An all-time high share and voting rights in Kindred, some 15.33%, were held by the company back in October 2021. More recently, Capital Research and Management Company reduced its stake in July 2022 to 10.86%.

“Kindred Group plc hereby announces that it, on 23 January 2024, has received a notification of major holdings from The Capital Group Companies, Inc., a company with its registered office in Los Angeles, USA. The notification relates to a reduced number of shares and voting rights in Kindred by Capital Research and Management Company, a subsidiary within The Capital Group Companies, Inc. which holds the relevant position in Kindred Group,“

reads a statement released by Kindred Group

Preliminary Q4 Results Point To Growth in EBITDA and Revenue

Amid the announced takeover bid from FDJ, Kindred released its preliminary Q4 2024 results, pointing to an increase in revenue and uptick in EBITDA. In total, Kindred’s revenue for the fourth quarter hit £312.9 million ($398 million), a result that marked an increase of 2% year-over-year.

On the other hand, underlying EBITDA for the period grew as well, hitting £56.8 million ($72.2 million). In contrast, for the fourth quarter in 2022, underlying EBITDA halted at £39.1 million ($49.7 million).

The post Amid FDJ Takeover Bid, Capital Research Reduces Shares in Kindred appeared first on Keno Wizard.

Penn Entertainment saw the company’s share rise by as much as 7% last week, as news transpired that HG Vora Capital Management, a hedge fund, had bought enough shares to push its total stake in the gaming and entertainment company to 18.5% of the total stock.

HG Vora Capital Management Determined to Appoint Right Candidates

The news was originally reported by Wall Street Journals, and this development comes at a time when investors are seeing heightened interest in gaming stocks which have been improving over the last several months and promising to remain resilient in the new year.

HG Vora Capital Management is also looking to assume board seats as it hopes to tighten control over the company and ensure that it steers it towards profitability. With Penn Entertainment now serving as the technological provider for the recently launched ESPN Bet, optimism is riding high.

HG Vora Capital is also run by a former Goldman Sachs banker, Parag Vora, who has long been keeping his hand on the gaming industry’s pulse and looking to further his presence in it. Yet, the bigger news here is that Vora is not going to relent until the fund has assumed board seats and is willing to challenge any refusal during Penn’s annual meetings that will begin on January 8, 2024, and run through February 7, 2024, according to reporting done by Wall Street Journal.

Essentially, HG Vora says that it has the means to handpick highly qualified directors who can help sort out what has been described as the “underperformance” of Penn’s Common Stock in a filing to the US Securities and Exchange Commission. As a reminder, Penn formerly used to be on the S&P 500’s index.

Bullish on the Outlook of Penn’s Stock in 2024

Analysts in the meantime remain bullish on Penn Entertainment’s stock and other gaming giants for that matter. A note sent to investors by Brandt Montour, an analyst at Barclays, claims that PENN Entertainment remains his favorite stock for the entire year, citing the successful launch of ESPN Bet.

Of course, this prediction, although reassuring, needs to be taken with a grain of salt as challenges may yet present themselves when looking into making good on any investment in the sector. Whether Montour’s prognostication is correct will probably depend on how Penn handles its internal affairs over the coming weeks. A boost to the common stock is already on the way – will it hold?

The post HG Vora Capital Management Bets Hard on Penn Entertainment appeared first on Keno Wizard.

A man, suspected of a robbery and murder of a casino employee in Sacramento, California, was recently convicted. The Sacramento County District Attorney’s Office revealed Tuesday that the defendant, identified with the initials D.C., was found guilty of first-degree murder and robbery, related to a crime at Capitol Casino dating back to last year.

The defendant was convicted by a jury on Tuesday with the “allegation of personal use of a firearm causing death and the special circumstance of murder during the commission of robbery found true,” prosecutors revealed. Moreover, the 38-year-old was convicted of second-degree robbery with the allegation of personal use of a firearm, the intentional discharge of a firearm along with “aggravating factors.”

It’s important to note that the conviction isn’t the same as a sentence. A verdict by a jury or a judge can result in conviction whereas a sentence is usually ordered by a judge. In other words, the conviction means that a person was found guilty of a crime or has agreed to plead guilty to a crime after a trial.

Considering the defendant’s conviction, he may face a sentence of life imprisonment without parole. According to the Sacramento County District Attorney’s Office, the sentencing of the defendant is scheduled for January 12, 2024, before the Honorable Allen Sumner.

Attempted Robbery Results in the Death of a Casino Security Guard

The latest conviction against D.C. comes after a crime that occurred on August 22, 2022. At the time, the person tried to rob the Capitol Casino. Upon entering, the culprit was caught by a casino guard on duty with the initials S.B. Once the security guard caught the perpetrator, he walked him out of the casino property while holding him at a taser point.

Once the two were outside of the casino, D.C. drew up a firearm and ran back inside the venue. The robber made his way to one of the casino cash cages and pointed his gun at another casino employee. At that time, the security guard was able to catch up to the criminal and tried to tase him.

The reaction of the robber was instant as he shot the guard in the neck. The wound was fatal and resulted in the death of the casino security guard. The robber then took some $38,000 from the casino cash cage and left the venue.

An employee of the casino chased the culprit and saw him try to hide in a car parked nearby. Once law enforcement arrived, the criminal shot in the direction of the casino employee and tried to run away from the police on foot. Shortly after, he was arrested.

The post Sacramento Capital Casino Attacker Convicted of Robbery, Murder appeared first on Keno Wizard.

Earlier this month, law enforcement was dispatched to Robinsonville, Mississippi, after a shooting incident resulted in a car crash. The crime had taken place near a casino on Casino Center Drive and Tunica County Sheriff’s Office immediately started to investigate the shooting that resulted in the death of three individuals. According to the Sheriff’s Office, the shooting and subsequent accident have taken the lives of one 25-year-old from Robinsonville resident identified with the initials T.T.M., as well as a 23-year-old of Dundee identified with the initials S.D.B. The shooting and accident claimed the life of a 24-year-old Tunica resident with the initials D.M.I.

Last week, law enforcement confirmed that the 23-year-old was the driver of the vehicle who sustained multiple gunshot wounds. On the other hand, the 24-year-old who was killed wasn’t shot but died due to trauma caused by the vehicle crash. Finally, police confirmed that the 25-year-old woman who was also in the car was shot multiple times. She happened to be pregnant with an unborn child.

Upon announcing details regarding the ruthless crime, the Tunica County Sheriff’s Office confirmed that it will seek punishment for Capitol murder. The described incident dates back to November 10, 2023, law enforcement confirmed.

Homicide Suspect Faces Three Counts of Capital Murder

In a Wednesday update, the Tunica County Sheriff’s Office announced it charged a person with the initials D.C.T., 18, suspected of the triple homicide that has taken place near the casino in Robinsonville. According to a statement by law enforcement, the suspect is currently being held without bond.

Charges against the alleged murderer include three counts of Capital murder, four counts of Shooting into a Motor Vehicle, as well as four counts of Conspiracy to Commit a crime. According to the Sheriff’s Office, the triple homicide case investigation is still ongoing. Moreover, police confirmed that they anticipate marking more related arrests. The Sheriff’s Office encouraged anyone who has information regarding the triple homicide to contact it or reach CrimeStoppers.

Under Mississippi Code Section 97-3-19(1) & (2)(j), Capital murder is subject to a penalty of life imprisonment or the death penalty. Currently, it is unclear whether the 18-year-old alleged murderer had any accomplices for the crime that has taken the lives of three people.

The post Triple Homicide near Mississippi Casino Leads to Capital Murder Charges appeared first on Keno Wizard.

Altostratus Limited, an Isle of Man-based firm, has submitted a proposal for the development of a new casino in the British Crown dependency’s capital. The project would see a new property established at the Middlemarch site in Douglas.

Altostratus’ project envisions turning the site into a six-story casino building packed with a gaming space, a bingo hall, a sports bar and multiple offices. The company’s project would also create 25 apartments and would see the rooftop turned into a garden for the residents.

The company has also planned multiple parking spaces around the building, allowing casino goers, office workers and residents to comfortably park their vehicles.

For reference, the Middlemarch site in Douglas is located between Fort Street, Lord Street, Walpole Avenue and Victoria Street. The property is owned by the Manx Government and is currently being used as a parking lot.

The Casino Would Enhance Douglas’ Appeal

If the project is approved, the Palace Hotel & Casino, currently sitting on Douglas Promenade, will be relocated to the new property.

The casino itself would be located on the first floor. In addition to that, Altostratus’ project also envisions a sports bar and a bingo hall, allowing the property to engage a variety of players.

The upper floors will have multiple offices, allowing enhancing the business value of the building.

According to Altostratus’ plans, the entrance to the casino and the planned office space would be on Victoria Street.

As mentioned, the building would also sport 25 apartments on the topmost three levels of the building. The entrance to the apartment part of the complex would be on Lord Street.

Proponents of the new property believe that it could become a central hub for festivals, races and holiday markets. Some have even suggested that an ice rink could be set up outside the property during the winter holidays.

Overall, the project has the potential to enhance Douglas’ appeal and sustainability and, thanks to its office space, would create opportunities for local businesses, nurturing the economy.

Earlier this year, Altenar set up a new office in the Isle of Man which complemented the growth of the company and allowed it to capture new talent.

A month earlier, Crucial Compliance also opened an office in the British Crown dependency.

The post A New Casino Project Would Breathe Life into Isle of Man’s Capital appeared first on Keno Wizard.

There are 500 clearance devices that will be installed moving forward and the government is expected to ask residents to test the technology. Should the test run successfully, the iris-clearing border checks may be rolled out on a larger scale and be introduced at every border check in Macau.

Running More Tests Before Large-Scale Implementation

The technology, although having a dystopian ring to it, is part of legislative efforts promulgated by the Macau Legislative Assembly back in August 2021. The government introduced changes to its immigration control law that allowed it to collect and process the iris data of travelers.

The first round was conducted recently, using fewer devices, and controlled by the police. The 500 devices that will be rolling out will now allow the Macau government to see if it can handle the data and use it to better the comings and goings through borders.

The iris test’s second phase will focus on Macau residents who are aged 18 and above and will ask them to participate in the customs clearance tests. Once phase two of the testing is done, a third phase is expected to follow which will directly link personal iris data to the Macau Resident Electronic ID Card.

This way, residents would not need to use physical identity cards when entering or exiting the territory. This has raised questions, however, as to whether the technology would also become obligatory for foreign tourists – a move that can undermine the Special Administrative Region’s ability to attract foreign tourists.

Irish and Facial Recognition Clearance Becoming More Popular

The technology is also supposedly not mandatory. When Macau Secretary for Security Wong Sio Chak was introducing it in March, it was argued that there is no obligation to submit iris data if a person does not want to.

Facial recognition has already been used to allow admittance to many international countries, but iris data has not been collected en masse. In Asia, at least, there is one other country that has used iris clearance data – Singapore, which makes the idea not too outlandish altogether.

The post Gambling Capital Macau Completes First Round of Iris Check Border Controls appeared first on Keno Wizard.

The leading AI and ML personalization software provider for the sports betting vertical, Epoxy.ai, announced it secured a multi-million-dollar investment round. The company confirmed Monday that the latest round was led by Andover Ventures, as well as SeventySix Capital, along with several other investment funds. According to Epoxy.ai, the latest investment round will help propel its expansion on a global scale, allowing it to deliver its customizable solutions powered by AI and ML to new clients.

In addition to expanding its global footprint, the company confirmed it anticipates further expansion into the iGaming and media industry. According to Epoxy.ai, in the coming weeks, there will be further significant investments that can fuel its growth. Only recently, the software provider confirmed the launch of the industry’s first one-to-one plug-and-play personalized betting offering, SmartPicks, with betPARX in the United States.

A representative for Andover Ventures commented regarding the new investment saying that Epoxy.ai stands out with quality products and an experienced management team. The representative said that Andover is excited to collaborate with the company and help it reach a new level of its growth. “It’s an exciting time to be involved in the AI world, and we are sure that Epoxy.ai will push its betting and gaming products to new heights,” said the presentative in conclusion.

Wayne Kimmel, SeventySix Capital’s Managing Partner, added that Epoxy.ai is currently one of the great innovators in the sports betting sector. He added SeventySix Capital continues to invest in the company as it sees further growth and expansion. Finally, Kimmel praised the excellent management team at Epoxy.ai.

The Company Is Delighted to Secure New Investments

Chris Reynolds, Epoxy.ai’s co-founder and CEO, was similarly delighted about the latest funding round. He said that the company is excited to see further investments from Andover Ventures and SeventySix Capital. Finally, he pointed out: “While we’re only at the start of our journey, it is an incredible vote of confidence in our cutting-edge technology and we’re confident that our understanding of AI and ML technologies will allow us to bring unmatched engagement to partners.”

“As part of our latest funding round, we’re delighted to secure investments from both SeventySix Capital and Andover Ventures.“

Chris Reynolds, co-founder and CEO of Epoxy.ai

Currently, Epoxy.ai offers a range of plug-and-play components that can be used by sports betting operators. Additionally, the company delivers a range of solutions that can be easily integrated and licensed along with an AI-based engagement platform that powers leading operators such as Playtech, AWS and Kambi, among others.

The post Epoxy.ai Secures Investment from SeventySix Capital, Andover Capital appeared first on Keno Wizard.

Eminence Capital, the investment firm located in New York that currently owns around 13.2 million shares in the popular FTSE 100 sports betting and gaming group Entain, has published an open letter addressing the latter’s board of directors in regard to their proposal to acquire STS Holdings. 

The Harshly Critical Letter, Accusing Entain of Lack of Logic 

In the respective letter signed by chief executive officer/chief information officer Ricky Sandler, Eminence Capital has severely criticized Entain’s decision to purchase STS, describing STS as “at best nice to have”. 

At the same time, the investment company used the letter to strengthen its opinion that Entain was not making use of any logical thinking by continuing to pursue the said agreement which would value STS at 12 x EBITDA while issuing Entain stock at 7 x EBITDA.

Eminence also used the argument of Entain’s decreasing stock by over 8% which has generated a loss of £650 million ($830 million) in terms of value on the market. The amount is similar to the one that Entain would have to pay in exchange for STS Holdings.

Entain’s leadership was also criticized in a similar manner for expressing its support for the potential acquisition. Eminence Capital used the expression “tone deaf” to further explain its stance while adding that the management team does not understand the way finances work or, even worse, to their opinion, they think of shareholders as being naive. 

Eminence explained that while it is interested in supporting Entain in its pursuit of acquisitions and mergers that can be considered rational, it would refuse to fund them with equity that is highly undervalued. This, believes Eminence, would represent a strategy that would destroy the value for shareholders as well as an empire. 

Only Supporting Attractive, Value-Creating Decisions 

The investment firm further explained that, so far, it had participated in several appealing paths that had the potential to create value while raising capital to fund its merger and acquisition initiatives.

Nonetheless, when it comes to the decision to acquire STS, Eminence has adopted a completely opposite stance, especially in the context of Entain presumably purchasing a company while saying no other takeover bids from different companies at better prices. Eminence mentioned MGM as one of those companies. 

Eminence has also warned about the risk of shareholders losing their confidence in Entain’s capacity to allocate its capital to generate value in the long run. In turn, this could lead to a decision to support the sale of the company to MGM at a lower price than the previous estimations.

In April, Entertain announced that it acquired all of the shares of 365scores. 

The post Eminence Capital Calls Entain’s STS Acquisition “Destructive” in Open Letter appeared first on Keno Wizard.