Sports streaming service DAZN is seeking ways to raise fresh funding, reports say. According to Bloomberg, the sports streaming giant wants to raise as much as $1 billion through various initiatives.

The reports claim that DAZN Bet has been discussing the matter with potential advisers and eyeing a range of capital-raising strategies. Bloomberg also implied that DAZN might come up with a definitive plan within a few months.

This news comes a few months after DAZN put its initial public offering plans on hold amid devastating losses and because of heavy market headwinds. The company reported a loss of £2.3 billion in 2021, causing it to rethink its strategy and postpone its IPO ambitions.

While an IPO is not yet out of the question, DAZN seems to be exploring alternative ways to generate funding. However, the company has yet to confirm whether this report is correct.

DAZN Wants to Be Self-Sufficient

DAZN’s goal is to become an independent streaming company that doesn’t have to rely on its sports betting business to be sustainable. According to Shay Segev, DAZN’s chief executive officer, DAZN should remain independent of its betting arm, leaving betting as an additional revenue stream.

In earlier interviews, Segev said that he isn’t necessarily hellbent on making DAZN go public but believes that the move would “make sense” as he hopes to follow the success stories of Amazon and Netflix.

DAZN has already secured sports media rights for a number of influential sports leagues, cementing itself as the biggest sports broadcaster in Europe.

Speaking of DAZN Bet, the company’s betting division secured access to the German market a few months ago, solidifying its European reach.

In November, DAZN Bet also formed a partnership with Pragmatic Play, which powered the operator’s business in Spain.

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In a significant stride towards expansion and innovation, Picklebet, the Australian avant-garde betting and media company blending esports, sports, and internet culture, announced the successful closure of its AUD 15 million Series A funding round. Substantial investor interest highlighted the operator’s significant potential and will help it capture a market niche with its unique and innovative offering.

The Operator Has Developed a Novel Strategy

Picklebet’s proprietary Online Sports Betting (OSB) platform has carved a niche by offering an immersive and future-oriented betting experience. Starting as a frontrunner in the esports OSB realm, Picklebet expanded its portfolio to include sports and racing, responding to customer demand. The platform delivers diverse betting options, including singles, parlays, same-game/race parlays, and outrights.

Nick Heaney, CEO of Picklebet, expressed excitement about the substantial growth experienced over the past year. He cited a staggering 494% Year-over-Year (YoY) surge in net gaming revenue (NGR), highlighting the operator’s commitment to cater to leveraging cross-department synergies, satisfying the evolving preferences of the next generation of betting enthusiasts.

This investment validates our innovative in-house betting product and organic media strategy and the value it delivers to the next generation of betting customers.

Nick Heaney, Picklebet CEO 

Picklebet’s media division, Pickle Studios, is another cornerstone of its business, swiftly emerging as a prominent sports betting media brand with engaging and culturally relevant content. With a focus on original and short-form humorous content, Pickle Studios has garnered over 60 million impressions on leading social media platforms in 2023, fostering robust brand awareness and cost-effective customer acquisition for the OSB product.

Additional Capital Will Bolster Growth and Competitiveness

The latest round of financing, led by Discerning Capital, a distinguished growth-stage investment firm specializing in online gambling, sports, media, and technology, marks a pivotal moment for Picklebet. The funding round saw robust participation from notable industry leaders, including Drive by DraftKings, Manifest Investment Partners, and Jeff Sagansky, an esteemed wagering and media investor.

Discerning Capital Managing Partner Davis Catlin emphasized the unique blend of technology, content arm, rapid growth, and efficient user acquisition, making Picklebet an immensely compelling investment opportunity. The extra funding will be instrumental in realizing the operator’s goal of transforming the global betting and entertainment landscape and carving a sustainable market niche.

We have been working closely with the team and have the utmost confidence in their ability to execute their vision.

Davis Catlin, Discerning Capital Managing Partner

The collaboration signifies a pivotal step towards expanding Picklebet beyond Australian borders as it aims to leverage strategic partnerships to drive new growth and product development. Substantial investor interest highlights that the company’s innovative vision holds significant merit. Industry stakeholders will keep a keen eye on Picklebet, judging the effectiveness of its innovative

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Richmond voters dealt a blow to the proposed $562 million Richmond Grand Resort and Casino, rejecting the project for the second time in three years. In 2021, Richmond voters were presented with the decision to support or reject a casino project, with 51% opposing and 49% favoring it. 

Child Care Advocates Express Disappointment as Richmond Rejects Casino Funding

One of the significant promises tied to the casino project was the allocation of funds for childcare programs, with an initial upfront payment of $26.5 million and an annual commitment of $19 million in casino revenue earmarked for the city. The rejection of the casino plan has now raised questions about the future of childcare funding in Richmond.

Child care advocates, including Ann Payes, CEO of the early childhood school readiness group Thrive Birth to Five, expressed disappointment over the failed casino project, reported The Richmond Times Dispatch. Payes highlighted that the annual $19 million could have significantly supported early childhood education programs, addressing issues such as lengthy wait times for child care and reducing financial burdens on families.

Richmond Mayor Levar Stoney, who invested considerable political capital in supporting the casino effort, emphasized the potential benefits during a September news conference. Stoney proposed using the casino revenue to build childcare and education centers, fund parks and recreation projects, and establish a trust fund to expand childcare access to low- to middle-class families.

Mayor Stoney Grapples with Childcare Funding Void After Casino Rejection

With the rejection of the casino, Stoney acknowledged that the plans for addressing the childcare shortage were no longer viable. The proposed $26.5 million upfront for child care centers and the annual commitment of $19 million to the Richmond Child Care and Education Trust Fund are now off the table.

Stoney’s office indicated that without the casino funding, alternative measures would need to be explored to address the childcare crisis. However, there are currently no plans to seek a tax increase for childcare funding, according to Stoney’s spokesman Gianni Snidle.

The rejection of the casino has left childcare advocates and officials exploring other avenues for funding. Organizations like Thrive Birth to Five are turning to state and federal governments for increased funding. Payes emphasized a commitment to making early childhood care happen, even if at a slower pace. The Richmond Public School system is also applying for Head Start and Early Head Start grants to increase the number of available childcare slots.

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A proposed ballot referendum petition aimed at repealing public funding for a new Major League Baseball (MLB) stadium in Las Vegas has been rejected by a Carson City judge. 

Nevada Judge Deems A’s Stadium Ballot Initiative ‘Legally Deficient’

The ballot initiative, challenged by the teacher union-led political action committee (PAC) known as “Schools Over Stadiums,” sought to ask voters whether to approve or reject $380 million in public financing for a $1.5 billion, 33,000-seat stadium on the Las Vegas Strip, intended to be the new home for the relocated Oakland A’s.

During the hearing, Judge Russell emphasized that the issue at hand was the adherence to state law governing the referendum process, reported The Nevada Independent. He pointed out that the petition’s description of the measure’s effect was unclear. Russell further stated that the referendum petition was legally deficient because it did not provide the full text of the measure when gathering necessary signatures, as mandated by the Nevada Constitution.

The ruling means that the “Schools Over Stadiums” PAC can either submit a new referendum petition or appeal the decision to the Nevada Supreme Court. However, any signatures gathered under the rejected petition would be invalidated.

Representatives from the PAC expressed their intention to appeal the decision, indicating their resolve to continue the legal battle. Chris Daly of the Nevada State Education Association, the teachers’ union sponsoring the petition, stated that it seemed they would have to appeal to the Supreme Court or refile their petition.

MLB Owners Await A’s Relocation Decision Amidst Stadium Funding Concerns

The rejected petition, if successful, would not have prevented the A’s from relocating to Las Vegas. Instead, it would have increased team owner John Fisher’s share of the stadium costs, currently standing at $1.1 billion.

In October it emerged that Gaming and Leisure Properties (GLPI), a real estate investment trust, is reportedly considering increasing its investment in the Las Vegas baseball stadium to be built on the site of Tropicana Las Vegas. The $1.5 billion project, supported by the Nevada government, has received $175 million from GLPI.

Meanwhile, MLB owners are expected to approve the A’s planned move during their upcoming winter meetings in Arlington, Texas. MLB Commissioner Rob Manfred had previously emphasized the significance of the referendum’s outcome, indicating that any adverse development related to the referendum would be of great importance.

The new MLB stadium will be constructed on the site of the Tropicana Las Vegas casino, which shall have to be demolished as soon as late 2024. The stadium, primarily funded by the Oakland A’s with a cost of around $400 million, aims to be ready for the 2028 season.

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The Mohegan Tribal Gaming Authority (MTGA), a US tribal casino operator currently developing the integrated resort Mohegan Inspire in Incheon, South Korea, announced a Third Amendment to its credit agreement. This update signifies a change in lenders and the addition of a new revolving credit facility, marking another step in the project’s financing journey.

Mohegan Inspire Represents a Significant Investment

As the second integrated resort to open in Incheon, Mohegan Inspire should significantly impact the region’s tourism and leisure offerings. Its diverse amenities are poised to attract a broad audience, making it a key player in the South Korean entertainment landscape. The new funding will ensure the project launches on time and meets stakeholders’ high expectations.

The Mohegan Inspire project aims to become the centerpiece of Incheon’s tourism landscape, offering a comprehensive entertainment experience. It will feature three hotel towers with 1,200 rooms, an arena, a foreigner-only casino, diverse dining and retail options, convention facilities, and an impressive selection of entertainment choices.

One of its distinctive features will be a year-round indoor water dome experience, providing visitors with a unique attraction. An outdoor family park will further enhance the resort’s appeal, catering to a wide selection of guests. This venue will also share Mohegan’s Momentum Loyalty Program, ensuring guests keep returning, knowing their loyalty is truly valued.

The Project Should Have All the Funds It Needs

The Third Amendment to Mohegan’s credit agreement follows the previous May 2021 and February 2023 revisions. This latest update sees Fifth Third Bank replace Bank of America as the Swingline Lender. Additionally, MTGA has gained a revolving line of credit of up to $5 million, intended for covering temporary short-term expenses.

In February, MTGA executed the Second Amendment to the original credit agreement, extending the maturity date of commitments and loans under the facility until 1 November 2025. Shortly after this, Mohegan announced its commitment to provide up to KRW185 billion ($140 million) in additional funding, ensuring the timely completion of its Korean integrated resort project.

The funding commitment was successfully fulfilled in September, demonstrating MTGA’s dedication to the project’s progress. The Mohegan Inspire should open its non-gaming components by the end of the year, setting the stage for complete operation in 2024. Its diverse amenities will help attract a broad audience and provide Mohegan with significant long-term value.

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The gambling regulator in Michigan, the Michigan Gaming Control Board (MGCB), would benefit from nearly $51 million in funding, after the state’s legislators reached an agreement for the Fiscal Year 2024 budget. Overall, some $50.7 million would be dedicated to the regulator, allowing it to continue to effectively monitor the market and promote responsible gambling.

Within the new budget, some $3 million in annual funding is allocated for MGCB’s responsible gaming messaging campaign called “Don’t Regret the Bet.” The responsible gaming initiative seeks to raise awareness of problem gambling and help residents of Michigan to keep their gambling under control.

According to the gambling regulator, as a part of the new 2024 budget, it will benefit from $2.2 million which will be allocated for 16 full-time equivalent (FTE) employee positions that can support new gambling programs. Additionally, the regulator will benefit from a one-time funding of $2 million which will be used “to create an accounts receivable system that is integrated with an existing internal agency database and the state’s financial system, SIGMA.”

The new budget agreement is now awaiting the signature of Gov. Gretchen Whitmer. Once that happens and the new bipartisan budget agreement is signed into law, the allocation of funds is expected to be completed on October 1, 2023, which marks the start of the state’s FY2024 budget calendar year.

The Funding Will Provide Vital Support for the MGCB

Henry Williams, MGCB’s executive director, spoke about the importance of having a gaming regulator that is sufficiently funded. He explained that the MGCB plays a key role in combating illegal activities and fraud, while at the same time promoting safer gambling.

Finally, Williams pointed out: “I sincerely appreciate the support from Governor Whitmer and the Legislature of a budget that will help the MGCB continue its responsible gaming messaging campaign, support our state’s growing gaming economy, and allow us to grow our team and make investments into efficient systems that help strengthen our mission and integrity while supporting those we serve.”

“A well-funded gaming control agency is crucial for ensuring fair and honest gaming in the State of Michigan, preventing fraud and illegal activities, and addressing problem gambling.“

Henry Williams, executive director at the MGCB

The announcement about the new budget comes after the results for the three casinos in Detroit for May were released recently. Judging by the latest report by the MGCB, the state’s three casinos reported $105.6 million in monthly aggregate revenue. This helped raise some $8.5 million in taxes, which was in line with the $8.6 million in taxes collected in May 2022.

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Sports betting and media startup Betr has successfully raised $35 million in Series A2 funding, valuing the company at $300 million. 

The latest funding will support Betr’s two primary goals. First, the company plans to further develop Betr Media, leveraging its success in engaging sports fans to drive users to the gambling product. Over 20% of Betr Media’s estimated audience in Ohio has converted to real money customers for Betr Gaming. 

Additionally, Betr intends to enhance its sportsbook offerings by adding more traditional wagers, such as pre-game moneyline bets and same-game parlays. The company wants to provide a comprehensive betting experience to keep users on its platform for all their betting needs.

Betr’s online sports betting product is already operational in Ohio and Massachusetts, with plans to launch in Virginia soon. The company also has market access in Indiana and intends to expand to other states in the near future.

Betr’s media division, Betr Media, has positioned itself as the “fastest growing sports media brand in the United States.” With a focus on original and short-form content, Betr aims to engage the next generation of sports bettors. The company has gained significant traction, accumulating 1.3 billion social media impressions in its first 10 months of operation.

To bolster its online sports betting product, Betr recently acquired the Chameleon platform from FansUnite, enabling the launch of Version 1 of its complete sportsbook capabilities. The platform will also support the introduction of two additional real-money gaming verticals in the coming months.

Betr Implements Unique Strategy to Capture Market Share in Real Money Gaming

Joey Levy, founder and CEO of Betr, commented on the funding round: “I am thrilled to announce our Series A2 round of financing, which we opportunistically raised after successfully laying the foundations for Betr Gaming and Betr Media. Our ability to rapidly scale Betr Media’s audience, and then convert this audience to Betr Gaming at low-to-no-CAC, will enable us to have the best unit economics in the regulated real money gaming industry, positioning Betr to create more value than incumbent operators over time.”

Funding round co-leader Roger Ehrenberg from IA Sports Ventures and Eberg Capital stated that Betr was poised to alter the dynamics of the OSB landscape by giving prominence to entertainment through compelling content, an enhanced user experience, and deeper engagement in both major and alternative sports. 

Betr’s strategy of using a media division to attract customers to its gambling platform is not unique, as other companies like Barstool Sports and DraftKings have adopted similar approaches. However, Betr believes it can offer a superior content experience, coupled with an expanding product lineup and a focus on user experience, to succeed in the competitive industry.

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Genting Malaysia, one of the world’s largest gaming companies, has announced its intention to raise MYR500 million (US$113m) by issuing medium-term notes through its subsidiary company, Genting Malaysia Capital Bhd.

The company explained in a filing to Bursa Malaysia that the notes are being issued through three tranches. The first tranche involves MYR250 million over five years with a 5.07 percent interest rate; the second is for MYR150 million at 5.35 percent interest; and the third is for MYR100 million at 5.52 percent.

Proceeds from the issuance will be used for a variety of purposes, including operating expenses, capital expenditure, investment, refinancing, working capital requirements, and general funding requirements. This will include funding the development and redevelopment of Genting Malaysia’s properties and resorts, including those located in Genting Highlands, Pahang.

This move comes after Genting Malaysia announced the sale of its 15.47-acre parcel of land in Miami for US$1.23 billion. It is expected that sum will be used to fund the expansion of the company’s New York casino if it is granted a full license.

Resorts World Casino New York City has a good chance of snagging one of the most coveted casino gaming licenses in the United States. The move to raise funds through the issuance of medium-term notes is part of Genting Malaysia’s ongoing strategy to expand and improve its integrated resorts around the world.

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Rivalry, an international sports betting and media company will receive $7.34 million (converted to USD) in funding through a new financing round. To that end, the company will issue up to 6,666,666 subordinate voting shares at a price of $1.10 each.

The funding round will be led by Pinnacle and will feature a variety of tech and payment shareholders. Rivalry will use the proceeds to speed up its operational objectives and pursue further strategic growth opportunities.

The funding round follows 2+ years of record-breaking financial results for the company. Rivalry’s progress has seen it average double-digit month-on-month revenue growth. The company targets mainly Millennial and Gen Z customers, who make up 97% of its users. The company’s appeal among younger audiences can be attributed to its cutting-edge esports betting products.

The funding round and the issuing of extra shares, Rivalry said, are still subject to corporate and regulatory approvals. Rivalry added that securities issued in connection with the offering will be subject to a hold period of 4 months and a day.

Rivalry Is Glad to Have Pinnacle by Its Side

Steven Salz, Rivalry’s co-founder and chief executive officer, commented on the funding round. He noted that the participation of so many stakeholders in the round represents a “vote of confidence” in Rivalry’s unique team, market strategy and ability to evolve.

Salz also noted that his company’s industry-leading platform is built around a generational opportunity to interact with and engage a new generation of bettors and sports fans with exciting content.

We are growing rapidly with a successful strategy in place and talented team behind us, and with this funding we anticipate both continuing our pace of growth and our trend toward profitability.

Steven Salz, co-founder & CEO, Rivalry

Speaking of Rivalry’s relationship with Pinnacle, Salz said that the latter company’s esports and risk management solutions have proven integral to the Rivalry experience. He thanked Pinnacle for its commitment to supporting the financing round, saying that it will add a layer of credibility to Rivalry’s approach.

Pinnacle’s chief executive officer, Paris Smith, also spoke on the matter, saying that his company is always on the lookout for partners that share its values. He said that this is exactly what led him and his team to Rivalry.

The company’s long-time focus on product innovation, brand equity, and next-generation consumers is disrupting traditional ways of thinking in the industry and blazing a trail for industry economics that were previously not thought possible.

Paris Smith, CEO, Pinnacle

Smith said that Pinnacle has a front-row seat to follow Rivalry’s “incredible growth.” He concluded that he is confident in the latter company’s trajectory.

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