08.16.2022. Daily highlights

Tue Aug 16, 2022
  • Sportsbook in California – debates continue.Major League Baseball California

    As voting in California approaches, there are varied opinions in the air. Recently, MLB (Major League Baseball) voiced its support for the California sportsbook ballot bid. Gold Coast has become a place of sportsbook debates over the last months as there are two ballot initiatives aiming to decide the destiny of Sportsbook in California. The coalition of California’s tribal operators aims to give them exclusivity on sports betting (Proposition 26), however, the opposing notion (Proposition 27) aims to allow other operators outside the tribal coalition to open sportsbooks. The alliance backing the latter initiative includes the crème de la crème of the US sportsbook market, including FanDuel, DraftKings, and BetMGM, with operators contributing over $100m to its success.

    For now, California’s tribal operators haven’t received significant support from stakeholders in California. Proposition 26, in contrast, has gained support from numerous unions, politicians, and teachers. However, Major League Baseball support is a big win for the industry, as MLB has many teams operating in other states – Houston Astros, New York Yankees, New York Mets, as well as a deal with BetMGM. Quoting MLB: “Proposition 27 – the only measure on California’s upcoming ballot that would authorize and regulate online sports betting – includes strong integrity provisions designed to help MLB carry out those commitments”.

    Here you can read more information on the California voting topic.

    On the same topic,

    DraftKings and FanDuel have taken part in the campaign with $350m combined and are ready to educate Californians on the benefits of legal online sports betting.

    Quoting DraftKings CFO Jason Park: “We feel good, and polling looks solid, but you never know in these situations.” DraftKings stock has risen more than 60% in the last month, with the prospect of legalized sports wagering in California counted as one potential driving force behind the surge. DraftKings Inc. (DKNG) is trading at $20.89 (1.04%)

    We will update you on how the pre-voting conversation goes until November 8th.

    Source: EGR.global; iGamingNext

    PlayAGS share reaction on $370m acquisition offer from Inspired Entertainment

    PlayAGS(Nasdaq) shares are trading 25% higher after receiving a $10 per share all-cash acquisition offer from Inspired Entertainment.PlayAGS shares stocks

    What is PlayAGS, you would ask? The company supplies a combination of slot products, table games, and social casino solutions and initially comes from the Class II Native American gaming market in the US. Inspired Entertainment (also listed on Nasdaq) offers a list of services, like content, hardware, services for gaming, betting, and more, across both land-based and mobile channels worldwide.

    From the information available, it looks like PlayAGS is still in discussion. To add, as of June 30th, PlayAGS held net debt of $535.4m, meaning the $370m acquisition offer values the business significantly higher than the asking price.

    • PlayAGS, Inc. (AGS) is trading at $8.00 (6.45%)
    • Inspired Entertainment, Inc. (INSE) is trading at $12.21 (-2.79%)

    Source: iGamingNext

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