Five of the biggest companies involved in the US online poker, online casino, and sports betting industry will have their second-quarter earnings calls next week.
MGM Resorts International — which owns half of BetMGM, a 50-50 joint venture with Entain — kicks off the action for Q2 2022 with their call at 5 pm ET on Wednesday, August 3.
Three companies — Bally’s Corporation, Penn National Gaming (PNG), and Rush Street Interactive (RSI) — follow the next day, Thursday, August 4, at 8 am, 9 am, and 5 pm ET, respectively. DraftKings brings the week to a close with its call at 8:30 am ET Friday, August 5.
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What to Listen For in Q2 2022 Earnings
Each of the five companies has engaged in different projects under very different circumstances. Here is what to look for and expect from each call:
- Bally’s Corporation — The Rhode Island-based company will likely have much to say about its launches in two major markets this month — New York and Ontario. Bally Bet’s launch in New York was delayed over the uncertainty of the parent company’s future — the board rejected a $2 billion takeover bid from Bally’s Chairman Soo Kim in May. By design, Bally Bet launched in Ontario with online casino gaming but without a sportsbook. Bally’s could also mention its new sports betting partnership in Kansas with Butler National Corporation.
- DraftKings — Like Bally’s, DraftKings partnered with Butler during Q2 2022. The Boston-based operator could discuss Kansas, but will probably talk more about its launch in Ontario in May. It would be an embarrassing topic, but DraftKings could address the approximately $77,700 in fines it received in June from Ontario regulators for violating the province’s strict rules governing advertising and inducements.
- MGM Resorts International — Would MGM consider making a third proposal to acquire Entain? Earlier this month, analysts with Citi speculated that now would be a great time for another bite at the apple considering Entain’s stock price has collapsed, the US dollar is strong, and the British pound is weak due to political uncertainty in the UK. But any offer would need to be at least a 50% premium over the going stock price. Full control over BetMGM hangs in the balance.
- MGM looked elsewhere for M&A targets in Q2 2022. It made a $607 million offer for Sweden’s LeoVegas AB in May. The next month, authorities in Sweden launched an insider trading probe of the MGM offer.
- Meanwhile, in June BetMGM signed an exclusive gaming agreement with Carnival Corporation and opened a private branded live dealer studio with Evolution in Michigan. BetMGM launched in Ontario in April, but shut down all of its promotional offers in New York earlier this month.
- Penn National Gaming — PNG had its own insider trading scandal break in Q2 2022, this one tied to the company’s 2021 announcement that it would acquire Score Media in a cash-and-stock deal valued at $2 billion. Since then, theScore Bet has ended its operations in the US and is running only in Canada. Analysts with Morgan Stanley were bullish on PNG stock just before the company’s Q1 2022 call.
- Rush Street Interactive — Many people will be listening to RSI’s call to see if there is any news on possibly introducing online poker into its platform — something that has been rumored since it acquired and onboarded the development team from Run It Once Poker (RIO). BetRivers launched online casino and sports betting in Ontario in April, and added sports betting in West Virginia in June. That same month, RSI launched its RushBet platform in Mexico. Analysts with JMP Securities reported earlier this month that RSI might pass on deploying in California due to what would be high licensing costs.
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