Signal archive
Enterprise value signals
Theme: every BrandCapitalWorks iGaming signal tagged Enterprise value. Each one carries the fact, the enterprise-value read, and the forecast. 3 signals.
Twenty-one operators sit on this board. One of them publishes a number for the position it holds.
The rest report revenue, handle and monthly users. Every one of those can rise in a year when a company is losing ground. Flutter tells the SEC it holds 39% of US online sports betting and 27% of US iGaming across the states where FanDuel is live, and 30.9% of the Italian online market. Each figure carries a footnote naming the regulator data it was built from. It is the only disclosure of its kind on this board. BetMGM states 13%, and its own footnote does the damage. The figure blends online with retail and the United States with Ontario, and adds that “internal estimates are used where operator-specific results are unavailable”. DraftKings reports the share of the US population it is licensed to serve, which is a measure of reach. Caesars reports revenue and handle. Rush Street reports monthly active users and average revenue per user. Entain, Kindred, LeoVegas, Evoke, Kaizen, Super Group, Parimatch and Lottoland say nothing about position at all. Tipico once claimed more than half of Germany. That was its 2022 report, on 2021 data. The 2024 report dropped the number and put nothing in its place.
Kambi doubled its profit on an AI trading engine, and investors repriced the capability.
A record World Cup ran through Kambi’s automated trading at an 18% margin. Profit doubled, guidance rose, and the re-rating followed the capability. Kambi reported Q2 on 22 July. Revenue rose 13.5% to €45.9M and adjusted profit more than doubled to €7.6M. The engine did the work. Its AI trading system handled over 100 million World Cup bets at an 18% operator margin, and the Americas supplied 57% of that World Cup turnover, up from 38% four years ago.
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Why is private capital buying the thing you book as overhead?
Three moves in one month repriced regulated trust: a private-equity rollup, an Ohio mandate, and $50B cleared without it. The spend you file as overhead is the asset in play. Read three stories from one week as a single move. Visualize Group agreed to buy eCOGRA on 30 June, its second deal for a testing house after BMM Testlabs. Ohio moved to make a voluntary credit-card rule official, one most operators already follow. And prediction markets cleared $50B on the World Cup while carrying none of the player protection that licensed operators spent a decade building.
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