Early warning signal
Download data spells bad news for ESPN Bet
Penn will face tough questions if ESPN Bet disappoints once again.
In +More: Playtech’s Brazilian tease, Hub Affiliations’ Sporticos stake.
As exciting as it gets: Evoke, Light & Wonder and Accel in new debt deals.
Sector watch: Genius Sports’ BetVision push.
Hard Rock Bet is growing – we know you know! And we want to bring in some more maestros to make beautiful music in our Sportsbook. You need to be among the very best in the industry to be considered for these roles. Are you up to it?
Damp squib
We're fated to pretend: The early signs are the launch of ESPN’s ‘everything app,’ featuring the full integration of ESPN Bet, is the latest game-changer moment that has failed to “unleash the value” of the Penn Entertainment-operated betting business.
High hopes: The hope was the “deep integration” with ESPN’s new direct-to-consumer app, which Penn CEO Jay Snowden discussed on his company’s Q2 earnings call in early August, would provide the “ultimate interconnected media, betting and fantasy experience.”
He added that it was “going to be the first time we've seen anything like that in the space.”
Analysts suggested at the time of the launch that ESPN Bet would be in the “best position” to exploit the name recognition.
Low downs: However, the download data from NFL week #1 does not suggest ESPN Bet is enjoying a boost commensurate with its lofty hopes.
As noted earlier this week, while Penn’s three brands did enjoy a 23% YoY boost in downloads to 82k, it still left them trailing the YoY increase of bet365, up 143% to 179k, and Fanatics, up 90% to 131k.
Pressure cooker: Sources argued that though these are only very early data points, they reinforce the impression gained from recent state-by-state data that the level of competition fighting at the top end of the market has increased.
Against a fearsome backdrop, it is likely ESPN Bet will struggle to gain anything like the market share needed to justify the $150m-a-year it has to pay ESPN/SDisney for use of the ESPN name.
As of the July data compiled by Citizens, ESPN Bet was mired at 1.9% share.
While Snowden has admitted this is not good enough, even the limited target of high single-digit share seems beyond the company.
“I just can’t see ESPN Bet getting the hockey stick moment that Penn is hoping for,” noted one interested industry observer.
When push comes to shove: In such circumstances, and with no more “game-changers” in the locker, the three-year anniversary break clause that comes into play in August next year looms large.
With Penn seeing little prospect of any return on the $150m-a-year, the “status quo cannot continue,” in the words of one industry source.
Deal or no deal: Assuming Penn sees the situation this way – not a given – then it faces the choice of terminating the deal or attempting to negotiate different terms.
The latter course, sources suggested, would involve a substantially reduced yearly payment, likely in return for some form of profit share.
Holding all the cards: To outside eyes, Penn holds a decent hand in these negotiations – it can walk away from the deal should it wish.
Conversely, ESPN – currently sitting and collecting the $150m a year – knows it is unlikely to get the same amount from any other operator should it be forced to shop around once more.
“Any new deal between the two would likely come in at way less than $150m,” said one commentator who asked for anonymity.
Hooray for Hollywood: A lot now hinges on any evidence of sustainable profitability in the medium term. Losses narrowed in Q2 to $62m and the company dangled the prospect of the unit achieving breakeven or even a profit in Q4.
But that might be more down to the success of the recent Hollywood app launch and theScore in Canada as to ESPN Bet itself.
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Playtech CEO Mor Weizer said during the company’s H1 earnings call yesterday that the company is close to signing a new client in Brazil, which, he told the analysts, was a “major player [that] has the potential to be one of the largest operators in the Brazilian market.” Playtech’s footprint in Brazil is already extensive with its products available via market leaders bet365 and Betano, as well as having a 40% equity stake in Galera Bet. See Earnings Extra below.
Tipico has finalized the acquisition of Atlas Group – the parent company of Admiral Austria – from Novomatic, marking a key strategic move to strengthen its presence in Austria. Novomatic, in turn, will sharpen its focus on international growth markets. To fulfil Austrian competition authority requirements, Tipico must divest a portion of its retail outlets, while the remaining shops will be rebranded as Admiral and integrated into the existing Admiral retail network.
Hub Affiliations, a London-based affiliate marketing provider, has acquired a majority stake in Sporticos.com for an undisclosed sum, bringing with it more than 10 million unique annual users. Sporticos will continue to be led by its founders and current management team, while Farzad Paymen, CEO and founder of Nyce International, joins as chair.
WatchandWager operator Webis has engaged XST Capital to guide strategic initiatives, including evaluating mergers, acquisitions and value enhancement opportunities, but excluding any involvement with its Cal Expo horseracing license in Sacramento, California.
Read across
I’m alright Jack: Bally’s interactive operations in the UK would benefit from a move to harmonize the UK’s online taxes at a rate of 21%, according to the company’s CEO Robeson Reeves. “For us, the best possible outcome is harmonization,” he told analysts during a Capital Markets Day event promoting the upcoming merger of Bally’s Interactions International business and Intralot. See Tuesday’s Compliance+More.
Eye of the beholder: New polling commissioned by the American Gaming Association (AGA) suggests voters view prediction markets as gambling and want them regulated as such. As reported in yesterday’s Compliance+More, a commissioned YouGov survey of 2,025 registered voters found 85% think sports event contracts are closer to gambling than financial instruments.
+More careers
Lottomatica has appointed two new independent directors, with Tiziana Togna and Fabrizio Virtuani joining the board. Rush Street Interactive has announced the appointment of ex-Warner Bros tech chief Shubham Tyagi as its CTO.
Head of Acquisition – London
Head of Business Intelligence – Manila
Group Chief Technology Officer – Bucharest
Earnings extra
Playtech
Many happy returns: Playtech has gone “back to its roots” as a pure-play B2B supplier, with key structured relationships, including with Caliente in Mexico and burgeoning positions in the US and Brazil. “Operationally and commercially, we are a high-growth B2B business providing technology to the majority of the leading brands in the industry,” trumpeted CEO Mor Weizer, who recently celebrated his 50th birthday.
See yesterday’s Earnings Extra edition (PRO subscribers only).
Debt news
Redeeming feature: William Hill and 888 operator Evoke has announced the pricing of a €600m offering of new 8% senior secured notes due in 2031 and, at the same time, has also agreed a new £200m multicurrency revolving credit facility (RCF).
The combined refinancing will allow Evoke to redeem in full its €582m notes due 2027 and replace its current £200m RCF.
Evoke said the actions will lower annualised cash interest costs by around £5m, extend its maturity profile, with no significant debt repayments due before 2028, and improve the currency mix of debt to better match cash generation.
Though net debt is expected to increase by around £17m, it leaves the overall leverage broadly unchanged.
At the time of its H1 numbers, Evoke said its leverage ratio was down to 5% from 6.7x with net debt of £1.82bn.
Confidence building: CEO Per Widerström said the refinancing underlined the company’s improving financial position and that it pointed to confidence on the part of investors in the ongoing turnaround plan and its “strengthened performance.”
In H1, Evoke saw revenue rise 3% to £888m while adj. EBITDA recovered substantially, up 44% to £166m.
The growth came mainly from the international business, where revenue climbed 13% to £299m.
But UK & Ireland online was down 1.1% to £336m and UK retail was also off by 1.7% to £252m.
More debt news
Light & Wonder has announced the pricing of a $1bn private offering of senior unsecured notes due 2033. Proceeds will be used to repay borrowings under its revolving credit facility, redeem $700m of notes due 2028 and for general corporate purposes, potentially including share repurchases.
Accel Entertainment has secured a $900m senior secured credit facility, comprising a $300m revolving credit facility and a $600m term loan, Initial borrowings will be used to fully repay and terminate its prior senior secured credit agreement
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Sector watch – BetVision
Broadcast news: Speaking at a Goldman Sachs’ tech conference this week, Genius Sports CEO Mark Locke spoke about BetVision, the company’s flagship engagement platform and the cornerstone of its sportsbook growth strategy.
Locke positioned BetVision as the most visible manifestation of Genius’ broader data-driven approach.
Developed through the company’s partnership with the NFL, BetVision promises to enable fans to watch live games inside sportsbook apps while simultaneously engaging with integrated in-play betting markets, personalized stats and real-time graphics.
“You can go and watch pretty much any NFL game that’s being played live,” Locke explained.
“We integrate that into sportsbook platforms. You’ll be able to log in and actually watch those games with integrated betting as well.”
Pump up the volume: But Genius’ ambitions extend far beyond American football. As Locke reiterated, soccer and basketball represent the “volume sports” globally.
The rollout of BetVision in Italy’s Serie A and basketball leagues is already underway, with Locke identifying soccer as the most scalable product worldwide.
Crucially, Locke suggested BetVision is now embedded in virtually every new Genius sportsbook deal. He described the recent Hard Rock agreement as emblematic.
Hard Rock has integrated Genius’ platform, which streams not only NFL contests but also some 32,000 other games.
It creates a “full user experience” where betting, viewing and advertising coexist in one environment.
Earns a bundle: This bundling, Locke said, is transforming the company’s sportsbook relationships. Genius traditionally monetized via fixed-fee or revenue-share arrangements for data provision. Now, with BetVision, the economics are multiplying.
In-play betting, where the platform excels, carries much higher margins for operators and, as Locke noted, “we also get paid roughly three times the amount because the data is more valuable on those in-play games”
Rights of passage: Locke also claimed BetVision strengthens his company’s negotiating hand in the sports rights market, with leagues increasingly moving away from pure rights-fee auctions toward technology-led partnerships.
By delivering integrated solutions, ranging from officiating tools and player performance analytics to streaming and betting overlays, Genius can secure rights at “a fraction” of historical costs.
BetVision is a central pillar in this model: it monetizes both the betting and media sides, creating stickier relationships with leagues and sportsbooks alike.
The financial results bear this out. In Q2 2025, betting technology, content and services revenue rose 30% YoY to $88m, with management highlighting BetVision as a primary growth driver.
Locke underscored that “almost all the deals that we’re doing now have BetVision included in them,” suggesting its penetration is becoming universal.
Connections
Statscore has agreed a three-year partnership with Kalshi, in a move that will strengthen the latter’s live sports trading products. RLX Gaming, the US arm of Relax Gaming, is expanding its reach in New Jersey through a new content deal. Twenty Wazdan titles, including 36 Coins and Hot Slot: 777 Cash Out, are now live on Bally’s Interactive brands in the UK; the rollout was facilitated through the Relax Gaming aggregation platform. Gaming Corps has entered into a global distribution agreement for its iGaming content with Light & Wonder.
Bwin has announced an official regional partnership with the National Football League in Spain. ParionsSport en Ligne has renewed its partnership with Ligue-1 football club Olympique de Marseille. BetMGM and program-maker Fremantle have announced a sponsorship deal for the long-time TV game show The Price in Right.
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