Hung, drawn and quarterlies
President Trump hits a nerve with quarterly reporting comments
Remarks spark a debate about short-termism among listed companies.
In +More: Two New York casino plans nixed.
Sporting Index/Spreadex merger is vetoed by the UK’s competition authorities.
Product display: LiveScore marries betting and social media with X deal.
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In it for the short term
Presidential IR: President Donald Trump’s suggestion that the drumbeat of regular earnings leads to short-termism touches on a long-standing debate about whether companies and investors would benefit from more breathing room to plan for the long term.
The gambling sector, where earnings are often shaped by swings in sporting results and regulatory winds, offers a particularly fertile case study.
Here for a good time, not a long time: For gaming operators and suppliers, quarterly results are a double-edged sword. They provide investors with timely visibility into volatile trading environments, from NFL betting trends to Macau visitation data.
However, they risk turning management strategy into little more than a chase for the next quarter’s beat.
Excuses, excuses: But Paul Leyland of Regulus was quick to push back on the idea that reporting itself is the culprit. “Short-termism is an excuse for weak boards,” he said.
“Look at how long the US mega caps took to build while losing money all the time – investors get a long-term story alongside quarterly reporting,” he added.
But there does need to be a long-term story, or at least “one that holds up to more than a few quarters of bullshit promises.”
A story in installments: For Leyland, the core issue is governance, not cadence. Strong management teams can craft a long-term narrative and persuade investors to look past quarterly fluctuations.
But the companies that fail to do so, he argued, are often those without a credible strategy to begin with.
In the gaming space, where operators such as Flutter or DraftKings routinely outline multi-year paths to profitability, quarterly disclosures are less the problem than the story being told.
Rapid response unit: Others are equally skeptical that scrapping quarterlies would achieve Trump’s intended goal. “I’m not sure that eliminating quarterly reporting will do anything to reduce short-termism,” said Chris Grove from EKG.
“Rapid movements in and out of equities are a defining feature of modern markets,” he added.
“In the absence of quarterly reporting, investors are likely to simply seek out alternative data sources.”
Nature abhors a vacuum: If companies step back, others will step in. For a sector awash in datasets, particularly US state-by-state data, removing formal reporting could make markets more volatile, not less.
One IR executive who spoke to E+M on condition of anonymity, suggested the whole debate might be overblown. “I can’t see a scenario where this happens regardless of anyone’s thoughts,” they said.
Should have gone to Specsavers: Another former industry IR, who also spoke on condition of anonymity, said they had always been of the opinion that “of course” quarterly numbers encourage short-termism.
“The CEO’s job is to keep their job by hitting the numbers,” they said. “You don’t get rewarded for having a big vision.”
The tension is particularly acute in gambling, they added. “Of all sectors, the gambling business is so results-driven, by sporting results.”
The daily show: Quarterly reporting is completely at odds with the talk about long-term strategies, but the countervailing force is that of the ‘always-on’ data environment. “Short-termism won’t be solved by getting rid of quarterly reporting,” the ex-IR added.
“In this information age, if you don’t fill that gap, someone else will. Companies are better off telling the numbers story than having others do it.”
The reporting format may be outdated, then, but the imperative to control the narrative is greater than ever.
“The hot take is that quarterly reporting is dead – everyone is doing it daily now.”
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DigiPlus Interactive, the Philippines-listed online operator, said it “continues to evaluate potential acquisitions” after reports late last week linked it with a bid for Melco Resorts’ up-for-sale City of Dreams casino resort in Manila. The DigiPlus statement added that “no definitive agreements or plans have been finalized at this time.” The operator of BingoPlus, ArenaPlus and GameZone has sought international expansion to reduce reliance on a fraught domestic market, launching in Brazil earlier this month.
GRID has snapped up the assets of Bayes Esports following the latter’s lurch into bankruptcy. The assets include live data trading solutions, prediction models and fan engagement tools. Speaking to E+M, GRID CEO Moritz Maurer said the move meant his company was now well placed to share the “second age of esports betting.” For more on GRID, see this coming Friday’s ‘Sector watch’.
Two down: The odds on there being a casino built on Manhattan are lengthening after the Caesars/SL Green Times Square plan and Rush Street Gaming and Silverstein Properties’ West Side proposal were both nixed by their respective community advisory committees. The remaining Manhattan-based bid is the Freedom Plaza on the East Side led by Soloviev Group and Mohegan.
Intralot has secured €660m of new debt with which to help pay for the €2.7bn cash and stock acquisition of the Bally’s international interactive division. The new arrangements include a €460m senior secured term loan and a further €200m in financing commitments from a consortium of Greek banks.
Puts+takes
Genius Sports: A central pillar of the Sports Innovation Lab acquisition announced last week is the company’s Fluid Fan Graph, which B Riley said is a “meaningful advancement beyond traditional probabilistic targeting.” Built on individual-level transaction data covering more than 250 million US consumers, the platform “creates what we believe is one of the most complete views of modern sports fans.” When layered with Genius’ real-time data and AI tools, this promises “substantial opportunities for precision marketing across the sports ecosystem.”
Spreadex nixed
Two into one doesn’t go: The UK Competition and Markets Authority (CMA) has concluded that Spreadex’s acquisition of Sporting Index has led to a de facto monopoly in the licensed online sports spread-betting market in the UK.
In its original Phase 2 decision in November 2024, the CMA found the deal would substantially lessen competition in this sector.
Sporting Index was Spreadex’s only competitor in sports spread betting, so the merger would reduce the specialist providers from two to one.
Following that decision, Spreadex appealed to the Competition Appeal Tribunal, which in March this year referred the Phase 2 decision back to the CMA for reconsideration.
Lack of options: After gathering additional evidence and reviewing the case “in the round,” an independent panel confirmed the takeover causes a substantial lessening of competition. The risks identified include poorer user experience, fewer product choices and/or higher prices for consumers.
The panel chair, Richard Feasey, said the only effective remedy would be for Spreadex to sell off Sporting Index in order to restore competition between two independent businesses.
The CMA said it will either accept undertakings offered by Spreadex to divest Sporting Index or, if that is insufficient or not offered, it will impose a forced sale to a CMA-approved buyer.
Spreadex complained the decision was “entirely disproportionate” and said it was reviewing its options.
Spreadex acquired Sporting Index – part of Sporting Group, a subsidiary of FDJ – in 2023. Spreadex noted that before it attempted the merger Sporting Index was a “failing firm.”
During the investigation the CMA imposed interim orders to preserve competition by keeping Spreadex and Sporting Index operating independently until a final decision was reached.
Markets
Pretty average: Despite the US markets reaching new highs on Friday, the gaming sector apparently failed to get the memo, with weekly risers few and far between. Typical of the so-so week was Flutter Entertainment, which rose 2%
The best performer was Wynn Resorts, helped by further encouraging sentiment over Macau.
Notably, Hong Kong-listed Sands China and MGM China were also positive at the end of the week.
Taking profits: Following a Capital Markets Day last week, Super Group saw its share drop off 8% with investors taking profits after an impressive run-up YTD, with the shares still 89% up despite Friday’s drop.
Other losers included Playtech, down 7%, and Evoke, which fell 10% despite recently securing a new financing deal.
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Product display – LiveScore & X
X-rated: LiveScore has unveiled what it describes as a “transformational partnership” with X and xAI, a move the company said would redefine the relationship between sports media and betting.
The agreement positions LiveScore to merge its fast-growing media and betting platforms with X’s real-time content ecosystem and xAI’s emerging artificial intelligence capabilities.
By integrating X’s real-time feeds, from breaking news to fan reactions and influencer commentary, LiveScore expects to deliver richer and more interactive experiences to its more than 100 million annual users.
The addition of xAI’s predictive tools and conversational AI is intended to deepen that engagement, offering customized insights, smarter betting models and faster support.
Practical innovations are expected to include new ways for users to share predictions or bet slips directly into X, reinforcing the social aspect of sports betting.
LiveScore also aims to enhance its trading models by capturing live sentiment and reaction in real time, while AI-driven customer support promises quicker, scaled responses to queries.
Blurred lines: For LiveScore, the move represents a strategic acceleration of its long-stated ambition to converge media and betting into a single seamless ecosystem.
“By combining the world’s most dynamic real-time content platform with our mission to blur the lines between sports media and betting, we will set a new benchmark for fan engagement,” said CEO Sam Sadi.
The partnership raises the stakes for established operators and challengers alike. Many have invested heavily in media-led engagement, but none have as-yet tied themselves so closely to the infrastructure of a global social platform.
By marrying AI and social media with betting at scale, LiveScore could leapfrog competitors in terms of user engagement and retention, particularly among younger, mobile-first audiences.
It also signals that the next phase of competition in online betting may hinge less on market access or product depth, and more on who can control the real-time sports conversation.
+More product
Entain has accelerated its product innovation strategy across the UK, US and Brazil, introducing faster withdrawals, upgraded apps and new betting features. Highlights include 90% of withdrawals processed within one minute, an advanced football BetBuilder and the launch of In-play BetBuilder with real-time Opta data. BetMGM now offers live same-game parlays for MLB and NFL, while Ladbrokes and Coral added the Quacca Bar, driving 60% of bets.
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Upcoming earnings
Oct 15: Entain, FDJ United
Oct 22: Churchill Downs (earnings), Rank CMD
Oct 23: Evolution, Churchill Downs (call)
Oct 24: Betsson
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