Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

<ul>
<li>Total online sports betting handle since 2018 legal barriers removed hit US$159b producing industry revenue of US$14.9b.</li>
<li>AGA estimates total industry will reach US$40b in revenue by 2030.</li>
<li>Flutter Entertainment pLc, global leader in revenue, says its key holders are inclined to favor IPO spin off of top producing US Fan Duel unit.</li>
</ul>


Total online sports betting handle since 2018 legal barriers removed hit US$159b producing industry revenue of US$14.9b.
AGA estimates total industry will reach US$40b in revenue by 2030.
Flutter Entertainment pLc, global leader in revenue, says its key holders are inclined to favor IPO spin off of top producing US Fan Duel unit.


Flutter Entertainment: Top Online Betting Site Closer to Spin off Market Leading US Fan Duel Unit

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tabcorp-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6837:1" rel="noopener">Tabcorp Ltd (TAH AU)</a>’s demerger to create two standalone companies listed on the ASX, The Lottery Corporation and New Tabcorp, was approved today.</li>
<li>Subject to the scheme approved by the Court, the Lottery Corporation will trade on a deferred settlement basis on 24 May and a normal settlement basis on 2 June.</li>
<li>Peer derating due to the market sell-off results in a lower SoTP valuation of A$5.62 per share, which is still a 13% upside to the last close.</li>
</ul>



Tabcorp Ltd (TAH AU)’s demerger to create two standalone companies listed on the ASX, The Lottery Corporation and New Tabcorp, was approved today.
Subject to the scheme approved by the Court, the Lottery Corporation will trade on a deferred settlement basis on 24 May and a normal settlement basis on 2 June.
Peer derating due to the market sell-off results in a lower SoTP valuation of A$5.62 per share, which is still a 13% upside to the last close.


Tabcorp’s Demerger Approved Paving the Way to Unlock Value

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tabcorp-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6837:1" rel="noopener">Tabcorp Ltd (TAH AU)</a>’s demerger will create two standalone companies listed on the ASX - The Lottery Corporation and New Tabcorp</li>
<li>The scheme meeting to approve the demerger will be held on 12 May at 10.00 am. The Lottery Corporation will trade on a normal settlement basis on 2 June.</li>
<li>This transaction aims to unlock value. Our SoTP valuation is A$6.13 per share, which is a 14% upside to the last close price of A$5.39 per share.</li>
</ul>



Tabcorp Ltd (TAH AU)’s demerger will create two standalone companies listed on the ASX - The Lottery Corporation and New Tabcorp
The scheme meeting to approve the demerger will be held on 12 May at 10.00 am. The Lottery Corporation will trade on a normal settlement basis on 2 June.
This transaction aims to unlock value. Our SoTP valuation is A$6.13 per share, which is a 14% upside to the last close price of A$5.39 per share.


Tabcorp’s Valuation Discovery into the Demerger

<ul>
<li>China's militant stance against any online gaming or gambling foreshadows not realistic chance Beijing will ever legalize online wagering. </li>
<li>India's nascent online industry aren't scalable due to confused government policies in states outside of Goa.</li>
<li>Gaming portfolios need at least one stock in this sub-sector with powerful growth to balance short term bearish outlooks stemming from the pandemic effect on brick and mortar casinos.</li>
</ul>


China's militant stance against any online gaming or gambling foreshadows not realistic chance Beijing will ever legalize online wagering. 
India's nascent online industry aren't scalable due to confused government policies in states outside of Goa.
Gaming portfolios need at least one stock in this sub-sector with powerful growth to balance short term bearish outlooks stemming from the pandemic effect on brick and mortar casinos.


Online Gambling Boom: With No Scalable Asian Plays, the UK's Flutter Entertainment Provides a Runway

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<p>Last week, New York Governor pointed towards legalizing online gambling to try to plug the budget gaps that COVID has blown open. He wants to raise $500M in revenues annually. We don't think he will get there, but we do think NY is a $700M TAM.</p><p>At $52, is it time to re-engage on Draft Kings even after an 11% rally?</p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

Last week, New York Governor pointed towards legalizing online gambling to try to plug the budget gaps that COVID has blown open. He wants to raise $500M in revenues annually. We don't think he will get there, but we do think NY is a $700M TAM.At $52, is it time to re-engage on Draft Kings even after an 11% rally?Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

NY State To Legalize Gambling, Double Down on DraftKings?

United States

Flutter Entertainment operates as a global online sports betting and iGaming company, offering a diverse range of products including sportsbook, online casino, poker, and daily fantasy sports. Its portfolio features prominent brands such as FanDuel, Paddy Power, Betfair, PokerStars, and Sky Betting & Gaming. The company was founded in 1988 and is headquartered in New York, NY, with a registered office in Dublin, Ireland.

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Flutter Entertainment (FLTR LN)

Flutter Entertainment: Top Online Betting Site Closer to Spin off Market Leading US Fan Duel Unit

After a lengthy delay in arbitration, Flutter entertainment prevailed by an arbitration panel ruling it was valued at US$22b. It was acquired in...

Howard J Klein

Tabcorp’s Demerger Approved Paving the Way to Unlock Value

The demerger was overwhelming approved. Peer derating due to the market sell-off results in a lower SoTP valuation of A$5.62, a 13% upside to the...

Arun George

Tabcorp’s Valuation Discovery into the Demerger

The scheme meeting to approve the demerger will be held on 12 May at 10.00 am. Our SoTP valuation is A$6.13 per share, which is a 14% upside to the...

Arun George

Online Gambling Boom: With No Scalable Asian Plays, the UK's Flutter Entertainment Provides a Runway

Globally accelerating revenues for online gaming platforms were a feature of pandemic related sharp increases in revenues for companies outside...

Howard J Klein

NY State To Legalize Gambling, Double Down on DraftKings?

After New York's Governor signaled he would legalize gambling, we revisit our previous bullish thesis on DraftKings to see if now is the time to re...

Aaron Gabin

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