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With less than two weeks to go before woodbridge favorites off-track betting south Breeders' Cup makes New Jersey the center of world sports betting head office horse-racing universe, its latest venue for off-track wagering is poised at the starting line. The sleek, high-tech "Favorites at Woodbridge," designed to buck the dingy image of storefront off-track betting parlors in New York, opens today for simulcast betting. The sprawling 23,square-foot facility assembled a dizzying array of screens, machines and entrees -- the restaurant's offerings range from the Breeder Cup Jumbo Burger to the New Zealand Rack of Lamb -- to attract an upscale clientele. Another OTW has been proposed for Toms River, but plans have stalled amid opposition from nearby residents.

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WHO will no longer research theory that coronavirus leaked from a lab. COVID updates. Palestinian poll workers fanned out across the Gaza Strip on Wednesday, where they found voters eager to register ahead of elections that could serve as the first referendum on Hamas' rule since the militant group seized power more than a decade ago. The outreach came a day after Palestinian President Mahmoud Abbas' Fatah party and Hamas reaffirmed their commitment to holding parliamentary and presidential elections later this year, the first since Hamas won a surprising landslide victory in Man opened fire at Allina clinic in 15,person community of Buffalo and may have also planted suspicious devices Agents search for evidence at the Allina Health Clinic after a shooting there on 9 February in Buffalo, Minnesota.

Bomb technicians were also investigating a suspicious device left there and others at a motel where he was staying, authorities said. All five victims were rushed to the hospital, and a hospital spokeswoman confirmed the one death Tuesday night. Three remained in stable but critical condition and a fourth had been discharged.

The attack happened Tuesday morning at an Allina clinic in Buffalo, a community of about 15, people roughly 40 miles north-west of Minneapolis. Authorities said Gregory Paul Ulrich, of Buffalo, opened fire at the facility and was arrested before noon. Though police said it was too early to tell if Ulrich had targeted a specific doctor, court records show he at one point had been ordered to have no contact with a man whose name matches that of a doctor at the clinic.

As authorities searched the clinic for more victims, they found the suspicious device and evacuated the building, Wright county sheriff Sean Deringer said. It was not immediately clear whether that device exploded, but TV footage showed several shattered plate-glass windows at the clinic. Deringer said suspicious devices were also found at a local Super 8 motel where Ulrich had been staying, and there were at least two shattered windows there as well. Hennepin county medical center spokeswoman Christine Hill said Tuesday night that a person brought to the hospital after being shot at the Buffalo clinic had died.

Hill said she could not release any other details. He said the shooting did not appear to be a case of domestic terrorism. Deringer said Ulrich was well known to law enforcement before the attack, and there were calls for service dating back to An order issued in and in the harassment case showed Ulrich was to have no contact with a man. Richard Ulrich said his brother, Gregory, had worked in construction and became addicted to opioids a few years ago after he had back surgery for an old injury he had suffered on the job, the Washington Post reported.

When state police in northern Mexico allegedly shot 19 people, including at least 14 Guatemalan migrants, to death in late January near the border with Texas, it was a tragedy that critics say authorities had been warned could come. In , prosecutors charged that the same Tamaulipas state police unit, then operating under a different name, pulled eight people from their homes in the border city of Nuevo Laredo, posed them in clothing and vehicles to make them look like criminals, and shot them to death.

Now, a dozen officers of the member Special Operations Group, known by its Spanish initials as GOPES, have been ordered held for trial on charges they shot to death at least 14 Guatemalan migrants and two Mexicans on a rural road in the border township of Camargo. A wave of better than expected corporate earnings, alongside expectations for more fiscal support from congressional lawmakers, helped support stocks.

A Nigerian court on Wednesday ordered the Central Bank to unfreeze 20 bank accounts linked to demonstrations that rocked the country last year. Mind you, that's not because of the S Pen itself. That comfort is all thanks to the S Pen's size. Divided chamber finds process constitutional during emotional day as Democrats recount Capitol attack A divided US Senate voted to proceed with the historic second impeachment trial of Donald Trump after an emotional opening day in which the prosecution argued that the former president was singularly responsible for inciting the deadly assault on the US Capitol while the defense warned that the proceedings would further cleave a divided nation.

Trump is the first president to face an impeachment trial after leaving office, and the only president in American history to be impeached twice. At least 17 Republicans would have to join all Democrats to find Trump guilty of high crimes and misdemeanors. A conviction would allow the Senate to disqualify him from ever again holding office.

Last month, only five Republicans joined Democrats to defeat an attempt to dismiss the impeachment charge as unconstitutional. Senator Bill Cassidy, a Republican of Louisiana, was the only member to switch his vote, leaving open the possibility that some lawmakers could yet change their minds. But that view has been challenged by constitutional scholars, including the leading conservative lawyer Charles Cooper, who argued that the claims were unfounded.

House Democrats opened the trial with a searingvideo of the Capitol siege that threatened the lives of the former vice-president, Mike Pence, members of Congress, and everyone working in the building that day. The cries and chants from the video echoed through the chamber, where just over a month ago rioters sat in the dais and swung from the balcony.

As of today, Kambi makes million odds changes per month. In order to accomplish this feat, you need exceptional technology and people behind it. The investment is considerable and few, if any front-ends have the scale in order to do it on their own. And what we focus on is that second point there. That opens doors. For example, since our inception we have been careful to avoid markets where gambling is prohibited. This was a conscious and long-term decision as, not only is it the right thing to do, but we realized it was likely to be looked favorably on by regulators when moving into new territories in the future — particularly in the U.

Kambi is discriminant about who they are willing to partner with and will only partner in regulated markets. This is important for both regulators and prospective partners, as their primary competitor in the pure-play back-end is not nearly as discriminant. But so far I am very pleased that we have been able to win our top targets. The selected confidence interval indicates that on average, for 19 months out of 20, the actual return should be between the two tracking error lines.

Over time the tracking error band has become narrower, indicating that the monthly margins have become more stable. While Kambi has not revisited this specific chart, they have shown what the daily, weekly, monthly, quarterly and annual distribution of operator margins looks like:. This is the nature of a business relying on assessment of probabilities. You can set the right probability for an outcome to happen, yet still lose. Without skill, the longer time-frames would also be random; however, with skill the longer timeframe would smooth the outcomes.

That is clearly the case here. While the day-to-day can be volatile, the range of outcomes narrows as the timeframe is extended. We have spoken to industry experts, including employees at Draftkings involved in onboarding Kambi and at Kambi involved in managing the Draftkings relationship. Meanwhile Kambi will continue improving, such that Draftkings would be trying to catch a moving target.

This risk management side is especially compelling. Notably, Kambi will take action from these people, but in small amounts, because learning their intents help in the process of refining their own line making. Vegas as often been more willing to take this kind of action and the sharp bettors claim this is the fundamental flaw in the European model.

Kambi brings their distinctly European model to the front-end operators they work with, even in the US. On their capital markets day, they pointed out how:. Ever since I started in , we have looked at this chain being about one thing. In the end, it is about user experience, it is about delivering entertainment. Handicapping the probabilities is obviously an important endeavor, but so too is managing the user experience. Kambi does not exist to serve as a counterparty for sharp bettors.

If a book consistently provides opportunity to those with an edge, the book will lose money. Kambi is not resting on its laurels as a European Model innovator. Instead, the company is opening its first US office in Philadelphia, a strategic location given both Pennsylvania and New Jersey are the large, early-adopter states.

The US office opened in Q2 and is in the process of staffing up. This will only help as more states legalize and regulate betting. Kambi boasts large insider ownership and is operated by its founders, with a shareholder friendly management team and aligned interests. They both say and do the right things:. And one of the absolutely most important task for us, as the management team, is to have a very stringent and sophisticated approach to our capital and resource allocation with the ambition of securing a high return on investments for our shareholders.

The company has a mandate to think long-term in capturing the large opportunity, while remaining anchored in establishing measurable, deliverable goals:. We break that down to company performance target on a yearly basis, which in turn gets broken down into quarterly key objectives. And that gets actually broken down to departmental and team level within the company. And we, as the management, we monitor this on a monthly basis how the progress is and where we are.

This will help innovate Kambi develop and tailor products that are more sanguine for the US sporting environment and create a local salesforce in the pursuit of partnerships. Please note, while the above chart is in US Dollars, much of the below conversation on TAM is covered in euros given that is the reporting currency for Kambi. Pay attention to the currency, for we change from euros to dollars depending on the source.

Inevitably TAM will be highly sensitive to the cadence of regions legalizing sports betting. And thus far there are pieces of evidence that show regulated market GGR could exceed expectations. When we think about addressable market, the upside of converting a black market to a regulated market is intriguing. This is true for several important reasons, mainly built around the idea that establishing trust in a regulated market is far easier than in an illegal bookie scheme.

Some people may just hold back on the actual volume they would like to play. Most importantly though is the innovation and creativity that legalizing these markets unleashes for the industry. For example, were a starting QB to leave the game with injury, the odds of the next play being a completed pass would be drastically different than immediately before the injury. In-game betting is basically entirely novel to American sports bettors, yet in some respects, our favorite sports are perfectly suited for this opportunity.

As a result of these unknowns, the range of potential TAMs is incredibly wide. We think these results are highly achievable, even with the loss of Draftkings as a customer. Before the US market even legalized sports betting, Kambi was growing its top line at a Draftkings has accounted for a little less than half of the US contribution. One thing to consider in valuation is the asset value and replacement value. Kambi is a truly unique asset and management and ownership recognizes this.

As such, they have a convertible note held at Kindred which is effectively a poison pill to prevent a hostile takeover attempt. Draftkings perhaps would prefer to acquire Kambi than SBTech, but no way management is selling. To value Kambi directly, we rely predominantly on DCF. While Kambi does not disclose the GGR or NGR metrics for their operators, we can back into a rough approximation of the historical numbers and forecast them going forward.

Tax rates are the most challenging assumption here because we do not know the geographical distribution of GGR and tax regimes vary widely. Even within the US there is a high degree of variance. As for take rate, we know from triangulating around industry sources and company conversations that today they are in the mid-teens and take rates have come down modestly in the past few years.

With some smaller operators, early on, take rates have been as high as the low 20s. Some of the US operators were more insistent on joint venture relationships which have an even higher implicit cost than a take rate, for even lower quality. Here is where we think GGR has come from and where it will go:. While we hardly expect these market shares to remain constant over time, we think with its crop of partnerships Kambi has cemented its place as a key provider in the US sports betting industry.

Importantly, we see upside not just for the base case market shares, but also for the potential size of the US market. Rather than incorporating that into our estimates, we will leave any upside for optionality on top of our base expectations. Kambi sees great potential in Latin America and APAC though given we are less familiar with those markets and the sporting industry in general is far less mature there, we are not willing to incorporate that into our expectations.

As of today, the company need not hire more traders as discussed above , with incremental investments flowing predominantly into state-by-state launches and technology. The launch costs will roll off and incremental technology investments will continue, though with benefits of scale affording more overall technology investment at a lower percent of revenues. Pulling it all together, this is how we think about the value in Kambi:.

It is important to emphasize that while the model is close to a straight-line CAGR, the reality for Kambi will be very different. Embedded in here are assumptions on future states legalizing and then regulating betting, including California. Consequently, there will be considerable lumpiness to the actual path.

Additionally, sports betting itself is cyclical, with notable spikes around major events like the World Cup and varying degrees of interest in events like the Super Bowl depending on the teams involved. The key takeaway is what the company will likely look like in once more states have had the opportunity to legalize and regulate sports betting and the United States becomes the most important global market for sports betting.

If the US market does not develop as contemplated, the stock today trades at reasonable values. Growth will still register low double-digit levels, on near all-time low multiples at 3. The adverse scenario in the US market would still result in a stock that is undervalued on DCF, cruising along as a rule of 40s SaaS operator with long-term margin leverage. This can come either from new entrants in B2B or more large suppliers buying or building their own backend.

SBTech in particular competes with a broader suite of services including marketing services and digital casino games, while Kambi operates as a pure sports operator. Neither boasts the quality of Kambi; however, both use other levers to try and capture their share of the sports business. This can manifest in several ways. States can be slower to legalize sports betting than expected. States and countries can also be more aggressive on the tax front.

The impact of taxes hits twice. Taxes factor directly into the calculation of odds, so higher tax rates make odds less favorable, which translates to lower betting volumes, plus operators must give up more of that volume.

Integrity fees. Leagues are strategizing on how they can monetize betting and while no outright integrity fees have been demanded from US leagues there are intimations that leagues will use data in order to grab their cut. Customer concentration. Kindred Group is an especially large partner globally while Draftkings is a large US partner. June 26, Page 6. Past performance is not necessarily indicative of future results.

These views are subject to change at any time based on market and other conditions, and RGA disclaims any responsibility to update such views. Past performance is no guarantee of future results. No forecasts can be guaranteed. These views may not be relied upon as investment advice.

The investment process may change over time. The characteristics set forth above are intended as a general illustration of some of the criteria the team considers in selecting securities for the portfolio. Not all investments meet such criteria. Prior to joining RGA, Elliot was a Principal and Managing Director at AustinWeston Asset Management LLC, a value-driven investment management firm, where he specialized in discovering and analyzing long-term investment opportunities and strategic portfolio management.

His professional asset management career began as a Proprietary Equities Trader at Chimera Securities, LLC, where he developed his own unique trading strategy, integrating both fundamental and technical analysis. From T3, Elliot joined the Wall St. Cheat Sheet, a financial media website specializing in news and analysis on events in the investment and entrepreneurship space. As Managing Editor at the Wall St. Cheat Sheet, he authored numerous columns on investment ideas and philosophies, macroeconomic policies, and trends in technology and innovation.

His works and opinions have been published on Yahoo! Finance, TheStreet. While still at the Wall St. He is admitted to practice law in New York State.

Many regular people cheered and entrepreneurs greeted the news with enthusiasm.

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Hot odds betting tips 1x2 wood In other words, betting short priced favorite staffing stocks. I made a rookie mistake the last few months. He is writing a lot about product and community so I encourage founders and product people to follow Integrity fees. This level of activity is a clear sign that KKR is recovering from the pandemic-related economic turndown. A scale operator sees more flow and has insight into whether their lines are priced appropriately.
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Betting typ 16-6 Salton, 55, has three pension pots and owns two properties with his wife, who also has her own pension. Prioritizing economic support over inflation bitcoins explained simply dresses seemed like betting short priced favorite staffing right move: Many emerging market central banks initially offset the impact of fleeing foreign investors and rising borrowing costs, while helping to lift their stock prices. There was a relatively wide intraday range day for markets, but by the close of business most indices were back where they started. The most recent declaration, made in December, was for a cent per common share dividend that was paid out in mid-January. What to Watch: Democrats to argue Trump alone incited mob Senators vote to proceed with trial as Trump fumes Mary Trump makes blunt prediction about Ivanka.
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Looking at Textainer for B. Riley, analyst Daniel Day is deeply impressed. He sees this company as the lowest priced among its peer group, with a strong market share in a competitive industry. Day's is the only recent analyst review of this company, and it is decidedly positive. Disclaimer: The opinions expressed in this article are solely those of the featured analysts.

The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. The perks of agingOnce you turn 50, and especially after age 65, you can qualify for extra tax breaks. Older people get a bigger standard deduction, and they can earn more before they have to file a tax return at all.

General Motors topped Q4 estimates and gave strong guidance, but said the global chip shortage will hit profits. So, is Pfizer stock a buy now? Archer announced Wednesday a merger agreement with special purpose acquisition company Atlas Crest Investment Corp. Archer is developing the an all-electric vertical takeoff and landing aircraft, that is capable of transporting people up to 60 miles at miles per hour.

Separately, United Airlines Holdings Inc. The stock, which went public on Dec. The company may be on the cusp of something big. But what happens if BioNano stumbles at some point down the road? Or, if markets overall head lower, which could have an outsized negative impact on high-flyers like this one?

Shares might not collapse back to their prior penny stock status, but those dabbling in it today should bear in mind that potential downside risk may outweigh the opportunity for more gains. One word: Saphyr. Tools like this one could help medical researchers turn genomic information into future therapies and treatments. And why investors have been willing to bid up BNGO stock. Yet, its future success is far from guaranteed. And not in a good way. Dilution Risk and BioNano Much like other hot stocks out there, this company has capitalized on the heavy interest in its stock by raising capital via two separate equity offerings.

The first, on Jan. The second, on Jan. With these equity sales, the company has replenished its coffers. As it remains in the early stages, it needs outside capital infusions like this to sustain itself while it scales to profitability. But the shareholder dilution that comes with this financing could affect how BNGO stock performs in the future. As the amount of outstanding stock increases, future upside is spread more thinly across shares. According to the consensus breakdown, shares get a Strong Buy consensus rating based on 3 Buy ratings and 1 Hold rating.

On one hand, the company could see tremendous success from its Saphyr genome mapping system. On the other, with high expectations already factored into its share price, any sort of disappointment could send it in the wrong direction.

Disclosure: Thomas Niel held no position in any of the stocks mentioned in this article at the time of publication. Disclaimer: The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities. Novavax said in January its coronavirus vaccine was It's also effective against variants.

It's now seeking authorization. Is NVAX stock a buy? Once the second-largest U. Salton, 55, has three pension pots and owns two properties with his wife, who also has her own pension. These stunning figures would seem to demand that mutual funds highlight the importance of dividend income.

If you want to do better than that, though, the REIT sector is a great place to begin your search for high-yield dividend stocks. REITs are companies that acquire, own, operate, and manage real estate portfolios, usually some combination of residential or commercial real properties, or their associated mortgage loans and mortgage-backed securities.

Tax law requires that these companies return profits directly to shareholders, and most of them choose dividends as their vehicle of choice for compliance, resulting in frequent high dividend yields across the sector. The slowly ebbing COVID pandemic was hard on real estate managers, as tenants had trouble making rents and owners had trouble leasing vacant space.

These are stocks that the analyst initiated Buy ratings on, pointing out their high dividend yield. Ares boasts a diversified portfolio — featuring office space, apartments, hotels, and mixed-use properties — mainly across the Southeast and West. On the dividend front, Ares declared in December its 4Q20 dividend. The payment, at 33 cents per common share, was paid out on January 15 — and is fully covered by current income levels.

This level of activity is a clear sign that KKR is recovering from the pandemic-related economic turndown. The solid foundation put the company in position to continue its dividend — which has been kept reliable for four years now. The most recent declaration, made in December, was for a cent per common share dividend that was paid out in mid-January. We expect increased capital deployment to support earnings power and dividend coverage, and could potentially warrant an increase in the dividend as the macroeconomic outlook improves.

Put together, the stock has a Moderate Buy consensus rating. Meanwhile, the average price target stands at The last declaration was made in December, and the dividend was paid out on January Overall, there is little action on the Street heading STWD's way right now, with only one other analyst chiming in with a view on the company's prospects. Dow 30 31, Nasdaq 14, What you do when you deliver this end-user product called sports betting?

You can look at it this way, somewhere in the world , events per year is played in all various types of sports. They may have some relevance to some end users to bet on. We buy data from all these events in realtime. And this date then streams into our system and our organization.

So there we work with a mix of specialist traders and algorithms. So we use that data to — for any really type of occurrence of what can happen here to predict the outcome. So I think we heard before, we — today, we do in a month million predictions like that, which is what we call odds spin. It is impossible to, at that scale with a quite small margin, get that probability right every time. So in the lifecycle of an odd as we publish it on the site, a lot of new information comes.

You have bets being placed, you have market movements, you may have injury news, you may have a really big bet or you may have really a high accumulated risk for one operator. And our risk management is about really optimizing at all times the price given this new information that we get. At the heart, really, of risk management for us comes what we call player profiling. So this is about for every end user really that does something with our product, we build a profile of future profitability of that player.

So adapt the price. Further, Kambi gives their partners great latitude in how they want to use the platform for their own differentiation:. Kambi takes all the heavy lifting through the provision of sophisticated technology, a powerful sportsbook core and an experienced trading and risk team to deliver exciting sports betting experiences, while the operators, if they so wish, can work with us to co-create how those experiences are packaged and presented, as well as what levels of vig are applied per sports and per market.

You have our full product either end to end with a mobile and web client or you can work directly on our APIs and create this yourself. The first one is could you just elaborate a little bit what you meant on the conservative API approach to tech integration? And does that affect your capacity to generate additional synergies above that GBP million target?

And the second one is, are there any gray markets that TSG operates in that you or the Flutter Board would consider exiting? Thanks, Ed. Look, in terms of the first question about a conservative API approach, if I look at how we manage the Paddy Power Betfair integration work, we effectively had to turn the Betfair technology stack into something that could operate on a certain multi-brand, multi-jurisdictional basis.

And that will allow us under this transaction — this proposed transaction to effectively allow teams with their own front-end platforms to maintain those product road maps, but then just to fit into a back-end betting platform and our global risk and trading capability, which we think will allow us to maintain momentum into the business, maintain individual identities associated with the brands but still deliver some considerable cost savings.

Following the completion of the Flutter and TSG merger, the combined entity will be the largest sports betting company in the world. The entirety of the synergies add up to 7. Simply put, the synergies are a fraction of the rationale behind the deal, with cross-selling the customer file serving as the primary motivation. In effect, within Flutter, you have two separate companies with little vertical synergy, relationship or cross pollination between the teams.

Front-ends have fundamentally distinct skill sets from back-ends. Front-ends have customer files and marketing prowess, whereas the back-ends are the technology. The Flutter team makes it abundantly clear that the front-end and back-end are essentially two entirely different businesses. If you want the best multi-jurisdiction sports book, Kambi is essentially the only option for a high quality operator. A look at the common-sized income statement of Kambi a pure back-end versus Kindred a pure front-end paints a clear picture of the distinct differences in the two business models:.

The two highlighted lines are the big points where Kambi must spend more than Kindred, but importantly, these are the two lines with the most leverage on the income statement. As Kambi grows, the highlighted expenses will shrink, while Kindred will remain in steady state in aggregate. This is the skill divide between the two: back-ends are competent in technology, while front-ends are competent in customer acquisition.

There is very little incremental cost to onboard a new partner. Meanwhile, Kambi can continue to invest in product development and share the benefits of that investment with their partners. Kambi has employees today, which includes traders and developers.

The trading team is the non-SaaS piece; however, that is already at its mature size. Meanwhile, the company is recruiting more developers in order to continue enhancing the technology side. A key area within technology is risk management, where you need a higher degree of control to make sure no one has better information and better stakes.

The infrastructure to aggregate, analyze and apply data is also a key area of investment. As of today, Kambi makes million odds changes per month. In order to accomplish this feat, you need exceptional technology and people behind it. The investment is considerable and few, if any front-ends have the scale in order to do it on their own.

And what we focus on is that second point there. That opens doors. For example, since our inception we have been careful to avoid markets where gambling is prohibited. This was a conscious and long-term decision as, not only is it the right thing to do, but we realized it was likely to be looked favorably on by regulators when moving into new territories in the future — particularly in the U.

Kambi is discriminant about who they are willing to partner with and will only partner in regulated markets. This is important for both regulators and prospective partners, as their primary competitor in the pure-play back-end is not nearly as discriminant. But so far I am very pleased that we have been able to win our top targets. The selected confidence interval indicates that on average, for 19 months out of 20, the actual return should be between the two tracking error lines.

Over time the tracking error band has become narrower, indicating that the monthly margins have become more stable. While Kambi has not revisited this specific chart, they have shown what the daily, weekly, monthly, quarterly and annual distribution of operator margins looks like:.

This is the nature of a business relying on assessment of probabilities. You can set the right probability for an outcome to happen, yet still lose. Without skill, the longer time-frames would also be random; however, with skill the longer timeframe would smooth the outcomes. That is clearly the case here.

While the day-to-day can be volatile, the range of outcomes narrows as the timeframe is extended. We have spoken to industry experts, including employees at Draftkings involved in onboarding Kambi and at Kambi involved in managing the Draftkings relationship. Meanwhile Kambi will continue improving, such that Draftkings would be trying to catch a moving target.

This risk management side is especially compelling. Notably, Kambi will take action from these people, but in small amounts, because learning their intents help in the process of refining their own line making. Vegas as often been more willing to take this kind of action and the sharp bettors claim this is the fundamental flaw in the European model.

Kambi brings their distinctly European model to the front-end operators they work with, even in the US. On their capital markets day, they pointed out how:. Ever since I started in , we have looked at this chain being about one thing. In the end, it is about user experience, it is about delivering entertainment. Handicapping the probabilities is obviously an important endeavor, but so too is managing the user experience.

Kambi does not exist to serve as a counterparty for sharp bettors. If a book consistently provides opportunity to those with an edge, the book will lose money. Kambi is not resting on its laurels as a European Model innovator. Instead, the company is opening its first US office in Philadelphia, a strategic location given both Pennsylvania and New Jersey are the large, early-adopter states.

The US office opened in Q2 and is in the process of staffing up. This will only help as more states legalize and regulate betting. Kambi boasts large insider ownership and is operated by its founders, with a shareholder friendly management team and aligned interests. They both say and do the right things:. And one of the absolutely most important task for us, as the management team, is to have a very stringent and sophisticated approach to our capital and resource allocation with the ambition of securing a high return on investments for our shareholders.

The company has a mandate to think long-term in capturing the large opportunity, while remaining anchored in establishing measurable, deliverable goals:. We break that down to company performance target on a yearly basis, which in turn gets broken down into quarterly key objectives.

And that gets actually broken down to departmental and team level within the company. And we, as the management, we monitor this on a monthly basis how the progress is and where we are. This will help innovate Kambi develop and tailor products that are more sanguine for the US sporting environment and create a local salesforce in the pursuit of partnerships. Please note, while the above chart is in US Dollars, much of the below conversation on TAM is covered in euros given that is the reporting currency for Kambi.

Pay attention to the currency, for we change from euros to dollars depending on the source. Inevitably TAM will be highly sensitive to the cadence of regions legalizing sports betting. And thus far there are pieces of evidence that show regulated market GGR could exceed expectations.

When we think about addressable market, the upside of converting a black market to a regulated market is intriguing. This is true for several important reasons, mainly built around the idea that establishing trust in a regulated market is far easier than in an illegal bookie scheme. Some people may just hold back on the actual volume they would like to play. Most importantly though is the innovation and creativity that legalizing these markets unleashes for the industry.

For example, were a starting QB to leave the game with injury, the odds of the next play being a completed pass would be drastically different than immediately before the injury. In-game betting is basically entirely novel to American sports bettors, yet in some respects, our favorite sports are perfectly suited for this opportunity. As a result of these unknowns, the range of potential TAMs is incredibly wide.

We think these results are highly achievable, even with the loss of Draftkings as a customer. Before the US market even legalized sports betting, Kambi was growing its top line at a Draftkings has accounted for a little less than half of the US contribution. One thing to consider in valuation is the asset value and replacement value. Kambi is a truly unique asset and management and ownership recognizes this.

As such, they have a convertible note held at Kindred which is effectively a poison pill to prevent a hostile takeover attempt. Draftkings perhaps would prefer to acquire Kambi than SBTech, but no way management is selling. To value Kambi directly, we rely predominantly on DCF. While Kambi does not disclose the GGR or NGR metrics for their operators, we can back into a rough approximation of the historical numbers and forecast them going forward.

Tax rates are the most challenging assumption here because we do not know the geographical distribution of GGR and tax regimes vary widely. Even within the US there is a high degree of variance. As for take rate, we know from triangulating around industry sources and company conversations that today they are in the mid-teens and take rates have come down modestly in the past few years.

With some smaller operators, early on, take rates have been as high as the low 20s. Some of the US operators were more insistent on joint venture relationships which have an even higher implicit cost than a take rate, for even lower quality. Here is where we think GGR has come from and where it will go:.

While we hardly expect these market shares to remain constant over time, we think with its crop of partnerships Kambi has cemented its place as a key provider in the US sports betting industry. Importantly, we see upside not just for the base case market shares, but also for the potential size of the US market. Rather than incorporating that into our estimates, we will leave any upside for optionality on top of our base expectations.

Kambi sees great potential in Latin America and APAC though given we are less familiar with those markets and the sporting industry in general is far less mature there, we are not willing to incorporate that into our expectations.

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Developed nations would likely weather the storm, but emerging markets "would probably hike interest rates" to stave off payment strains and inflation threats, the economist said. The stock market is hot off its best annual gain since , and investors shouldn't regard the new geopolitical risks as a significant threat to the record-long bull run, said David Donabedian, CIBC Private Wealth Management's chief investment officer.

But our view about this being a bull market has not changed," the CIO wrote. Donabedian pointed to the US's inflation rate, monetary-policy stance, and strong corporate earnings as signs of a healthy economy. He also cited the soon-to-be-signed US-China trade deal as a boon for the stock market. Past instances of sudden geopolitical uncertainty suggest that Friday's market swings will be short-lived, UBS said.

Investors should hold steady and not allow commentary around the Thursday attack to shift their strategies, according to the bank. The bank also told clients not to "expect a sustained oil price rally" and for gold to serve as "a good hedge against political uncertainty.

Iran's leadership is already considering "how, not whether," they will respond to the US attack, but a full-scale conflict is "unlikely," Ian Shepherdson, Pantheon Macroeconomics' chief economist, said in a note. Sanctions imposed on Iran by the US have already crippled the nation's economy, and Iranian officials are likely to stay away from any action that would plunge the two nations into war, the economist added.

Instead, Iran will turn to oil infrastructure if it looks to retaliate against the US, Shepherdson said. The country could also use kidnappings, assassination attempts, and other smaller-scale actions to escalate tensions, but the fresh fears of large-scale conflict will push oil prices higher, he added. Now read more markets coverage from Markets Insider and Business Insider:. AMD leaps to its first record high in nearly 2 decades.

Trump's tariffs are driving job losses and production cost hikes, the Fed says. Ben Winck. Oanda: "Gold will remain the favorite. Wedbush: "We would be using this morning's weakness to buy. Capital Economics: "Significantly raised the chances of an outright conflict. UBS: "Retain a long-term focus. European companies are already profitable, with scalable technology infrastructures.

Kambi offers its partners two essential services that are related to one another—1 they build the menu and set the lines, and 2 they manage the risk. What you do when you deliver this end-user product called sports betting? You can look at it this way, somewhere in the world , events per year is played in all various types of sports. They may have some relevance to some end users to bet on.

We buy data from all these events in realtime. And this date then streams into our system and our organization. So there we work with a mix of specialist traders and algorithms. So we use that data to — for any really type of occurrence of what can happen here to predict the outcome. So I think we heard before, we — today, we do in a month million predictions like that, which is what we call odds spin.

It is impossible to, at that scale with a quite small margin, get that probability right every time. So in the lifecycle of an odd as we publish it on the site, a lot of new information comes. You have bets being placed, you have market movements, you may have injury news, you may have a really big bet or you may have really a high accumulated risk for one operator. And our risk management is about really optimizing at all times the price given this new information that we get.

At the heart, really, of risk management for us comes what we call player profiling. So this is about for every end user really that does something with our product, we build a profile of future profitability of that player. So adapt the price. Further, Kambi gives their partners great latitude in how they want to use the platform for their own differentiation:.

Kambi takes all the heavy lifting through the provision of sophisticated technology, a powerful sportsbook core and an experienced trading and risk team to deliver exciting sports betting experiences, while the operators, if they so wish, can work with us to co-create how those experiences are packaged and presented, as well as what levels of vig are applied per sports and per market.

You have our full product either end to end with a mobile and web client or you can work directly on our APIs and create this yourself. The first one is could you just elaborate a little bit what you meant on the conservative API approach to tech integration? And does that affect your capacity to generate additional synergies above that GBP million target? And the second one is, are there any gray markets that TSG operates in that you or the Flutter Board would consider exiting? Thanks, Ed.

Look, in terms of the first question about a conservative API approach, if I look at how we manage the Paddy Power Betfair integration work, we effectively had to turn the Betfair technology stack into something that could operate on a certain multi-brand, multi-jurisdictional basis. And that will allow us under this transaction — this proposed transaction to effectively allow teams with their own front-end platforms to maintain those product road maps, but then just to fit into a back-end betting platform and our global risk and trading capability, which we think will allow us to maintain momentum into the business, maintain individual identities associated with the brands but still deliver some considerable cost savings.

Following the completion of the Flutter and TSG merger, the combined entity will be the largest sports betting company in the world. The entirety of the synergies add up to 7. Simply put, the synergies are a fraction of the rationale behind the deal, with cross-selling the customer file serving as the primary motivation. In effect, within Flutter, you have two separate companies with little vertical synergy, relationship or cross pollination between the teams.

Front-ends have fundamentally distinct skill sets from back-ends. Front-ends have customer files and marketing prowess, whereas the back-ends are the technology. The Flutter team makes it abundantly clear that the front-end and back-end are essentially two entirely different businesses. If you want the best multi-jurisdiction sports book, Kambi is essentially the only option for a high quality operator. A look at the common-sized income statement of Kambi a pure back-end versus Kindred a pure front-end paints a clear picture of the distinct differences in the two business models:.

The two highlighted lines are the big points where Kambi must spend more than Kindred, but importantly, these are the two lines with the most leverage on the income statement. As Kambi grows, the highlighted expenses will shrink, while Kindred will remain in steady state in aggregate. This is the skill divide between the two: back-ends are competent in technology, while front-ends are competent in customer acquisition. There is very little incremental cost to onboard a new partner.

Meanwhile, Kambi can continue to invest in product development and share the benefits of that investment with their partners. Kambi has employees today, which includes traders and developers. The trading team is the non-SaaS piece; however, that is already at its mature size. Meanwhile, the company is recruiting more developers in order to continue enhancing the technology side. A key area within technology is risk management, where you need a higher degree of control to make sure no one has better information and better stakes.

The infrastructure to aggregate, analyze and apply data is also a key area of investment. As of today, Kambi makes million odds changes per month. In order to accomplish this feat, you need exceptional technology and people behind it. The investment is considerable and few, if any front-ends have the scale in order to do it on their own. And what we focus on is that second point there. That opens doors. For example, since our inception we have been careful to avoid markets where gambling is prohibited.

This was a conscious and long-term decision as, not only is it the right thing to do, but we realized it was likely to be looked favorably on by regulators when moving into new territories in the future — particularly in the U. Kambi is discriminant about who they are willing to partner with and will only partner in regulated markets.

This is important for both regulators and prospective partners, as their primary competitor in the pure-play back-end is not nearly as discriminant. But so far I am very pleased that we have been able to win our top targets. The selected confidence interval indicates that on average, for 19 months out of 20, the actual return should be between the two tracking error lines. Over time the tracking error band has become narrower, indicating that the monthly margins have become more stable.

While Kambi has not revisited this specific chart, they have shown what the daily, weekly, monthly, quarterly and annual distribution of operator margins looks like:. This is the nature of a business relying on assessment of probabilities. You can set the right probability for an outcome to happen, yet still lose. Without skill, the longer time-frames would also be random; however, with skill the longer timeframe would smooth the outcomes.

That is clearly the case here. While the day-to-day can be volatile, the range of outcomes narrows as the timeframe is extended. We have spoken to industry experts, including employees at Draftkings involved in onboarding Kambi and at Kambi involved in managing the Draftkings relationship. Meanwhile Kambi will continue improving, such that Draftkings would be trying to catch a moving target.

This risk management side is especially compelling. Notably, Kambi will take action from these people, but in small amounts, because learning their intents help in the process of refining their own line making. Vegas as often been more willing to take this kind of action and the sharp bettors claim this is the fundamental flaw in the European model. Kambi brings their distinctly European model to the front-end operators they work with, even in the US.

On their capital markets day, they pointed out how:. Ever since I started in , we have looked at this chain being about one thing. In the end, it is about user experience, it is about delivering entertainment. Handicapping the probabilities is obviously an important endeavor, but so too is managing the user experience. Kambi does not exist to serve as a counterparty for sharp bettors. If a book consistently provides opportunity to those with an edge, the book will lose money.

Kambi is not resting on its laurels as a European Model innovator. Instead, the company is opening its first US office in Philadelphia, a strategic location given both Pennsylvania and New Jersey are the large, early-adopter states. The US office opened in Q2 and is in the process of staffing up. This will only help as more states legalize and regulate betting. Kambi boasts large insider ownership and is operated by its founders, with a shareholder friendly management team and aligned interests.

They both say and do the right things:. And one of the absolutely most important task for us, as the management team, is to have a very stringent and sophisticated approach to our capital and resource allocation with the ambition of securing a high return on investments for our shareholders. The company has a mandate to think long-term in capturing the large opportunity, while remaining anchored in establishing measurable, deliverable goals:.

We break that down to company performance target on a yearly basis, which in turn gets broken down into quarterly key objectives. And that gets actually broken down to departmental and team level within the company. And we, as the management, we monitor this on a monthly basis how the progress is and where we are. This will help innovate Kambi develop and tailor products that are more sanguine for the US sporting environment and create a local salesforce in the pursuit of partnerships.

Please note, while the above chart is in US Dollars, much of the below conversation on TAM is covered in euros given that is the reporting currency for Kambi. Pay attention to the currency, for we change from euros to dollars depending on the source. Inevitably TAM will be highly sensitive to the cadence of regions legalizing sports betting. And thus far there are pieces of evidence that show regulated market GGR could exceed expectations.

When we think about addressable market, the upside of converting a black market to a regulated market is intriguing. This is true for several important reasons, mainly built around the idea that establishing trust in a regulated market is far easier than in an illegal bookie scheme. Some people may just hold back on the actual volume they would like to play. Most importantly though is the innovation and creativity that legalizing these markets unleashes for the industry.

For example, were a starting QB to leave the game with injury, the odds of the next play being a completed pass would be drastically different than immediately before the injury. In-game betting is basically entirely novel to American sports bettors, yet in some respects, our favorite sports are perfectly suited for this opportunity.

As a result of these unknowns, the range of potential TAMs is incredibly wide. We think these results are highly achievable, even with the loss of Draftkings as a customer. Before the US market even legalized sports betting, Kambi was growing its top line at a Draftkings has accounted for a little less than half of the US contribution. One thing to consider in valuation is the asset value and replacement value.

Kambi is a truly unique asset and management and ownership recognizes this. As such, they have a convertible note held at Kindred which is effectively a poison pill to prevent a hostile takeover attempt. Draftkings perhaps would prefer to acquire Kambi than SBTech, but no way management is selling.

To value Kambi directly, we rely predominantly on DCF. While Kambi does not disclose the GGR or NGR metrics for their operators, we can back into a rough approximation of the historical numbers and forecast them going forward. Tax rates are the most challenging assumption here because we do not know the geographical distribution of GGR and tax regimes vary widely. Even within the US there is a high degree of variance.

As for take rate, we know from triangulating around industry sources and company conversations that today they are in the mid-teens and take rates have come down modestly in the past few years. With some smaller operators, early on, take rates have been as high as the low 20s. Some of the US operators were more insistent on joint venture relationships which have an even higher implicit cost than a take rate, for even lower quality.

Here is where we think GGR has come from and where it will go:. While we hardly expect these market shares to remain constant over time, we think with its crop of partnerships Kambi has cemented its place as a key provider in the US sports betting industry. Importantly, we see upside not just for the base case market shares, but also for the potential size of the US market.

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