Good Morning. Tekkorp Capital, an investment and M&A advisory firm, has confirmed that it’s teaming with News Corp and sports betting veteran Matt Tripp to launch a new online brand in Australia. In today’s Face-to-Face, the firm’s CEO Matt Davey talks to us about how he believes the new outfit will add value to the booming, but well-established market. He also talks about how valuations amongst igaming companies have declined in the first quarter of this year and this is likely to lead to a new wave of mergers and acquisitions in the industry.
What you need to know
- Media giant News Corp is entering the Australian sports betting market through a venture with industry veteran Matt Tripp and investment and advisory company, Tekkorp Capital.
- Bloomberry Resorts Corp. chairman Enrique Razon has high hopes for the company’s online gaming business, and is expecting revenue to continue to pick up as the company grows the business.
- Imperial Pacific’s exclusive casino license hangs in the balance of a hearing in Saipan which has been set for May 3.
On the radar
- Gaming industry execs see “modest expansion” in coming months: AGA.
- Bloomberry amends share incentive plan to exclude non-exec. directors.
- MGM Resorts gets $59m 1Q22 distribution from MGM Growth Properties.
What the papers say
- Genting’s Crystal Cruises to auction off gaming machines, artworks.
Tekkorp Capital is seeking to shake up Australia’s sports betting industry with an investment in a new venture, that also combines entertainment giant News Corp and industry visionary Matt Tripp. In this week’s Face-to-Face interview, Tekkorp CEO Matt Davey tells us that although the Australian market has been booming, there’s room for more competition and innovation. He explains that there have only been three game-changing products in sports betting in the past decade and the new player wants to change that. Davey also predicts a further wave of mergers and acquisitions in the global igaming industry, fuelled by a recent decline in valuations.
- MGM China wins Bronze for Asia’s Best Sustainability Report at ASRA.