May 2023 Fund Update

May 2023 Fund Update

In May last year, we first discussed the opportunity of crypto wagering, which is the fastest growing part of the wagering industry. Some online crypto operators have rapidly become large businesses and well-recognised global brands, such as Stake.com and Sportsbet.io. Whilst there are numerous existing B2B wagering platforms for fiat operators, there are just a handful of platforms built for crypto operators.

April 2023 Fund Update

April 2023 Fund Update

The large betting syndicates receive generous rebates from pari-mutuel/tote betting for providing liquidity. This gives them a significant edge over other participants. To receive this rebate, bettors need to turnover vast sums of money.
There has never been more data and technology applied to professional betting as there is today. The increasing power and prevalence of AI is the latest wave of technological disruption, which presents opportunities and threats to betting syndicates.

March 2023 Fund Update

March 2023 Fund Update

India’s online wagering market is growing at a rate of over 20% annually and has become an attractive market for global operators and B2B suppliers due to the country’s rapid development (GDP per capita has doubled since 2009) and the presence of over 370 million bettors. ​​The Indian cricket wagering industry alone is estimated to already be worth US$150 billion, with around 85% of Indian bettors wagering on the sport.

February 2023 Fund Update

February 2023 Fund Update

US bettors are incredibly frustrated with both the US online wagering experience and the US taxation system (regarding the treatment of winnings). These hurdles are pushing volume to unregulated operators, such as those operating in Costa Rica. Regulated operators (such as FanDuel) are able to develop strong brand awareness in the US through marketing channels unavailable to unregulated operators. A vote on Flutter’s US listing would require a 75% approval rate at Flutter’s April annual meeting.

January 2023 Fund Update

January 2023 Fund Update

Online crypto operators, such as Stake.com and Sportsbet.io, have a similar user experience to online fiat operators, and are already recording extraordinary turnover. We are seeing opportunities emerging to invest in the next generation of wagering platforms, leveraging new technology and embedding modern third party integrations. These platforms will integrate crypto at the technology layer rather than as an afterthought. Considering the continued growth of crypto wagering globally as well as all online wagering in the US, we are very excited by the possible opportunities.

December 2022 Fund Update

December 2022 Fund Update

The world’s largest professional betting syndicates wager billions of dollars each year by exploiting a unique ‘edge’ across sports and horse racing. There are several emerging syndicates across both sports and horse racing. One such racing-focused syndicate is led by Dominic Catsaras and another syndicate focused on tennis is led by Tom Dry. 

November 2022 Fund Update

November 2022 Fund Update

Flutter effectively leverages its experience gained outside the US to grow FanDuel with a focus on near-term profitability. In 2021, the US represented just 22.5% of Flutter’s overall revenue. Flutter’s third quarter results demonstrated FanDuel’s clear market leadership, with 42% gross gaming revenue market share in online sports betting and 18% market share in iGaming.

October 2022 Fund Update

October 2022 Fund Update

Another way that bookmakers can appeal to a younger, digital-native generation of bettors, is by promoting the social aspect of betting. Bettors have always discussed their top picks with their friends, but this was not previously embedded within bookmakers’ apps. By bringing together social media and wagering, bookmakers hope to improve customer retention and lifetime value. Social betting also plays into the growth of influencers, with respected bettors able to build large followers who can copy their bet.

September 2022 Fund Update

September 2022 Fund Update

Wagering companies are slowly adopting a new approach when it comes to their marketing strategy, with more and more businesses turning to influencers to spread the word. That’s not to say the value of traditional marketing has been lost; both have a role to play and both serve very different yet important functions. Traditional marketing is critical at a macro level to build brand awareness, reach mass audiences, and further brand alignment. On the other hand, influencer marketing allows brands to connect more closely with their customers, creating a more subtle and meaningful way for businesses to drive sales.

August 2022 Fund Update

August 2022 Fund Update

There are 3 billion video gamers globally and 54% of frequent gamers believe that gaming helps them connect with their friends (ESA). The first PlayStation was released in 1994 and the first Xbox followed in 2001. Runescape was released in 2001, paving the way for the growth of MMORPG (Massively Multiplayer Online Role Playing Games), allowing millions of players to connect, chat and compete together.