Did Entain change its mind about selling PartyPoker? 5a496d
Recent developments suggest that it has, and that’s encouraging news for the future of WSOP NV.
Let’s break down what’s happening and what it means for BetMGM Poker NV:
What’s this all about? 381v1b
Entain, the UK-based gaming conglomerate that owns half of BetMGM, announced Monday that it has concluded a strategic review of its assets and found that it can do just fine without Crystalbet, an igaming brand in Georgia (the European country). It will likely sell Crystalbet soon.
Note: MGM Resorts International owns the other half of BetMGM.
Okay. So? 🤷🏼♂️ 3r362c
Well, two months ago, Entain was reportedly interested in selling PartyPoker, among other things. Entain is a big company with lots of subsidiaries and igaming brands — including Coral, Enlabs, Eurobet, Foxy, Ladbrokes, and SuperSport.
But in a PartyPoker. The company said it had completed a strategic review it started in January and decided to part with Crystalbet, but nothing else.
This is great news because, if Entain has determined that PartyPoker was a “non-core” asset, it could have led to the demise of BetMGM Poker.
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Did Entain change its mind about selling PartyPoker? 5a496d
It appears that way, yes. The board at Entain could always change its mind down the road and sell PartyPoker, but for now it appears that the threat of a sale has ed.
What does PartyPoker have to do with BetMGM Poker? 3i6s40
PartyPoker software powers the BetMGM Poker platform. The software has allowed the operator to open online poker rooms in Michigan, New Jersey, Ontario, and Pennsylvania. It would also BetMGM’s initiative to offer online poker in Nevada — and that appears to be among the reasons why Entain is hanging on to PartyPoker for now.
Note: Since Entain owns the software, PartyPoker also powers the online poker rooms for other Entain brands, like Bwin Poker.
Did Entain say anything about launching BetMGM Poker NV? 4l6s4d
Not directly, but Entain did say that its capital allocation committee, the entity that conducted the strategic review for the board, found “significant upside by focusing on delivery of the Group’s strategy of returning to organic revenue growth, expanding margins and winning in the US.”
Entain said it wants to “win in the US,” but aren’t they just talking about sports? 243d
We don’t think so — although it’s true that Entain did say it made progress on “delivery of the product roap for BetMGM” and referenced Angstrom Sports, the data analytics firm it purchased last year for £203 million (then worth about $265.7 million USD).
Sports wasn’t all Entain had to crow about. Right after it mentioned Angstrom, the company said the Nevada Gaming Commission (NGC) had “unanimously approved the applications of Entain and certain of its subsidiaries without limitation.” That includes Entain’s application for an interactive gaming service provider license for its PartyPoker software.
With MGM getting its license extended by Nevada regulators BetMGM Poker NV appears closer than ever to becoming a reality.
What could happen if Entain decided to sell PartyPoker? 3g5j3c
Here’s where things get a little worrisome. If Entain were to change course and sell PartyPoker later, we see three scenarios:
- MGM acquires PartyPoker and its underlying tech
- Another operator acquires the tech and leases it back to BetMGM
- Same as above, but the operator decides not to lease the tech
The real danger lies in that third scenario. It would likely spell the end of BetMGM Poker — unless it found another supplier, which would be highly unlikely.
Uh oh 😨. Have any of BetMGM’s rivals expressed an interest in PartyPoker? 32g1c
Not up to this point — at least, not publicly. DraftKings is usually mentioned as a potential suitor but this would be bad news for online poker fans since DraftKings has never expressed any interest in offering online poker anywhere. You may recall that DraftKings tried to Golden Nugget Online Gaming that year to the tune of roughly $1.56 billion.
Would DraftKings have the money for PartyPoker, too? Maybe. PartyPoker was valued at about £4.6 billion ($8.6 billion USD) back in 2005, according to the industry newsletter _Earnings+More. It’s not worth anywhere near that today.
Got it. Wow, so this really sounds like good news 🥳! 3c3n28
Yes, we think so. Stay tuned, of course. Entain said it would provide more information in August with its interim results.