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Steve Cohen’s New York City Wishlist Shrinks After Juan Soto Acquisition

Steve Cohen and his New York Mets landed the biggest prize of the MLB offseason after acquiring Juan Soto from the team’s crosstown rival New York Yankees.

Steve Cohen casino New York Juan Soto
Billionaire Steve Cohen landed MLB superstar Juan Soto in a record deal that will bring the slugger across town to New York City’s Queens. Cohen has his eyes set on another prize in New York for 2025. (Image: New York Post)

Cohen’s gift to Mets fans this holiday season is a bit costlier than your family white elephant exchange. The bidding war that included the Yanks, Boston Red Sox, Toronto Blue Jays, and Los Angeles Dodgers resulted in Cohen ponying up $765 million to bring the 26-year-old slugger to Queens for the next 15 years.

Soto’s deal is the biggest contract in sports history. Cohen reportedly told Soto during their meeting at one of the billionaire’s homes in California that he believes it’s his “civic duty” to make the Mets a winner and become the more respected team in the Subway series.

While Soto was Cohen’s focus for the Mets, the founder of the Point72 Asset Management hedge fund hopes to make an even richer bet in Queens next year by investing in the construction of an integrated resort casino at his Citi Field MLB ballpark.

Cohen’s 2025 Wishlist

The New York Gaming Facility Location Board is expected to determine the three winning casino bids for the downstate region by the end of next year. Cohen is in the crowded bidding pool in a partnership with Hard Rock International.

Cohen’s bid is considered a strong candidate due to the businessman’s endless pockets — Forbes estimates his real-time net worth at $21.3 billion — and close ties to powerplays in Albany, namely Gov. Kathy Hochul.

MGM Resorts is the front-runner for one of the licenses to transition its Empire City video lottery racino at the Yonkers Raceway into a Las Vegas-like resort casino with traditional slot machines, live dealer table games, and sports betting. Genting has also been labeled a favorite for its Resorts World New York City racino in Queens near JFK International.

Recently, however, there have been concerns about the Malaysia-based conglomerate allowing underground bookies and felons with illegal gambling convictions access to its Resorts World Las Vegas casino and sportsbook. RWLV fired its then-President Scott Sibella in September 2023. In January 2024, the gaming executive pleaded guilty to violating the Bank Secrecy Act, a federal law designed to prevent money laundering.

In 2022, Resorts World Las Vegas was also accused of allowing a convicted felon to hold a significant stake in one of its onsite restaurants, violating Nevada Gaming Control Board (NGCB) regulations.

Genting’s Misfortune Cohen’s Good Luck? 

Resorts World’s regulatory shortcomings in Nevada have presumably lengthened Genting’s odds of securing one of the three downstate New York gaming licenses.

RWNYC and Cohen’s Citi Field are less than six air miles apart, though the drive can take over a half-hour because of traffic. Still, because of their relative proximity, a decision by the state Gaming Facility Location Board to not grant Genting one of the three concessions would unquestionably shorten Cohen’s odds.

Dubbed Metropolitan Park, Cohen and Hard Rock have proposed an $8 billion Hard Rock Hotel & Casino integrated resort development with 20 acres of green space, five acres of athletic fields, a playground, and major improvements to mass transit.  

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Caesars Boosts Sports Betting Tech with ZeroFlucs Acquisition

In a move aimed at bolstering its sportsbook technology, Caesars Entertainment (NASDAQ: CZR) said today it is acquiring ZeroFlucs Group Pty Ltd.

Caesars hedge funds
Visitors entering Caesars Palace Las Vegas. The operator is acquiring ZeroFlucs to add to its sports betting tech stack. (Image: David Paul Morris/Bloomberg)

The Australian company is a software provider whose products allow sportsbook operators to efficiently update odds and pricing while maintaining existing data relationships. Financial terms of the transaction were not disclosed.

The ZeroFlucs acquisition follows a successful integration of ZeroFlucs’ technology into the Caesars Sportsbook platform through a commercial arrangement that enabled the recent launch of new products, such as in-play same-game parlays (SGPs) and a vastly improved menu of ‘SGP-eligible’ markets for Major League Baseball,” according to a statement.

Caesars did not say when the transaction will close, but the buyer noted Steve Gray and Carly Christensen will remain at the helm of ZeroFlucs with Christensen joining Caesars Digital as senior vice president of price technology.

Sports Betting Tech Race Heating Up

The Caesars deal for ZeroFlucs is the latest sign of an intensifying race for sports wagering technology.

The transaction was announced less than two weeks after MGM Resorts International (NYSE: MGM) said its LeoVegas unit would purchase the US iGaming and sportsbook operations of Tipico Group for an undisclosed sum — a move market observers believe is largely rooted in technology.

With live betting and SGPs prime avenues through which sportsbook operators can increase hold and profits, shoring up tech stacks becomes an essential objective because many bettors that are enticed by these long odds wagers will make decisions on where to place those bets based on operators’ tech offerings.

Regarding ZeroFlucs, “the acquisition cements a relationship between the companies that has already improved the customer experience and will continue to unlock exciting new product features and benefits for Caesars Sportsbook bettor,” added Caesars in the press release.

How ZeroFlucs Can Help Caesars

As technology further penetrates the world of sports wagering, speed is essential in boosting the menu of live wagers a sportsbook operator can offer bettors.

In nearly all major team sports, in-game odds can shift on a play-by-play basis — a touchdown, a home run, etc. Sluggish technology can force operators to only refresh odds during breaks in the action, but wise bettors know they might not be getting the best odds.

Specific to ZeroFlucs and Caesars, the acquired company’s competencies in baseball SGPs could be enticing because due to the slow-moving nature of that sport, it’s conducive to SGPs and live wagering. That fact isn’t lost on gaming companies and with better technology, it’s possible operators will lure more bets on baseball — a sport that trails football and basketball by handle by wide margins.

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Softswiss Strengthens Its Position in Europe by Acquisition of Ously Games’ Social Casino

Softswiss continues to acquire big industry names all over the world, and the most recent is purchasing stakes in Ously Games GmbH from Germany, following the acquisition of Turfsport in January 2024.

Acquisition of the biggest social casino in Europe

softswiss_takes_stake_in_major_european_social_casinoThe company is best known for its popular social casino SpinArena.net, which is the largest social casino in the whole of Europe, and now Softswiss has a significant stake in it.

On the other hand, Ously Games will get a chance to try some of the most advanced technologies and modern solutions developed by Softswiss.

Social casinos recorded rapid growth in the recent period, so some people call it the future of gaming, and it seems that Softswiss recognized its potential. One of its main assets is gaming and betting without real money included, so it’s completely risk-free for players. Instead, they can use virtual currency to place their bets, and the revenue comes mostly from sales of virtual goods.

The good news for operators is that social casinos don’t require licenses, and there aren’t any advertising restrictions. According to Softswiss, the global social casino market will be worth around $10 billion by 2030. At the moment, around $85 million people are active on social casinos.

SpinArena.net currently offers more than 3,000 captivating games from about 40 providers. Its players network has more than 700,000 players, and its annual turnover is €1.0 million.

Softswiss’ founder, Ivan Montik, commented on the deal: “Anticipating the development of social casinos within the igaming industry, Softswiss made strategic investments to diversify its portfolio. Together, we aim to create a comprehensive platform for social casinos, enriching the robust ecosystem of igaming products provided by our company.”

Jochen Martinez, the owner of Ously Games, added: “We are delighted to forge a strategic partnership with the global technology provider Softswiss. This alliance brings invaluable insights, innovations, and profound expertise to both parties.”

Successful year

The year started well for Softswiss. In January, the company expanded to Africa through a deal with Turfsport. Turfsport is one of the leaders in the industry when it comes to sports betting, horse racing, and lotto. Its operations in South Africa are recognized by more than 40 operators who want to partner with the company in this market.

Andrey Starovoitov, co-CEO, thinks that the African expansion is the natural next step for Softswiss since that market keeps growing rapidly, becoming more and more important in the global iGaming industry. He said: “With this agreement, Softswiss takes a significant step forward in its extensive expansion into South Africa and the African continent. I believe this region is becoming the next focal point globally, following Latin America.”

Source: “Softswiss takes stake in major European social casino”. iGamingBussines. April 17, 2024.

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Allwyn’s US and UK Acquisition of Camelot Assets Produce 80% Revenue Spike

allwyn-_camelot_assets_produce_80pct_revenue_spikeThe 80% is more specifically 81.4% and represents the sum of €1.58bn even with the company’s[ UK results falling nearly 2% to €1.01bn.

Explaining the rapid jump in numbers, a company statement read: “In Q1 2023, we completed the acquisitions of Camelot UK, the current operator of the UK National Lottery, and Camelot LS Group, the current operator of the Illinois Lottery under a private management agreement. These acquisitions have a significant impact on consolidated metrics of the Group and comparability with previous periods.”

Most Markets Up

Most markets were up for the provider with Italy falling a scant 0.6% while Greece and Cyprus together saw a 14.6% increase to €552.9m, Austria contributing €388.4m, (+19.3%) and home base the Czech Republic producing €125.4m, an increase of 17.2%.

Allwyn CEO, Robert Chvatal commented: “I am pleased to report that Allwyn had a strong start to the year, reflecting our ongoing focus on driving organic growth as well as continued progress in our inorganic growth strategy, with the results of the first quarter including the contribution from a total of seven lottery markets. Meanwhile, we have remained focused on our responsibilities to all our stakeholders and on safer gaming.”

The chief summed up the massive growth in revenues by explaining that 17% came from pre-existing geographic markets as well as first-time contributions from the UK market. The Camelot purchase included not only Camelot UK but also the Camelot LS Group. The latter operates the massive US Illinois lottery under a private management agreement there.

He explained how existing market success was further powered by digital channels as well as physical retail sales and the falling off of some Covid-19 impacts from last year that is no longer affecting current sales.

“We once again saw the resilience of demand for our products, even in an environment where consumer spending remains under pressure. We continued to deliver strong margins and generate robust free cash flow, reflecting our favorable cost structure and focus on cost and capital efficiency. The completion of two landmark acquisitions in the first quarter underscores our continued success in executing our inorganic growth strategy. The acquisition of Camelot UK, the current operator of the UK National Lottery, supports the successful delivery of the National Lottery through 2023 and over the next decade.“

Camelot LS was owned by the Ontario Teachers’ Pension Plan Board of Canada prior to Allwyn’s acquisition. In early December 2021, the Czech gambling group then known as Sazka Entertainment began to conduct business under the corporate identity of Allwyn for all of its properties assets when named as the “preferred bidder” for the fourth UK National Lottery license.

In a short time, the former Czech Republic-based company (now headquartered in Switzerland) has been operating in new markets globally it has included the US through the Illinois lottery, its first foray into the US lottery landscape once wholly dominated by Scientific Games and GTECH/Lottomatica (now IGT via acquisition).

Chvatal explained the importance of expanding lottery operations into such markets: “<Camelot LS Group provides> interesting strategic optionality through its in-house iLottery technology.”

In financial dealings, he noted: “The continued strength of our financial performance supported our successful financing activities after the end of the quarter, with Allwyn issuing €665m and $700m long-dated bonds in a single transaction. This financing represented our first US-dollar bond issuance, further diversifying our sources of funding, as well as significantly extending our debt maturities and further simplifying our capital structure.”

In closing, Chvatal said he was very pleased with the start to 2023 and said it placed the company well for continued success throughout the rest of the year as well as for “the next chapters of our growth story.”

Source: Allwyn Entertainment reports 80 per cent jump in revenues with addition of Camelot G3 NewsWire, June 15, 2023

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