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Bengtsson said the split between casino and sports betting for SunBet was roughly 90% to 10% in favour of casino, with Sun International “under-indexing on sportsbook”.
But Sun International views that as an opportunity, with Bengtsson stating: “We think the market overall is probably somewhere around 35%-40% sportsbook.
“So that is the delta we have to close by delivering a better product and better operational intensity in our sports business.”
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According to Multiples.VC, the average enterprise multiple (EV/EBITDA) of top US-listed gaming companies is currently 10x. Data from New York University last updated in January pegged the overall market average at 23.9x and 19.7x among EBITDA-positive firms, suggesting the sector is undervalued relative to other industries. In a report released Monday, Fitch Ratings said most North American gaming companies hold “Stable” outlooks with “adequate rating headroom” despite consumer headwinds.
Macquarie’s Beynon agrees with that sentiment, pointing to the relative stability of gaming companies through tough economic stretches such as the Covid-19 pandemic. Bankruptcies in the sector have been low relative to the broader market, he notes, and both land-based and digital companies have reason for optimism moving forward.
“It’s certainly not lost on us that this sector has underperformed for several years in a row just because it doesn’t have either the growth of say, tech companies, or the perceived free cash flow-insulated businesses, which we believe it does…We’ve thought there’s been value in the sector for a few years, particularly this year,” he told iGB.
About Hercules Son Of Zeus
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