EGR Power 50 2023: Ones to watch
Proudly sponsored by
Fanatics Betting & Gaming
After snapping up PointsBet’s US arm for $225m in June, despite almost being gazumped by DraftKings, Fanatics Betting & Gaming looks a sure thing for next year’s rankings. Backed by a database of millions thanks to the sports merchandise business, the operator was live in 13 US states for the NFL season as it adopts a dual-brand strategy with Fanatics Sportsbook and PointsBet, the latter of which ranked third in Eilers & Krejcik Gaming’s recent sports betting app testing report. Fanatics Sportsbook is also set to enter Connecticut and serve as the Connecticut Lottery Corporation’s new exclusive betting partner, which means going up against the state’s two other sportsbooks, FanDuel and DraftKings. Let battle commence.
Hollywoodbets
Established in 1986 as a publisher and distributor of horse playing cards, the firm made the pivot to offer gambling in 2000 with the launch of a retail branch in Durban, South Africa, under the Hollywoodbets name. Six years later, the operator entered the digital realm and, in 2009, established its first mobile betting offering. In recent years, the Durban-based brand has built on its success in Africa by expanding into Europe, including the UK after gaining a licence from the Gambling Commission.
Hollywoodbets is another operator that leverages partnership deals with professional sports teams to maximise the brand’s exposure. Its flagship deal remains the one struck with Brentford Football Club in 2021 to become the Premier League side’s principal partner and front-of-shirt sponsor.
Codere Online
Making its way onto the Ones to watch list, Spain- and Latam-focused Codere Online has had a busy year. It was all change at the top as COO Aviv Sher stepped up to become CEO, replacing former boss Moshe Edree, who transitioned to become executive vice-chair in March.
Operationally, Spain and Mexico are its core markets, driving group Q3 NGR up 41% to €43.2m and monthly actives up 19% YoY to 124,500. Net losses shrank during the three months to 30 September to €1.8m from Q3 2022’s €11.6m, with Codere Online expecting to be adjusted EBITDA and cash flow positive by next year. In terms of strategy, the Nasdaq-listed company doesn’t plan to follow the masses into a soon-to-be-regulated Brazil, although Peru is firmly on the radar.
Rootz
Another operator grabbing attention is Rootz, the parent company of five online casino sites in the shape of Wildz, Caxino, Spinz, Chipz and Wheelz, with the latter featuring actor David Hasselhoff as the face of the brand. With a core focus on automation and a streamlined operating model, Rootz launched in the regulated Ontario market in January and has been in Germany since September 2022.
The company also holds a Maltese licence to serve multiple dotcom markets. This year marked a significant change for the business as former CEO Lasse Rantala stepped up to become chair, with CCO Sam Brown elevated to the top job. Brown, who had been with Rootz less than 12 months at the time, also plans to add sports betting to the company’s portfolio.
Caliente
Starting out as a racetrack more than a century ago, Caliente has established itself over the years as the market leader in Mexico, and in 2014 launched online with Caliplay in a JV with Playtech. Although Caliente is privately owned, Playtech’s H1 2023 report lifted the lid on Caliplay’s performance to some extent. It revealed revenue was €362.8m, while “total comprehensive income” amounted to €38.2m. This year has seen legal battles between both companies relating to long-running disputes regarding service agreements between the pair as Caliplay looks to end the relationship with Playtech.
Rhino Entertainment
After only being founded in 2020, Rhino Entertainment was named the industry’s rising star at the EGR Operator Awards 2023. Launched during the Covid-19 pandemic with its first brand, Casino Days, in Canada and India, the portfolio has swelled to five brands across eight markets. Following a period of rapid growth, Rhino has committed to defining its workplace culture with key pillars reflecting company values incorporated into recruitment and objective setting.
In charge of the strategy is former Hero Gaming chief people officer Marie Theobald, who has held the same role at Rhino since October 2022. Theobald has this year been joined by fellow ex-Hero Gaming heads in the shape of David Borg as COO and Andrea Saliba as head of people and culture. Looking to the future success of the operator, Rhino Entertainment CEO Ross Parkhill told EGR, in October, it is “hoping to grow 50% next year, in terms of revenue”.