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Source: Knox Henderson for Streetwise Reports   05/07/2020

A quick update since FansUnite Entertainment Inc. (FANS:CSE) went live on Tuesday, May 5, because big things are happening in the industry, thus showing there is an enormous appetite for this kind of technology especially now, as we (very slowly) emerge out of this COVID pandemic.

On the sports front, Germany announced that its Bundesliga soccer will resume games in May, yet with tight restrictions and no fans. This is followed by the Turkish soccer league, which plans to resume playing on June 12. The Ultimate Fighting Championship (UFC), with a huge draw to the masses—the UFC 246 prelims averaged 1.767 million viewers on ESPN—will return at VyStar Veterans Memorial Arena in Jacksonville, Fla., on May 9, again featuring no live fans. So as more sports emerge in our "new reality," where will those fans be? Online, of course! In a fanless sports environment we're going to see a lot of online engagement no matter what sport or activity that may be. That's going to spawn even more online attention, which will likely hold firm even after we emerge from our home quarantine.

The industry is rapidly consolidating. On Tuesday we alluded to The Stars Group Inc. (formerly Amaya), which, according to Bloomberg, "saw record revenue in its first quarter as COVID-19 led to an increase in online activity starting in March. Indeed TSGI.T has had a great run from $18 mid-March to a high of $40 on May 1 after it confirmed shareholder approval of a friendly takeover by UK based Flutter Entertainment plc. (LSE:FLTR.L - News). The two create a £10 billion (US$12 billion) giant, according to Racing Post, and combine for more than 13 million customers, US$4.6 billion in revenue and US$1.7 billion in EBITDA.

Investors are getting on board

In our previous note we referred to DraftKings (NASDAQ:DKNG), which launched as recently as April 23, in the thick of this stay-at-home pandemic. After completing a merger with Diamond Eagle, a special purpose acquisition company, and back-end technology provider SBTech, its stock soared. DraftKings' stock jumped 14% in its first day of trading before closing up 10.38% at $19.35. The company was also able to add another half a billion dollars on the balance sheet at a time when it's not easy to raise money. That company currently has a $17 billion market capitalization.

Meanwhile there's been a noticeable correlation of trading activity in the industry from mid-March to the end of April:

• Prior to the merger with Canadian The Stars Group, Dublin, Ireland-based Flutter, trading as OTC:PDYPY in the U.S., had a good run of its own. Since mid-March it doubled from $31 to $64 by the end of April, despite any global sport-killing pandemic.

• UK-based GVC Holdings PLC (LSE:GVC) gained 23% in the last month, from $611 to $750, reaching a US$4.3 billion market capitalization.

• After falling from February highs of $30, Scientific Games (NASDAQ:SGMS) more than tripled from a $4 low mid-march to $13 by the end of April to again reach a $1 billion market valuation.

• Penn National Gaming (NASDAQ:PENN), now at a US$1.8 billion market capitalization, has a chart that mirrors SGMS. After February highs of $38, PENN rebounded through the COVID crisis. It also more than tripled from a low of $4.50 mid-March to a $17.80 high by the end of April.

• Score Media and Gaming (SCR.V,) with a market capitalization of $185 million, during that same period, ran from $0.32 to $0.42 mid-march to April 29, gaining 31%

• (are you starting to a pattern here?)

On the regulatory front, Colorado, became the next state to legalize sports bargaining following New Jersey, Nevada, Delaware and Pennsylvania. The state is poised to generate $6 billion in annual wagers and an estimated $400 million in revenue once the industry matures, according to Dustin Gouker, chief analyst for PlayColorado.com. According to the Denver Post, Colorado fans will have their pick of 17 digital sportsbooks currently licensed to operate in the state.

FansUnite Is at a Small-Cap Entry Point with Tremendous Upside.

It is in this environment that FansUnite launched on the Canadian Securities Exchange on May 5. "We are just getting started," said CEO Darius Eghdami. "We've bought a great asset in McBookie and will be continuing to focus on M&A." McBookie, the company's first acquisition, is a white-label sportsbook in the UK, focusing on the Scottish market. It offers 200,000 members active in sports and virtual games, and boasts over $100 million turnover cumulatively the last three years. "We want to be active in finding that next 'McBookie' operating in a niche market, looking at Esports assets and also creative ways to get into the U.S. market. "

After a financing at $0.35, the now-trading company rests slightly above that as a relatively new and unknown entity—so far—which is why now is great opportunity participate in a smaller scale, yet leveraged, consolidation play. "We have a great opportunity to use our stock as currency, and then grow and scale companies through our team and resources," says Eghdami.

"We also have great investors and support, a very experienced board and management team and a clear vision of how we want to be that next gaming giant. The path has been shown by other Canadian gaming companies such as Amaya, and we want to follow that path and execute on our vision."

It's an ambitious plan: a CA$25 million market-cap company, $2 million in the bank, with a consolidation plan to attack a $1 trillion online industry. Yet FansUnite comes out of the gate with strong financial backing led by board member Shafin Diamond, CEO of Victory Square since 2015, a venture builder that builds start-ups in web, mobile, gaming, AI and AR/VR. Diamond has launched 40 start-ups in 24 countries, employed more than 350 people, and has generated over $100 million in annual revenues.

Eghdami says the immediate plan is to strengthen its UK presence with McBookie and focus on M&A activity, while continuing to develop its software platform.

The games are just beginning.

Knox Henderson is a journalist and capital markets communications consultant. He has advised for a broad range of small cap companies in the resource, life sciences and technology sectors for more than 25 years.

Disclosure:
1) 1) Knox Henderson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: FansUnite Entertainment Inc. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with FansUnite. Please click here for more information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of FansUnite, a company mentioned in this article.

( Companies Mentioned: FANS:CSE, )

The role of guns in U.S. society is a subject of intense policy debate and disagreement.

and how to organise them

; Credit: Beatrice the Biologist / Scientific American

Today's dryku:
Food budgets are tight
Droughts do raise vegetables' price
But don't make snakes bite

Food:

• The USDA released its monthly food price outlook. Looks like prices are going to be up at least 3.5%. Fresh fruit could go up by 6%. Bloomberg has a chart showing how produce is projected to hit its highest price in 18 years. (LA Times)

Critters:

• Southern California seems to be seeing a higher rate of rattlesnake bites this year. Despite the article's headline, experts in the story say it's not because of the drought. A shorter winter has brought snakes out of hibernation earlier, meaning a longer active season, meaning more need for anti-venin.

As of June 12, 128 people were admitted to a hospital for a snakebite and of those, 93 received doses of anti-venin, Heard said. In 2013, 269 Californians went to a hospital for a snakebite and of those, 166 received anti-venin, he said. Simply doubling the number of patients needing anti-venin treatment would equal 186, more than 2013. (Some patients get “dry bites” meaning no venom is injected and therefore do not need anti-venin, he said). (Contra Costa Times)

• It's been a mixed bag for salmon this year. Some have needed to be trucked out to the ocean, because their streams are too dry. In the case of coho salmon, the drought has actually caused a record number to enter the ocean. It's not all good news though:

Biologists say that only 206 salmon egg clusters, known as "redds," were counted in the Lagunitas this year, well below the 20-year average of 250 "redds." And the fish that headed off to the ocean may not fare as well. They are smaller than normal and could face more difficult ocean conditions due to the warming pattern known as El Niño, scientists say. (Chico Enterprise-Record)

Fireworks:

• Sacramento cops are out in force, looking for illegal fireworks. The sheriff's department will double its number of officers on the hunt. Starting this week, having the little fire starters can mean jail time. (CBS Sacramento)

Water jerks:

• Everyone seems to be at a loss on how to get people to start saving water. Beatrice the Biologist may have stumbled onto the answer — it's a mixture of shame and badges. I'm going to print out the car one and post it in my window. Maybe then people will stop judging me for my filthy Camry. (Scientific American)

How has your community been affected by the drought? Share your story with a photo on Twitter or Instagram. Tag it #mydrought. For more details on our photo project, click here.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Less water in Hoover Dam means less power coming from the Dam's generating units. ; Credit: Dawn Danby/via Flickr

Monday's fat stack of news also includes some views about what to do about drought and Western water supplies.

The New York Times has published six answers to the questions "What are the best ways to share the water? And how can we ensure it lasts for the foreseeable future?" Pat Mulroy, former general manager of the Southern Nevada Water Authority, weighs in, as do several other think tankers:

[N]ew energy and fuel production options have become more water intensive. Unconventional oil and gas production methods such as hydraulic fracturing have significant implications for local and regional water quality and quantity. Bioenergy consumes water at various stages of production (including irrigation for crops) and also has impacts on water quality and quantity...We should be pursuing cleaner energy and streamlined approaches to conserving water in order to truly safeguard our water supply. (Newsha Ajami/Stanford University)

An incredible 40 percent of the water consumed by Americans goes into meat and dairy production. Livestock must drink water and there is some water use at the farm, but most of this water is for the producing animal feed...Is this a wise allocation of the limited supply of freshwater in America? (Arjen Hoekstra/University of Twente, Netherlands)

• Closer to home, the Sacramento Bee has an ongoing series about drought solutions. Mariposa County resident Tom DeVries, who lives in forestland at 4,000 feet, offers his take:

Trees take water; a big one can draw 100 gallons a day out of the ground. All that junk forest in California is sucking up water that should be filling my spring and well and flowing downhill toward the rest of you. (Sac Bee)

• You know who else has good ideas about how to conserve water in drought? Australians. (KQED)
• Jay Lund from UC Davis modeled a "mega-drought" with his team and found that the economic consequences of a big drought event could be mostly managed through smarter water conservation policies. (California Water Blog)
• Falling water levels at Lake Mead are lowering Hoover Dam's energy production. Generating units have recently been "derated," meaning that they're expected to have a lower capacity for producing electricity now that there's less water to turn turbines. (EE News)
• Jason Dearen and Garance Burke report on "senior rights holders," and how poorly California accounts for water use by people who have rights dating back before 1914 at anytime, and how much that matters now during the drought. (AP)
• You're gonna see a lot of these stories all week: it's a terrible year for setting off fireworks. I bet rural fire chiefs have their teeth on edge already. (Merced Sun-Star)
• And we'll finish up in Southern California. In the first of a duo of Dana Bartholomew stories, the Daily News reports on Turf Terminators, a company that offers to leverage the recently-raised turf removal incentive and swap out homeowners' lawns for less thirsty landscapes...essentially for free, since the company's premise is that it can do the work for the price of the rebate. (Daily News)
• In the second, Bartholomew profiles a Studio City water-conservation demonstration at homes along Rhodes Avenue. (Daily News)
• And a UCLA project examining water use and conservation potential in territory served by the Los Angeles Department of Water and Power suggests that we're not pricing water well enough to encourage conservation. Authors of a policy brief with the California Center for Sustainable Communities say dual metering, for inside and outside, would also improve conservation. (Imperial Valley News)

How has your community been affected by the drought? Share your story with a photo on Twitter or Instagram. Tag it #mydrought. For more details on our photo project, click here.

This content is from Southern California Public Radio. View the original story at SCPR.org.