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DraftKings (NASDAQ: DKNG) - Deep Dive Research - Part 1

TL:DR
Hello, welcome to my first deep dive write up.
My name’s Mark and I’m an accountant with a passion for investing. About two years ago, I used to work as an auditor at a public accounting firm and have been behind the scenes at many different publicly traded and privately held companies in the U.S. My goal is to bring my unique perspective from that past experience, my current experience working in a new role at a large corporation, and my understanding of accounting to help break down some of the most exciting growth stocks on the market today.
I’m a long-term investor. I am focused on finding great companies and holding them for a long time. I’m willing to endure volatility, crazy price drops, and everything that comes with this approach as long as the facts that led me to originally invest and believe in that company have not changed. If you want to learn more about this approach. I recommend reading the book “100 Baggers” by Chris Mayer.
Introduction
I think it’s fitting that my first stock pick has to do with sports. Sports has been a part of my life since I could walk at the age of 2. First with baseball and soccer, and then later in my childhood with golf. I’ve always played American football and basketball for fun as well and have always been an avid fan of all the major sports in the US.
I started playing fantasy sports (mostly just fantasy football) about 6 years ago and have always enjoyed it. Traditionally, with fantasy football you draft a team at the beginning of the year and those are your players for the rest of the season. If you have a bad draft, oh well. You can try to improve your team with trades and free agent additions but it is tough. Leagues usually consist of 10-14 teams (each managed by an individual) and there’s obviously only one winner at the end of the season (about 4 months after the draft). This can lead to the managers of the lower performing teams losing interest as the season wanes on. I believe DraftKings’ (DK) founders saw this issue and saw an opportunity. Enter, daily fantasy sports. Now, with the DK platform you can draft a new team every week. Or if you want, every day. This allows fans of fantasy sports to engage at whichever point of the season they want and at varying financial stakes.
The Thesis Statement
For every stock pick I make, I want to provide a quick thesis statement that can serve as a reminder for why I’m buying and holding that stock for the long term. I’ll always aim to make it just a few sentences long so it can easily be remembered and internalized. This helps during times when the price may sporadically drop and you need to remember why you’re holding this position.
The thesis statement I have come up with for DK is as follows:
“DraftKings: The leader in allowing fans to engage financially with their favorite sports, teams, and players. Having money at stake makes the game a lot more interesting to watch. The era of daily fantasy sports games, online sports betting, and online betting (outside of sports), is just getting started and DK is as well positioned (or better positioned) than anyone to capitalize off of this trend.”
Notice how I said “allowing fans to engage financially” as the first sentence and not necessarily “allowing fans to gamble”. There’s a reason for that. According to US Federal Law, Daily Fantasy Sports (DFS) contests have specifically been exempted from the prohibitions of the Unlawful Internet Gambling Enforcement Act (UIGEA). DK has always been, and I believe will continue to be DFS contests 1st, sports betting 2nd, and other forms of gambling/entertainment 3rd. It is noteworthy that states at an individual level can still deem DFS contests illegal if they so wish, but as of this writing (11/26/20), 43 of the 50 US States allow DFS contests and DK, accordingly, is offering DFS contests in all 43 of those US States.
I’ll try to clarify the difference between DFS contests and sports betting real quick:
DFS Contest – Pay a pre-set entry fee to enter a contest. All entry fees go towards “The Pot”. “Draft” 9 players to be on your “Team” for 1 week. Enter your “Roster” into a contest with other players (could range from 1 other person to 1,000s of people, the DK user can choose). Whichever “Roster” amasses the most points for that week out of all contestants wins. The winner will get the highest payout, and depending on the nature of the contest, other top finishers will receive smaller payouts as well.
Sports Gambling – Team A is considered a 10 point favorite to defeat Team B. This means that Team A is expected, by the professional gambling line setters, to outscore Team B by 10 points. This is known as a point spread. You can bet on the underdog or the favorite. If you bet on the favorite, they have to win by more than 10 points for you to win the bet. If you bet on the underdog, you will win the bet as long as the underdog keeps the game within less than a 10 point defeat.
These are just a couple simple examples to help you see the difference. Sports Gambling (the 2nd priority of DK) is a very lucrative market just as the DFS contests are. However, in the US, Federal Laws and regulations are a lot stricter on Sports Gambling than they are on DFS. As of this writing (11/27/20), 22 states (including the District of Columbia) out of 51 possible allow sports gambling.
DK is still in the infancy stages of getting their sports gambling business going. In the 22 states where they could potentially operate, they currently have a sports gambling offering in 11 of those states. The sports gambling business model for DK can be broken into two main offerings – mobile sports betting, and retail sports betting. Mobile sports betting means you can place a sports bet online from the comfort of your own home, while retail sports betting means you must go to a casino and place a bet with the sportsbook in person. I personally believe mobile sports betting is the real potential cash cow for DK out of the two types of sports betting offerings due to the convenience and ease of access. DK is currently working on and encouraging customers to lobby their state lawmakers to legalize sports gambling in more states.
How DK makes money
At the very least, before you invest in a company, you better understand how they make money. In Chris Mayers’ excellent book, 100 Baggers, that I mentioned above, he continually references top line revenue growth as one of the main common indicators of a possible 100 Bagger. This isn’t to tell you that any stock I pick will be a 100 Bagger just because it has great top line revenue growth, but if I am looking at a growth stock to hold for the long term, revenue growth is one of the first things I look at.
For DK, their means of making money is quite simple. I already went into detail above about DFS Contests and Sports Gambling. In DK’s latest 10-Q filing with the SEC (filed 11/13/20), revenue is broken out into two main streams: Online Gaming and Gaming Software.
Online Gaming (82% of Total Revenue for 9 months ended 9/30/20):
Online gaming is the true core business of DK and includes the aforementioned DFS Contests, Sports Gambling and additional gambling (non-sports) opportunities. DK refers to their additional gambling (non-sports) as “iGaming” or “online casino”.
For the 9 months ended 9/30/20, Online Gaming revenue totaled $239M, up 30% YoY from $184M in the same prior year period. Keep in mind, that this is an increase that happened during a COVID-19 global pandemic that delayed and shortened many professional sports seasons.
Online gaming revenue is earned in a few ways that are slightly different, but very similar overall. In order to enter a DFS contest, a customer must pay an entry fee. DFS revenue is generated from these entry fees collected, net of prize payouts and customer incentives awarded to users. In order to place a sports bet (sports gambling), a customer places a wager with a DK Sportsbook. The DK Sportsbook sets odds for each wager that builds in a theoretical margin allowing DK to profit. Sports gambling revenue is generated from wagers collected from customers, net of payouts and incentives awarded to winning customers. The last form of online gaming revenue is earned in similar fashion to a land-based casino, offering online versions of casino games such as blackjack, roulette, and slot machines.
Gaming Software (18% of Total Revenue for 9 months ended 9/30/20):
While the Online Gaming revenue stream mentioned above is a Business to Consumer (B2C) model, the Gaming Software revenue stream is a Business to Business (B2B) model. The Gaming Software side of the business was born out of the acquisition of SBTech, a company from the Isle of Man (near the UK) founded in 2007 that has 12+ years of experience providing online sports betting platforms to clients all over the world. The acquisition occurred as part of the SPAC driven IPO in April of 2020 that combined “the old DK company” with SBTech so that they now are “the new DK company” listed as DKNG on the NASDAQ. SBTech is a far more important part of the story than just being 18% of today’s revenue. The reason for this is because DK will eventually (planned mid-late 2021) be migrating all of their DFS and gambling offerings onto SBTech’s online platforms. Currently, for DFS, DK uses their own proprietary platform but that will move to SBTech with the migration. Currently, for online gambling, DK uses Kambi, the same online gambling platform that services Penn Gaming (PENN), a DK rival. But that’s enough about the software migration for now, back to the Gaming Software revenue.
The Gaming Software revenue stream for DK is essentially a continuation of SBTechs’ B2B business model. DK contracts with business customers to provide sports and casino betting software solutions. DK typically enters two different type of arrangements with B2B customers when selling the gaming software:
  1. Direct Customer Contract Revenue: In this type of transaction, the software is sold directly to a business (casino for example) that wants to use the software for their own gambling operations. This revenue is generally calculated as a percentage of the wagering revenue generated by the business customer using DK’s software and is recognized in the periods in which those wagering and related activities conclude.
  2. Reseller Arrangement Revenue: In this type of transaction, DK provides distributors with the right to resell DK’s software-as-a-service offering to their clients, using their own infrastructure. In reseller arrangements, revenue is generally calculated via a fixed monthly fee and an additional monthly fee which varies based on the number of gaming operators to whom each reseller sub-licenses DK’s software.
As mentioned above, SBTech was an international company based in the Isle of Man before being acquired by DK. Thus, the majority of their business in their first 12 years of operating independently has always been international and outside of the United States. This has helped DK, which has historically been US focused, expand it’s international reach.
A perfect example of expanding this international reach occurred recently during October (technically Q4) in which DK’s B2B technology (powered by SBTech) helped enable the launch of “PalaceBet”, a new mobile and online sportsbook offering from Peermont, a South Africa based resort and casino company. The deal was headed by DK’s new Chief International Officer, Shay Berka, who previously spent 10 years working for SBTech as CFO and General Manager. Mr. Berka took on the role of DK’s Chief International Officer upon the merger in April earlier this year. I think this deal shows that DK has integrated SBTech and it’s business very well into the larger business as a whole. They are not wasting any time using their newly acquired resources to expand their reach and bring in new sources of revenue.
This is the end of my first article about DK. My goal is to drop Part 2 later this week. The focus of Part 2 will be an in depth answer of the question – “Can we 10x from here?”
Disclosure: I am/we are long DKNG. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
submitted by Historical-Comment36 to SecurityAnalysis [link] [comments]

DraftKings (NASDAQ: DKNG) - Deep Dive Research - Part 1

TL:DR
Hello, welcome to my first deep dive write up.
My name’s Mark and I’m an accountant with a passion for investing. About two years ago, I used to work as an auditor at a public accounting firm and have been behind the scenes at many different publicly traded and privately held companies in the U.S. My goal is to bring my unique perspective from that past experience, my current experience working in a new role at a large corporation, and my understanding of accounting to help break down some of the most exciting growth stocks on the market today.
I’m a long-term investor. I am focused on finding great companies and holding them for a long time. I’m willing to endure volatility, crazy price drops, and everything that comes with this approach as long as the facts that led me to originally invest and believe in that company have not changed. If you want to learn more about this approach. I recommend reading the book “100 Baggers” by Chris Mayer.
Introduction
I think it’s fitting that my first stock pick has to do with sports. Sports has been a part of my life since I could walk at the age of 2. First with baseball and soccer, and then later in my childhood with golf. I’ve always played American football and basketball for fun as well and have always been an avid fan of all the major sports in the US.
I started playing fantasy sports (mostly just fantasy football) about 6 years ago and have always enjoyed it. Traditionally, with fantasy football you draft a team at the beginning of the year and those are your players for the rest of the season. If you have a bad draft, oh well. You can try to improve your team with trades and free agent additions but it is tough. Leagues usually consist of 10-14 teams (each managed by an individual) and there’s obviously only one winner at the end of the season (about 4 months after the draft). This can lead to the managers of the lower performing teams losing interest as the season wanes on. I believe DraftKings’ (DK) founders saw this issue and saw an opportunity. Enter, daily fantasy sports. Now, with the DK platform you can draft a new team every week. Or if you want, every day. This allows fans of fantasy sports to engage at whichever point of the season they want and at varying financial stakes.
The Thesis Statement
For every stock pick I make, I want to provide a quick thesis statement that can serve as a reminder for why I’m buying and holding that stock for the long term. I’ll always aim to make it just a few sentences long so it can easily be remembered and internalized. This helps during times when the price may sporadically drop and you need to remember why you’re holding this position.
The thesis statement I have come up with for DK is as follows:
“DraftKings: The leader in allowing fans to engage financially with their favorite sports, teams, and players. Having money at stake makes the game a lot more interesting to watch. The era of daily fantasy sports games, online sports betting, and online betting (outside of sports), is just getting started and DK is as well positioned (or better positioned) than anyone to capitalize off of this trend.”
Notice how I said “allowing fans to engage financially” as the first sentence and not necessarily “allowing fans to gamble”. There’s a reason for that. According to US Federal Law, Daily Fantasy Sports (DFS) contests have specifically been exempted from the prohibitions of the Unlawful Internet Gambling Enforcement Act (UIGEA). DK has always been, and I believe will continue to be DFS contests 1st, sports betting 2nd, and other forms of gambling/entertainment 3rd. It is noteworthy that states at an individual level can still deem DFS contests illegal if they so wish, but as of this writing (11/26/20), 43 of the 50 US States allow DFS contests and DK, accordingly, is offering DFS contests in all 43 of those US States.
I’ll try to clarify the difference between DFS contests and sports betting real quick:
DFS Contest – Pay a pre-set entry fee to enter a contest. All entry fees go towards “The Pot”. “Draft” 9 players to be on your “Team” for 1 week. Enter your “Roster” into a contest with other players (could range from 1 other person to 1,000s of people, the DK user can choose). Whichever “Roster” amasses the most points for that week out of all contestants wins. The winner will get the highest payout, and depending on the nature of the contest, other top finishers will receive smaller payouts as well.
Sports Gambling – Team A is considered a 10 point favorite to defeat Team B. This means that Team A is expected, by the professional gambling line setters, to outscore Team B by 10 points. This is known as a point spread. You can bet on the underdog or the favorite. If you bet on the favorite, they have to win by more than 10 points for you to win the bet. If you bet on the underdog, you will win the bet as long as the underdog keeps the game within less than a 10 point defeat.
These are just a couple simple examples to help you see the difference. Sports Gambling (the 2nd priority of DK) is a very lucrative market just as the DFS contests are. However, in the US, Federal Laws and regulations are a lot stricter on Sports Gambling than they are on DFS. As of this writing (11/27/20), 22 states (including the District of Columbia) out of 51 possible allow sports gambling.
DK is still in the infancy stages of getting their sports gambling business going. In the 22 states where they could potentially operate, they currently have a sports gambling offering in 11 of those states. The sports gambling business model for DK can be broken into two main offerings – mobile sports betting, and retail sports betting. Mobile sports betting means you can place a sports bet online from the comfort of your own home, while retail sports betting means you must go to a casino and place a bet with the sportsbook in person. I personally believe mobile sports betting is the real potential cash cow for DK out of the two types of sports betting offerings due to the convenience and ease of access. DK is currently working on and encouraging customers to lobby their state lawmakers to legalize sports gambling in more states.
How DK makes money
At the very least, before you invest in a company, you better understand how they make money. In Chris Mayers’ excellent book, 100 Baggers, that I mentioned above, he continually references top line revenue growth as one of the main common indicators of a possible 100 Bagger. This isn’t to tell you that any stock I pick will be a 100 Bagger just because it has great top line revenue growth, but if I am looking at a growth stock to hold for the long term, revenue growth is one of the first things I look at.
For DK, their means of making money is quite simple. I already went into detail above about DFS Contests and Sports Gambling. In DK’s latest 10-Q filing with the SEC (filed 11/13/20), revenue is broken out into two main streams: Online Gaming and Gaming Software.
Online Gaming (82% of Total Revenue for 9 months ended 9/30/20):
Online gaming is the true core business of DK and includes the aforementioned DFS Contests, Sports Gambling and additional gambling (non-sports) opportunities. DK refers to their additional gambling (non-sports) as “iGaming” or “online casino”.
For the 9 months ended 9/30/20, Online Gaming revenue totaled $239M, up 30% YoY from $184M in the same prior year period. Keep in mind, that this is an increase that happened during a COVID-19 global pandemic that delayed and shortened many professional sports seasons.
Online gaming revenue is earned in a few ways that are slightly different, but very similar overall. In order to enter a DFS contest, a customer must pay an entry fee. DFS revenue is generated from these entry fees collected, net of prize payouts and customer incentives awarded to users. In order to place a sports bet (sports gambling), a customer places a wager with a DK Sportsbook. The DK Sportsbook sets odds for each wager that builds in a theoretical margin allowing DK to profit. Sports gambling revenue is generated from wagers collected from customers, net of payouts and incentives awarded to winning customers. The last form of online gaming revenue is earned in similar fashion to a land-based casino, offering online versions of casino games such as blackjack, roulette, and slot machines.
Gaming Software (18% of Total Revenue for 9 months ended 9/30/20):
While the Online Gaming revenue stream mentioned above is a Business to Consumer (B2C) model, the Gaming Software revenue stream is a Business to Business (B2B) model. The Gaming Software side of the business was born out of the acquisition of SBTech, a company from the Isle of Man (near the UK) founded in 2007 that has 12+ years of experience providing online sports betting platforms to clients all over the world. The acquisition occurred as part of the SPAC driven IPO in April of 2020 that combined “the old DK company” with SBTech so that they now are “the new DK company” listed as DKNG on the NASDAQ. SBTech is a far more important part of the story than just being 18% of today’s revenue. The reason for this is because DK will eventually (planned mid-late 2021) be migrating all of their DFS and gambling offerings onto SBTech’s online platforms. Currently, for DFS, DK uses their own proprietary platform but that will move to SBTech with the migration. Currently, for online gambling, DK uses Kambi, the same online gambling platform that services Penn Gaming (PENN), a DK rival. But that’s enough about the software migration for now, back to the Gaming Software revenue.
The Gaming Software revenue stream for DK is essentially a continuation of SBTechs’ B2B business model. DK contracts with business customers to provide sports and casino betting software solutions. DK typically enters two different type of arrangements with B2B customers when selling the gaming software:
​
  1. Direct Customer Contract Revenue: In this type of transaction, the software is sold directly to a business (casino for example) that wants to use the software for their own gambling operations. This revenue is generally calculated as a percentage of the wagering revenue generated by the business customer using DK’s software and is recognized in the periods in which those wagering and related activities conclude.
  2. Reseller Arrangement Revenue: In this type of transaction, DK provides distributors with the right to resell DK’s software-as-a-service offering to their clients, using their own infrastructure. In reseller arrangements, revenue is generally calculated via a fixed monthly fee and an additional monthly fee which varies based on the number of gaming operators to whom each reseller sub-licenses DK’s software.
As mentioned above, SBTech was an international company based in the Isle of Man before being acquired by DK. Thus, the majority of their business in their first 12 years of operating independently has always been international and outside of the United States. This has helped DK, which has historically been US focused, expand it’s international reach.
A perfect example of expanding this international reach occurred recently during October (technically Q4) in which DK’s B2B technology (powered by SBTech) helped enable the launch of “PalaceBet”, a new mobile and online sportsbook offering from Peermont, a South Africa based resort and casino company. The deal was headed by DK’s new Chief International Officer, Shay Berka, who previously spent 10 years working for SBTech as CFO and General Manager. Mr. Berka took on the role of DK’s Chief International Officer upon the merger in April earlier this year. I think this deal shows that DK has integrated SBTech and it’s business very well into the larger business as a whole. They are not wasting any time using their newly acquired resources to expand their reach and bring in new sources of revenue.
This is the end of my first article about DK. My goal is to drop Part 2 later this week. The focus of Part 2 will be an in depth answer of the question – “Can we 10x from here?”
Disclosure: I am/we are long DKNG. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
submitted by Historical-Comment36 to investing [link] [comments]

Question about online casino taxes (DraftKings)

Was hoping to get some clarification as I’ve been looking online and am a little confused. I know that Reddit isn’t always the best place for these kind of answers but am hoping you can help me understand a bit better.
Basically I won a DraftKings DFS tournament (about 1.5k) a few months ago, and since then have been playing on their casino a good amount, both sports betting and online blackjack/slots. I’ve stayed at about the same amount in my account (some days I’m up or down a few hundred dollars) but I’ve played most days so I’ve circulated quite a bit of money through my account. I don’t do any large wagers- usually around $10-$25 a hand or under $1 a spin, but it’s added up to quite a bit of “bet winnings” on my transaction report even though my “win/loss” is still a small negative.
I’m curious how this is going to impact me when it comes to taxes. Is the fact that I’ve played a lot on the site going to trigger me getting a tax document even though I don’t have a + win/loss and haven’t withdrawn anything? Because a lot of it is such small wagers on blackjack and slots that just added up, I’m not sure how that impacts it.
Like I said, I know there are better places to go then Reddit for these answers, but was hoping someone with a bit more experience in this could point me in the right direction.
Appreciate any insight.
submitted by super_lative_man to gambling [link] [comments]

What ‘New Member Promos’ are there to take advantage of and withdraw?

What promos and deals do you guys know from all the different sports books that we can all do and take advantage of ?
For example , on DraftKings , I found out you can get GUARANTEES $100 FREE . All you have to do is be new to the casino and deposit on DFS or SB, you can even get your friend or wife to do it with your promo code to both get a free $50 bet .
They give you $100 blackjack credit for free. They give you winning hands to win at least $100. ( I won $180, dad won $150, coworker $160, gf $130).. the winnings can immediately be withdrawn and no rollover .. so you instantly get free $50 bet and $100+ for just making an account and depositing .
There are so many sports books out there and I don’t know where has similar things to take advantage of .. I know some offer “risk free bet u to $1000.. but if you lose you only get it back in store credit .
Thank you and those who didn’t know about that above promo, you’re welcome for the free $100+ 👌☺️ (If you haven’t signed up on DK and make a new account , Id gladly accept the refferal so we both get a free $50 bet .. just message me !)
Goodluck !
submitted by AnAssGoblin to sportsbetting [link] [comments]

DKNG - Fundamental DD Part II - DKNG

Not Financial Advice (NFA)
Warning: Wall of Text. If you hate reading just skim through the bolded/italicized
Ever since I publicized my findings on DKNG, the stock has underperformed & probably has fucked a lot of people here, especially given the overly bullish stance back in June. Unless you took my advice & got into Puts then, congrats, welcome to tendie town. For the ADHD retards, here’s what the next wall of text is going to summarize: I believe at the current price of ~$30, the stock is oversold.
A tech-focused, high-growth Company that has made sports betting easy to understand with an aesthetically pleasing interface similar to how Robinhood has neatly laid out stock market gimmicks so even high-schoolers can make sense of it I believe, is underpriced at these levels.
Let’s get into some details as to why the stock has underperformed:
First off, the news slate revolving sports with the rumored delay/cancellation of the MLB season & the NFL watching from the sidelines is in my view, just a part of why the stock has underperformed. We’ll revisit this later in this post, but I want to focus on the drivers of the stock’s recent underperformance, & why these factors are now in the rearview mirror.
Part I – The Past Has Passed – SPAC-related Equity Dilution
History lesson first: DKNG went public via a SPAC merger, which has exploded in popularity recently. Anyone serious about analyzing stocks going forward needs to do their homework on this, Google is your friend.
A feature of most SPAC merger to public listings that creates a headwind to near-term share prices are embedded equity dilution events, usually in the form of earn-outs (stock bonuses to execs, the SPAC sponsor) & conversion of Warrants.
On 5/24, the earn-outs were triggered, adding 6m shares to the share count.
On 6/26, 16.3m warrants converted to DKNG, netting them ~$188m of cash.
Stepping back a little, in addition to the above, on 6/18 DKNG launched a follow-on equity offering of 16M shares @ $40/Share [1], receiving $621M in proceeds.
The last part is tricky to understand from a dilution perspective. To simplify, historically it’s almost a coin toss whether a Company’s shares outperform on the onset of an equity offering. While issuing shares does dilute the existing shareholder base, it theoretically shouldn’t, if the proceeds from the offering are earmarked for investments/projects that yield outsized returns. This is the reality for the long term, theory for the short-term. For the short-term, the ‘reality’ isn’t that the proceeds will be used for investments/projects that yield outsized returns, it is more about how convincing management is to investors that the investments they intend to pursue with the proceeds will outweigh the dilutive effects of issuing incremental shares. That’s a mouthful, but hopefully you get what I’m trying to convey.
All of this stuff put together – the Company has increased its share count by ~39M, but now has a whopping ~$1.4Bn of cash [2]. More on this in the next section.
Part II – MLB News Should Not Fucking Matter & DKNG Is Positioned As the Leading Online/Mobile Sports Platform
DKNG should not be so tied to MLB news or any of this shit as the ongoing success of the NBA/NHL season + Soccer in Europe has effectively created a blueprint on how to regulate player behavior so that they maintain professionalism amidst the pandemic. I’m going out on a whim here, but I truly think the MLB threatening a cancellation of the season is pure posturing to get these fuckers to behave appropriately. Maybe a ‘bubble’ is what it takes to get these players to focus on their jobs instead of going out & contracting COVID, but I argue that isn’t necessarily required given Soccer in Europe. So there’s already a proven path here without the need for a bubble in Soccer, so MLB/NFL should be fine, and execs need to study how they got it done in Europe. Okay, back to some facts.
Anecdotally, I’ve kept in touch with a handful of sports bookies from California to New York & even internationally about what they’re seeing – all of them say that since the NBA season started on 7/30 & since Soccer (especially the Premier League) resumed in June, along with other leagues like La Liga & Serie A, they’ve seen massive increases in betting.
These numbers are also showing up in the official data [3]:
REMEMBER: This is for June only! No NBA, No NHL, No MLB, just Soccer, Golf, NASCAR & UFC.
The data clearly shows that there was a ton of pent-up sports betting demand, which leads one Wall St. analyst to think that betting on the NBA/NHL could ABSORB the MLB’s sports betting handle (handle = total $ size of sports bet) [5]. Remember, the MLB season is still ongoing, with games being played. The entire focus is on the Miami Marlins & St. Louis Cardinals. Fucking retards.
Additionally, I want to remind everyone that DraftKings.com is the #1 Fantasy sports website in the U.S. [6]. Also, since April 2020 site visitations are up +86% [7] & Google Search Trends for “Draft Kings” is up ~3x compared to PRE-COVID levels [8]. What does this mean? They are piquing more people’s curiosity than prior to COVID/ongoing slate of sports.
This is important because remember that ~$1.4Bn chest full of cash I mentioned DKNG had assembled earlier? Well, that money is being put to work & results are already coming in, which is exactly what DKNG intended to do with it.
Part III – Legalization of Sports Betting in the U.S.
I could write a fucking bible on this topic alone, but for now we’ll stick to some basics. Due to COVID, it’s easy to understand that each State’s financial situation is clearly in shit. Because of this, you better believe that these guys are going to start taking a hard look at how they can extract additional tax revenues, & what’s one of the easiest ways to do this? Legalization & taxation of gambling.
The big players: CA, TX, FL & NY. First, CA pushing its legislation out to 2023 was fucked up, but here’s a twist I want to add to this: Anything that has to do with gambling in CA you better believe is lobbied against by not just the Tribal casino owners in CA, but by the deep pockets of Las Vegas money. Similar thing can be said for FL, but let’s take a look at some actions by LV/nationwide gambling companies that are starting to align financial incentives with guys like DKNG.
So it’s safe to say going forward, nationwide legalization of sports betting will reap rewards for everyone involved, & no longer be something LV money is completely focused on safeguarding.
Let’s also not forget that DKNG didn’t become the Company they are today because of their fancy app, but because their management team has a HISTORY of navigating the U.S.’s legal framework to get what they want out of it.
These guys are at the cutting edge of creating legal frameworks to successfully launch their products & now with more of their ‘competitors’ financially aligned with them, combined with financial deterioration of State budgets, we should see an overweighting of good news vs. bad on the legal front.
Final Part – Share Price Targets
Under-fucking priced at anything below $42.50
Near-term catalysts:
8/14: DKNG files 2Q’20 results, might be shitty, but you can bet that the Earnings Call is going to contain rhetoric on how massive the uptick in sports betting has been since late June/July.
Sometime from now until November: NY releases ‘study’ by Spectrum Gaming on online/mobile sports betting.
8/20 – 9/7: PGA Championship for FedEx Cup Title
9/5 – KY Derby
9/10: NFL KickOff Game
9/17: PGA U.S. Open Start Date
Month of October: NBA/NHL Playoffs
10/1: Estimated launch of online sports betting in TN
11/1: Estimated launch of online sports betting in VA
[1] https://draftkings.gcs-web.com/news-releases/news-release-details/draftkings-announces-proposed-public-offering-class-common-stock
[2] Wall St. Research – DKNG on 6/29/20
[3] https://www.legalsportsreport.com/sports-betting/revenue/
[4] https://gaming.nv.gov/modules/showdocument.aspx?documentid=16984; Note: Nevada did not break out April/May figures but from the Revenue difference of 3 month ended June 30 of 4,950 vs. month of June of 2,297 for a total difference of 2,653 spread evenly over April/May for a base case April estimate of 1,327.
[5] Wall St. Research - 7/27/20
[6] https://www.similarweb.com/top-websites/category/sports/fantasy-sports/
[7] https://www.similarweb.com/website/draftkings.com/#overview
[8] https://trends.google.com/trends/explore?geo=US&q=draft%20kings Feb 23-29, 2020 vs. Current Aug 2 – Aug 8, 2020
[9] https://www.legalsportsreport.com/42314/draftkings-illinois-sports-betting-market-access/
submitted by IAMB4TMAN to wallstreetbets [link] [comments]

DKNG - Fundamental DD Inside - DKNG

This is an example of fundamental DD that takes place at ‘smart’ money institutions based on my professional experience in IBD, Private Equity & most recently at a HF (mods can message me for proof). Not thoroughly fleshed out b/c you autists have limited attention spans, but a summary. Figured I’d take the time to give back to this community that has provided many lolz, & should be a good measuring stick when evaluating other forms of fundamental DD posted here.
NFA.
DKNG - DraftKings, Inc.: vertically integrated US mobile betting operator that also provides retail sports betting & back-end betting solutions through SBTech. Think of SBTech as the tech ‘market-maker’ for traditional sports betting, they do all the funny math to set the betting odds & seem to be working on back-end solutions for DKNG Casino
The Big Picture
Only ~2% of the ~$90Bn gambling revenues were placed online which is the lowest in the world where betting online is legal. For example, in other countries online gaming activity represents ~6% - ~52% of total gambling revenues, with ~12% being the average.
Wall Street expects online gaming revenue to be $20Bn-$40Bn within the next 10 years. For this to be achieved, the online gambling market will have to achieve a ~30% penetration rate on total country gaming revenues. There is an expectation that this is could be easily achievable given penetration trends overseas - see page 11 of this: https://s1.rationalcdn.com/vendors/stars-group/documents/presentations/TSG-Investor-Day_March-27-2019.pdf
Other catalysts include increasing adaptation of sports betting in more states. States that have both legal sports betting + online sports betting permitted: NV, NJ, WV, PA, IA. Sports betting permitted but no online: DE, MS, RI, MO, AR. Prior to COVID there was ongoing discussions across many States, especially ones with growing deficits to explore how permitting sports betting could create a fresh avenue of tax dollars. Post COVID there is an expectation that these discussions will be given extra focus as many States will be hungry for incremental tax dollars. Important to note that currently 43/50 States allow DFS, but given the small share DFS has on total Gaming Revenues, it increasingly looks like DKNG is banking on traditional sports betting for a variety of reasons, more later. There are entire articles on Google arguing this catalyst so I’ll end this here.
Digging Deeper
DKNG’s main offerings are Daily Fantasy Sports (“DFS”) products & traditional sports book products to its clients. Long story short, a metric to look for in my opinion (that is curiously not reported by management or remarked on) is the hold % in traditional gaming sector parlance or the ‘rake’ & compare it to the ‘traditional’ gaming products like sports betting & Blackjack.
For DFS: DKNG takes ~15% of the prize pool (note: used to be ~6-11% [2]). Curiously, their main competitor FanDuel also has moved up to a ~15% rake recently. Google searches show the smaller competitors have a rake in the ~13% range.
This ‘rake’ has grown ~2x in 6 years, but it has been a delicate move on behalf of management. Why? B/c the more ‘sophisticated’ DFS players (equal to autistic day traders on Robinhood) have noted this increase & based on some Googling, some have moved down market to the smaller players. As a side note, many live casino games have their rules altered to grow the Hold %. For example, Blackjack games with 6:5 payouts on 21 have materially higher Hold % than the traditional BJ rules that pay out 3:2. Given the findings so far, DKNG may not have much room to materially increase its hold % in DFS games in the near-term from current of 15%. More on this later.
Now why the fuck is this important? This is important b/c the typical sports book (ex-Parlays) have a ~5% hold %/rake. Parlays have up to a ~30% hold (which is why it’s commonly known as the sucker’s bet), & just for reference, the average Blackjack table clocks in 14.5%. What this means: Every dollar put into these games, the “House” or DKNG, will take 15% of your money for DFS games, for sports bets they will be pocketing ~5%, up to ~30% if you’re into parlays, & we’ll just use the standard 14.5% BJ hold for the DraftKings Casino platform.
So why the acquisition of SBTech & a foray into the traditional sports gambling market? As you can see previously, the illegal sports betting market is >30x the size of the current daily fantasy sports market. So it’s clear that the DFS providers including DKNG are foraying into the space to capture this user base & hopefully convert them into games that have a higher hold %, such as DFS/DKNG Casino.
As of May 2020, DKNG has achieved a 30% penetration rate on its ~4mm ‘monetized’ DFS clientele to its Online Sports Book (OSB), from the OSB+DFS clientele, DKNG has converted 50% into its DraftKings Casino platform.
Including non-monetized users, user base totals at 12mm. Based on these unit economics: every 1mm of additional users -> 333k monetized users for DFS -> 100k users for OSB -> 50k users for DraftKings Casino.
Some Numbers – Italicized/Bolded the important
Numbers that represent Risks to Long Thesis
Things to look for when going Long
- Progress of additional States legalizing sports betting – specifically, States with DFS already legalized
- Cost structure evolving to a more fixed mix vs. the mostly variable mix currently as this will be the forward figure that determines profitability
- Increasing User Base (Curr.: 12mm) -> Monetized Base (Curr.: 4mm) -> MUP (1Q’20: 0.7mm)
Share Price Target
Given the cost structure of the company, I’m going to base the price targets around Enterprise Value / Revenues (driven by MUPs & ARPUs).
Bear Case MUP: 5mm -> $20.32 - $45.73
Base Case MUP: 5.5mm -> $22.27 - $50.10
Bull Case MUP: 6mm -> $24.21 - $54.47
These MUPs imply a monetized customer base of 28mm – 33mm. At the high-end, this implies that DKNG monetized customer base will equal MGM’s current total user base.
At yesterday’s close of $43.70, DKNG is trading at 3.5x – 4.5x forward Revenues on an expected >5,000 MUPs.
Share Price drivers / considerations:
- Continued multiple expansion
- MUP Growth exceeding beyond targets
Management Team
Jason Robins, 39 – Co-Founder & CEO. Duke BA, started DraftKings from day 1 in 2011. The 2 other buddies he started the Company with are still at DKNG. Dude navigated the Company through the scandal that rocked them in ’15 & ’16, and was the trailblazer in getting DFS labeled as a non-gambling product that enabled it to open in States without a gaming designation. This shit is the stuff that gets people in history books. His accomplishments make him seem like a very competent guy. Has 3 kids now, and only ~3% economic ownership in DKNG but has 90% of the voting power through his Class B share ownership. Also he actively participates in venture investments, sitting on 10 boards.
His comp plan performance bonus target is pretty murky, but main drivers are EPS growth, revenue growth, then a bunch of margin & return metrics, along with share price returns. Overall, very open-ended & it’s safe to say as long as shit doesn’t hit the fan, he will be eligible for his max payouts year over year. I’m assuming the lawyers tried to encompass everything possible for maximum flexibility to justify him earning his max comp as long as DKNG is still around.
Since he’s got voting control of 90%, I’ll end the specific-person overview here, but want to note that they have a very bloated C-suite. 12 folks at DKNG, 8 folks at SBTech, all with C-suite designations. Whereas their main competitor FanDuel, has 3 guys with a C-suite designations & 1 EVP, but is a sub under a larger ParentCo that has its own management team of ~5 guys.
Looking through glassdoor you can see the biggest complaint among employees giving bad reviews is based on management, all of the specific issues they point out IMO are a result of a top-heavy company. Seems like a good starting point to optimize their cost structure, but given Robins' history of sticking this entire thing through with his co-founders since '11 stuff like this doesn't seem to be a part of his playbook. They’re a public company now though, so it’s going to be interesting to see going forward.
TL;DR:
If I were to initiate a position in DKNG, the stock would have to fall to the $35-$37 range for me to be a buyer of the stock, and based on this rough intro analysis I'll be considering Put options if it breaches $50. I would not touch Calls at this level.
​
[1] Wall Street Research - 6/27/19
[2] https://rotogrinders.com/articles/bang-for-your-buck-a-look-at-dfs-industry-rake-153302
[3] https://draftkings.gcs-web.com/static-files/8f3a5c5a-7228-45bf-aab2-63604111c48d
[4] Wall Street Research - 5/19/20
[5]https://www.gamasutra.com/view/news/223071/Dont_monetize_like_League_of_Legends_consultant_says.php
[6] https://rotogrinders.com/threads/how-many-people-actually-play-dfs-regularly-252044
submitted by IAMB4TMAN to wallstreetbets [link] [comments]

Here’s your morning coffee!

Good luck everyone, have a great day, it’s Friday!
Of note for Energy names (XLE, XOM, CVX), the IEA, in fitting with EIA, raised its 2020 oil demand outlook, but cut its 2021 view due to the improved outlook this year. However, it noted that risks were skewed to the downside.
Of note for Casino names (CZR, WYNN, LVS) announced it will reopen its Bally’s on Las Vegas Strip on July 23rd. However, Nevada has ordered bars in Clark County, where Las Vegas is, to close on Friday.
Of note for PC names (DELL, HPQ), Worldwide PC shipments rose +2.8% Y/Y in Q2 2020, totalling 64.8 million units, according to preliminary results by Gartner. IDC data reported Q2 20 shipments rose 11.2% Y/Y to 72.3mln units. “Early indicators suggest strong PC shipments for education, enterprise, and consumer, muted somewhat by frozen SMBs,” said Linn Huang, research vice president, Devices and Displays at IDC. “With inventory still back ordered, this goodwill will continue into July. However, as we head deeper into a global recession, the goodwill sentiment will increasingly sour”. Market share: HP (HPQ) 25%, Lenovo 24.1% (LNV GY), Dell Technologies (DELL) 16.6%, Apple (AAPL) 7.7%, Acer Group 6.7%.

DOW JONES

Merck & Co. (MRK) Animal Health Unit received FDA approval for its Bravecto Chews for dogs of 8 weeks and older; it is a once a month treatment for fleas and prevention of fleas.
Pfizer Inc. (PFE) - BioNTech (BNTX), who is partnering with Pfizer to develop a COVID-19 vaccine, says they are confident it will be ready to get regulatory approval by year-end; expects to begin Phase 3 trials (N=30,000) by July-end. CEO said several hundred million doses could be produced even before approval, and over 1bln by the end of 2021.

NASDAQ 100

Amazon.com Inc. (AMZN) plans to create at least USD 100mln in stock awards to retain the 900-plus employees of Zoox, the self-driving car startup it offered to buy last month, and can walk away from the deal if large numbers of them turn down job offers from the technology giant; AMZN is aggressively expanding into self-driving technology, announced in June it had agreed to acquire the Silicon Valley company, for USD 1.3bln in cash, which it hopes to close by September.
Facebook, Inc. (FB) – A bug in the Facebook Software Developer Kit (SDK) is causing major third-party iOS apps, like TikTok and Spotify to crash on launch. The SDK enables account logins through Facebook and enable apps to integrate Facebook within the app for analytics and advertisements.
Gilead (GILD) released additional data on remdesivir for COVID-19: was associated with an improvement in clinical recovery and a 62% reduction in risk of mortality; 74.4% of treated patients recovered by day 14 (vs 59% of patients receiving standard of care).

S & P 500

AbbVie Inc. (ABBV) - Allergan announced it received FDA approval for its supplemental Biologics License Application (sBLA) that supports the expanded use of BOTOX for the treatment of spasticity in patients aged two years or older.
Energy Transfer’s (ET) fight to stave off a shutdown of the Dakota Access oil pipeline now heads to a federal appeals court after a district judge rejected a request to freeze an order that operations of the pipeline be halted by August 5th.
Ford Motor (F) announced the 50% staffing restrictions imposed on plants producing car parts in Chihuahua, Mexico is not sustainable, as US plants are running at 100%. The US ambassador to Mexico stated Ford “may have to shut some US car plants as early as next week if they fail to receive Mexico-produced engines”.
Simon Property Group Inc (SPG) and Authentic Brands are considering a bid for retailer Brooks Brothers Group, as is WHP Global, reports WSJ citing sources. The move would be the latest in which property owners are looking to purchase large renters who use their property to keep its business strong. Previously SPG has considered buying bankrupt JC Penney.
Tyson Foods (TSN) is looking towards automated butchers amid the COVID-19 pandemic, according to WSJ.

OTHER

Barrick Gold (GOLD) sent a dispute notice to Papua New Guinea over the government’s refusal to extend a mining lease in the Porgera valley.
Cannae Holdings (CNNE) and the Senator Investment group, who are trying to acquire CoreLogic (CLGX), have reportedly hired a proxy solicitor, DF King after CLGX rejected the unsolicited USD 7bln offer.
Express (EXPR) announced 95% of its stores are open and its strategic transformation remains on track, while traffic and sales have steadily improved with e-commerce being positive in June. “Comparable sales for open stores sequentially improved from down over 50% in early May to approximately negative 15% by the third week in June. Traffic also improved, from approximately negative 65% in early May to approximately negative 30% by the third week in June. As COVID-19 cases began to spike in several states in late June, the Company saw declines in both sales and traffic in Arizona, California, Florida, and Texas, which were significant enough to impact total results.”
Taiwan Semiconductor Manufacturing Company (TSM) reported double-digit sales growth in June; sales were approximately USD 4bln, +28.8% M/M and +40.8% Y/Y. Revenues for the H1 period were around USD 21bln, +35.2% Y/Y.
Tencent (TCEHY) is in exclusive talks to purchase Hong Kong game developer Leyou Technologies, according to CNBC.
WD-40 (WDFC) Q3 20 (USD): EPS 1.06 (exp. 1.07), revenue 98.2mln (prev. 114mln).

Additional US Equity Stories

Intel Corp. (INTC) has reportedly delayed another major near-term server project, according to SemiAccurate, who reportedly has multiple sources confirming this new delay and none are optimistic about the new schedule.
Gilead (GILD) Former FDA Commissioner Gottlieb says the Gilead (GILD) remdesivir data is very encouraging but needs to be confirmed in a prospective trial.
United Airlines (UAL) reached a deal with a pilot union representing 13,000 employees regarding voluntary furloughs and early retirements.
Nvidia Corporation (NVDA) had a PT upgrade at Rosenblatt Securities to USD 500 from USD 400, noting a secular shift into data-processing units and the co.’s entrance into new markets will drive revenue growth for the co.
Carnival Corp. (CCL) preliminary EPS USD -6.07, Adj. EPS -3.30, revenue 740mln (prev. 4.84bln); expects future capacity to be moderated by phased re-entry of its ships, sold one ship in June, has agreements for the disposal of five ships. In total 13 ships expected to leave fleet represent a 9% reduction in current capacity. Reduced operating costs by over USD 7 billion on an annualized basis and reduced capital expenditures also by more than USD 5 billion over the next 18 months. H2 monthly average cash burn expected at USD ~650mln. The company currently expects only five of the nine ships originally scheduled for delivery in fiscal 2020 and fiscal 2021 will be delivered prior to the end of fiscal year 2021.
Apple Inc. (AAPL) ‌Apple Silicon‌ 13.3-inch ‌MacBook Pro‌ to go into mass production in the fourth quarter of this year, but also now predicts we will see an Arm-based
American Airlines (AAL) has threatened to cancel some Boeing (BA) 737Max orders, a sign of deepening financial stress in the aviation industry.
submitted by WSBConsensus to wallstreetbets [link] [comments]

Easy reading breakdown of DKNG as it soars

Disclosure: This is not a comprehensive breakdown, and it's not meant to be. Just some key points and context that I thought you'd find interesting.
DraftKings is technology stock meets gambling
Three main products: Daily fantasy sports or DFS, Sportsbook, iGaming
DFS is OG DraftKings. Fantasy sports are where players make fantasy teams and battle each other to win money. However, sportsbook is where the money is: betting actual money on actual sports against the house. iGaming is basically an online casino with some online games you can gamble on, in addition to the classics like blackjack and Russian roulette.
In addition to DraftKings, there’s also SBTech, the online gambling technology company that had an arranged marriage as part of the DKNG merger.
Landmark Case
In 2018, the Supreme Court knocks down the federal law prohibiting sports gambling throughout the United States. Pandora’s box is open. Each state has to decide what it wants to do with gambling on its own.
The Path to Legalization
Map of Sportsbook legality
DFS legality is more widespread
Currently, 36% of the USA population lives in a state with some form of legal gambling and 24% in a state with legal online gambling. The population living where DraftKings is live or going live is only 13% of the country. There’s a lot of ground to cover.
NJ is the posterchild for sports betting legalization at the moment, and it’s DraftKings promised land. Generating 30% of DraftKings total revenue, it is a testament to the money waiting to be made if sports betting is made fully legal.
The Risks for DraftKings
Regulation: Gambling is a money-maker, but it’s also a social disease. States will want to cash in with taxes of 6.8 to 36% but it will be a tough battle to make it happen. And that battle will unfold state by state. Just like with the marijuana industry, the fate of the market is undeniably shaped by how legalization unfolds. It could end up being a niche hobby in select states, or it could end up like gambling in the United Kingdom, where there’s a gambling shop on every corner. Or there could be a huge gambling market, but one that is monopolized by the States exclusively. If they’re going to allow gambling, why not take all the profits, right?
Competition: FanDuel and DraftKings once considered a merger before the FTC played tough. Now, together they own 95% of the DFS market in the USA with a slight majority going to DraftKings. However, there will be fierce competition as new states open up, and missteps could be stifling for either company in the early stages. The lifeblood fueling this battle? Cold hard cash burned up in advertising and incentivizing dollars. Maybe it’s not as bad as Uber since gambling has a chance at being profitable, but if you don’t like to see money burning, think twice about entering the online sports betting market over this coming decade.
Technology: The hardware of gambling is a liability. Paying for the bandwidth needed at the exact moment of a match when everybody checks their bet is expensive. Payment processing, user validation, server hosting, sports data, app store placement: these are all areas of vulnerability and cost that you can minimize but can’t eliminate. With SBTech in the fold, having complete vertical integration is the aim and strength of DraftKings.
The House Always Wins…Usually: Writing bets means risk. Thankfully, the DFS is player versus player, so DraftKings always wins, taking something like EDIT: up to 15% of what players put in. It's a bookkeeper's wet dream. But Sportsbook and iGaming have classic gambling risks which should be fine over the long-term.
The Good Side (and Oh God They’re Beautiful)
Growth Potential: It’s a technology stock. The PE Ratio is over 600. When you buy DraftKings, you’re buying the dream of an America where gambling is as American as the Ford F150. A matured Sportsbook market in the USA would be around $20 billion, about $85 per adult. It’s a beautiful untapped (and non-existent) market with lots of money waiting to be taken. With Coronavirus, the slice of the sports betting pie that goes digital is bound to be more than ever before, if the sports happen
COVID19: The only thing that can stop a sports betting company from making money is getting rid of sports. Thankfully, new sports like Table Tennis, eSports, and a host of other betting topics have allowed DraftKings to get by. With lots of cash on hand ($450 million plus) and a monthly burn of $15 million, there’s enough to weather the storm. And if sports reopen with empty stadiums, fans may turn to online gambling to get their authentic sport experience.
Turnaround Time: The largest expense that DraftKings has is conquering new markets. Every time a state opens up, it’s a massive investment. That’s why analysts and executives don’t think DraftKings will run net positive for years to come. However, DraftKings experience in New Jersey has shown an average turnaround time of about two years is all it takes to recoup their initial investment when entering a new market. Some pretty tasty data to have coming in.
The Numbers
Revenue was up to $323 million in 2019 from $226 million and $191 million the years prior. NJ made up $86 million of that, growing by 8.5x after sports betting legalization in late 2018 to make up over a quarter of revenue in 2019.
Net loss however was $146 million in 2019 from $76 million and $73 million the years prior. Cost of Revenue was $103 million, Sales and Marketing was $185 million, Product and Tech was $55 million, and General and Administrative was $124 million of that. DraftKings has never been in the green. They attribute the accelerated burn in 2019 to growth in new markets so whether its aggressive or reckless is up to you. To be fair, if you’re investing in this stock, you should be expecting them to burn every single dollar they get at this point.
Average monthly unique players was up to 684k in 2019 from 601k and 574k with the average revenue per monthly unique player up to $39 from $31 and $28. As of March 31st 2020, there were 720k monthly unique players with average revenue of $41 per. So continued growths in the midst of the early Coronavirus pandemic. Q2 will be revealing for certain.
The stock just skyrocketed to $34+ yesterday meaning a market cap of over $10 billion and a PE ratio of over 600. Take it for what it’s worth to you.
Some Quirks
DraftKings revenue is seasonal. Q4 is the best when the NFL and NBA coincide, with Q3 and Q1 being roughly equivalent, and Q2 basically being garbage. With COVID mainly taking out Q2, perhaps there’s hope for sports by Q3 and Q4 to hit those high-earning months?
Controlled Structure: You get 1 vote for 1 stock, but CEO and Founder Jason Robins gets 10 votes for each stock. So whatever you do, he has 90% of the voting power. Good for long-term growth in a highly reactive landscape, but being powerless is never a fun feeling.
SBTech offers B2B solutions for other gambling companies looking to offer online sports betting and iGaming, so there’s that added benefit. In fact, the share of B2B has been growing from 1% in 2018 to 5% in 2019, so some diversification is happening.
DraftKings’s ticker symbol DKNG reminds me of Donkey Kong
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A not-so-brief rundown of letters J-L of Jeffrey Epstein's 'Little Black Book'

Below is a rundown of letters J-L of Epstein's contacts. Last year, I wrote about letters A-C. You can check that out here (https://www.reddit.com/conspiracy/comments/cpis3n/a_brief_rundown_of_the_first_ten_pages_of_jeffrey/).
I also wrote about letters D-F on July 5, 2020. You can check that out here (https://www.reddit.com/conspiracy/comments/hlrba8/a_notsobrief_rundown_of_letters_df_in_jeffrey/).
I posted letters G-I on July 13, 2020. You can check that out here (https://www.reddit.com/conspiracy/comments/hqko0y/a_notsobrief_rundown_of_letters_gi_in_jeffrey/). There are some misspelled names. Epstein entered their names like this.
I have bolded some of the more interesting connections and information, but there could be much more that I overlooked. I hope something here strikes an interest in someone and maybe we can get more investigations out of this. Please, if you know anything more about any of these people than what is presented here, post below. I am working off of the unredacted black book found here: https://www.coreysdigs.com/wp-content/uploads/2019/07/Jeffrey-Epsteins-Little-Black-Book-unredacted.pdf
J-L
Jackson, Michael (Samuel Gen): Yes, this is a reference to MJ the singer. However, the numbers listed are not MJ’s. They belong to Samuel Gen, a lawyer for a financial advisor (Jerry Seinfeld’s brother-in-law) who worked for MJ for a while. This one was a reach for Epstein.
Jacobson, Julian: Likely a reference to a Managing Director at several London-based investment firms.
Jagger, Mick: World-famous lead singer of the Rolling Stones. Has been seen in photographs with Ghislaine Maxwell. Actress Rae Dawn Chong claims she slept with Jagger when she was 15 years old.
Jagger, Hatti: Former fashion director for Vogue, Harper’s, and Tatler. Also works as a celebrity stylist and at fashion shows.
jake: Not enough info.
Jameel, Mohammed: Saudi Arabian businessman. CEO of Abdul Latif Jameel, a collective of family-owned businesses that specialize in transportation, investing, and real estate. Royal pervert Prince Andrew infamously partied on Jameel’s yacht during the 2011 London riots (source: https://www.mirror.co.uk/news/uk-news/prince-andrew-frolicks-on-yacht-with-mystery-147496).
James, Susie: Founder and owner of 123 Send Ltd, a company that provides payment terminals.
Janklow, Linda: Literary agent and wife of Mort Janklow, the primary owner of Janklow & Nesbit Associates, the largest literary agency in the world. Attended a party hosted by Sony Pictures with Epstein, although they are not pictured together (source: https://www.patrickmcmullan.com/search/?event=5b3ef4fb9f92906676446c21). In 2007, Ghislaine Maxwell threw an exclusive party (80 carefully selected guests) at her NYC townhouse to celebrate the opening of a new shop by designer Allegra Hicks (granddaughter-in-law of Earl Mountbatten, who you can read more about in my G-I Epstein thread under India Hicks’s name). One of the eighty guests was Julie Landlow, daughter of Linda and Mort.
Jarecki, Nancy & Andrew: Andrew is a filmmaker, co-founder of Moviefone, and was a producer on Catfish, the documentary that launched the popular MTV show. Andrew’s family was reportedly friends with Jeffrey Epstein. There is an EXCELLENT thread on the connections between the Jarecki family (especially Andrew and Nick’s father, Henry) and Epstein here (source: https://threadreaderapp.com/thread/1200044576947556352.html). Quick summary: Henry was born in Nazi Germany; flew on the Lolita Express; is an expert in psychotropic drugs; owns two islands in the British Virgin Islands; founded the first youth center in the British Virgin Islands; lived 2 miles from Epstein in NYC; owns and donates to many sketchy foundations, schools, and organizations; has donated at least $1 million to leftist organizations). Andrew’s wife Nancy created bettybeauty, a company that specializes in hair dye for your nether regions (not kidding).
Jarecki, Nick: The movie director brother of Andrew and son of Henry Jarecki (see link under Andrew & Nancy Jarecki for more info). Reportedly dated Courtney Love (also in Epstein’s ‘Black Book’) in 2015. Photographed with Ghislaine Maxwell at a Gucci party (source: https://www.gettyimages.com/detail/news-photo/ghislaine-maxwell-and-nick-jarecki-attend-gucci-hosts-a-news-photo/591605562).
Jason (canada): Not enough info. Could be artist Jason Wasserman based out of Canada. The second number listed traces back to Station 16 Gallery in Montreal.
Javier: Javier Banon is former Co-head of Merchant Banking at Lehman Brothers and current Founding Partner of Trilantic Europe.
Jeffries, Tim: Ownedirector of Hamiltons Gallery in London. Best known for dating models Elle Macpherson, Claudia Schiffer, Kylie Minogue and Sophie Dahl (also in Epstein’s ‘Black Book’). Jefferies has attended fundraisers for ARK Academy and the NSPCC. He truly cares about children.
Johnson, Richard & Nadine: Nadine is a millionaire public relations guru. Nadine is a good friend of Ghislaine Maxwell’s. Some clients of Nadine Johnson include spirit cooking extraordinaire Marina Abramovic and hotelier Andre Balazs, good friend of Ghislaine. Richard is one of the most well-known gossip columnists and was the editor of Page Six for twenty-five years. There is a great thread detailing the Johnsons’ ties to the Clintons, Balazs, and others here (source: https://threader.app/thread/1162148078981394432). Basically, Richard Johnson is friendly with the Clintons and, as Page Six Editor, purposely did not report or downplayed stories on the Clintons and Nadine’s clients. He also took bribes. Considering Nadine is a good friend of Ghislaine, it would not be a stretch to assume that Richard could have buried stories on Maxwell and Epstein. I could spend 10 pages on the shady connections these two have.
Johnson, Lucy: Not enough info.
Jones, Ann & Mick: Mick is the guitarist of Foreigner, an immensely popular rock band in the ‘70s and ‘80s. His wife, Ann, is a jewelry designer, and friend of Ghislaine. Ann Jones was photographed at a party with Ghislaine and Donald Trump in 1997 (source: https://www.the-sun.com/news/85818/epstein-madam-ghislaine-maxwell-milked-billionaire-dad-and-threw-lavish-parties-with-beautiful-women/)
Josephson, Barry & Jackie: Barry is a producer and the former President of Production for Columbia Pictures. Jackie is his ex-wife and also a producer.
Karella, Kalliope: Wife of Prince Pierre d’Arenberg. Kalliope is a good friend of Ghislaine Maxwell.
Kastner, Ron: No info found.
Katz, Anton & Robin Plant: Anton is CEO and co-founder of Talos Trading, which specializes in cryptocurrency. Anton and Robin are friends of and have been photographed with Ghislaine (source: https://www.patrickmcmullan.com/search/?person=5b3ef50c9f929066764df255).
Katzeneilenbogen, Mark: Long-time investment banker who used to be based out of South Africa.
Keeling, Sarah: There is a Sarah Keeling in London who is a former British government official with 20 years of experience in national security and intelligence experience, however, the phone number listed has a 410 area code, which leads back to eastern Maryland. Inconclusive.
Kegan, Rory: A nightclub designer and creator. Co-founder of the exclusive, celebrity-filled London nightclub, Chinawhite. Prince Andrew (source: https://www.thesun.co.uk/news/9818190/prince-andrew-pictures-cast-doubt-epstein-sex-slave/) and Prince Albert of Monaco are regulars. Chelsea Clinton has been there, as well (source: https://www.standard.co.uk/news/bright-night-for-china-white-6299739.html). Other patrons include: Prince Andrew, Kate Middleton, George Clooney, Leonardo DiCaprio, and more.
Keidan, Amanda: Owner of Keidan Jewelry.
Keidan, Jon: An entertainment executive-turned-venture capitalist. As an entertainment exec, Keidan worked with John Legend, Dave Matthews Band, and Nappy Roots. Keidan serves on the Council of Foreign Relations, a powerful group that some believe determines foreign policy. Former and current members include former presidents, current and former politicians, business magnates, and celebrities (https://www.cfr.org/membership/roster).
Keller, Georgie: Interior designer.
Kellette Frayse, Caroline: Fashion editor at Vogue and Tatler (both magazines constantly come up in Epstein’s contacts). Former girlfriend of Imran Khan, whose name has come up frequently. Passed away in 2014. Her husband, Jean-Marc Fraysse, is a French investment banker.
Kelmenson, Leo-Arthur & Gayl: Leo was an advertising and marketing guru who has been credited with saving Chrysler. Friend and advisor to Lee Iacocca, former President of Chrysler. He worked as Special Project Officer for the U.S. Department of State under President John F. Kennedy and AG Robert F. Kennedy. He had tons of connections. His former maid accused him of sexual harassment in 2010 (source: https://www.nydailynews.com/new-york/maid-harassment-suit-claims-ad-exec-leo-arthur-kelmenson-madman-pervy-mad-men-wannabe-article-1.156915). Kelmenson died less than two months after the story came out.
Kennedy Cuomo, Andrew & Kerry: Andrew is the current governor of New York. It’s no secret that Cuomo is willing to look the other way on sexual deviancy as long as he receives a payoff. Cuomo halted a probe into the handling of Harvey Weinstein’s case in New York after receiving $25,000 from Weinstein’s law firm (source: https://www.vice.com/en_us/article/bjbqg4/andrew-cuomo-received-dollar25000-donation-from-harvey-weinsteins-law-firm). Andrew’s brother, CNN Host Chris Cuomo famously told viewers “not to get caught up in the intrigue of who Epstein’s friends are” (source: https://www.realclearpolitics.com/video/2019/07/11/cnn_cuomo_lets_not_get_caught_up_in_the_intrigue_of_who_was_friends_with_jeffrey_epstein.html). Perhaps, he was covering for his brother. Kerry Kennedy is Cuomo’s ex-wife of fifteen years, the daughter of RFK, and a close friend of Ghislaine Maxwell. Supposedly, Kennedy provided Ghislaine with informal illegal advice (source: https://www.splicetoday.com/politics-and-media/the-nth-word-and-m-theory).
Kennedy Jr. Ted: Son of Ted Kennedy and nephew of JFK and RFK. Ted Jr. dabbled in politics and currently works as a lawyer. His father, Ted, was a notorious sexual abuser (allegedly).
Kennedy, Bobby & Mary: Bobby is the son of RFK and nephew of JFK. Bobby is a known drug abuser and philanderer. Bobby kept a sex journal detailing his conquests while he was married (source: https://nypost.com/2013/09/08/rfk-jr-s-sex-diary-of-adultery/). His ex-wife, Mary, committed “suicide” two years after their divorce. Before committing suicide, Mary told a friend that she “feared for her life” and Bobby told her that she “would be better off dead” (source: https://www.dailymail.co.uk/news/article-3231043/How-serial-cheater-Bobby-Kennedy-Jr-strutted-family-home-exposing-private-parts-demanded-m-nage-trois-wife-Mary-went-public-Cheryl-Hines-telling-Mary-things-easier-killed-herself.html).
Kennedy, Ethel: Widow of RFK Sr. and mother of eleven, including Bobby Kennedy, Kerry Kennedy, and Joseph Kennedy II.
Kennedy, Jo: Joseph Kennedy II is the son of RFK Sr. and Ethel. Served in the House of Representatives from 1987-1999. In 1973, Joseph was convicted of negligent driving after paralyzing a young woman. He was fined $100.
Kennedy, Senator Edward: Brother of JFK and RFK, Ted Kennedy served as U.S. Senator of Massachusetts for 47 years. Besides politics, Ted is best known for the Chappaquiddick incident in which a young female speechwriter for RFK drowned to death when he lost control of his vehicle while driving across a bridge. He was charged with leaving the scene of an incident and given a two month suspended sentence. Ted was also notorious for his extramarital affairs. Senator Kennedy once hosted a party at his house attended by Bill Clinton and Lynn Forester de Rothschild. Rothschild wrote a letter to Clinton afterwards in which she mentions that they spoke about Epstein (source: https://www.dailymail.co.uk/news/article-7283825/Jeffrey-Epstein-injured-jail-cell-following-possible-suicide-assault.html). It is unclear what was said or what Rothschild’s connection could possibly be.
Kersner, Sol: South African accountant and hotel and casino magnate who died of cancer in 2020. Kerzner was a close friend of Donald Trump. They even worked together to create The Palm, a man-made island off the coast of Dubai (source: https://www.ft.com/content/46393280-d9f9-11da-b7de-0000779e2340). Kerzner was also close friends with Sarah Ferguson, Duchess of York (https://www.gettyimages.com/detail/news-photo/sarah-ferguson-the-duchess-of-york-sol-kerzner-chairman-and-news-photo/83768272), Naomi Campbell (https://www.gettyimages.ca/detail/news-photo/naomi-campbell-and-sol-kerzner-pose-backstage-during-the-news-photo/82869744), and Bill Clinton (https://www.dailymail.co.uk/news/article-8144647/As-Sol-Kerzner-dies-aged-84-RICHARD-KAY-looks-riotously-louche-life.html). Kerzner was very good friends with Nelson Mandela and built his casino resorts with Gerard Inzerillo, who you can read about in my G-I ‘Black Book’ thread.
Khayat, Antoine, Jana, & George: Jana is an heiress and businesswoman. Jana is the niece of Galen Weston, a close friend of Prince Charles. George is her brother and CEO of Associated British Foods. Jana’s husband, Antoine, is a former banker and currently runs their vineyard.
Kidd, Jemma: Kidd is a British makeup artist, fashion model, and aristocrat. Married to Arthur Wellesley, Earl of Mornington, the son of the Duke and Duchess of Wellington, making her a Countess. Kidd is an interesting figure with elite connections. From 2005-2012, Ghislaine Maxwell served as Director of Jemma Kidd Make-Up Limited, a U.K. makeup company, which was founded by Kidd. Not only did Ghislaine serve as Director, but she was also a shareholder, along with the Rothschild family (source: https://nationalpost.com/news/world/in-hiding-for-years-epstein-accomplice-ghislaine-maxwell-spotted-in-l-a-burger-shop). If you click around the PDFs on this website (https://beta.companieshouse.gov.uk/company/05340072/filing-history), you can see everything. The 16 JUN 2006 PDF on page 3 shows you a list of Officers and shareholders of the company. Jemma Kidd has also attended charity events for the National Society for the Prevention of Cruelty to Children (NSPCC) (https://www.alamy.com/stock-photo-beckham-nspcc-party-jemma-kidd-106882170.html). Her sister, Jodie, is also a huge supportefundraiser of the NSPCC, as well as the Help a London Child and Monsoon Accessorize Trust charities, both of which help out disadvantaged children (source: https://www.looktothestars.org/celebrity/jodie-kidd).
King, Abby: No info found.
Kirwin Taylor, Charlie & Helen: Charles is an investment banker. He was former CEO of Credit Suisse in Switzerland, an investment firm which shows up a few times through Epstein’s contacts. His wife, Helen, is a journalist.
Kirwin Taylor, Peter: British financier. Was a member of the Pilgrims Society (https://isgp-studies.com/pilgrims-society-membership-list), a group that has included the Rothschilds, Rockefellers, and other elites amongst its ranks.
Kissinger, Dr. Henry A: Former U.S. Secretary of State and National Security Advisor under Nixon. Kissinger has long been accused of committing war crimes (ex: carpet bombing Cambodia, installing fascist governments in Chile and Argentina, genocide, extending our stay in Vietnam, etc) yet somehow managed to win a Nobel Peace Prize in 1973. Kissinger once said, “Military men are dumb, stupid animals to be used as pawns for foreign policy.” Kissinger served with Epstein on the Trilateral Commission. Kissinger has also been a member of the Bilderberg Group, the Council on Foreign Relations, the Aspen Institute, and Bohemian Grove. Long thought to be an advocate for a globalist New World Order, Kissinger is a scumbag of the highest order. His connections with Gates, the Clintons, Bush Sr. and Jr., the Rockefellers, and the Rothschilds are well-documented. If anyone here has ever done any research regarding the NWO, you have undoubtedly seen Kissinger’s name several times.
Klee, Rupert & Charlotte de: Rupert is a Director with Oakridge Group, a property development and investment company. His wife, Charlotte, is the producer of the religious plays at Wintershall.
Klesch, Johnathan: Former Director of Klesch Trading, which specializes in industrial commodities. It has offices in Russia, Malta, Surrey, and in London, down the block from Buckingham Palace.
Koch, David: Co-founder of Koch Industries, a diversified manufacturing conglomerate. Koch Industries has stolen oil from Indian reservations, committed hundreds of polluting, labor, and workplace safety violations. When he ran on the Libertarian ticket as the vice presidential nominee in 1980, Koch aimed to abolish Social Security, Medicare, Medicaid, welfare benefits, and minimum wage. Koch and Epstein were friends. Epstein even attended a party at Koch’s Southampton home (https://www.dailymail.co.uk/news/article-7270735/Jeffrey-Epstein-Trumps-closest-advisers-Wilbur-Ross-Rudy-Giuliani-Steve-Mnunchin.html). Koch has also been photographed with Ghislaine Maxwell (https://www.reddit.com/KochWatch/comments/dcjth3/david_koch_ghislaine_maxwell_getty_images/). Thankfully, Koch died last year.
Kohl, Astrid: A businesswoman involved in pharmaceuticals. Married to Prince Alexander of Liechtenstein. Daughter-in-law of Prince Philipp of Liechtenstein. Niece of former German Chancellor, Helmut Kohl.
Kotic, Boby: CEO of Activision Blizzard, a video game holding company. Used to run several electronic companies. From 2003-2008, he was a director at Yahoo! In 2012, he became a non-executive director of Coca-Cola.
Kotze, Alex Von: British businessman involved in the tech industry.
Kravetz, Anna: Not much info found. Has a degree in finance from Wharton School and used to live on Park Avenue in NYC.
Krooth, Caryn: A successful real estate agent based out of Los Angeles
Kudrow, Alistar: No info found.
Lal, Dalamal: Director of Akron Corp. & Akron (Nig.) Ltd., a food and beverage import company based out of Nigeria.
Lalaunis, Demetra: Daughter of Ilias Lalaounis, a pioneer in Greek jewelry and a world renowned goldsmith.
Lambert, Christopher: Well-known actor.
Lambert, David: Former partner, managing director, and VP at Goldman Sachs.
Lambert, Edward: Lampert is a billionaire hedge fund manager and former CEO of Sears. Lampert graduated from Yale University in 1984 where he was a member of Skull and Bones. Rumored pedophile David Geffen gave Lampert $200 million to invest in 1992, when Lampert was just 29 years old. Lampert made Geffen $1 billion.
Lambos Duff & John: Karen “Duff” Duffy is an actress, model, and TV personality. She has had memorable roles as the love interest in “Blank Check” and as JP Shay in “Dumb and Dumber.” Duffy has battled with sarcoidosis, a deadly central nervous system disease, since the mid-’90s. She credits Harvey Weinstein with saving her life (https://nypost.com/2000/10/03/coping-with-class-this-model-patient-suffers-in-style/). John is a former banker with Morgan Stanley and current President of GCA-US, an investment banking company.
Lang, Caroline: An art expert and Chairman at Sotheby’s Switzerland.
Lange, Dieter: Former Partner at WilliamHare, an international law firm with offices in London, Berlin, the U.S., Beijing, and Brussels. Passed away in 2010.
Larsen Janet: The only one I can find is a Business Psychologist based out of London.
Laurie, Jonathan: Founder and CEO of Cheyne Capital Management, an alternate investment fund firm.
Lavlada, Laura D.B. de: Laura Diez Barroso is a Mexican businesswoman. She sold her stock in Televisa for $726 million in 1993. Since then, she has been the head of several other companies.
Lawford Christopher & Jean: Christopher was an actor and relative of the Kennedys. His uncles were JFK, RFK, and Ted Kennedy. Many of his relatives appear in Epstein’s ‘Black Book’. His first wife, Jeannie, was an ad-sales associate for New York Magazine.
Lawton Paul: Two British businessmen with the same name come up. Both have extensive resumes. Could be either one.
Lazar, Christopher & Marie: Christophe seems to be a realtor in Paris, but I am not completely sure.
Le Bon, Simon & Jasmine: Simon is the lead singer of Duran Duran. His wife, Yasmin, is/was a fashion model. Yasmin is represented by Models1 in London. Models1 also represents Epstein and Ghislaine’s friend, Naomi Campbell. Le Bon has been accused of sexual assault in the past (https://www.freep.com/story/news/2018/07/12/simon-le-bons-accuser-sex-assault-claim-speaks-out-awful/777106002/).
Le Fur, Jean-Yves: French businessman and magazine creator. He was once Princess Stephanie of Monaco’s ex-fiance. More notably, Le Fur was the one who discovered supermodel Karen Mulder (his girlfriend at the time) on the floor after she attempted suciide. Mulder blew the lid off the rampant rape and sexual abuse that she and her modeling colleagues had suffered at the hands of businessmen, royalty, celebrities, and government officials. She was even the protege of Epstein collaborator (allegedly), Jean Luc Brunel (https://www.miamiherald.com/news/local/article238351108.html).
Le Marg Willie: No info found.
Lea, Piers: CEO of Learning Technologies Group, a workplace digital learning company.
Leeds, Jeffrey: Co-founder and Managing Partner of Leeds Equity. One of Leeds Equity’s partner companies is Endeavor Schools, which runs private preschools, primary schools, and secondary schools in Florida and 11 other states (https://www.leedsequity.com/news/articles/leeds-equity-partners-completes-investment-in-endeavor-schools). They are also partners with Fusion Educational Group (now Fusion Academy), which runs a chain of private secondary schools (https://www.leedsequity.com/news/articles/leeds-equity-partners-completes-investment-in-fusion-education-group). Former teacher Kris White, now the head of Fusion Academy in Palo Alto, allegedly told a student that he was in love with her and wrote her a note saying he was “obsessed” with her. (https://www.mercurynews.com/2020/07/12/teachers-named-in-presentation-high-sex-investigation-kept-working-as-bay-area-educators-for-years/). This story was just published on July 12, 2020. Hypothetically, if one wanted to procure underage children, it would certainly help if the head of the school was on board and possibly a pedophile himself. According to this former teacher at Fusion Academy, “many students struggle with learning differences, behavioral issues, and/or addictions” (https://www.glassdoor.com/Reviews/Employee-Review-Fusion-Academy-RVW21260629.htm). In other words, the downtrodden and vulnerable. Fusion Academy refers to itself as a non-traditional school that focuses on individual students. Seems like a great opportunity. Leeds was also good friends with Epstein (https://nymag.com/nymetro/news/people/n_7912/) and has close ties to Colin Powell and Rudy Giuliani (https://nypost.com/2016/09/14/colin-powell-wont-vote-for-her-because-of-bill-clinton/).
Lefcourt, Jerry: Famous lawyer who defended Epstein in 2007. That same year, Epstein donated $250,000 to the Washington-based Foundation for Criminal Justice, where Lefcourt was a board member.
Lester, Dominick: Founder and owner of MortgageFlex Systems, a mortgage lending company.
Levine, Phillip: Ex-Miami Beach mayor and close friend of Bill and Hillary Clinton. He claims that he doesn’t know how Epstein got his contact information… all 13 phone numbers, including those of his driver and housekeepers (https://www.miaminewtimes.com/news/ex-miami-beach-mayor-philip-levine-listed-13-times-in-jeffrey-epsteins-black-book-11242116)!
Liman, Doug: Popular Hollywood director and producer. He directed Swingers, The Bourne Identity, and a couple of Tom Cruise movies.
Lindeman-Barnet, Sloan & Roger: Sloan has been a New York Times bestseller and an on-air and print reporter for NBC, ABC, and Reuters. Sloan and Roger also sit on the board of the Spence School in New York City, a private K-12 all-girls school (https://www.spenceschool.org/2017---news-detail?pk=999120). Her husband, Roger, is the founder of beauty.com and Chairman and CEO of Shaklee, a highly successful nutrition company. Donald Trump, Melania Trump, and Ghislaine Maxwell all attended the publication party for Sloan’s book in 2008 (https://www.gettyimages.com/detail/news-photo/ghislaine-maxwell-anton-katz-and-robin-katz-attend-sloan-news-photo/619921016 ; https://www.gettyimages.co.uk/detail/news-photo/donald-trump-melania-trump-sloan-barnett-and-roger-barnett-news-photo/619921180).Other guests included Steve Mnuchin, Epstein and Maxwell chum Carol Mack, and a bunch of others also featured in Epstein’s ‘Black Book’ (Colin Cowie, Anton and Robin Katz, and Vittorio Assaf).
Lindemann, Adam & Elizabeth: Adam is a billionaire investor and art gallery owner. Brother of Sloan (mentioned just above). Elizabeth is his ex-wife. She is often photographed with many other people mentioned in Epstein’s ‘Black Book.’
Lindemann, George(Sr.) & Freida: Now-deceased billionaire father of Sloan and Adam. George was the CEO and Chairman of Southern Union, a pipeline company and served as Vice President of the Metropolitan Opera Association of NYC. His wife, Frayda, is the President and CEO of the Metropolitan Opera.
Lindsay, Alex & Jaclyn: Alex is a war documentary maker who rents out his loft at the address Epstein has listed (https://www.independent.co.uk/property/house-and-home/property/spheres-of-influence-72014.html).
Lindsey, Ludovic: Racecar driver.
Lindsley, Blake: Actress who was in two movies directed by Doug Liman (also in Epstein’s book) - “Swingers” and “Getting In.”
Linley, David: Princess Margaret’s son, Queen Elizabeth II’s nephew, and first cousin of Prince Charles and Prince Andrew. Linley is a furniture maker and the 2nd Earl of Snowdon. He used to be the Chairman of Christie’s auction house in the UK.
Liogos, Babis: No info found, but one of the numbers traces back to Thylan Associates, a real estate and investment firm.
Lister, Paul: Likely the director of legal services and company secretary for Associated British Foods, or it could be a conservationist. Not sure which.
Livanos, Arriette: I believe this Arietta Livanos, wife of Greek shipping magnate, Stavros Livanos. Arietta passed away in 1986.
Lo Cascio, Robert: Founder and CEO of LivePerson, a tech company that develops conversational commerce. LoCascio was photographed with Ghislaine at an after party in 2012 (https://www.gettyimages.com/detail/news-photo/ghislaine-maxwell-and-robert-locascio-attend-osklen-spring-news-photo/1169681572).
Loeb, Alex: Alexandra is the daughter of John Loeb, former U.S. Ambassador to Denmark under Reagan and former Delegate to the United Nations. John Loeb was also a special advisor to Nelson Rockefeller. Alexandra is also a descendant of the Lehman family (Lehman Brothers). Alexandra graduated from Spence Day School for Girls (mentioned earlier under Sloan and Roger Lindemann-Barnett).
Lonsdale, Richard: British investment banker.
Lorenzoti, Eva Vivre: Founder of luxury online retailer, Vivre.com and is a TV spokesperson/personality. Good friend of Ghislaine Maxwell. Maxwell and a couple of Rockefellers were guests at her house for a dinner party in 2010 (https://hauteliving.com/2010/11/doris-world-eva-lorenzottis-dinner-party/105102/).
Lorimer, John & Lottie: John works as a private investor and as a realtor. His wife, Lottie, is an interior designer.
Louthan Guy J: Prolific British film producer and former boyfriend of actress Liz Hurley (also in Epstein’s book).
Love, Courtney: Famous drug addict, musician, and actress who likely killed her husband, Kurt Cobain. Courtney famously claimed that Prince Andrew showed up to her house late one night in 2000 looking for sex. She has since retracted this claim. The entries under Love’s name all say ‘Dana’ next to them. This is Courtney’s ex-boyfriend, Dana Giacchetto. Giacchetto was considered to be the “stockbroker to the stars” and was friends with JFK Jr, Leonardo DiCaprio, Johnny Depp, and many others. He ripped his clients off of millions. Even more telling, Giacchetto was involved in a sex abuse case against X-Men director Bryan Singer (https://www.yahoo.com/entertainment/news/leonardo-dicaprios-convicted-ex-money-manager-denies-bryan-050000120.html). He died in 2016 after he partied too hard and overdosed (https://www.hollywoodreporter.com/news/dana-giacchetto-dead-stockbroker-stars-902383).
Lowell, Ivana: Guinness heiress who wrote about Harvey Weinstein’s sexual abuse while she worked at Miramax in her book back in 2010 (https://www.irishcentral.com/culture/entertainment/guinness-heiress-spoke-out-about-predator-harvey-weinstein-7-years-ago). She also dated Harvey’s younger brother, Bob.
Loyd Mark: No info found.
Lucas, Colin: The godfather of Boris Johnson, England’s current Prime Minister. Lucas is a British historian and university administrator. Served as Vice Chancellor of Oxford University from 1997-2004.
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DraftKings Launches Online Casino in New Jersey Today

Still contending with the effects of limited domestic sports offerings for bettors and daily fantasy sports (DFS) players, DraftKings (NASDAQ:DKNG) is launching an online casino mobile app in New Jersey today.
The Garden State is the second where the DraftKings Casino is operational, following neighboring Pennsylvania. To access the online gaming floor, users must download the DraftKings sports wagering app. DraftKings Casino features traditional table games, such as blackjack and roulette as well as slots and video poker.
In addition to standard casino fare, the app also offers new, proprietary games from from third-party providers including International Gaming Technology, Slingo, Scientific Games and more, according to a statement.
DraftKings internet casino debuts in New Jersey as the US sports slate still isn’t all the way back from pre-coronavirus shutdown heights. Last month, the return of NASCAR and UFC gave gamblers some US sports to focus while resumption of the PGA Tour earlier this month was a boon for DraftKings, but sportsbook operators and their customers are still waiting for the NHL and NBA to resume play and for Major League Baseball (MLB) to start its 2020 season.
https://www.casino.org/news/draftkings-is-going-online-with-a-casino-offering-in-new-jersey/
submitted by gms2912 to wallstreetbets [link] [comments]

DraftKings Launches Online Casino In New Jersey Today

Still contending with the effects of limited domestic sports offerings for bettors and daily fantasy sports (DFS) players, DraftKings (NASDAQ:DKNG) is launching an online casino mobile app in New Jersey today.
The Garden State is the second where the DraftKings Casino is operational, following neighboring Pennsylvania. To access the online gaming floor, users must download the DraftKings sports wagering app. DraftKings Casino features traditional table games, such as blackjack and roulette as well as slots and video poker.
In addition to standard casino fare, the app also offers new, proprietary games from from third-party providers including International Gaming Technology, Slingo, Scientific Games and more, according to a statement.
DraftKings internet casino debuts in New Jersey as the US sports slate still isn’t all the way back from pre-coronavirus shutdown heights. Last month, the return of NASCAR and UFC gave gamblers some US sports to focus while resumption of the PGA Tour earlier this month was a boon for DraftKings, but sportsbook operators and their customers are still waiting for the NHL and NBA to resume play and for Major League Baseball (MLB) to start its 2020 season.
https://www.casino.org/news/draftkings-is-going-online-with-a-casino-offering-in-new-jersey/
submitted by gms2912 to stocks [link] [comments]

A thousand words wasn't enough? Here's five thousand.

List acquired here.
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Barstool’s $450 Million Valuation Considered “A Bargain”

The Wall Street Journal reported on January 29th that Penn National Gaming (PENN) would be buying a 36% stake in Barstool Sports at a $450 million valuation ($135 million in cash + $28 million in convertible preferred stock). After three years, the regional gaming provider can increase its interest in the digital media entity to 50% (with an incremental investment of $62 million); the pact includes a path to majority or full control. The deal makes the casino operator the ‘exclusive gaming partner’ of Barstool Sports (for a period up to 40 years) and gives the company the “sole right to utilize the Barstool Sports brand for all of [its] online and retail sports betting and iCasino products.” Shares of PENN are up +14% (to $29.91 at Monday’s close) since news of the agreement was announced.
Howie Long-Short: Considering The Chernin Group invested in Barstool Sports at a $100 million valuation in 2018, it’s staggering to consider PENN is buying in at $450 million. But one well-respected digital media executive said that 4.5x revenue (+/- $100 million) “seems right. Companies [in the space] tend to trade between 2.5-5x revenue.”
Gaming industry consultant Sara Slane suggested that even with a $450 million valuation, PENN is “getting a good deal. If you think about how much money DraftKings and FanDuel spent to build their brands (see: $206M on ads in ’15 alone) and compare that to what PENN just bought (think: access to +/- 66 million unique monthly users, +/- 50% of which are sports bettors) [the price is] a bargain.” Slane estimates that the two DFS companies have collectively spent more than $1 billion to date on player acquisition.
In theory a deal with Barstool Sports - a brand with a rabid following - makes sense for a gaming operator looking to build its player base. It’s presumed that the investment will allow the company to gain an audience quickly (critical in the current ‘land-grab’ environment) and to differentiate itself in a crowded space, but if the U.K. market is any indication the Stoolies are unlikely to remain loyal to just a single gaming application. The average online gambler in the U.K. maintains 4 different sportsbook accounts (so that they can shop lines for the best pricing). There’s no reason to believe that the U.S. sports bettor will behave differently.
That said, Barstool Sports' young, male audience is particularly attractive to PENN, who’s core clientele is currently “the [mid-50s] woman who plays slot machines”, because it’s the demographic the company wants to drive into its brick and mortar properties. Slane said, “the cross promotional element of the deal is getting lost in [the talk surrounding Barstool’s valuation.] The thrust of the PENN business is their [expansive] retail operation. They have such a large footprint (41 properties across 19 states), but they’ve lacked brand awareness. Now they can market those properties under the recognizable Barstool brand [to the Stoolies].”
It’s important to delineate between the market access agreements that PENN previously struck with DraftKings, PointsBet, theScore and The Stars Group and their recent equity investment in Barstool. The main difference is that in the former PENN issued secondary skins in exchange for a cut of gaming revenues. In the latter PENN will retain 100% of incoming revenues on their first skin. Barstool is not entitled to any revenues associated with wagers placed.
Editor Note: Please note that joining our community (si.com/johnwallstreet) will entitle you to receive our free daily email newsletter.
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