In today's Straight Shorts, the future ownership of radio station RSN remains uncertain. a NSW government response to a Select Committee inquiry into the future of Rosehill is due today and BlueBet insists its offer for PointsBet is the best one for shareholders. In New Zealand, the countdown is on to Champions Day at Ellerslie.
Entain pleased with ‘strong’ global results
Global wagering giant Entain has reported ansix per cent growth in net gaming revenue across its worldwide operations in 2024, including a 1 per cent annual growth in Australia.
Entain’s annual results landed on Thursday, highlighted by 41 per cent growth in the Brazilian market, while the BetMGM business in the US, of which it owns half, delivered net revenue of US$2.1 billion, up 7 per cent year on year.
The annual results come just a month after the sudden departure of CEO Gavin Isaacs, who only started in the job last September. Stella David has stepped back in as interim CEO.
”2024 has been a year of transformation for Entain. I am delighted to see that our strategic and operational improvements are translating into strong performance; clear evidence that our strategy is delivering. I want to thank all my colleagues for their tremendous hard work and resilience,” David said.
“Entain has a high-quality portfolio of iconic brands with podium positions in attractive markets. Our return to organic growth is the beginning of our rebuild journey; our momentum continues, and we have started the year strongly. I am incredibly proud of our achievements so far and look forward to our opportunities ahead.”
Entain’s Australian business, which has had several key executives depart over the past six months, is currently undergoing an enforcement action from AUSTRAC over possible anti-money laundering and counter-terrorism financing breaches.
RSN sale speculation builds
Victorian racing industry-owned radio station RSN is celebrating its 100th anniversary this week, but how long it may remain in the industry’s hands is up in the air as the board considers offers for the broadcaster.
Rumours surrounding the future ownership of RSN have abounded for years, but in recent days have escalated with suggestions Craig Hutchison’s Sports Entertainment Group were set to swoop.
The RSN board provided a statement which denied any deal had been done but did little to dispel the speculation.
“Like any business, RSN is continually exploring future commercial and strategic options to ensure the future success of the business. This is good practice and not unusual,” it said in a statement provided to The Straight.
“As part of this, RSN is engaging with various external parties on opportunities going forward, including wagering operators, advertising partners, other racing bodies, and media companies.”
Sports Entertainment Group, which operates SEN and the racing network SEN Track, was in the hunt to secure RSN in 2021, when Racing Victoria stepped in to take co-ownership with Harness Racing Victoria and Greyhound Racing Victoria.
Deadline day for government’s reply to Rosehill inquiry
A NSW government response to recommendations made by a Select Committee inquiry into an unsolicited proposal to sell Rosehill is due on Thursday.
The government has already flagged it will review the workings of the Thoroughbred Act.
“The terms of reference aren't finalised yet, but the content of them would be a matter for the Minister and his colleagues in government to determine,” NSW Racing Minister David Harris told an estimates hearing this week.
That review is one of five recommendations in the Select Committee’s report released in December.
The report came after an inquiry explored the unsolicited sale process used by the Minns government, the Australian Turf Club and Racing NSW leading up to a bombshell announcement on Rosehill’s future in December 2023.
A government response to the Legislative Council establishing a separate inquiry into the operations of Racing NSW is unknown.
Bren O’Brien
BlueBet makes pitch to PointsBet shareholders
BlueBet continues to pursue an acquisition of PointsBet, detailing a proposal that it says offers considerably more value to the latter’s shareholders than the current deal on the table from Japanese-owned MIXI.
BlueBet has put out a detailed presentation ‘Creating a Leading Australian-Owned Wagering Operator’ which it says indicates an illustrative value of $1.28 per share for PointsBet shareholders, as opposed to the cash offer of $1.06 per share on the table from MIXI.
Included in the presentation is detail on how BlueBet, which operates the betr brand in Australia, will release $40 million in synergies in any acquisition of PointsBet.
It says a combined business would have $4 billion in turnover and around 10 per cent of Australian market share.
Bren O’Brien
“Our offer clearly represents a superior proposal for PointsBet shareholders to realise significant value,” BlueBet chairman Matthew Tripp said.
“Unsurprisingly, we have been inundated with support for our offer in preference to the MIXI Proposal, which sees PointsBet shareholders leave meaningful value on the table.
“We are confident in progressing our superior proposal and creating the next great challenger brand in this market.”
OTI Racing out to plunder Champions Day riches
OTI Racing’s profitable relationship with the New Zealand thoroughbred industry will put the Australian syndicator at the forefront of Champions Day action at Ellerslie.
One of the most anticipated meetings in New Zealand for many years will feature OTI runners in the $NZ3.5 million NZB Kiwi and the New Zealand Derby.
The syndicator’s silks will be carried in the inaugural running of the NZB Kiwi by New Zealand-bred filly Perfumist.
OTI purchased Perfumist in collaboration with Sydney-based trainer Bjorn Baker, Phill Cataldo Bloodstock and Clarke Bloodstock, out of Westbury Stud’s 2023 New Zealand Bloodstock Ready To Run Sale draft for $NZ190,000.
“We ended up doing a little tender when we decided we would come across, and that worked out well and we are delighted with the way it has ended up with the boys down south (Palmerston North),” OTI Racing’s Terry Henderson told the Loveracing.nz news desk.
“We buy a lot of horses from (New Zealand) and to have a horse in what will be the premium race of the year is very exciting.”
OTI will be hoping to secure a second New Zealand Derby courtesy of the Tony Pike-trained Golden Century.
“We love Derbys, we have won every Derby in Australia, and to win another Kiwi Derby would be great,” Henderson said.
“It is a great race and a source for many good horses that we have had come over and we are really keen on being right up there again on Saturday.”
