Online Gambling is a $35 billion market growing at 6.2% CAGR (Compounded Annual Growth Rate) and is expected to reach over $42 billion by 2015.
An environment with cash-strapped governments in need of increasing tax revenues, a broad shift from traditional to online media, widespread adoption of online commerce and payment systems, and ever-present use of smartphones and tablets, has led to the arrival of a new era in online gaming - with growing markets and emerging industry leaders.
US states, including New Jersey, Delaware and Nevada, recently legalized and have begun to launch online gaming and lottery platforms in late-2013 and 2014. While only three states have taken the leap so far, many more are looking towards adopting online gaming and lottery.
According to the National Conference of State Legislation, "California, Mississippi, New York and Pennsylvania hope to join Delaware, Nevada, New Jersey and the U.S. Virgin Islands and become the latest jurisdiction to allow online gaming."
source: https://www.ncsl.org/research/financial-services-and-commerce/2014-intern...
The growth and introduction of online gaming and lottery in the US in 2014 is undeniable. Adoption rates have climbed, and private and public equity have acquired key market players at healthy valuations - likely in anticipation for the sector's potential growth.
On the home front, Amaya Gaming (AYA: TSX) has been one of the biggest success stories on the TSX in 2014. The company provides a full suite of gaming products and services including casino, poker, sportsbook, platform, lotteries and slot machines. The company's stock has run from a low of $5.61 in April to a recent high of $39.25.
David Pett of the Financial Post reported in respect to Amaya on November 19th that,
"Over the past five months, the stock has climbed a whopping 235% to easily lead all members of the S&P/TSX composite index, closing Tuesday at $37.34..."
source: https://business.financialpost.com/2014/11/19/amaya-gamings-stock-looking...
Amaya's market cap recently hovered around $5 billion following its acquisition of Rational Group, in August of 2014. Rationale Group is the owner and operator of Poker Stars and Full Tilt Poker, two of the world's more popular online poker brands. Pett stated in his article that "Amaya Gaming Group Corp. has been a pretty solid play for investors since debuting at $1 on the Canadian market in July 2010."
Changing Landscape
Two weekends ago we discussed the rise of online gaming throughout Europe and the US, the world's largest lottery and gambling market, in a report titled, Explosive New Industry Could Crush Vegas.
Nevada was the first US state to adopt a regulated online poker industry after Ultimate Poker launched in April 2013. By November 2013, Nevada was joined by Delaware and New Jersey.
At least 10 U.S. states are considering bills to legalize or expand Internet gambling, according to Wayne Perry of the Associated Press
In February of this year Wayne Parry of the Associated Press reported "At least 10 U.S. states are considering bills to legalize or expand Internet gambling this year, according to a group that tracks gambling-related legislation worldwide."
source: https://www.lasvegassun.com/news/2014/feb/05/study-10-us-states-consideri...
Contagious Gaming (CNS:TSXV): Our New Featured Company
Following its recent go-public transaction on the strength of a number of key agreements and relationships with some key players in online gaming, both in the UK and US, we are proud to announce the selection of our newest client and Featured Company: Contagious Gaming (CNS:TSXV).
Contagious has already signed gaming operation and content supplier deals on a revenue sharing basis with major gambling and lottery providers in two of the world's largest online gaming and online lottery markets: the United Kingdom and the United States.
A Play on Digitization
Many legacy technologies we once interacted with on a daily basis have undergone fairly rapid digitization (the move from traditional to digital media). Undergoing digitization at an increasing pace are paper-based products, such as phone books, cheques and even currency. As our world continues to migrate online, these products in their traditional form become less and less relevant.
Contagious has made a bet on the digitization of the lottery industry in the US, a $68 billion market. As mentioned, some states have begun to legalize and roll out digital lottery programs in a meaningful way.
Contagious and the Digital Lottery Business
Contagious has developed a library of 22 proprietary digital scratch titles for the US and international markets. These titles include popular games: crossword, bingo and match-3. It has also been selected by GTECH (GTECH had revenue of approximately $4.23 billion in 2013 and has roughly a $3.8 billion market cap) and Nasdaq-listed Scientific Games (Scientific Games had revenue of approximately $1.1 billion in fiscal 2013 and has roughly a $1.14 billion market cap) to supply digital scratch tickers on a revenue share basis for the US online lottery market. The company has effectively hedged its bets thus far in the US, as it is 1 of 6 exclusive developers for GTECH and 1 of 4 exclusive developers for Scientific Games.
revenue sources:
https://www.nasdaq.com/article/scientific-games-corporation-sgms-new-anal...
https://pbn.com/Americas-gains-hold-GTECH-up-as-revenue-profit-slip-in-20...
Key fact: two companies dominate the US online lottery landscape at the moment: GTECH and Scientific Gaming. These two companies are the largest in the US and compete primarily against each other. GTECH has 79% market share of U.S. lottery draw-based games and instant tickets. There is another smaller player, Pollard Banknote, which is listed on the TSX, but has a market cap of approximately $122 million.
sources:
https://www.contagiousgaming.com/wp-content/uploads/2014/09/Contagious-Ga...
https://www.gtech.com/
Although an emerging sector, the Public Gaming Research Institute reported that Digital lottery in the US could be worth as much as $17.5 billion in incremental annual sales, according to exclusive research conducted on behalf of Lottovate. If this comes to fruition, it could spell good news for investors in the space looking to validate the potential for revenues and cash flow in the digital lottery sector.
source: https://www.publicgaming.com/index.php?option=com_content&view=article&id...
Recent Developments: Digital Lottery in the US
With US online gaming and lottery sales estimated to increase, major industry players such as GTECH and Scientific Games are the obvious potential beneficiaries. As mentioned, Contagious has inked revenue share deals (details forthcoming) with both of these companies.
The Georgia Lottery, for example, which had sales of $3.9 billion in 2013, "contracts with GTECH Corporation for the implementation of new draw games and with Scientific Games Int'l for instant game products" according to GAlottery.com.
source: https://www.galottery.com/help/faqs
Lottery sales in Georgia represent approximately 6% of the total US market. Its instant lottery sales accounted for $2.6 billion in 2013.
Just over two weeks ago, Sheldon S. Shafer of The Courier-Journal reported that,
"By early next fall the Kentucky Lottery expects to make the sale of tickets for at least some games available through the use of computers, smart phones and other mobile devices.
The Kentucky Lottery Corp. directors took a major step toward online ticket sales at a meeting Friday by choosing to negotiate with GTECH to develop the computer-based system for what is being called iLottery services and games."
source: https://www.cincinnati.com/story/news/2014/11/24/ky-lottery-plans-online-...
In-House Capabilities
Contagious brings a sophisticated approach to online lottery and gambling content development. The company's in-house online gaming development arm is an exclusive game and content supplier to not one, but two of the biggest providers of lottery and gaming in the emerging United States online lottery market. Its development arm is based in Charlottetown, P.E.I. and has 19 talented technical employees, including developers, platform specialists, programmers and artists.
There is only one other company that provides content and development in the online gaming and lottery world that works with both GTECH and Scientific Games, Karma Gaming (a Canadian-based private company).
Karma raised an initial $4 million dollar Series A round of financing in June of 2013. In September of 2013, Karma announced an additional $1M Series A financing with Vanedge Capital.
Paul Lee, former President of EA Sports and partner at Vanedge Capital stated upon the investment in 2013 that, "The lottery industry sits on the brink of a paradigm shift towards the web and mobile with new and exciting customer offerings and experiences."
source: https://karmagaming.com/news/article/karma-gaming-raises-additional-1m-se...
Material Contracts: Digital Lottery
A summary of Contagious' key digital lottery contracts, signed with its wholly owned subsidiary, Telos, are as follows:
* In January 2013, Telos entered into an agreement with GTECH to provide iLottery/eInstants for their Lottery Developer Network. The revenue share is dependent on the jurisdiction in which Telos' content is deployed, as determined by a rate schedule set by GTECH from time to time. As of the date of this Information Circular, the only rate set is with respect to the Georgia state lottery, for which the current rate is 1% for use of Telos' content.
* In June, 2013, Telos entered into an agreement with Scientific Games International, Inc. and Scientific Games Worldwide Limited to provide iLottery/eInstants for their digital lottery platform. Under this agreement, Telos is entitled to 50% of net sales value for use of its content. Net sales value is defined as all amounts paid to and received in cleared funds by SGI (being fees, royalties, commission, renewal income and other revenue) referable to the agreements entered into by SGI for the use or from the exploitation of the content, less: (i) debts due and clawbacks granted; and (ii) tax (if any), unless another method of calculating net sales value is provided in a Statement of Work.
Note: The above information is taken from the Contagious' management information circular, which is a public document, published on Sedar on June 27, 2014.
source: SEDAR.com
The Company has clearly been able to open doors with industry leaders. What kind of penetration it and its games may achieve in the US online gaming market in the years ahead is still difficult to estimate. Regardless, Contagious' digital lottery vertical is just one aspect of how it aims to grow through the global expansion of online gaming.
Contagious is working in alliance with another leader in the online gaming industry: Zynga (ZNGA:NASDAQ).
While little has been disclosed about their relationship, Contagious issued a short press release regarding it on November 7th. Excerpt below:
Contagious Gaming Inc. (TSX VENTURE:CNS) ("Contagious Gaming" or the "Company") is pleased to announce that the Company, through its wholly-owned subsidiary Telos Entertainment Inc., has secured an extension to one of its third-party development contracts with Zynga Inc. (NASDAQ:ZNGA) ("Zynga"). The extension is an increase to an existing contract entered into between the Company and Zynga on March 7, 2014 which extends the term of the contract to June, 2015 (the "Development Contract").
source: https://www.contagiousgaming.com/2014/11/07/contagious-gaming-announces-e...
While that doesn't give us much to go on, Zynga is a leading developer of the world's most popular social games that are played by more than 100 million monthly consumers.
San-Francisco-based Zynga was founded in 2007, went public in 2011, and has acquired numerous software and development companies over the years.
Zynga launched what is considered its best-known game, FarmVille, on Facebook in June 2009. It reached 10 million daily active users (DAU) within six weeks. As of early January 2013, Zynga games had over 265 million monthly active users, according to AppData.
Zynga is geared towards social gaming as opposed to online gaming or gambling. But what's important about the company is its massive user base.
Contagious' alliances with industry leaders resonated with us and were a key reason for our selection of them as a client and Featured Company.
Financials
On December 1st, Contagious Gaming reported its financial results for the three months ended September 30th 2014. Revenue increased from $79,408 in the same period from 2013, to $294,063 for the three months ended September 30th in 2014. The company reported approximately $4.3 million in cash on hand, total assets of approximately $15.9 million and nearly $2.7 million in liabilities.
Click here for full details.
Contagious' Leadership
Contagious is led by a stout management and director group. The management team has over 75 years of combined lottery and gaming experience internationally.
The company's CEO is Peter Glancy, who has over 20 years of experience in the gaming industry. Prior to forming Contagious Sports, Mr. Glancy was founder and Managing Director from 2005 - 2010 of Gextech Holdings PLC, a technology developer for the gaming industry. At Gextech, Mr. Glancy's responsibilities included new initiatives, sales and marketing, and leading a team of over 65 people in offices located in Malaga, London, Barcelona and New York. Mr. Glancy is recognized for creating the first virtual betting format "The Fantastic League", he also designed the Pele Football Park in association with the international soccer star, Pele and conceived and led a $45 million marketing campaign for Pepsi-Cola International which aired simultaneously in twelve countries. Mr. Glancy's experience in the world of soccer and gambling is very relevant to Contagious initiatives in the UK, which we will explain in PART II of our coverage on the company to be released later this week.
Sean Yeomans is the President of Contagious. He was the President and Founder of Telos Entertainment Inc. (predecessor to Contagious Gaming Inc.) which was among the first developers to pursue the emerging US Instant iLottery development market. Sean is the recipient of several awards including a Gemini Award, Premier's Entrepreneurship of the Year Award and a National Research Council's Canadian Innovation Leader Certificate.
Over his career, the Chairman of Contagious, Charles Shin, has raised roughly $5 billion in capital and advised on $4 billion of M&A transactions for his clients. He brings a tremendous amount of experience from the world of finance and investment banking, a critical component for any publicly traded company. Mr. Shin is the founder and Managing Partner for Gulfstream Capital Corp., a merchant bank focused on advising and investing in diversified growth companies. Prior to forming Gulfstream, Mr. Shin spent 14 years as an investment banker, most recently with Canaccord Genuity as a Managing Director in the Canadian Investment Banking group. During his 7 year tenure at Canaccord Genuity, Charles focused on building the firm's Diversified Industries practice and later took on the responsibility for initially building the firm's Asia investment banking practice.
Contagious' Path
In the US, Contagious is developing games to try and capitalise on the future demand of the online lottery and gaming sector. It has formed key alliances with two of the largest providers of online lottery developments in the country (GTECH and Scientific Games) and one of the largest US online gaming companies (Zynga). But this is only part of the Contagious story...
In a few days we will be releasing PART II of our coverage on Contagious Gaming (CNS:TSXV) and the quickly approaching launch of its sports betting platform in the U.K. Its platform is the first ever to allow players to make bets live in-play on Premiere League soccer matches. The company has again partnered with industry leaders in their respective fields, including SiS and Trinity Mirror.
Satellite Information Systems ("SiS") affiliates include the Barclays Premier League and the English professional soccer league, which is home to world renowned clubs such as Manchester United, Arsenal and Liverpool. Under this arrangement, SiS provides official sports data to power Contagious' platform on an exclusive basis.
*Goal Time Platform
Contagious' media partner in the U.K., Trinity Mirrors, is one of the United Kingdom's largest multimedia publishers. Trinity Mirror's digital news brands reach over 82,000,000 worldwide internet users every month. It also publishes five national titles reaching 7,700,000 readers each weekend and over 100 regional newspapers reaching an additional 8,400,000 readers each week.
source: https://www.contagiousgaming.com/2014/09/26/contagious-gaming-announces-c...
Contagious has developed its own game and platform anticipated to launch in the U.K. around December 21st. What's more, the company plans to begin deploying its $1,116,000 (£620,000) marketing credit with Trinity Mirror in and around the launch of the company's innovative game dubbed Goal Time. Contagious announced on September 26th that Trinity Mirror subscribed in its recent equity financing. Trinity Mirror also has a significant ownership stake in Contagious' live betting game, Goal Time, already licensed and regulated by the UK Gambling Commission.
We will go in-depth on Goal Time, its scalability and focus on the world's most popular sport (soccer), along with more details regarding Trinity Mirror's relationship with Contagious in a few days.
*Goal Time
Prior to market open this past Monday December 8th, Contagious' stock was halted pending news. Later that day, the company announced it has entered into an agreement to acquire established UK online bingo provider Chelbis.
Chelbis has handled over $31.6 million (£17.4 million) in net-win on a cash basis since 2011 and wagers of over $3.4 billion (£1.9 billion) since inception. Chelbis' offering caters to all player segments, including value-orientated and casual players, but its focus is on the high roller player base. Its high roller players have a player lifetime of over 4 years and account for 50% of total deposits since inception. Click here for the full release.
Contagious Gaming is a client of ours, which makes us biased toward the company. Additionally, we own shares of Contagious Gaming. We don't share in your profits or losses - be sure to conduct your own thorough due diligence on Contagious so you understand the risks associated. You may want to start by visiting the company's website which hosts a ton of information on its gaming and development platforms.
This marks the initiation of coverage on our newest Featured Company, Contagious Gaming (CNS:TSXV). Stay tuned...
All the best with your investments,
PINNACLEDIGEST.COM
Click on the image below to view Contagious Gaming's corporate presentation
VISIT CONTAGIOUS GAMING ONLINE
RECENT NEWS FROM CONTAGIOUS GAMING
CONTAGIOUS GAMING TO ACQUIRE ESTABLISHED UK ONLINE BINGO PROVIDER CHELBIS
December 8, 2014
CONTAGIOUS GAMING ANNOUNCES QUARTERLY FINANCIAL RESULTS AND UPDATE OF TRINITY MIRROR GOALTIME LAUNCH
December 1, 2014
CONTAGIOUS GAMING SIGNS AFFILIATE DEAL WITH PRONTO GAMING LTD.
November 14, 2014
CONTAGIOUS GAMING ANNOUNCES EXTENSION OF DEVELOPMENT CONTRACT WITH ZYNGA
November 7, 2014
CONTAGIOUS GAMING ANNOUNCES COMPLETION OF STRATEGIC INVESTMENT AND AMENDMENT TO TRINITY MIRROR AGREEMENT
September 26, 2014
CNS:TSXV Stock Information:
Share price:$0.59
Basic Shares Outstanding (approx.): 70,657,258
Fully Diluted Shares Outstanding (approx.): 77,783,998
Please click HERE to access Contagious Gaming's filings on SEDAR, the Canadian source for public company information.
Disclosure, Risks Involved and Information on Forward Looking Statements: Please read carefully before proceeding.
Important: Our disclosure for this report on Contagious Gaming Inc. applies to the date this report was released to our subscribers (December 10, 2014) and posted on our website. This disclaimer will never be updated, even after we have sold all of our shares of Contagious Gaming Inc..
All statements in this report, other than statements of historical fact should be considered forward-looking statements. These statements relate to future events or future performance.
Forward-looking statements are often, but not always identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "budget", "scheduled", and similar expressions.
Much of this report is comprised of statements of projection or assumptions. While we consider these projections and assumptions to be reasonable based on our interpretation of information currently available, they may prove to be incorrect. Such statements or information involve substantial known and unknown risks and uncertainties, many of which are beyond Contagious Gaming's control. These risks, uncertainties and other factors include, but are not limited to: the timing and market acceptance of future products, competition in Contagious' markets, the Company's reliance on customers, fluctuations in currency and exchange rates, commodity prices or interest rates, Contagious Gaming's ability to maintain good relations with its employees, changes in the law or regulations regarding the environment or other environmental liabilities, the Company's ability to integrate acquisitions, the Company's ability to protect its intellectual property, and the ability of Contagious Gaming to secure sufficient future funding to carry out all of its business plans.
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