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Corporate Finance Analysis I.Rmd
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---
title: "Corporate Finance Analysis I"
subtitle: "Analyse and Forecast the Revenue, Profit and Loss of Sports Bookmakers"
author: "[®γσ, Lian Hu](https://englianhu.github.io/) <img src='www/RYO.jpg' width='24'> <img src='www/RYU.jpg' width='24'> <img src='www/ENG.jpg' width='24'>®"
date: "`r lubridate::today('Asia/Tokyo')`"
output:
html_document:
number_sections: yes
toc: yes
toc_depth: 4
toc_float:
collapsed: yes
smooth_scroll: yes
highlight: haddock
theme: cerulean
---
```{r libs, message=FALSE, warning=FALSE, include=FALSE}
## Setup Options, Loading Required Libraries and Preparing Environment
## Loading the packages and setting adjustment
suppressMessages(library('utils'))
suppressMessages(source('coding/function/libs.R'))
suppressMessages(source('coding/function/getData.R'))
suppressMessages(source('coding/function/readData.R'))
```
# Abtract
Gaming is a large and economically important industry. Much research focuses on understanding gambler behavior. For example, you can refer to my previous [Punters Account Review (Agenda).xlsx](https://www.dropbox.com/sh/ifwczokjptt6re0/AADv1VarJoQ6IgIitZBzG5c6a?dl=0&preview=Punters+Account+Review+(Agenda).xlsx). The purpose of the research paper is trying to analse and forecast the revenue and profit of bookmakers as well as market shares. I seperates the research paper into 2 sections which are related to revenue, profit and loss of an operator in gambling industry:
- Analyse the revenue and profit of unnonymous bookmakers' products (due to confidential and privacy issue) in gambling market.
- Analyse the revenue and profit as well as the stocks price of Public Listed European bookmakers.
Below article using `flexdashboard` for interactive report or interacitive data visualization.
- [R shiny flexdashboard — combining reactive elements, editable DT datatable, and save to file](https://stackoverflow.com/questions/53095503/r-shiny-flexdashboard-combining-reactive-elements-editable-dt-datatable-and)
- [flexdashboard-highcharter-example](https://github.com/jbkunst/flexdashboard-highcharter-examples)
```{r read-data-summary-table, echo=FALSE, results='asis'}
## Read the datasets
```
Due to its very hard to get a free sample dataset. Here I use few unonymous companies revenue report as my sample for the paper.
# Introduction
## Introduction to Gambling Market
For thousands of years, people have been playing games of chance or wagering on the outcomes of various games and events. Today, that activity often takes place at casinos, game parlors, bookmakers and—increasingly—online. The online gaming market represents one of the fastest growing segments of the gambling industry. H2 Gambling Capital, a leading supplier of data and market intelligence on the global gambling industry, puts the size of the global online gaming market at about US$21 billion, hitting US$30 billion by 2012. But that may be just a drop in the ocean, considering that some of the biggest potential markets—such as the U.S., China, Japan, and South Korea—still prohibit many forms of gambling over the Internet.
| Continental Region | Country | Annual Gambling Amount | Notes |
|:-------------------------:|:-------------------:|:---------------------------:|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|
| Australia and Ocean | Australia | AU$790 million (2008) | • Australians spent an estimated AU$790 million on offshore gambling sites in 2008. |
| | | | • Many sporting events, teams and stadiums have now entered into commercial marketing arrangements with these corporate bookmakers (Lamont, Hing & Gainsbury, 2011). |
| | | | • This practice is most prominent in the two largest Australian sports, the National Rugby League (NRL) and Australian Football League (AFL). |
| | | | • These sports attract about half of all sports betting in Australia, with a doubling of turnover expected within five years from $750 million to $1.5 billion on the NRL and from $900 million to $1.8 billion for AFL (Deloitte, 2012). |
| | | | • Because these codes receive marketing and product fees based on betting revenues, sporting bodies are also motivated to maintain and promote a competitive, innovative wagering product (Deloitte, 2012). |
| Asia | China | AU$790 million (2008) | • Legal lotteries are available in most Chinese cities, as well as in Hong Kong and Macau. For exmaple : Macao-Slot, HKJC, Governmental Lottery. |
| | | | • Casino gaming is limited to Macau—which has now overtaken Las Vegas as the biggest gaming city in the world today. |
| | Japan | AU$790 million (2008) | • Japan currently bans most forms of gambling, with the exception of lotteries and bets on racing. |
| | | | • Certain gaming machines, such as Sega Sammy's pachinko and pachislot, are very popular in Japan’s leisure industry, although landbased casinos and online gaming are not permitted. |
| | | | • Yet there has been some movement to lift this prohibition, opening up this high GDP market of 128 million people. |
| | | | • The ruling Liberal Democratic Party in Japan has been reported to be communicating with some of the largest online gaming operators to discuss casinos in that country. |
| | Korea | AU$790 million (2008) | • Meanwhile has been cracking down significantly on online gaming, which is still illegal in the country. |
| | | | • Unauthorized gaming sites are available—a popular one is Hangame—but winners have had to cash out by using illegal money dealers, according to a report in Korea Times. |
| | | | • To combat this, the country's Ministry of Culture, Sports and Tourism, proposed a bill that charges people trading “excessive” amounts of cyber money with gambling. |
| | India | US$60 billion (2008) | • In late 2009, foreign operators were submitting bids for the first online gaming licenses in India estimated that country’s betting market is worth about US$60 billion. |
| North America | U.S. | US$12 billion (2008) | • The U.S. market for online casinos and poker could be worth as much as US$12 billion. |
| | | | • In June, 2009, for instance, U.S. federal authorities froze bank accounts worth US$34 million representing 27,000 online poker players. The accounts were managed by two service companies, Allied Systems Inc. and Account Services, and were held at Wells Fargo, Citibank and other U.S. banks. |
| | Canada | CDN$1 billion (2010) | • With an online gaming market estimated at CDN$1 billion, has been looking to liberalize its own online gaming laws. All gaming in Canada must be ’conducted and managed’ by a provincial government or agency. In early 2010, Loto-Quebec received cabinet approval to enter the online gaming business. |
| South America | Brazil | N/A | • Brazil has the potential on the surface to become a huge online gaming market, however it is currently prohibited and no online betting legislation exists. |
| | Argentina | N/A | • Argentina, meanwhile, may be the sleeping giant for online gaming of Latin America. In Argentina, gambling and betting licenses are provincial, not national. |
| | | | • bwin, for example, operates through a license from the Provincia de Misiones, while 888 has a partnership with Tower Torneos. Companies are currently trying to push the envelope in terms of gaining a national presence through advertising and sponsorships. |
| | | | • bwin recently started advertising with a large national publisher, and has a shirt-sponsorship deal with Buenos Aires-based football team Boca Juniors. |
| | Mexico | US$4.6 billion | • It is estimated that the Mexican gaming market may be worth some US$4.6 billion. Until now the gaming business has been dominated by the government-run National Lottery. |
| | | | • Online gaming is expected to become one of the most lucrative niches of the business. Through Mexican sites (ending in .mx) of the online casinos, it is possible to access international sites of companies such as bwin, Intercontinental Global and others. |
| Europe | U.K. | £220 million (2008) | • The Screen Digest study notes that the U.K. market, estimated to generate over £220m of revenue in 2008 (by gross win), is the largest, most mature and most competitive online bingo market globally. Other markets ripe for expansion are likely to include Spain and select markets in Eastern Europe, Asia and Latin America. |
| | | | • With an online gaming market estimated at GB£1.48 billion, the U.K. has one of the most established online gaming industries, including sports betting, poker, bingo, lottery and online casinos. |
| | | | • The online gaming sector has also seen a steadily increasing share of the total U.K. gambling market, growing from 3.7% in 2004 to an estimated 12.1% in 2009. |
| | Italy | 18.7 billion (2009) | • Italy represents a huge gaming market, and the country’s industry is expected to generate just under 18.7 billion in 2009. |
| | | | • Still, its online gaming market is relatively small; online gaming losses are expected to make up just 5% of total gaming losses in Italy this year, compared to a rate of around 18 to 20% in the U.K., and 25% in countries such as Sweden. |
| Africa | N/A | N/A | |
*source1 : [ONLINE GAMING: A GAMBLE OR A SURE BET?](https://www.kpmg.com/EU/en/Documents/Online-Gaming.pdf)* and *source2 : [The growth of sports betting in Australia](https://aifs.gov.au/agrc/publications/sports-betting-and-advertising/growth-sports-betting-australia)*
The information above and below might not up-to-date. However you can get the updated files through [Industry statistics](http://www.gamblingcommission.gov.uk/Gambling-data-analysis/statistics/Industry-statistics.aspx). The market shares of South East Asia is quite occupy a big portion around the World as I know from my previous job. Let say IBCBet, Mansion88, 188Bet, SBOBet etc started thier business from South East Asia. You can refer to my profile [®γσ, Eng Lian Hu](https://rpubs.com/englianhu/ryoeng) under author section at the bottom of the paper. Well, anyway here we try to look at some license business operators which conduct/provide service in gambling industry. Meanwhile, [](https://aifs.gov.au/agrc/publications/sports-betting-and-advertising/growth-sports-betting-australia)
| Name | Headquarters | Annual revenues (year) | Notes |
|:-------------------------------------:|:----------------------------------------:|:-----------------------:|:-----------------------------------------------------------------------------------------------------------------------------------------------:|
| 188Bet | Philippines and Isle of Man | Privately held | • Online sportsbook provider owned by Cube Ltd. |
| | | | • Recently launched a mobile gaming product with Swedish mobile developer Mobenga. |
| | | | • Strength is said to be in Asia. |
| | | | • Has sponsorship deals with five teams in the English Premier League, including Liverpool F.C. and Chelsea F.C. |
| 888 Holdings | Gibraltar | US$256 million (2008) | • Online gaming site that also operates Casino-on-Net and Pacific Poker. |
| | | | • Its B2B division, Dragonfish, provides technology, ePayment services and managed services through partnership deals with other gaming sites. |
| | | | • Dragonfish has a deal with Harrah’s Interactive Entertainment to provide its online gaming services. |
| Betfair | London, U.K. | €303 million (2009) | • Internet betting exchange that also operates a poker product and game arcade. |
| | | | • Claimed its 2 millionth customer in April, 2009. |
| bwin | Vienna, Austria | €403 million (2008) | • Largest online gaming company focused primarily on sports betting, as well as Internet casino and poker. |
| | | | • Holds sports betting and casino licenses in Austria, Gibraltar, Italy and Argentina and an e-money license for the UK. |
| | | | • Claimed 2.1 million active customers in 2008. |
| Cryptologic | Dublin, Ireland | US$61.5 million (2008) | • Licenses gaming software, support services and payment processing. |
| | | | • Revised strategy in 2009 to focus on Internet casino, games development and licensing to top gaming/entertainment brands. |
| | | | • Companies using Cryptologic solutions include 888, Betfair, BSkyB, GigaMedia and PartyGaming. |
| Gala-Coral | Essex, U.K. | Privately held | • Operates in multiple formats, including casinos, bingo halls, retail betting shops (in the U.K. and Italy), and online gaming. |
| | | | • Recently agreed to a £175m capital as part of a debt restructuring45. |
| GigaMedia | Taipei, Taiwan | US$183.6M (2008) | • Provider of gaming software and services to the online gaming industry, primarily in continental Europe. |
| | | | • Also offers platform of casual (non-gambling) games in Asian markets, including China, Taiwan, Hong Kong, and Macau. |
| GTECH (Lottomatica) | Providence, RI, USA | €2,058 million (2008) | • Leading operator of lottery systems, now a subsidiary of Italy’s Lottomatica. |
| | | | • GTECH G2, its online gaming arm, is comprised of four subsidiaries—Boss Media, St. Miniver, Finsoft and Dynamite Idea—focused on providing |
| | | | software and services in the Internet and sports betting market. |
| International Game Technology (IGT) | Reno, NV, USA | US$935M (2009) | • Global gaming company specializing in the design, manufacture, and marketing of electronic gaming equipment and network systems. |
| | | | • Operates two online gaming subsidiaries: WagerWorks, a casino software solution, and Million-2-1, which does mobile/cell phone gaming. |
| Ladbrokes | Gibraltar and Middlesex, U.K. and Israel | £1,172 million (2008) | • Largest betting company in the U.K. |
| | | | • Operates 2,700 retail betting shops in the U.K., Ireland, Spain and Belgium. |
| | | | • Operates online casino sites offering sportbooks, poker, casino games, bingo and backgammon. |
| | | | • Sites use the OpenBet system from Orbis Technology. |
| Microgaming | Isle of Man | N/A (privately held) | • Software developer for online gaming industry. |
| | | | • Online casino operators using its software include Ladbrokes, 32Red, Fortune Lounge Group, and others. |
| Paddy Power | Dublin, Ireland | €283 million (2008) | • Ireland’s largest bookmaker, now expanding in the U.K. and Europe. |
| | | | • Non-retail (online) activities now generate 70 percent of its operating profit. |
| | | | • Acquired a controlling stake in Sportbet, an Australian sports betting company. |
| PartyGaming | Gibraltar | US$472 million (2008) | • Online gaming company best known for its PartyPoker online poker room. |
| | | | • Has made a number of recent acquisitions, including World Poker Tour and Cashcade (online bingo). |
| | | | • B2B division uses its software to create and operate bingo and casino eGaming services targeting the UK market. |
| Playtech | Isle of Man | €111 million (2008) | • Provides software and managed services for the online gaming industry. |
| | | | • In joint venture with William Hill for William Hill Online. |
| | | | • Other companies using Playtech software include PartyGaming, GoldenPalace.com and Bet365. |
| PokerStars | Isle of Man | Privately held | • Said to be the world’s largest online poker room. |
| | | | • Sponsors a wide range of online and offline poker tournaments, including the World Championship of Online Poker. |
| | | | • Some 20,000 players are said be playing real money “ring games” daily. |
| Rank Group | Maidenhead, U.K. | £522.2 million (2009) | • Operates bingo services and casinos in the U.K., with complementary online gaming services. |
| | | | • Has direct operations in U.K., Spain and Belgium. |
| SBOBet | Philippines and Isle of Man | Privately held | • Online sportsbook and casino operator. |
| | | | • Has operations in Asia (licensed by First Cagayan Leisure & Resort Corp. in the Philippines) and Europe (licensed by the Isla of Man). |
| | | | • Uses video streaming technology to offer “live dealer” games online. |
| Sega Sammy | Tokyo, Japan | ¥429,195 million (2009) | • Manufacturer of pachinko and pachislot machines. |
| | | | • Amusement machines, including network-enabled trading card games. |
| | | | • Amusement centre operations and arcade machines. |
| | | | • Home video game software business, including content for mobile phones, PCs and toys. |
| Sportingbet | London, U.K. | £163 million (2009) | • Betting site that operates in the U.K, Spain, Germany, Greece, Turkey, and Australia. |
| | | | • Operates Paradise Poker brand online poker site. |
| | | | • 64 percent of revenues come from sports, 24 percent from casino and games, and 12 percent from poker. |
| William Hill | Gibraltar and London, U.K. and Israel | £963 million (2008) | • Major chain of betting shops that operates primarily in the U.K. and Ireland. |
| | | | • Online efforts—William Hill Online—are through venture with software developer Playtech. |
*source : page 14 of [ONLINE GAMING: A GAMBLE OR A SURE BET?](https://www.kpmg.com/EU/en/Documents/Online-Gaming.pdf)*
From the companies stated above, we basically know some major operators and companies in sportsbook gambling industry. You are welcome to refer to my previous survey on few sports-bookmakers [Bookmakers Analysis.xlsx](https://www.dropbox.com/s/cxple3h0hpingmq/Bookmakers%20Analysis.xlsx?dl=0). The spreadsheet briefly survey and analyse but also compare some major bookmakers (The Excel file is quite large and you can download to browse over).
### Introduction to Sportsbook Market
One attraction of the online gaming market is its very high rate of growth. H2 Gambling Capital, one of the most widely quoted sources of online gaming statistics, says the market for global interactive gaming will grow about 42% to US$30 billion in 2012 from US$21.2 billion in 2008. This is significantly faster than the 15 percent growth that H2 forecasts for the gambling industry as a whole over the same period. The online gaming market is composed of a number of different types of games, each with its own business models and technology. They include:
- Sports betting : Betting on sporting events such as games, horse races, dog races, etc.
- Online poker : Like land-based (or traditional) poker, the provider often takes a commission from wagers, and may be less risky than other casino games.
- Casino games : Games of chance such as slot machines or roulette that operate the same as in a traditional casino.
- Online bingo : A web-based version of the ages-old game.
- Online lottery : Online versions of frequently government-sponsored lotteries.
Due to the marketing strategy of firm1 and firm3 based on rebates upon staking. Below papers are research on marketing and might use for future research on some other sports bookmakers.
- [Soomla (Q4-2015) - *Mobile Gaming Data Report*](https://gallery.mailchimp.com/16ce1ff0bb24d9e70eb7b27eb/files/Soomla_2015_Q4_Mobile_Gaming_Data_Report.pdf) basically analyse the continental gamers for Android and iMac users as well as the gamers' consuming behaviour.
- [HM Revenue and Customs (2014) - *The UK betting and gaming market: estimating price elasticities of demand and understanding the use of promotions*](https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/322845/report313.pdf)
## Data
I tried to google'ing some sample data from below links for the paper. Unfortunately there has no any free sample dataset found. Meanwhile, the sample datasets via the below links might help for other research.
- [datahub](https://datahub.io/dataset?tags=bookmakers)(You can found a lot of sample dataset if using keywords 'sports' etc.)
- [Revenue of selected sports betting companies in 2014 (in billion U.S. dollars)](http://www.statista.com/statistics/270757/revenue-sports-betting-companies/)(chargable to buy dataset)
- [GamblingData](http://gamblingdata.com)
- [Center for Gaming Research University Libraries : *Reports, Data Sets & Research Guides*](http://gaming.unlv.edu/reports.html)
- [Data Government UK](https://data.gov.uk/data/search)
Here I use datasets of few unnonymous companies for this research paper. Similar with the [Betting-Strategy-and-Model-Validation](https://github.com/scibrokes/betting-strategy-and-model-validation), I just using firm1 and firm3 to term the companies in this paper. There are few organizations provides gambling license for online operators. For example : Gibraltar, Isle of Man, Minila, Ireland etc. You can try to refer to a sample website [Bookmaker's Licence - Guidelines on Licensing Requirements](http://www.revenue.ie/en/tax/excise/excise-licensing/bookmakers-licences-betting.html) but that is not the topic for this paper.
## Shinyapp's Report
### Shinyapp's Web-base Report
In order to easier to read the report, here I display the data report on shinyapps website. Please click the link to view the web-base report at []().
### Setup Shiny Server and MySQL Server
Kindly refer to my previous project [Setup ®Studio Server](https://github.com/scibrokes/setup-rstudio-server) in order to setup shiny server. Here I am sharing how to setup a MySQL server database on [Digital Ocean](https://m.do.co/c/aabb124120d0). You might feel free to setup yours.
I tried to `$ sudo yum install -y mysql-server` but doesn't work. Well, firstly you need to browse over <http://dev.mysql.com/downloads/repo/yum/> and get the link of latest version of MySQL server.
```
$ wgets http://dev.mysql.com/get/mysql57-community-release-el7-7.noarch.rpm
$ sudo yum install -y mysql57-community-release-el7-7.noarch.rpm
$ sudo rm mysql57-community-release-el7-7.noarch.rpm
```
You might need to grant permission by `$ sudo chmod 777 [your path]` if you faced permission denied issue. Now you need to start MySQL server.
```
$ sudo
```
You can `$ sudo yum-complete-transaction -y mysql-server` if needed.
<s>
draft:
- <http://www.cyberciti.biz/faq/how-to-install-mysql-under-rhel/>
- <http://dev.mysql.com/get/mysql57-community-release-el7-7.noarch.rpm>
- <https://www.linode.com/docs/databases/mysql/how-to-install-mysql-on-centos-6>
Data visualization, a book content page:
- <http://54.225.166.221/arifulmondal/creditscoring>
</s>
<span style='color:red'>**Remarks: ** <http://rstudio.cloud> ease the users.</span>
# Appendix
## Documenting File Creation
It's useful to record some information about how your file was created.
- File creation date: 016-03-05
- File latest updated date: `r lubridate::today('Asia/Tokyo')`
- `r R.version.string`
- R version (short form): `r getRversion()`
- [**rmarkdown** package](https://github.com/rstudio/rmarkdown) version: `r packageVersion('rmarkdown')`
- File version: 1.0.1
- Author Profile: [®γσ, Eng Lian Hu](https://beta.rstudioconnect.com/content/3091/ryo-eng.html)
- GitHub: [Source Code](https://github.com/scibrokes/analyse-and-forecast-the-revenue-profit-and-loss-of-sports-bookmakers)
- Additional session information:
```{r info, echo=FALSE, warning=FALSE, results='asis'}
suppressMessages(require('dplyr', quietly = TRUE))
suppressMessages(require('formattable', quietly = TRUE))
suppressMessages(require('knitr', quietly = TRUE))
suppressMessages(require('kableExtra', quietly = TRUE))
sys1 <- devtools::session_info()$platform %>%
unlist %>% data.frame(Category = names(.), session_info = .)
rownames(sys1) <- NULL
sys1 %<>% rbind(., data.frame(
Category = 'Current time',
session_info = paste(as.character(lubridate::now('Asia/Tokyo')), 'JST'))) %>%
dplyr::filter(Category != 'os')
sys2 <- data.frame(Sys.info()) %>% mutate(Category = rownames(.)) %>% .[2:1]
names(sys2)[2] <- c('Sys.info')
rownames(sys2) <- NULL
cbind(sys1, sys2) %>%
kable(caption = 'Additional session information:') %>%
kable_styling(bootstrap_options = c('striped', 'hover', 'condensed', 'responsive'))
rm(sys1, sys2)
```
## Reference
### Reference for industry knowdelege and academic research portion for the paper.
01) []()
02) [Mark Summerfield and Wade Loo (2010) - *Online Gaming - A Gamble or a Sure Bet?*](https://www.kpmg.com/EU/en/Documents/Online-Gaming.pdf)
03) [Sports betting and advertising AGRC Discussion Paper (No.4 November 2014) - *The growth of sports betting in Australia*](https://aifs.gov.au/agrc/publications/sports-betting-and-advertising/growth-sports-betting-australia)
04) [Jeremy Sandford & Paul Shea (2011) - *Optimal setting of point spreads*](http://gatton.uky.edu/faculty/sandford/chicken.pdf)
### Reference for technical research on programming and coding portion for the paper.
01) [E-Commerce Retail Sales](https://datamarket.com/data/set/1kcw/e-commerce-retail-sales#!ds=1kcw&display=line)
02) [Justin Ellingwood (2013) - *How To Create and Manage Databases in MySQL and MariaDB on a Cloud Server*](https://www.digitalocean.com/community/tutorials/how-to-create-and-manage-databases-in-mysql-and-mariadb-on-a-cloud-server)
03) [Etel Sverdlov (2012) - *A Basic MySQL Tutorial*](https://www.digitalocean.com/community/tutorials/a-basic-mysql-tutorial)
04) [Etel Sverdlov (2012) - *How To Create a New User and Grant Permissions in MySQL*](https://www.digitalocean.com/community/tutorials/how-to-create-a-new-user-and-grant-permissions-in-mysql)
05) [R Graph Catalog](http://shinyapps.stat.ubc.ca/r-graph-catalog/)
---
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