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<h1 class="title toc-ignore">Corporate Finance Analysis II</h1>
<h3 class="subtitle"><em>Analyse the Finance and Stocks Price of Bookmakers</em></h3>
<h4 class="author"><em><a href="https://englianhu.github.io/">®γσ, Lian Hu</a> <img src='www/RYO.jpg' width='24'> <img src='www/RYU.jpg' width='24'> <img src='www/ENG.jpg' width='24'>®</em></h4>
<h4 class="date"><em>2018-09-15</em></h4>
</div>
<p><a href="http://timelyportfolio.github.io/rCharts_nyt_home_price/" class="uri">http://timelyportfolio.github.io/rCharts_nyt_home_price/</a></p>
<div id="section-abtract" class="section level1">
<h1><span class="header-section-number">1</span> Abtract</h1>
<p>Gaming is a large and economically important industry. Much research focuses on understanding gambler behavior. For example, you can refer to my previous <a href="https://www.dropbox.com/sh/ifwczokjptt6re0/AADv1VarJoQ6IgIitZBzG5c6a?dl=0&preview=Punters+Account+Review+(Agenda).xlsx">Punters Account Review (Agenda).xlsx</a>. 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:</p>
<ul>
<li>Analyse the revenue and profit of unnonymous bookmakers’ products (due to confidential and privacy issue) in gambling market.</li>
<li>Analyse the revenue and profit as well as the stocks price of Public Listed European bookmakers.</li>
</ul>
<p>However, few studies consider investment behavior in the gaming industry, which as a regulated industry we may expect to see variances from norms established in the general finance literature. [6]<em>Howard Reed (2013)</em> describe the economics and the impact of fixed odds betting industry.</p>
</div>
<div id="section-introduction" class="section level1">
<h1><span class="header-section-number">2</span> Introduction</h1>
<div id="section-introduction-to-gaming-industry" class="section level2">
<h2><span class="header-section-number">2.1</span> Introduction to Gaming Industry</h2>
<p>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.</p>
<table style="width:100%;">
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<col width="5%" />
<col width="7%" />
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<thead>
<tr class="header">
<th align="center">Continental Region</th>
<th align="center">Country</th>
<th align="center">Annual Gambling Amount</th>
<th align="center">Notes</th>
</tr>
</thead>
<tbody>
<tr class="odd">
<td align="center">Australia and Ocean</td>
<td align="center">Australia</td>
<td align="center">AU$790 million (2008)</td>
<td align="center">• Australians spent an estimated AU$790 million on offshore gambling sites in 2008.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Many sporting events, teams and stadiums have now entered into commercial marketing arrangements with these corporate bookmakers (Lamont, Hing & Gainsbury, 2011).</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• This practice is most prominent in the two largest Australian sports, the National Rugby League (NRL) and Australian Football League (AFL).</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 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).</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 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).</td>
</tr>
<tr class="even">
<td align="center">Asia</td>
<td align="center">China</td>
<td align="center">AU$790 million (2008)</td>
<td align="center">• Legal lotteries are available in most Chinese cities, as well as in Hong Kong and Macau. For exmaple : Macao-Slot, HKJC, Governmental Lottery.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Casino gaming is limited to Macau—which has now overtaken Las Vegas as the biggest gaming city in the world today.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center">Japan</td>
<td align="center">AU$790 million (2008)</td>
<td align="center">• Japan currently bans most forms of gambling, with the exception of lotteries and bets on racing.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 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.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Yet there has been some movement to lift this prohibition, opening up this high GDP market of 128 million people.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 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.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center">Korea</td>
<td align="center">AU$790 million (2008)</td>
<td align="center">• Meanwhile has been cracking down significantly on online gaming, which is still illegal in the country.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 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.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 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.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center">India</td>
<td align="center">US$60 billion (2008)</td>
<td align="center">• 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.</td>
</tr>
<tr class="even">
<td align="center">North America</td>
<td align="center">U.S.</td>
<td align="center">US$12 billion (2008)</td>
<td align="center">• The U.S. market for online casinos and poker could be worth as much as US$12 billion.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 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.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center">Canada</td>
<td align="center">CDN$1 billion (2010)</td>
<td align="center">• 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.</td>
</tr>
<tr class="odd">
<td align="center">South America</td>
<td align="center">Brazil</td>
<td align="center">N/A</td>
<td align="center">• 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.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center">Argentina</td>
<td align="center">N/A</td>
<td align="center">• Argentina, meanwhile, may be the sleeping giant for online gaming of Latin America. In Argentina, gambling and betting licenses are provincial, not national.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 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.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• bwin recently started advertising with a large national publisher, and has a shirt-sponsorship deal with Buenos Aires-based football team Boca Juniors.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center">Mexico</td>
<td align="center">US$4.6 billion</td>
<td align="center">• 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.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 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.</td>
</tr>
<tr class="odd">
<td align="center">Europe</td>
<td align="center">U.K.</td>
<td align="center">£220 million (2008)</td>
<td align="center">• 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.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 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.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 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.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center">Italy</td>
<td align="center">18.7 billion (2009)</td>
<td align="center">• Italy represents a huge gaming market, and the country’s industry is expected to generate just under 18.7 billion in 2009.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 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.</td>
</tr>
<tr class="even">
<td align="center">Africa</td>
<td align="center">N/A</td>
<td align="center">N/A</td>
<td align="center"></td>
</tr>
</tbody>
</table>
<p><em>source1 : <a href="https://www.kpmg.com/EU/en/Documents/Online-Gaming.pdf">ONLINE GAMING: A GAMBLE OR A SURE BET?</a></em> and <em>source2 : <a href="https://aifs.gov.au/agrc/publications/sports-betting-and-advertising/growth-sports-betting-australia">The growth of sports betting in Australia</a></em></p>
<p>The information above and below might not up-to-date. However you can get the updated files through <a href="http://www.gamblingcommission.gov.uk/Gambling-data-analysis/statistics/Industry-statistics.aspx">Industry statistics</a>. 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 <a href="https://rpubs.com/englianhu/ryoeng">®γσ, Eng Lian Hu</a> 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, <a href="https://aifs.gov.au/agrc/publications/sports-betting-and-advertising/growth-sports-betting-australia"></a></p>
<table>
<colgroup>
<col width="15%" />
<col width="16%" />
<col width="10%" />
<col width="57%" />
</colgroup>
<thead>
<tr class="header">
<th align="center">Name</th>
<th align="center">Headquarters</th>
<th align="center">Annual revenues (year)</th>
<th align="center">Notes</th>
</tr>
</thead>
<tbody>
<tr class="odd">
<td align="center">188Bet</td>
<td align="center">Philippines and Isle of Man</td>
<td align="center">Privately held</td>
<td align="center">• Online sportsbook provider owned by Cube Ltd.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Recently launched a mobile gaming product with Swedish mobile developer Mobenga.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Strength is said to be in Asia.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Has sponsorship deals with five teams in the English Premier League, including Liverpool F.C. and Chelsea F.C.</td>
</tr>
<tr class="odd">
<td align="center">888 Holdings</td>
<td align="center">Gibraltar</td>
<td align="center">US$256 million (2008)</td>
<td align="center">• Online gaming site that also operates Casino-on-Net and Pacific Poker.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Its B2B division, Dragonfish, provides technology, ePayment services and managed services through partnership deals with other gaming sites.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Dragonfish has a deal with Harrah’s Interactive Entertainment to provide its online gaming services.</td>
</tr>
<tr class="even">
<td align="center">Betfair</td>
<td align="center">London, U.K.</td>
<td align="center">€303 million (2009)</td>
<td align="center">• Internet betting exchange that also operates a poker product and game arcade.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Claimed its 2 millionth customer in April, 2009.</td>
</tr>
<tr class="even">
<td align="center">bwin</td>
<td align="center">Vienna, Austria</td>
<td align="center">€403 million (2008)</td>
<td align="center">• Largest online gaming company focused primarily on sports betting, as well as Internet casino and poker.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Holds sports betting and casino licenses in Austria, Gibraltar, Italy and Argentina and an e-money license for the UK.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Claimed 2.1 million active customers in 2008.</td>
</tr>
<tr class="odd">
<td align="center">Cryptologic</td>
<td align="center">Dublin, Ireland</td>
<td align="center">US$61.5 million (2008)</td>
<td align="center">• Licenses gaming software, support services and payment processing.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Revised strategy in 2009 to focus on Internet casino, games development and licensing to top gaming/entertainment brands.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Companies using Cryptologic solutions include 888, Betfair, BSkyB, GigaMedia and PartyGaming.</td>
</tr>
<tr class="even">
<td align="center">Gala-Coral</td>
<td align="center">Essex, U.K.</td>
<td align="center">Privately held</td>
<td align="center">• Operates in multiple formats, including casinos, bingo halls, retail betting shops (in the U.K. and Italy), and online gaming.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Recently agreed to a £175m capital as part of a debt restructuring45.</td>
</tr>
<tr class="even">
<td align="center">GigaMedia</td>
<td align="center">Taipei, Taiwan</td>
<td align="center">US$183.6M (2008)</td>
<td align="center">• Provider of gaming software and services to the online gaming industry, primarily in continental Europe.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Also offers platform of casual (non-gambling) games in Asian markets, including China, Taiwan, Hong Kong, and Macau.</td>
</tr>
<tr class="even">
<td align="center">GTECH (Lottomatica)</td>
<td align="center">Providence, RI, USA</td>
<td align="center">€2,058 million (2008)</td>
<td align="center">• Leading operator of lottery systems, now a subsidiary of Italy’s Lottomatica.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• GTECH G2, its online gaming arm, is comprised of four subsidiaries—Boss Media, St. Miniver, Finsoft and Dynamite Idea—focused on providing</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">software and services in the Internet and sports betting market.</td>
</tr>
<tr class="odd">
<td align="center">International Game Technology (IGT)</td>
<td align="center">Reno, NV, USA</td>
<td align="center">US$935M (2009)</td>
<td align="center">• Global gaming company specializing in the design, manufacture, and marketing of electronic gaming equipment and network systems.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Operates two online gaming subsidiaries: WagerWorks, a casino software solution, and Million-2-1, which does mobile/cell phone gaming.</td>
</tr>
<tr class="odd">
<td align="center">Ladbrokes</td>
<td align="center">Gibraltar and Middlesex, U.K. and Israel</td>
<td align="center">£1,172 million (2008)</td>
<td align="center">• Largest betting company in the U.K.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Operates 2,700 retail betting shops in the U.K., Ireland, Spain and Belgium.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Operates online casino sites offering sportbooks, poker, casino games, bingo and backgammon.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Sites use the OpenBet system from Orbis Technology.</td>
</tr>
<tr class="odd">
<td align="center">Microgaming</td>
<td align="center">Isle of Man</td>
<td align="center">N/A (privately held)</td>
<td align="center">• Software developer for online gaming industry.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Online casino operators using its software include Ladbrokes, 32Red, Fortune Lounge Group, and others.</td>
</tr>
<tr class="odd">
<td align="center">Paddy Power</td>
<td align="center">Dublin, Ireland</td>
<td align="center">€283 million (2008)</td>
<td align="center">• Ireland’s largest bookmaker, now expanding in the U.K. and Europe.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Non-retail (online) activities now generate 70 percent of its operating profit.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Acquired a controlling stake in Sportbet, an Australian sports betting company.</td>
</tr>
<tr class="even">
<td align="center">PartyGaming</td>
<td align="center">Gibraltar</td>
<td align="center">US$472 million (2008)</td>
<td align="center">• Online gaming company best known for its PartyPoker online poker room.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Has made a number of recent acquisitions, including World Poker Tour and Cashcade (online bingo).</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• B2B division uses its software to create and operate bingo and casino eGaming services targeting the UK market.</td>
</tr>
<tr class="odd">
<td align="center">Playtech</td>
<td align="center">Isle of Man</td>
<td align="center">€111 million (2008)</td>
<td align="center">• Provides software and managed services for the online gaming industry.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• In joint venture with William Hill for William Hill Online.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Other companies using Playtech software include PartyGaming, GoldenPalace.com and Bet365.</td>
</tr>
<tr class="even">
<td align="center">PokerStars</td>
<td align="center">Isle of Man</td>
<td align="center">Privately held</td>
<td align="center">• Said to be the world’s largest online poker room.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Sponsors a wide range of online and offline poker tournaments, including the World Championship of Online Poker.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Some 20,000 players are said be playing real money “ring games” daily.</td>
</tr>
<tr class="odd">
<td align="center">Rank Group</td>
<td align="center">Maidenhead, U.K.</td>
<td align="center">£522.2 million (2009)</td>
<td align="center">• Operates bingo services and casinos in the U.K., with complementary online gaming services.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Has direct operations in U.K., Spain and Belgium.</td>
</tr>
<tr class="odd">
<td align="center">SBOBet</td>
<td align="center">Philippines and Isle of Man</td>
<td align="center">Privately held</td>
<td align="center">• Online sportsbook and casino operator.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Has operations in Asia (licensed by First Cagayan Leisure & Resort Corp. in the Philippines) and Europe (licensed by the Isla of Man).</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Uses video streaming technology to offer “live dealer” games online.</td>
</tr>
<tr class="even">
<td align="center">Sega Sammy</td>
<td align="center">Tokyo, Japan</td>
<td align="center">¥429,195 million (2009)</td>
<td align="center">• Manufacturer of pachinko and pachislot machines.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Amusement machines, including network-enabled trading card games.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Amusement centre operations and arcade machines.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Home video game software business, including content for mobile phones, PCs and toys.</td>
</tr>
<tr class="even">
<td align="center">Sportingbet</td>
<td align="center">London, U.K.</td>
<td align="center">£163 million (2009)</td>
<td align="center">• Betting site that operates in the U.K, Spain, Germany, Greece, Turkey, and Australia.</td>
</tr>
<tr class="odd">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Operates Paradise Poker brand online poker site.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• 64 percent of revenues come from sports, 24 percent from casino and games, and 12 percent from poker.</td>
</tr>
<tr class="odd">
<td align="center">William Hill</td>
<td align="center">Gibraltar and London, U.K. and Israel</td>
<td align="center">£963 million (2008)</td>
<td align="center">• Major chain of betting shops that operates primarily in the U.K. and Ireland.</td>
</tr>
<tr class="even">
<td align="center"></td>
<td align="center"></td>
<td align="center"></td>
<td align="center">• Online efforts—William Hill Online—are through venture with software developer Playtech.</td>
</tr>
</tbody>
</table>
<p><em>source : page 14 of <a href="https://www.kpmg.com/EU/en/Documents/Online-Gaming.pdf">ONLINE GAMING: A GAMBLE OR A SURE BET?</a></em></p>
<p>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 <a href="https://www.dropbox.com/s/cxple3h0hpingmq/Bookmakers%20Analysis.xlsx?dl=0">Bookmakers Analysis.xlsx</a>. 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).</p>
</div>
<div id="section-introduction-to-sports-bookmakers" class="section level2">
<h2><span class="header-section-number">2.2</span> Introduction to Sports Bookmakers</h2>
<div id="section-introduction-to-public-listed-sports-bookmakers" class="section level3">
<h3><span class="header-section-number">2.2.1</span> Introduction to Public Listed Sports Bookmakers</h3>
<p>The sports bookmakers divided into two categories, which are traditional bankers and exchange-firm. You can refer to [2]<em>Fabián Enrique Moya (2012)</em> for more information from similarity and difference between them.</p>
<ul>
<li>[3]<em>Alper Ozgit (2005)</em> : The author compile and analyze a dataset of National Basketball Association (NBA) games and find that both odds and net returns on the leading betting exchange (Betfair) are consistently higher than that of the two leading bookmakers (William Hill and Ladbrokes). These results are puzzling, since the bookmakers continue to be profitable. ‘The bookie puzzle’, the observation that bookies attract a lot of betting although better returns are available elsewhere is resolved through liquidity-based explanations. As the order size gets larger, the author find that:</li>
</ul>
<ol style="list-style-type: lower-roman">
<li>The return differences vanish rapidly.</li>
<li>Order flow migrates to the bookmakers, thereby justifying the presence of and the need for bookmakers.</li>
</ol>
<ul>
<li>[4]<em>NERA Economic Consulting (2014)</em> : The consultancy firm has analyse the financial report as well as the market shares of Ladbrokes PLC.</li>
<li><a href="https://gallery.mailchimp.com/16ce1ff0bb24d9e70eb7b27eb/files/Soomla_2015_Q4_Mobile_Gaming_Data_Report.pdf">Soomla (Q4-2015) - <em>Mobile Gaming Data Report</em></a> basically analyse the continental gamers for Android and iMac users as well as the gamers’ consuming behaviour.</li>
<li><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/322845/report313.pdf">HM Revenue and Customs (2014) - <em>The UK betting and gaming market: estimating price elasticities of demand and understanding the use of promotions</em></a></li>
</ul>
</div>
<div id="section-introduction-to-other-sports-bookmakers" class="section level3">
<h3><span class="header-section-number">2.2.2</span> Introduction to Other Sports Bookmakers</h3>
<p>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:</p>
<ul>
<li>Sports betting : Betting on sporting events such as games, horse races, dog races, etc.</li>
<li>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.</li>
<li>Casino games : Games of chance such as slot machines or roulette that operate the same as in a traditional casino.</li>
<li>Online bingo : A web-based version of the ages-old game.</li>
<li>Online lottery : Online versions of frequently government-sponsored lotteries.</li>
</ul>
<p>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.</p>
<ul>
<li><a href="https://gallery.mailchimp.com/16ce1ff0bb24d9e70eb7b27eb/files/Soomla_2015_Q4_Mobile_Gaming_Data_Report.pdf">Soomla (Q4-2015) - <em>Mobile Gaming Data Report</em></a> basically analyse the continental gamers for Android and iMac users as well as the gamers’ consuming behaviour.</li>
<li><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/322845/report313.pdf">HM Revenue and Customs (2014) - <em>The UK betting and gaming market: estimating price elasticities of demand and understanding the use of promotions</em></a></li>
</ul>
</div>
</div>
<div id="section-research-on-gaming-industry" class="section level2">
<h2><span class="header-section-number">2.3</span> Research on Gaming Industry</h2>
<p>[1]<em>Linda Canina, Steven A. Carvell, Qingzhong Ma and Andrey D. Ukhov (2013)</em> brief some points of previous papers as below. The study examines mergers and acquisition activity in the gaming industry in a comprehensive data set covering thirty years of transactions. The long time series allows us to capture both the times of economic expansions and recessions. An interesting and active market exists for corporate control in the gaming industry.</p>
<ul>
<li><em>Hong & Hochan (2005); Moss, Ryan & Wagoner (2003); Mowen, Fang & Scott (2009); Soane, Dewberry & Narendran (2010); Thaler & Johnson (1990); Vong (2008)</em> : Much research focuses on understanding gambler behavior.</li>
<li><em>Braunlich (1996); Chhabra (2007); Kwan & McCartney (2005); Smeral (1998)</em> : In terms of the impact of gaming externalities on local communities and the economy we see that this industry has unique characteristics.</li>
<li><em>Canina (1996)</em> : Considers IPO behavior in the gaming sector, but more work is needed in this area. The present paper extends the understanding of the gaming industry’s investment behavior by studying the pricing of mergers and acquisition (M&A) transactions involving gaming companies or gaming assets.</li>
<li><em>Jang & Young (2009); Smith (2006)</em> : The economic significance of M&A transactions in the gaming industry is substantial, especially considering the 3063 deals announced from the beginning of 1980 through 2009, with a total target value of $916,358 million and an average target value of $299 million. Focusing on one industry rather than all-inclusive study is important to obtain industry-relevant results and managerial implications.</li>
<li><em>Collins, Holcomb, Certo, Hitt & Lester (2009); Huyghebaert & Luypaert (2010); Kobeissi, Xian & Haizhi (2010); Pablo (2009)</em> : Specifically, acquisitions along with IPO’s are methods for investors to monetize their investments through the public and private markets. Acquisitions may bring many benefits, but at the same time they involve substantial risk. Firms can eliminate competitive threats or gain economies of scale or market power through mergers. Firms lacking growth may undertake acquisitions to increase their growth rates. Managers propose that the rationale for an acquisition is an increase in value derived from a variety of sources, such as economies of scale and/or scope from the combined organization and the elimination of poor managerial practice.One of the fundamental reasons why two firms combine their resources is to create value by pursuing these potential synergies between them.</li>
<li><em>Lees (2003)</em> : Points out that the lack of value creation is an unanswered question when it comes to M&A. Some blame it on paying too much for an M&A deal or overvaluing the synergy effects while others blame it on the integration process and the fact that those who are responsible for the implementation are often not involved in the previous stages before the deal is made.</li>
<li><em>Hayward & Hambrick (1997); Morck, Shleifer & Vishny (1990)</em> : Researchers also explore how characteristics of the target selection and negotiation processes can lead to overpayment for a target by an acquirer, dooming the transaction from the very start. Since the value and realization of potential synergies are directly influenced by the price paid for the target firm, the main objective of this paper is to evaluate the pricing of gaming assets. Since overpayment may prevent firms and their investors from realizing acquisition benefits in the gaming industry, correct valuation of the target is a key factor in the M&A process.</li>
<li><em>Lee & We (2009)</em> : Correct valuation is a fundamental criterion of a successful merger as in all investment decisions, as long as the net present value (NPV) of an investment is positive value is enhanced. The NPV is simply the difference between the post merger value of the integrated firm (VC) and the sum of the paid acquisition price for the target firm (PT) and the value of the acquiring firm prior to the merger (VA). This difference, the NPV represents the value of the realized synergy. The total synergy value of a merger may differ from the realized synergy due to differences between the acquisition price of the target and the stand alone value of the target (VT). Total synergy equals the difference between the combined firm value (VC) and the sum of each individual firm value (VT + VA) where VT and VA are the stand alone values of the target and acquirer, respectively. The value of this difference includes the acquirer’s valuation of control as well as operating and financial synergies. If the price paid for the target (PT) is less than the standalone value of the target (VT) plus the value of the total synergy, then the NPV will be positive, value is created and the merger is successful. However, if the price exceeds VT plus the value of the total synergy, value is destroyed.</li>
</ul>
<p>You might try to measure, value and forecast based on the datasets if any.</p>
</div>
</div>
<div id="section-data" class="section level1">
<h1><span class="header-section-number">3</span> Data</h1>
<div id="section-financial-report-of-public-listed-companies" class="section level2">
<h2><span class="header-section-number">3.1</span> Financial Report of Public Listed Companies</h2>
<p>I get the financial data as well as the stocks price of few public listed companies for the research via <code>quantmod</code> r package. You can refer to [10]<em>Alberto González Paje (2013)</em> for further information.</p>
</div>
<div id="section-profit-and-loss-statement" class="section level2">
<h2><span class="header-section-number">3.2</span> Profit and Loss Statement</h2>
<p>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.</p>
<ul>
<li><a href="https://datahub.io/dataset?tags=bookmakers">datahub</a>(You can found a lot of sample dataset if using keywords ‘sports’ etc.)</li>
<li><a href="http://www.statista.com/statistics/270757/revenue-sports-betting-companies/">Revenue of selected sports betting companies in 2014 (in billion U.S. dollars)</a>(chargable to buy dataset)</li>
<li><a href="http://gamblingdata.com">GamblingData</a></li>
<li><a href="http://gaming.unlv.edu/reports.html">Center for Gaming Research University Libraries : <em>Reports, Data Sets & Research Guides</em></a></li>
<li><a href="https://data.gov.uk/data/search">Data Government UK</a></li>
</ul>
<p>Here I use datasets of few unnonymous companies for this research paper. Similar with the <a href="https://github.com/scibrokes/betting-strategy-and-model-validation">Betting-Strategy-and-Model-Validation</a>, 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 <a href="http://www.revenue.ie/en/tax/excise/excise-licensing/bookmakers-licences-betting.html">Bookmaker’s Licence - Guidelines on Licensing Requirements</a> but that is not the topic for this paper.</p>
</div>
</div>
<div id="section-shinyapps-report" class="section level1">
<h1><span class="header-section-number">4</span> Shinyapp’s Report</h1>
<p>You might feel free to use financial calculator in <a href="http://www.calculator.net/">Free Online Calculators</a>.</p>
<div id="section-shinyapps-web-base-report" class="section level2">
<h2><span class="header-section-number">4.1</span> Shinyapp’s Web-base Report</h2>
<p>I tried to refer to <a href="https://timelyportfolio.github.io/rCharts_time_series/history.html">History of R Financial Time Series Plotting</a>. However it unable users to choose the stock counters and directly display the output by interactive mode. Therefore in order to easier to read an interactive report, here I display the data report on shinyapps website.</p>
<p>You are welcome to browse over below <em>tiny shinyapps</em> to plot some stock counters.</p>
<p>Please click the link to view the <em>completed version</em> web-base report at <a href='http://www.google.com/webhp' target='_blank'><img align='right' alt='runApps' src='www/runApps.jpg'/></a>.</p>
<p>You can also simply <code>shiny::runGitHub('scibrokes/analyse-the-finance-and-stocks-price-of-bookmakers', subdir = 'report')</code> or <code>shiny::runApp('report')</code>.</p>
<p><a href="http://success.wp.shu.edu.tw/1050323%EF%BC%9A%E8%B2%A1%E7%B6%93%E9%96%8B%E6%94%BE%E6%95%B8%E6%93%9A%E5%B9%B3%E5%8F%B0stock-ai%E5%92%8Cr%E5%88%86%E6%9E%90%E4%BB%8B%E9%9D%A2/">財經開放數據平台Stock AI和R分析介面</a> [12]<em>Financial Statements A Step-by-Step Guide to Understanding and Creating Financial Reports</em>… … …</p>
<p><strong>Draft (temp reference, will delete)</strong></p>
<ul>
<li><a href="http://quant.stackexchange.com/questions/20642/original-fundamental-accounting-data-not-ratios">get financial report</a></li>
<li><a href="https://github.com/rstudio/shiny-examples" class="uri">https://github.com/rstudio/shiny-examples</a></li>
<li><a href="http://deanattali.com/blog/building-shiny-apps-tutorial/?utm_medium=referral&utm_source=zeef.com&utm_campaign=ZEEF">Building Shiny apps - an interactive tutorial</a></li>
<li><a href="https://www.gamblinginsider.com/stock-tracker.php">Live Gaming Stock Tracker</a></li>
<li><a href="http://www.thertrader.com/2016/04/21/introducing-fidlr-financial-data-loader/">Introducing fidlr: FInancial Data LoadeR</a></li>
<li><a href="http://systematicinvestor.github.io/Optimizing-Run-Time-Large-Universe">Optimizing Run Time for Large Universe</a> … …</li>
</ul>
<p>Data visualization, a book content page. <a href="http://54.225.166.221/arifulmondal/creditscoring" class="uri">http://54.225.166.221/arifulmondal/creditscoring</a></p>
</div>
</div>
<div id="section-appendix" class="section level1">
<h1><span class="header-section-number">5</span> Appendix</h1>
<div id="section-documenting-file-creation" class="section level2">
<h2><span class="header-section-number">5.1</span> Documenting File Creation</h2>
<p>It’s useful to record some information about how your file was created.</p>
<ul>
<li>File creation date: 2016-03-06</li>
<li>File latest updated date: 2018-09-15</li>
<li>R version 3.5.1 (2018-07-02)</li>
<li>R version (short form): 3.5.1</li>
<li><a href="https://github.com/rstudio/rmarkdown"><strong>rmarkdown</strong> package</a> version: 1.10.13</li>
<li>File version: 1.0.1</li>
<li>Author Profile: <a href="https://beta.rstudioconnect.com/content/3091/ryo-eng.html">®γσ, Eng Lian Hu</a></li>
<li>GitHub: <a href="https://github.com/scibrokes/analyse-and-forecast-the-revenue-profit-and-loss-of-sports-bookmakers">Source Code</a></li>
<li>Additional session information:</li>
</ul>
<table class="table table-striped table-hover table-condensed table-responsive" style="margin-left: auto; margin-right: auto;">
<caption>
Additional session information:
</caption>
<thead>
<tr>
<th style="text-align:left;">
Category
</th>
<th style="text-align:left;">
session_info
</th>
<th style="text-align:left;">
Category
</th>
<th style="text-align:left;">
Sys.info
</th>
</tr>
</thead>
<tbody>
<tr>
<td style="text-align:left;">
version
</td>
<td style="text-align:left;">
R version 3.5.1 (2018-07-02)
</td>
<td style="text-align:left;">
sysname
</td>
<td style="text-align:left;">
Windows
</td>
</tr>
<tr>
<td style="text-align:left;">
system
</td>
<td style="text-align:left;">
x86_64, mingw32
</td>
<td style="text-align:left;">
release
</td>
<td style="text-align:left;">
10 x64
</td>
</tr>
<tr>
<td style="text-align:left;">
ui
</td>
<td style="text-align:left;">
RTerm
</td>
<td style="text-align:left;">