1、NEW YORK|LONDON|LOS ANGELES|PARIS|MUNICHSAN FRANCISCO|BERLIN|SINGAPORE|DUBAIExclusive InterviewsDEV BAJAJJEFF ROTHDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Ke

2、ssion Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.+1 203 524 5652 GREGORY BEDROSIANMICHAEL METZGER+1 310 696 +1 310 696 MOHIT PAREEKERIC WARD+44 77 4005 Note:Figures include deals that were announced and/or closed in 2022.Source:Pitchbook,Drake Star an

3、alysis$86B734169$4BNote:Figures include deals that were announced in 2022.Source:Pitchbook,Drake Star analysis67 117 70 106 56 133 164549 21$77.5B$6.8B$1.9B4214 15 21 23 49 YTD DEAL VALUEYTD DEAL COUNTM&APrivate PlacementsPublic MarketsM&APRIVATE PLACEMENTS#YTD-164#YTD-549Media&BroadcastingFan Engag

4、ement/ExperienceData AnalyticsWearables&Performance EnhancementSponsorship&VenuesEsports,Fantasy&BettingTotal-$86.2BTotal-7349 MTH 2022 SUMMARY2022 has been an unprecedented year in sports tech with record$86B in disclosed deal value across 734 announced and or closed deals during the first 9 months

5、 of the year,already 3x of the full year 2021$value.$77.5B in disclosed M&A activity with one of the largest ever deals the acquisition of Activision by Microsoft.Media&Broadcasting and Esports,Fantasy&Betting segments reported strong consolidation.Entain,Playmaker,TGI and Kore Software continue to

6、be highly acquisitive and led the consolidation in the market.Staggering$6.8B in private financings through 549 deals including 16 large$100M+raises.Investors continue to invest across Sports Tech verticals and the most active VCs included FJ Labs,Animoca,SeventySix Capital,andHBSE Ventures.While pu

7、blic markets are still weathering the global macroeconomic slowdown fears,FL Entertainment went public on Euronext Amsterdam at a valuation of$7.6B through a SPAC,while FaZe Clan listed on Nasdaq at a$725M valuation through B Riley SPAC.PlayUp announced their plans to go public through IG Acquisitio

8、n Corp SPAC at a$350M valuation,while Group One Holdings(One Championship)is considering an IPO.Note:Figures include deals that were announced in 2022.Source:Pitchbook,Drake Star analysis12 3 3 2 7 13 16 25 23 33 19 31$0.1B$0.4B$0.1B$0.2B$0.3B$0.2B$0.4B$0.8B$1.0B M&APRIVATE PLACEMENTSMedia&Broadcast

9、ingFan Engagement/ExperienceData AnalyticsWearables&Performance EnhancementSponsorship&VenuesEsports,Fantasy&BettingDeal Value-$1.3BDeal Count-147Deal Value-$2.2BDeal Count-40Q3 2022 SUMMARY$1.3B raised by private companies through 147 deals with some sizable growth/late stage raises including SeatG

10、eek($238M),LootMogul($200M),Therabody($165M),and Overtime($100M).After a cautious first half the public markets saw some uptick with FL Entertainment and FazeClan going public through SPACs.PlayUpannounced their plan to go public via IG Acquisition Corp SPAC at$350M in Q1 2023,and Group One Holdings

11、,the company behind mixed martial arts brand One Championship,is considering going public via an IPO after a careful consideration of SPACs earlier this year.While the first half the year saw very strong deal activity,Q3 remained resilient despite global macroeconomic slowdown fears and reported hea

12、lthy deal activity.$2.2B in disclosed M&A deal value across 40 announced deals including high-profile deals such as Entains acquisition of SuperSport($936M),Redbird Capitals sale of OneTeam Partners to Atlantic Park($760M)which yielded a very strong return,and Eleven Sports acquisition by DAZN(undis

13、closed).Note:Drake Star did not act as financial advisor on the transactions listed on this pageSources:Drake Star analysis,CapIQ,Pitchbook,T,SportsProMDAZN acquired ELEVEN Groups global sports media business to add new geographic territories,new social media revenues streams,and expanded football r

14、ightsTGI Sport executed 3 acquisitions in September:Interregional Sports Group,Brand Brigade,SportseenInfinite Reality acquired ReKTGlobal,esports entertainment conglomerate,in a$470M deal worth$2B pre-moneyPenn Entertainment acquired the remaining stake of Barstool Sports for$387M,furthering its po

15、sition in sports content and bettingM&ASeatGeek raised$238M in a Series E with a pre-money valuation of$1B led by Accel after abandoning SPAC plansWhatnot,a live stream platform and marketplace,raised$260M of Series D venture funding in a deal led by CapitalG and DST Global,putting the companys pre-

16、money valuation at$3.9BOvertime,publisher of sports content intended to empower athletes,raised$100M of Series D venture funding in a deal led by Liberty Media and Counterpoint Global,putting the companys pre-money valuation at$500MAthletes Unlimited raised$30M from investors including Kevin Durant

17、and Philadelphia 76ers owner David Blitzer FUNDRAISINGGlobal content production and sports betting giant FL Entertainment entered into an agreement to combine with Pegasus Entrepreneurs and trade on Euronext Amsterdam,at a valuation of$7.5BFaZe Clan went public via a SPAC merger deal with B.Riley Pr

18、incipal 150 Merger Corp.at a valuation of$725MPlayUp,a sports fantasy and betting platform,reached a definitive agreement to go public via SPAC at a$350M valuationGroup One Holdings,the company behind mixed martial arts brand One Championship,is gearing up for a US IPOPUBLIC MARKETSTARGETINVESTOR-(1

19、)The outsized 1Q22 Activision deal($68.7B)is excluded from graphs to better isolate trends among the broader volume of dealsDrake Star did not act as financial advisor on transactions listed on this pageSource:Pitchbook,Drake Star analysis12 3 3 2 7 13$0$1$2$3$4$5$6$7$81Q212Q213Q214Q211Q222Q223Q22Me

20、dia&BroadcastingFan Engagement/ExperienceData AnalyticsWearables&Performance EnhancementSponsorship&VenuesEsports,Fantasy,&BettingDEAL VALUE BY SEGMENT(1)DEAL COUNT 3Q22(1)10%16%23%4%10%13%69%52%YTD Sep-21YTD Sep-22$BillionsTotal-40$2.2B DISCLOSED VALUE FOR 3Q22 M&A ACTIVITYSteady deal volumes in 3Q

21、22 with 40 announced M&A deals.Some of the notable strategic acquisitions included DAZNs acquisition of ELEVEN Sports to increase geographic reach,generate new revenue streams,and expand its football rights,and Entains acquisition of SuperSport,the largest betting and gaming brand in Croatia,to expa

22、nd in Central and Eastern Europe.PE buyers were actively acquiring companies through their platforms.Bruin Capital acquired 3 companies through TGI Sports and SerentCapital-funded KORE Software acquired Sports Alliance.In one of the largest exits,RedBird Capital sold its 40%stake in OneTeam to a con

23、sortium of PE buyers led by Atlantic Capital,valuing the player IP licensing business at about$1.9B.As part of its ongoing PlayStation-focused esports expansion,Sony acquired the esports tournament platform Repeat.gg.(1)Penn National Gaming rebranded as Penn Entertainment in August 2022Source:Simila

24、r Web,Capital IQ,Pitchbook,LinkedIn,Company WebsitesNote:Drake Star did not act as financial advisor on transactions listed on this pageUndisclosedACQUISITION BY Sports Alliance,a fan relation software,was acquired by KORE Software,business management software for the sports and entertainment sector

25、s,for an undisclosed amount The acquisition marks an expansion for KORE Software in the EMEA market as it inherits more than 140 clientsJuly 2022 UndisclosedACQUISITION BY TouchLynk,a sports analytics platform for athletes of all ages,was acquired by 14Ten Sports,parent company of GG8 Sports,a globa

26、l sports data company,for an undisclosed amount The acquisition adds an established data centre that processes game film to GG8 Sports and will complement its youth sports data armAugust 2022$387MACQUISITION BY Existing investor Penn(1)acquired the remaining shares(64%)of Barstool Sports for$387m at

27、 an EV of$605m after exercising rights obtained during an earlier investment round Barstools branding is utilised in Penns sports betting efforts at its casinos and in a betting appAugust 2022$760MACQUISITION BY OneTeam Partners,a premier athlete licensing and marketing company,was acquired by Atlan

28、tic Park,HPS and Morgan Stanley for an undisclosed amount The recapitalisation of what was previously RedBirdCapitals stake positions OneTeam for its next chapter of growth,with significant opportunities to diversify the business and expand into new areasSeptember 2022UndisclosedACQUISITION BY TGI S

29、port acquired 3 companies in September:Sportseen,a rights buying firm for digital advertising at televised sports eventsBrand Brigade,a product placement and virtual advertising firm for events including sportsInterregional Sports Group,virtual media company to connect sports entities and fans Septe

30、mber 2022UndisclosedACQUISITION BY Eleven Sports,a sports media content provider,was acquired by DAZN Group,provider of a sports streaming service,for an undisclosed amount The acquisition expands DAZNs capabilities in the live sports streaming sector and adds$300M to its annual revenueSeptember 202

31、2COMPANYCOUNTRYSUBSECTORDEAL SIZEEV/REV.EV/EBITDAACQUIRERACQUIRER COUNTRYDATEFantasy,Esports&Betting$68.7B7.8x19.4xJan-22Fantasy,Esports&Betting$1.1B7.3x-Jan-22Fantasy,Esports&Betting$935M-Aug-22Fantasy,Esports&Betting$900M-Jun-22Media&Broadcasting$850M4.5x-Jun-22Fan Engagement/Experience$760M-Sep-2

32、2Media&Broadcasting$550M8.5x-Jan-22Fantasy,Esports&Betting$500M15.2x-Jan-22Fan Engagement/Experience$500M-Jan-22Fantasy,Esports&Betting$470M-Apr-22164 DEALS FOR A TOTAL OF$77.5BNote:Selected deals only.Drake Star did not act as financial advisor on transactions listed on this pageSource:Pitchbook,Me

33、rgerMarket,Drake Star analysisBruin Capital is a sports,media,entertainment,and technology investment platform that partners with management teams to build best-in-class global businesses.Bruin uses its industry relationships,sector knowledge,and operational experience to identify investment opportu

34、nities and help drive the growth of its companiesQ:Bruin Capital is a global investment firm that focuses on sports,media and entertainment.Can you please provide more details on Bruin Capital and how you differentiate in your investment approach?A:Bruin invests in companies that operate in and arou

35、nd the sports ecosystem.Our unique operational capabilities and global network help us identify attractive investment opportunities and can truly accelerate a companys growth trajectory.We look for platforms to scale and develop through business development,aggressive M&A,and operational discipline.

36、Q:Tech is reshaping the sports industry,from how sports lovers consume content and engage with sports/personalities to the way athletes train and make money.What is your view on the innovation in the sports industry and what are some of the trends that are exciting for you?A:The sector is in complet

37、e disruption,which is an opportunity for new players to enter the space.What was once a broadcast industry built around the living room is quickly becoming a D2C business driven by the advent of new technologies and data analysis becoming more sophisticated.Its a great time to be an investor and to

38、evaluate opportunities through our unique perspective as builders and operators of global sports businesses.Q:Bruin Capital and its portfolio companies have been very acquisitive with TGI alone buying 3 companies in September this year.What are some of the key characteristics Bruin looks for when ev

39、aluating an acquisition/investment opportunity?A:Were looking for businesses with the wind at their back.They are profitable,have strong leadership,and a rock-solid value proposition.Then our job is to work with leadership and apply the Bruin overlay of global resources and contacts to accelerate th

40、eir development.Q:You recently had a very successful exit in Deltatre despite a very challenging broader market sentiment.Can you please shed some light on how Bruin helped Deltatre develop into a major streaming tech provider in the Sports industry and what are some of the key learnings for Bruin C

41、apital?A:Deltatre was a great business with tremendous leadership but completely under the radar outside of Europe.Together we developed an aggressive strategy to expand them into the US and Asia and diversify its core competencies.It was the companys first strategic plan,and with that,we brought op

42、erational focus that allowed us to scale quickly and integrate new capabilities seamlessly.On top of that,we opened doors to showcase their capabilities to new clients worldwide,particularly in the US,where the company became one of the most important in the world.If there is any key learning its th

43、at in disruption,focus is crucial.You can serve many clients and grow quickly with discipline and rigor.Q:For 2023 and beyond,what are some of the key trends within the broader Sports Tech market that you are most bullish and bearish on?A:Bullish:data-driven approach to everything from data rich con

44、tent,to data informing commercial and front office decisions;customization/personalization(across sponsorship/advertising,content,etc.);massively improved in venue experience(wait times,in stadium engagement,etc.).Bearish:profitless growth and/or meaningful investments without a clear and tangible o

45、utcome in sight.Investments for the future are still important,but companies across all stages need to have an actionable path to profitability,especially given current market conditions(unless youre a truly differentiated start-up with existing users/traction,a massive global TAM,and existing inves

46、tors with deep pockets).Q:As a leading Sports Tech acquiror/investor,what are some of the key areas within Sports Tech that Bruin would focus on from an M&A and investment standpoint for 2023 and beyond?A:Anything and everything.This is a great time for a company like ours to be investing.Because we

47、 ran businesses in the sector and our team is operational-focused,we see things beyond the financial data.Were fast in our decision-making process and probably see more than most because of our network.16 25 23 33 19 31$0$1$2$3$4$51Q212Q213Q214Q211Q222Q223Q22Drake Star did not act as financial advis

48、or on transactions listed on this pageSource:Pitchbook,Drake Star analysis$0.2B$0.3B$0.8B 109 26 12 Media&BroadcastingFan Engagement/ExperienceData AnalyticsWearables&Performance EnhancementSponsorship&VenuesEsports,Fantasy,&BettingDEAL VALUE BY SEGMENTDEAL COUNT 3Q22 13%15%28%39%4%4%22%16%3%10%30%1

49、5%YTD Sep-21YTD Sep-22DEAL STAGE 3Q22 STAGE VALUE3Q22 Early StageLate StageMid Stage$BillionsTotal-147Total-147Total-$1.3BSource:Similar Web,Capital IQ,Pitchbook,LinkedIn,Company WebsitesNote:Drake Star did not act as financial advisor on transactions listed on this pageUndisclosedFUNDRAISELED BY Pl

50、ayReplay,a tracking system for racket sports designed to improve athletes performance,raised an undisclosed amount of venture funding from NjordVentures The funds will allow PlayReplay to further invest in its sports tracking systemJuly 2022$100MFUNDRAISELED BY Overtime,a sports content company,rais

51、ed$100m of Series D funding in a deal led by Counterpoint Global and Liberty Media,alongside participation from 13 other investors The funds will be used to create new sports leagues,expand into key business verticals,and invest in digital content across sportsAugust 2022$30MFUNDRAISELED BY Ludeo,an

52、 AI-driven esports software designed to enhance gamers cognitive skills,raised$30m of Series A funding in a deal led by Corner Ventures,alongside participation from 5 other investors The funding will be used to build out its tools for its Playables sharable game clips July 2022 UndisclosedFUNDRAISEL

53、ED BY Pico,a data-driven fan marketing platform intended to help sports teams,raised an undisclosed amount of venture funding from TLV Seed The funding will allow Pico to further invest in development and expansionSeptember 2022$200MFUNDRAISELED BY LootMogul,operator of an athlete-led sports metaver

54、se powered by virtual real estate and NFTs,raised$200m of funding from Gem Global Yield The funding will be used to support the building of virtual sports cities around the worldSeptember 2022$37MFUNDRAISELED BY aXiomatic,developer of esports software,raised$37m in a funding round led by Ares Manage

55、ment,with participation from 4 other investors The funding will be used to spur inorganic growth in areas that could take the company into new verticalsAugust 2022Gem Global YieldPlayReplay(1)Pre-money valuation.(2)Pitchbook estimateNote:Selected deals only.Drake Star did not act as financial adviso

56、r on transactions listed on this pageSource:Pitchbook,MergerMarket,Drake Star analysis14549 DEALS FOR A TOTAL OF$6.8BCOMPANYSUBSECTORCOUNTRYDEAL AMOUNTVALUATION(1)SELECT INVESTOR(S)DATEFan Engagement/Experience$1.5B$25.5BMar-22Wearables&Perf.Enhancement$355M$2.6B(2)Feb-22Media&Broadcasting$315M$684M

57、(2)Apr-22Sponsorships&Venues$240M$1.0BAug-22Fantasy,Esports&Betting$200M$2.3BMar-22Fan Engagement/Experience$200M$1.8BSep-22Fan Engagement/Experience$170M$3.0BJan-22Wearables&Perf.Enhancement$165M-Sep-22Media&Broadcasting$161M$339MMay-22Sponsorships&Venues$150M$2.8B(2)Jun-22Israeli Secondary FundSco

58、tt WattersonSource:Pitchbook,CapIQ,Drake Star analysisINVESTORDEALSSELECT INVESTMENTSSTAGELOCATION11Early to Late11Seed to Late11Early to Late11Early to Late8Early to Late8Early to Late6Seed to Late6Seed to Late4Seed to Late4Seed to LateLEAGUE TABLE EARLY TO LATEINVESTORDEALSSELECT INVESTMENTSSTAGEL

59、OCATION10Seed to Early10Seed to Early9Seed to Early8Seed to Early8Seed to Early8Seed to Early7Seed to Early6Seed to Early5Seed to Early4Seed to EarlyLEAGUE TABLE SEED FOCUSEDGYM CLASS(1)Damage Media GroupSource:Pitchbook,CapIQ,Drake Star analysisCOMPANYDISCLOSEDDEAL VALUE($M)DEALSSELECT ACQUISITIONS

60、LOCATION$2,077 4-4-3-3-3$1,552 2$750 2$1472$1392-2-2LEAGUE TABLE STRATEGIC BUYERS(1)Source:Pitchbook,CapIQ,Drake Star analysisPRIVATEEQUITY GROUPACTIVE PLATFORMSTOTAL ACQUISITIONS33264FUNDFUND AMOUNT($M)DATEFOCUSLOCATION$3,700Sep-22Sports Media&Tech$150Mar-22Esports$75OpenSports Media&Tec

61、hRECENT SPORTS TECH FUNDSSELECT ACTIVE FINANCIAL SPONSORSDream Sports is Indias largest sports technology company,with a strong portfolio of subsidiaries engaged in solving various issues for sports fans.Dream Sports CVC and M&A arm,Dream Capital,was created to facilitate and support innovation in t

62、he sports tech arena.Q:Dream Sports owns the worlds largest fantasy sports platform Dream11 with over 130 million active users.While Dream11 is a key part of Dream Sports,it is much more than that.Can you please provide more details on Dream Sports and its key business segments?A:Dream Sports was fo

63、unded in 2008 by Harsh Jain and Bhavit Sheth with a vision to Make Sports Better.As Indias largest sports technology company,Dream Sports strong portfolio companies solve a multitude of sports fan problems including access to sports beyond cricket;in-stadium experiences;engagement amongst fans,to na

64、me a few.Dream Capital was launched in 2020 as the CVC and M&A arm to enable the sports ecosystem and which in turn brought into the portfolio brands like FanCode which offers holistic sports content,access to merchandise and statistics;DreamPay-a payments solutions platform;and DreamSetGo-a sports

65、experiences and travel platform.Q:Dream Capital has already invested in 10 portfolio companies across the Sports Tech ecosystem.Please shed some light on key investment thesis and investment focus for Dream Capital?What are some of the key attributes that you are looking for when evaluating an inves

66、tment opportunity?A:We have a simple approach to investments:understand the needs of our existing and potential users and bring them the best-in-class products to meet those needs and increase engagement.Our focus to date has been sports and sports-tech,gaming,esports and Web3,contextual fintech pro

67、ducts for our users,and fitness-tech.We have a founder-first approach and are looking to invest in startups run by entrepreneurs who have disruptive ideas,significant experience and skill-sets required to scale a business.Dream Capital portfolio includes Dream Sports incubated businesses FanCode,Dre

68、amPay,and DreamSetGo,along with Dream Game Studios(formerly known as Rolocule)-a mobile gaming studio building best-in-class sports games,Rario-creators of the worlds first cricket NFT platform,SoStronk-an online B2C Esports platform,Fittr-one of the worlds largest community-based fitness brands,Ele

69、var-a D2C performance sports footwear and equipment brand,and KheloMore-an online sports venue booking platform.Q:The Sports Tech market is rapidly evolving.What is your view on the innovation in the sports industry and what are some of the trends that are exciting for Dream Sports?For 2023 and beyo

70、nd,what are some of the key trends within the broader Sports Tech market that you are most bullish and bearish on?A:Technology has been the biggest disruptor for sports in India.It has helped increase access and engagement.Today,metaverse,blockchain,NFTs,big data,cloud computing and augmented realit

71、y are some of the innovations that are re-defining sports consumption.The opportunities to use these advanced tools in sports and the business of sport are numerous,from data insights in game strategy,contracts,ticketing and merchandising to on-ground analysis,recruitment and fan engagement just to

72、name a few.Dream11 was founded 14 years ago,when the intersection of sports and tech was still unimaginable for many,and here we are,today,excited to be a part of this pivotal moment that will revolutionize sports and fan engagement.We have our eyes across the board,but specially focused on blockcha

73、in startups that do not have any crypto element to it.Q:Dream Sports with an$8B staggering valuation and 150M users,is sitting at the forefront of the sports industry innovation.Where do you go from here in building Dream Sports further and what are the areas you want to focus on going forward?What

74、are some of the key areas within sports tech that Dream Capital would focus on from an M&A and investment standpoint for 2023 and beyond?A:So far,our cheque sizes were largely ranging between$10M-100M,but our focus now is going to make larger strategic investments in startups that are closely tied t

75、o our narrative of sports,gaming,fintech,and futuristic consumer tech.(60%)(50%)(40%)(30%)(20%)(10%)0%10%Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22NASDAQSports FranchisesDigital MediaOTT/ContentEsports/Fantasy Sports/BettingAthlete PerformancePast performance does not guarantee future re

76、sults.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of September 30,2022.Market Cap weighted(1)Represents the Stock Price Change Between June 30,2022 September 30,2022Digital Media=Catena Media,Better Collective,Genius Sports OTT/Content=WWE,The Madison Squar

77、e Garden Sports Corp,Roku,FuboTVSports Franchises=Manchester United,Ajax,Juventus,Borussia Dortmund,Formula One GroupAthlete Performance=Catapult Sports,GarminEsports/Fantasy Sports=Enthusiast Gaming Holdings,DraftKings,Scout Gaming,Flutter Entertainment,Gfinity,Super League Gaming,FaZe Holdings,PEN

78、N Entertainment,SkillzMarket has stabilised over the past 3 monthsSELECTED SPAC MERGERS&PIPE RAISESJul-22(1):FaZe Holdings,gaming-focused lifestyle and media platform,raised$60M in a reverse merger with B.Riley Principal 150 Merger Corp.SPAC at a valuation of$725MJul-22:FL Entertainment,France-based

79、 sports betting platform,went public in a$4.2B SPAC deal by merging with Pegasus Entrepreneurial AcquisitionMar-22:Novibet,operator of a sports betting platform,merged with Artemis Strategic Investment in a$690M SPAC dealJan-22:Super Group,holding company for global online sports betting and gaming

80、businesses,went public in a SPAC deal by merging with Sports Entertainment Acquisition Corp.at a valuation of$4.8BPast performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of September 30,2022;Company filings.Market Cap

81、weightedDigital MediaGenius SportsGB30-Jun-22$3.67$712$589$310.2-$185.81.9x1.6xNM22.1xNMNM57%18%NA114%-59.9%Better CollectiveDK30-Jun-22$12.72$700$911$231.7$63.74.3x3.2x15.2x9.6x26.0 x11.5x66%31%29%59%27.5%Catena MediaMT30-Jun-22$2.14$155$210$145.4$58.01.6x1.5x3.8x3.5xNM6.0 x13%3%-9%10%39.9%Median1.

82、9x1.6x9.5x9.6x26.0 x8.8x57%18%10%59%27.5%OTT/ContentRokuUS30-Jun-22$56.40$7,779$6,450$3,043.4$174.62.1x1.9x25.7xNMNMNM31%9%-42%146%5.7%WWEUS30-Jun-22$70.17$5,220$5,406$1,227.7$365.54.4x4.0 x14.5x13.6x26.8x26.0 x24%9%25%9%29.8%MSG SportsUS30-Jun-22$136.66$3,311$4,215$821.4$90.95.1x5.3x26.1xNMNMNM98%-

83、3%NA29%11.1%fuboTVUS30-Jun-22$3.55$658$719$851.7-$407.20.8x0.7xNMNMNMNMNA26%NA14%-47.8%Median3.3x3.0 x25.7x13.6x26.8x26.0 x31%9%-8%22%8.4%Sports FranchisesFormula One GroupUS30-Jun-22$58.50$13,472$15,509$2,559.0$579.06.1x5.5x27.1x23.2xNMNM45%10%211%16%22.6%Manchester UnitedGB30-Jun-22$13.27$2,164$2,

84、795$708.7$96.53.9x4.2x28.3x22.7xNMNM18%2%-16%39%13.6%Juventus Football ClubIT30-Jun-22$0.28$718$856$463.5-$48.62.0 x2.0 xNM7.1xNMNA-6%0%NA365%-10.5%Borussia DortmundDE30-Jun-22$3.26$360$367$432.3$65.30.9x0.9x5.7x3.4xNMNM18%-4%89%74%15.1%AFC AjaxNL30-Jun-22$11.77$216$317$197.8-$4.81.7x1.7xNM4.2xNM26.

85、1x51%1%NA1764%-2.4%Median2.0 x2.0 x27.1x7.1xNM26.1x18%1%89%74%13.6%Past performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of September 30,2022;Company filings.Market Cap weightedAthlete PerformanceGarminCH25-Jun-22$80

86、.31$15,488$12,734$4,997.1$1,282.12.5x2.5x9.6x10.1x15.3x16.8x3%NA-12%NA25.7%Catapult GroupAU31-Mar-22$0.53$122$102$77.0-$25.81.5x1.2xNMNMNMNM15%72%NA65%-33.6%Median2.0 x1.9x9.6x10.1x15.3x16.8x9%72%-12%65%-3.9%Esports/Fantasy Sports/BettingFlutter EntertainmentIE30-Jun-22$110.81$19,472$22,608$7,742.8$

87、1,006.93.2x2.5x23.0 x15.3xNMNA7%26%-25%60%13.0%DraftKingsUS30-Jun-22$15.14$6,791$6,592$1,569.5-$1,562.64.2x2.6xNMNMNMNM47%60%NA60%-99.6%Penn EntertainmentUS30-Jun-22$27.51$4,317$15,610$6,275.4$1,566.72.5x2.4x7.8x8.0 x22.5x14.9x26%2%23%25%25.0%FL EntertainmentFR30-Jun-22$10.34$4,257$7,038$3,959.2$681

88、.61.8x1.8x10.3x11.6xNM7.7xNA1.5%NA-11.1%17.2%FaZe ClanUS30-Jun-22$9.68$702$824$62.2-$32.713.2xNANMNANMNANANANANA-52.5%SkillzCN30-Jun-22$1.02$428$135$377.7-$343.40.4x0.6xNMNMNMNM26%-39%NA64%-90.9%Enthusiast GamingCA30-Jun-22$0.86$129$127$154.2-$34.50.9x0.7xNMNMNMNM58%26%NA87%-22.4%Super League Gaming

89、US30-Jun-22$0.68$25.3$22.2$17.8-$25.61.2x0.9xNMNMNMNM430%35%NA11%-143.3%GfinityGB31-Dec-21$0.01$13.4$11.8$8.0-$4.41.8x1.9xNMNMNMNA49%-4%NA38%-54.6%Scout Gaming GroupCN30-Jun-22$0.06$1.4$0.7$4.1-$8.50.2xNANMNANMNA-18%NANANA-206.4%Median1.8x1.9x10.3x11.6x22.5x11.3x37%14%-1%49%-53.6%1,8572,0201,8141,87

90、22,1671,9871,9311,8631,8861,8311,8921,9481,810Hours WatchedConcurrent Viewers1.9B2.6M7.7M HOURS WATCHED BY GAME/ESPORT(LAST 7 DAYS)CONCURRENT VIEWERS(M)&HOURS WATCHED(M)SEP.2021 SEP.202250.6M44.7M34.4M17.6M16.5M16.0M13.6M12.6MJust ChattingOverwatch 2League of Legends Grand Theft Auto VDota 2Counter-

91、Strike:Global OffensiveFIFA 23VALORANTSource:Twitch Tracker,as of October 13th,2022(1)The Just Chatting category is intended for casual streams that dont fall under talk shows,or between gameplay when a streamer is taking a break to chat to their viewersNote:All product and company names are tradema

92、rks or registered trademarks of their respective holders.Use of them does not imply any affiliation with or endorsement by them.B2CB2BNote:All product and company names are trademarks or registered trademarks of their respective holders.Use of them does not imply any affiliation with or endorsement

93、by them.VENUE/CRM/ORGANISATIONAL SOFTWARECOMMERCEDATA/ANALYTICSPERFORMANCE ANALYTICSDIGITAL SPORTS AGENCIESWEARABLESESPORTS/FANTASY SPORTSCONSUMER SPORTSDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 9

94、42020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.400+400+70%70%100+100+9*9*Including partner officers NEW YORKLOSANGELESMUNICHLONDONPARISBERLINSAN FRANCISCOSINGAPORE*DUBAI*This report is published solely for info

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