1、Drake 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 Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.+1 203 524 5652

2、+1 310 696 +1 310 696 +44 77 4005 Note:Figures include deals that were announced in 2022.Source:Pitchbook,Drake Star analysis1,014199$5B+$90B9289522674732$78.3B$9.2B$2.1B2022 DEAL VALUE2022 DEAL COUNTM&APrivate PlacementsPublic MarketsM&APRIVATE PLACEMENTS-747Total-

3、$89.6BTotal-1,0142022 SUMMARY2022 was an unprecedented year for sports tech breaking every previous record with$90B in deal value across 1,000+announced deals$78.3B in disclosed M&A activity,over 6x increase over 2021 with the help of 235 announced M&A deals.While Fantasy,Esports&Betting segment saw

4、 the largest deal activity,Fan Engagement/Experience segment reported over 70%increase in deal volumeEntain,Sony,Light and Wonder were some of the top strategic buyers.TGI/Bruin,Kore/Serent and Hudl/Bain Capital were highly acquisitive,accomplishing their large consolidation play backed by the large

5、 PE firms.PIF owned Savvy Group acquired some of the largest esports assets and continue to be highly acquisitive$9.2B was raised through private financings across 740+dealsincluding 19 large$100M+raises.The most active VCs included ACIES Investments,Animoca,HBSE Ventures,a16z,Elysian Park and Court

6、side VenturesOver$5B of new funds was raised by financial investors/buyers including the likes of Ares Management and RedBirdCapital to invest in sports tech2022 saw some high-profile SPAC listings in FL Entertainment and FaZe Clan.Infinite Reality announced its$1.9B SPAC merger with Newbury StreetM

7、edia&BroadcastingFan Engagement/ExperienceData AnalyticsWearables&Performance EnhancementSponsorship&VenuesEsports,Fantasy&BettingNote:Figures include deals that were announced in 2022.Source:Pitchbook,Drake Star analysisNote:Figures include deals that were announced in 2021 and 2022.Source:Pitchboo

8、k,Drake Star analysis$78.3B$11.9B235 Deals223 Deals20212022KEY DEALS522619263874DEAL COUNTBY BUYER TYPE38%57%5%(1)The outsized Q122 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 lis

9、ted on this pageSource:Pitchbook,Drake Star analysisMedia&BroadcastingFan Engagement/ExperienceData AnalyticsWearables&Performance EnhancementSponsorship&VenuesEsports,Fantasy&BettingDEAL COUNTBY GEOTotal-235DEAL VALUEBY GEO(1)Total-235DEAL COUNTBY SEGMENTNorth AmericaEuropeAsia and OthersNorth Amer

10、icaEuropeAsia and Others2022 Strategic2022 PE Buyer42%45%14%2021 Strategic2021 PE Buyer6%16%2%22%3%9%19%68%52%2021202292%8%80%20%Note:Selected deals only.Drake Star did not act as financial advisor on transactions listed on this pageSource:Pitchbook,MergerMarket,Drake Star analysisFantasy,Esports&Be

11、tting$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-22Media&Broadcasting$550M8.5x-Jan-22Fantasy,Esports&Betting$500M15.2x-Jan-22Fan Engagement/Exper

12、ience$500M-Jan-22Fantasy,Esports&Betting$470M-Apr-22Media&Broadcasting$388M3.0 x-Aug-22Media&Broadcasting$359M-Nov-22Fan Engagement/Experience$250M-9.4xFeb-22Fantasy,Esports&Betting$237M-Feb-22Media&Broadcasting$202M-Mar-22Source:Pitchbook,CapIQ,Drake Star analysis$2,1055-3-3-3$1,552 2$750 2-2$1472$

13、1392-214%23%24%40%4%3%23%14%8%8%28%13%2022352170Q121Q221Q321Q421Q122Q222Q322Q422$2.6B$1.6B$4.3B$2.2B$3.9B$1.8B$1.3B$2.3BQ121Q221Q321Q421Q122Q222Q322Q422Note:Figures include deals that were announced in 2022.Source:Pitchbook,Drake Star analysisMedia&BroadcastingFan Engagement/Ex

14、perienceData AnalyticsWearables&Performance EnhancementSponsorship&VenuesEsports,Fantasy,&BettingDEAL VALUEDEAL COUNT(1)Funds listed launched and/or closed in 2022Ares Management raised$3.7B of dedicated capital focused exclusively on investing in sports leagues,sports teams and media and entertainm

15、ent companiesRedbird Capital and International Media Investments partnered to create Redbird IMI,a$1B JV investment vehicle focused on investing in large scale media and sports content propertiesWill Ventures closed its second fund with$150M to invest in sports,health and wellness technologiesVentur

16、erock launched a$75Mfund to invest in sports technology startups;backers include former soccer player Mark van Bommel and former NFL cornerback Bryson KeetonKB Partners announced final close of their$127M Fund II,which targets online sporting and recreational goods retail and information technologyS

17、hikhar Dhawan launched Da One Global Ventures(DOGV),a new$75M sports tech fund that has been incorporated into the Abu Dhabi Global Market Dicks Sporting Goods announced the launch of DSG Ventures,a$50M fund to invest in sports starts focused on retail operations,AI,youth athlete training and other

18、areas to improve CXNBA launched a new Private Equity division to invest in Sports Tech startups,primarily focusing on early and growth stage companies Game24x7 launched the corporate investment arm Games24x7 Ventures to support early-stage start-ups in verticals such as sports tech,online gaming and

19、 EsportsLionel Messi launched the investment firm,Playtime,to focus on global investments in the sports,technology and media spaces$3.7B$1B$150M$127M$75M$75M$50M(1)Pre-money valuation.(2)Pitchbook estimateNote:Selected deals only.Drake Star did not act as financial advisor on transactions listed on

20、this pageSource:Pitchbook,MergerMarket,Drake Star analysis11COMPANYSUBSECTORCOUNTRYDEAL AMOUNTVALUATION(1)SELECT INVESTOR(S)DATEFan Engagement/Experience$1.5B$25.5BMar-22Fan Engagement/Experience$700M$30.3BDec-22Wearables&Perf.Enhancement$355M$2.6B(2)Feb-22Media&Broadcasting$315M$684M(2)Apr-22Sponso

21、rships&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-22Fan Engagement/Experience$150M-Oct-22Media&Broadcasting$161M$339MMay-22Sponsorships&Venues$150M$2.9B(2)Jun-22Dat

22、a Analytics$130M-Apr-22Fan Engagement/Experience$120M$197MApr-22Media&Broadcasting$100M$500MAug-22Israeli Secondary FundScott WattersonSource:Pitchbook,CapIQ,Drake Star analysis16Early to Late13Early to Late9Early to Late7Early to Late6Seed to Late6Seed to Late4Seed to Late4Seed to Late4Early to Lat

23、e3Early to Late18Seed to Early16Seed to Early13Seed to Early12Seed to Early12Seed to Early12Seed to Early11Seed to Early11Seed to Early10Seed to Early9Seed to EarlyGYM CLASSNote:Drake Star did not act as financial advisor on the transactions listed on this pageSources:Drake Star analysis,CapIQ,Pitch

24、book,T,SportsProMInfinite Reality announced a SPAC merger deal with Newbury Street at a valuation of$1.9BEnteractive Media announced a SPAC merger deal with Parsec Capital Acquisitions at a valuation of$64.8MFanatics raised$700M in a new financing round led by Clearlake Capital,funding will be used

25、to pursue M&A opportunitiesPuttshack received$150M of development capital from BlackRock,funding will be used for GEO expansion across USAmagi,operator of an end-to-end cloud-managed live and on demand video infrastructure,raised$110M from General AtlanticLumen,developer of a metabolism measurement

26、device,raised$62M of funding in a round led by Pitango Venture Capital Sponsor United,developer of a sports marketing and sponsorship platform,raised$35M of venture funding in a deal led by Spectrum EquityGameOn Technology,a sports social platform,raised$35M of Series B funding in a round led by Mig

27、hty Capital,B3 Capital,and Mirae Asset,alongside participation from five other investorsTARGETINVESTORLottomatica acquired online sports betting and casino platform BetFlag for$390M,consolidating its presence in the Italian marketSony acquired Beyond Sports,developer of a 3D simulation platform to f

28、acilitate sports training,for an undisclosed amountThe Original Fit Factory spent$137M acquiring Wolfson Brands as well as seven other lifestyle,wellness,and nutrition brands to develop an ecosystem of products and servicesTEG,the global live entertainment and ticketing company,acquired fan engageme

29、nt/experience platform FAN+via its financial sponsors Silver Lake and Mercury CapitalWasserman acquired BSE Media Group,the provider of marketing and event management services to the sports industry for an undisclosed amount 552595764614367$1.1B$1.2B$6.1B$3.6B$4.1B$2.6B$2.2B$0.7BQ121Q221Q

30、321Q421Q122Q222Q322Q42214%14%19%51%Drake Star did not act as financial advisor on transactions listed on this pageSource:Pitchbook,Drake Star analysisDEAL COUNTBY GEOTotal-67PE buyer deal countStrategic deal countDEAL COUNTBY SEGMENTTotal-67DEAL VALUEBY SEGMENTMedia&BroadcastingFan Engagement/Experi

31、enceData AnalyticsWearables&Performance EnhancementSponsorship&VenuesEsports,Fantasy&BettingNorth AmericaEuropeAsia and Others34%48%18%M&A DEALS AND VALUE BY QUARTERSource:Similar Web,Capital IQ,Pitchbook,LinkedIn,Company WebsitesNote:Drake Star did not act as financial advisor on transactions liste

32、d on this pageACQUISITION BY Digital Golf Solutions and Albatros Datenservice,two European golf technology proviers,were acquired by BRS Golf,a subsidiary of NBC Sports Next The acquisition will see the creation of an expanded Product and Technology team for NBC Sports Next,with a view to offering a

33、 complete golf operations solutionDecember 2022 ACQUISITION BY Gloria,a soccer-focused social media network,was acquired by OneFootball The acquisition reflects OneFootballs commitment to womens football and is intended to provide an increased foothold in the spaceOctober 2022 ACQUISITION BY Beyond

34、Sports,developer of a 3D simulation platform for sports training,was acquired by Sony for an undisclosed amount The acquisition will grow Sonys sports business and suite of end-to-end servicesDecember 2022ACQUISITION BY The Original Fit Factory,a newly formed British health and lifestyle group,acqui

35、red Wolfson Brands,a sports nutrition e-commerce platform,and seven other technology-enabled fitness and wellness brands The acquisition of these brands will help The Original Fit Factory scale at speedDecember 2022ACQUISITION BY Betflag,the operator of an online sports betting and casino platform,w

36、as acquired by Lottomatica,a gaming company Acquisition allows Lottomatica to consolidate its presence in the Italian marketNovember 2022+7 other brandsACQUISITION BY BSE Media Group,the provider of marketing and event management services to the sports industry,was acquired by global sports and ente

37、rtainment agency Wasserman for an undisclosed amount BSE rebranded as Wasserman effective immediately November 2022$0.2B$0.2B$1.9B126232157%23%20%2$1.0B$1.0BDrake Star did not act as financial advisor on transactions listed on this pageSource:Pitchbook,Drake Star analysisDEAL COUNT BY GEO

38、Total-170DEAL COUNTBY STAGE Total-170DEAL VALUEBY STAGETotal-$2.3BEarly StageLate StageMid StageNorth AmericaEuropeAsia and OthersDeal Count-170Deal Value-$2.3BMedia&BroadcastingFan Engagement/ExperienceData AnalyticsWearables&Performance EnhancementSponsorship&VenuesEsports,Fantasy&BettingDEAL COUN

39、T BY SEGMENTDEAL VALUEBY SEGMENTSource:Similar Web,Capital IQ,Pitchbook,LinkedIn,Company WebsitesNote:Drake Star did not act as financial advisor on transactions listed on this page$700MFUNDRAISELED BY Fanatics,a multi-channel sports merchandise retail platform,raised$700M in a funding round led by

40、Clearlake Capital,Silver Lake,Fidelity,LionTree and Softbank The funding will be used for M&A activityDecember 2022$35MFUNDRAISELED BY Sponsor United,developer of a sports marketing and sponsorship platform,raised a$35M growth investment from Spectrum Equity The funds will be used to accelerate inno

41、vation and build upon the companys category-leading insights and technologyNovember 2022$110MFUNDRAISELED BY Amagi,operator of a cloud-managed live and on demand video infrastructure,raised$110M from General Atlantic The funds will be used to broaden international footprint and product portfolioNove

42、mber 2022$35MFUNDRAISELED BY GameOn,a sports social network,raised a$35M of Series B funding in a round led by Mighty Capital,B3 Capital,and Mirae Asset,alongside participation from 5 other investors The funds will be used to deepen the companys footprint and scale its offeringsDecember 2022$150MFUN

43、DRAISELED BY Puttshack,the operator of tech-infused mini golf experiences,received$150M of development capital from BlackRock The funds will be used to further expand in the US market for the next several yearsOctober 2022$62MFUNDRAISELED BY Lumen,developer of a metabolism measurement device,raised$

44、62M of funding in a deal led by PitangoVenture Capital Post-money valuation is an estimated$169MDecember 2022 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.Market Cap weighted(1)Represent

45、s the Stock Price Change Between June 30,2022 September 30,2022Digital Media=Catena Media,Better Collective,Genius Sports OTT/Content=WWE,The Madison Square Garden Sports Corp,Roku,FuboTVSports Franchises=Manchester United,Ajax,Juventus,Borussia Dortmund,Formula One GroupAthlete Performance=Catapult

46、 Sports,GarminEsports/Fantasy Sports=Enthusiast Gaming Holdings,DraftKings,Scout Gaming,Flutter Entertainment,Gfinity,Super League Gaming,FaZe Holdings,PENN Entertainment,SkillzSELECTED SPAC MERGERS&PIPE RAISESDec-22:Infinite Reality announced a SPAC merger deal with Nasdaq-traded Newbury Street at

47、a valuation of$1.9BJul-22:FL Entertainment,France-based 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,holdi

48、ng company for global online sports betting and gaming businesses,went public in a SPAC deal by merging with Sports Entertainment Acquisition Corp.at a valuation of$4.8B(70)%(60)%(50)%(40)%(30)%(20)%(10)%0%10%Jan-2022Feb-2022Mar-2022Apr-2022May-2022Jun-2022Jul-2022Aug-2022Sep-2022Oct-2022Nov-2022Dec

49、-2022Sports FranchisesDigital MediaAthlete PerformanceEsports/Fantasy Sports/BettingOTT ContentNASDAQPast performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of December 31,2022;Company filings.Market Cap weightedDigita

50、l MediaGenius SportsGB30-Sep-22$3.57$721.1$618.2$319.7-$163.91.9x1.7xNM20.5xNMNM42%16%NA118%-51.3%Better CollectiveDK31-Dec-22$12.20$665.7$899.2$287.8$90.93.6x2.9x13.0 x8.5x16.8x10.5x52%10%56%17%31.6%Catena MediaMT30-Sep-22$1.83$131.7$181.9$135.6$50.31.3x1.3x3.3x3.6x8.2x6.1x6%-7%-20%7%37.1%Median1.9

51、x1.7x8.1x8.5x12.5x8.3x42%10%18%17%31.6%OTT/ContentRokuUS31-Dec-22$40.70$5,668.3$4,351.6$3,126.5-$210.71.4x1.4xNMNMNMNM13%-1%NA36%-6.7%WWEUS31-Dec-22$68.52$5,097.8$5,285.3$1,291.5$363.74.1x3.9x14.5x13.4x26.5x25.8x18%5%12%9%28.2%Madison Square Garden SportsUS31-Dec-22$183.33$4,460.8$5,364.3$890.8$104.

52、76.5x6.7x33.4xNMNMNM40%-10%NA47%11.8%fuboTVUS31-Dec-22$1.74$339.9$472.5$1,008.7-$375.10.5x0.4xNMNMNMNMNA17%NA24%-37.2%Median2.8x2.7x23.9x13.4x26.5x25.8x18%2%12%30%2.5%Sports FranchisesFormula One GroupUS30-Sep-22$59.78$13,796.3$15,733.3$2,606.0$564.06.0 x5.3x28.1x23.2xNMNM42%14%61%20%21.6%Manchester

53、 UnitedGB30-Sep-22$23.33$3,804.2$4,539.2$669.0$102.46.8x6.2x43.5x28.5xNMNM17%1%8%44%15.3%Juventus Football ClubIT30-Jun-22$0.34$854.1$1,005.7$455.8-$42.32.2x1.8xNM7.7xNMNM-7%17%NA404%-9.3%Borussia DortmundDE31-Dec-22$3.96$436.9$446.1$453.2$72.51.0 x1.0 x5.8x3.8xNMNM-4%-5%-34%60%16.0%AFC AjaxNL31-Dec

54、-22$11.65$213.6$323.6$204.9$0.41.6x1.6x39.4x3.9xNM23.7x17%0%NA18410%0.2%Median2.2x1.8x33.8x7.7xNM23.7x17%1%8%60%15.3%Past performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of December 31,2022;Company filings.Market Ca

55、p weightedAthlete PerformanceGarminCH31-Dec-22$92.29$17,688.7$15,091.5$4,860.3$1,191.73.1x3.0 x11.8x11.8x18.5x18.8x-2%NA-13%NA24.5%Catapult GroupAU30-Sep-22$0.50$119.4$112.4$81.1-$35.91.3x1.2xNMNMNMNM0%71%0%93%-44.2%Median2.2x2.1x11.8x11.8x18.5x18.8x-1%71%-7%93%-9.8%Esports/Fantasy Sports/BettingFlu

56、tter EntertainmentIE31-Dec-22$136.58$23,936.4$27,327.5$9,269.5$1,259.13.6x2.7x25.8x15.7x0.0 xNA27%10%10%38%13.6%DraftKingsUS31-Dec-22$11.39$5,112.4$5,029.2$2,240.5-$1,325.22.7x1.9xNMNMNMNM73%20%NA52%-59.1%FL EntertainmentFR30-Sep-22$10.13$4,169.8$6,974.6$3,775.8$317.71.7x1.7x20.2x10.2xNM10.2x0%1%0%9

57、7%8.4%Penn EntertainmentUS31-Dec-22$29.70$4,539.5$15,746.2$6,401.7$1,703.62.5x2.4x7.8x7.9x21.0 x16.2x8%1%17%17%26.6%FaZe ClanUS30-Sep-22$1.85$134.1$90.3$63.7-$38.81.4xNANMNANMNA30%NANANA-60.9%SkillzCN30-Sep-22$0.51$212.9-$56.7$335.9-$305.6NMNMNMNMNMNM-2%-34%NA74%-91.0%Enthusiast GamingCA30-Sep-22$0.

58、55$82.6$86.5$149.9-$32.00.6x0.5xNMNMNMNM35%17%NA92%-21.4%Super League GamingUS30-Sep-22$0.34$12.6$15.8$18.7-$28.60.8x0.6xNMNMNMNM200%47%NA17%-152.7%GfinityGB30-Jun-22$0.01$8.0$5.4$6.4-$4.90.9x0.4xNM2.0 xNMNA-8%100%NA158%-75.9%Scout Gaming GroupCN31-Dec-22$0.04$9.5$7.7$2.5-$6.52.1xNANMNANMNA-51%NANAN

59、A-264.6%Median1.7x1.7x20.2x9.1x10.5x13.2x18%13%10%63%-60.0%The rapidly growing sports tech market will see another year of strong consolidation and significant flow of investment into sports tech companies in 2023.On the M&A front,we expect large strategics such as Entain,Fanatics,Flutter,DAZN,Sony

60、etc.to remain highly acquisitive while the PE backed platforms like Kore,TGI,Hudl and others to continue to execute their buy-and-build strategy and look for synergistic targets.With prominent PE funds such as Ares Management($3.5B)and RedBird($1B raise and brought Ex-Warner executive Jeff Zucker to

61、 lead the fund)raising large new funds focused on sports and media acquisitions,we expect some large roll-ups this year.PIF backed Savvy group that has already acquired a few large esports companies is investing another$38B in gaming/esports and we expect several large ticket M&A and financings in e

62、sports.Fan engagement,AI,ticketing and venue management are going to be some of the hot segments from M&A and financings standpoint.With over$5B of new capital raised in 2022 including several new sports tech focused VC funds and existing VCs with fresh capital(including$181M Sapphire Sports II Fund

63、 just raised),we expect strong inflow of investments into sports tech ecosystem and 2023 will be another robust year while we expect investors to be more cautious and valuation for the larger rounds to stabilize.2022 was a quiet year for public companies and we expect the market and valuations to re

64、cover in the second half of 2023.Some of the IPO ready sports tech companies are expected to explore IPO/SPAC listings.Source:Twitch Tracker,as of January 13th,2023(1)The Just Chatting category is intended for casual streams that dont fall under talk shows,or between gameplay when a streamer is taki

65、ng a break to chat to their viewers60.8M31.1M26.5M21.5M19.1M16.3M11.0M9.1M2.2B2.0B1.9B1.9B1.9B1.8B1.9B1.9B1.8B1.8B1.7B1.7B$2.9B$2.9B$2.6B$2.6B$2.5B$2.5B$2.5B$2.5B$2.5B$2.5B$2.4B$2.4BHours WatchedConcurrent ViewersNote:All product and company names are trademarks or registered trademarks of their res

66、pective 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 by them.VENUE/CRM/ORGANISATIONAL SOFTWARE

67、COMMERCEDATA/ANALYTICSPERFORMANCE ANALYTICSDIGITAL SPORTS AGENCIESWEARABLESESPORTS/FANTASY SPORTSCONSUMER SPORTSB2CB2BNew YorkLos AngelesLondonDubaiBerlinParisSan FranciscoMunichThis report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitat

68、ion of an offer to buy any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us,and we assume no liability for its use.Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice.All product a

69、nd company names are trademarks or registered trademarks of their respective holders.Use of them does not imply any affiliation with or endorsement by them.Past performance does not guarantee future results.All investing involves risks,including the loss of principal.Drake Star is an award-winning g

70、lobal tech investment bank that has completed over 400 transactions since 2003.Drake Star team of over 100 senior professionals across offices in New York,London,Paris,Munich,San Francisco,Los Angeles,Berlin,and Dubai*focuses on mergers&acquisitions and corporate finance services worldwide in Consum

71、er&Retail Technology,Digital Media,FinTech,Mobility&Sustainability,Software/SaaS,Digital Services,and Industrial Tech sectors.All securities in the USA are transacted through Drake Star Securities LLC.In the USA,Drake Star Securities LLC is regulated by FINRA and is a member of SIPC Drake Star UK Limited is an appointed representative of Kession Capital which is authorized and regulated by the Financial Conduct Authority.Copyright 2023 Drake Star Partners Limited