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 601764$1.6B$1.7B$0.2BNote:Figures include deals that were announced and/or closed in Q1 2023Source:Pitchbook,Drake Star analysisQ1 2023 DEAL VALUEQ1 2023 DEAL COUNTM&APrivate PlacementsPublic MarketsTotal-$3.5BTotal 240Q1 2023 SUMMARY With 60 announced and/or closed

3、 deals in Q1,the year has started with a healthy M&A volume that is in line with the average deal flow we saw last year!While the majority of the Q1 deal values were undisclosed,several of the top buyers were active including Penn Entertainment(Barstool Sports),Hybe(QC Media Holdings)and Golden Matr

4、ix Group(MeridianBet).Record$2B+of new funds were raised in the quarter indicating that sports tech is one of the key growth sectors with increasing investor interest.Some of the noticeable new funds are Isos7 Growth Equity($750M)and Bluestone Equity($300M),while Sapphire Ventures doubled down on sp

5、orts tech with their 2nd sports focused fund($181M).With 176 deals raising around$1.7B,private financings remained steady compared to Q4 2022 with 170 deals.75%of the deals were early-stage financing and the mid to late-stage financing segment was relatively quiet as we predicted.some of the noticea

6、ble raises were Zwift($620M),VSPO($265M),and WTA($150M).Most active investors focused on early to late stage were ACIES Investments,Animoca Brands and a16z,while seed stage investment activity was led by Elysian Park,Courtside VC and FJ Labs.Sports tech public market saw a strong recovery with most

7、of the segments outperforming the S&P index.Media and Broadcasting led the segment surging over 22%followed by Esports,Fantasy,&Betting that rose 9%for the quarter.MonarchCollectiveFormer NBA player Carmelo Anthony has created a$750M private equity fund,Isos7 Growth Equity,focused on investing in bu

8、sinesses,teams,leagues,sports betting and adjacent companies$750MBluestone Equity Partners,a newly launched private equity firm,has raised a$300M growth equity fund to invest in sports and entertainment properties$300MSapphire Sport,the sports arm of Sapphire Ventures,has raised a second,oversubscri

9、bed$181M fund focused on powering the next generation of consumer behavior across media,digital commerce,gaming,health and others$181MCourtside Ventures raised a total of$100M for its third early-stage venture capital fund focused on sports,collectibles,wellness and gaming$100MFasanara Capital will

10、partner with investment bank to lend to clubs,targeting a fund size of$500M focused on sports receivables-the various cashflows that go in and out of sports teams$500MMonarch Collective,a new sports fund led by NWSL club Angel City FC co-founder,raised$100M to focus on investing in womens sports tea

11、ms,leagues and related revenue streams,such as media$100MMonarchCollectiveNote:Drake Star did not act as financial advisor on the transactions listed on this pageSources:Drake Star analysis,CapIQ,PitchbookPenn Entertainment closed the acquisition of the remaining stake of Barstool Sports for$387M,fu

12、rthering its position in sports content and bettingHYBE acquired and merged with QC Media in a deal valued at$320M,continuing to build a global entertainment powerhouseGolden Matrix Group acquired MeridianBet Group and its related companies for$300M,gaining new access to new and fast growing regulat

13、ed B2C markets that have experienced double digit CAGRs since 2020Zimmer Biomet announced acquisition of Embody,Inc.,developer of implantable devices designed to improve the quality of life for sports injury patients,for a total of$275M including potential earnouts,growing its sports medicine portfo

14、lioZwift,an interactive fitness platform,raised$620M from KKR,Amazons Alexa Fund and Premira HoldingsVSPO,esports startup focused on tournaments venues and production,raised$265M from Savvy Gaming GroupWomens Tennis Association raised$150M from CVC Capital at$750M valuation to elevate the profile of

15、 womens tennisTeamworks,enterprise SaaS company serving elite sports and tactical organizations,raised$65M in an oversubscribed Series E round led by Dragoneer Investment Group with participation from four other investors Toca Football,tech-infused soccer company,raised a new$54M Series E1 round per

16、 the most recent SEC FilingJ,the online lottery ticket platform,raised$42M in a round led by Accomplice VC and Courtside VenturesTruGolf,a golf simulator manufacturer and distributor,agreed to acquire and merge with Deep Medicine Acquisition Corp(NASDAQ:DMAQ)in a deal valued at$125M.DMAQ will be ren

17、amed“TruGolf,Inc.”and will be listed on the NasdaqPlaymaker Capital filed a shelf prospectus to raise$60M through multiple types of securities including common&preferred shares,units,debt securities,subscription receipts and warrants to enhance organic growth and pursue M&A opportunitiesKopin,a lead

18、ing provider of application-specific optical solutions,raised a follow-on offering with gross proceeds of$19.9M.Company plans to use the net proceeds for working capital and general corporate purposes Xtract One Technologies Inc.(TSX:XTRA)received a strategic$10M investment from Madison Square Garde

19、nTARGETINVESTOR+4 otherTifo Ventures+2 otherPublic MarketPublic Market72%26%2%45%27%28%1674452419%55%37%1%33%17%10%27%Q122Q123$1.2B$2.3B$0.5B$2.2B$2.1B$2.9B$1.9B$1.6B$1.9B$1.1B$1.6B$1.9B$1.1B5558546267397560-70-50-30-123456Q221Q321Q421Q122Q222Q322Q422Q123Deal ValueDeal Count(1)The outsize

20、d 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 analysisMedia&BroadcastingFan Engagement/ExperienceData AnalyticsWearables&Perfor

21、mance EnhancementSponsorship&VenuesEsports,Fantasy,&Betting(1)Total-60Total-60North AmericaEuropeAsia and OthersTotal$1.6B(1)Penn National Gaming rebranded as Penn Entertainment in August 2022Source:Similar Web,Capital IQ,Pitchbook,LinkedIn,Company WebsitesNote:Drake Star did not act as financial ad

22、visor on transactions listed on this page ACQUISITION BY ESL Faceit Group,owned by the Savvy Gaming Group,acquired the esports technology firm Vindex The acquisition will increase EFGs production capabilities as an esports and video games entertainment firmFebruary 2023 ACQUISITION BY Teamworks,Durh

23、am,N.C.-based sports tech firm,has acquired Smartbase(human performance optimization platform),Retain(collegiate academics and athlete development platform),Grafted and NextPlay(collegiate athletic alumni engagement platforms)The acquisitions will enable Teamworks to expand into new product categori

24、es and acquire top industry talentJanuary 2023ACQUISITION BY Existing investor Penn(1)acquired the remaining shares(64%)of Barstool Sports for$387m at an EV of$605m after exercising rights obtained during an earlier investment round Barstools branding is utilised in Penns sports betting efforts at i

25、ts casinos and in a betting appFebruary 2023ACQUISITION BY Golden Matrix Group,US-based online gaming systems developer,announced its acquisition of MeridianBet Group,Malta-based sports betting and gaming group,for 319m The acquisition will provide GMG with access to new and fast growing B2C markets

26、 January 2023ACQUISITION BY Embody,a medical devices manufacturer for sports injured patients,was acquired by Zimmer Biomet for$275m The acquisition will enable Zimmer Biomet to expand the product offering in high-growth areas of the sports medicine sectorJanuary 2023ACQUISITION BY Hybe,a global ent

27、ertainment lifestyle platform,acquired the Altana-based label and entertainment company Quality Control for$320m The acquisition would diversify Hybes service offerings and further the initiative for innovation via technology and strategic partnershipsFebruary 2023Fantasy,Esports&Betting$935M-Aug-22

28、Fantasy,Esports&Betting$900M-Jun-22Media&Broadcasting$850M4.5x-Jun-22Fan Engagement/Experience$760M-Sep-22Fantasy,Esports&Betting$470M-Apr-22Media&Broadcasting$387M3.0 x-Feb-23Fantasy,Esports&Betting$359M-Nov-22Media&Broadcasting$320M-Feb-22Fantasy,Esports&Betting$319M-Jan-23Wearables&Perf.Enhanceme

29、nt$275M-Jan-23Note:Drake Star did not act as financial advisor on transactions listed on this pageSource:Pitchbook,Drake Star analysis4%4%54%5%4%1%16%49%4%9%18%32%Q122Q760$0.2B$0.2B$1.3B1382711$1.6B$4.3B$2.2B$3.9B$1.8B$1.3B$2.3B$1.7BQ221Q321Q421Q122Q222Q322Q422Q123Drake Star did not act a

30、s financial advisor on transactions listed on this pageSource:Pitchbook,Drake Star analysisMedia&BroadcastingFan Engagement/ExperienceData AnalyticsWearables&Performance EnhancementSponsorship&VenuesEsports,Fantasy,&BettingEarly StageLate StageMid StageTotal-176Total-$1.7BTotal-176Source:Similar Web

31、,Capital IQ,Pitchbook,LinkedIn,Company WebsitesNote:Drake Star did not act as financial advisor on transactions listed on this page$54M FUNDRAISELED BY Toca Football,the worlds only technology-enabled soccer experiences and entertainment company,according to the most recent SEC Filing raised$54m Ser

32、ies E1 round from Tifo Ventures,an investment arm of Major League Soccer and other investorsJanuary 2023$42MFUNDRAISELED BY J,the online lottery ticket platform,raised$42m in a deal led by Accomplice VC and Courtside Ventures,alongside participation from 24 other investors The funding will be used t

33、o accelerate growth and expand operationsJanuary 2023$150MFUNDRAISELED BY The Womens Tennis Association(WTA)announced that CVC had become a commercial partner after making a$150m investment The investment will be used to elevate the profile of womens tennis and to accelerate commercial growth for th

34、e benefit of the fans,players,tournaments and other stakeholdersMarch 2023$265MFUNDRAISELED BY VSPO,a Chinese esports tournament organizer backed by Tencent,has secured a$265m investment from Savvy Games Group The funding will be used to develop the rapidly growing global esports sector for the bene

35、fit of global esports community and to position Savvy as a key enabler along the games value chainFebruary 2023Tifo Ventures$65MFUNDRAISELED BY Teamworks,enterprise SaaS company serving elite sports and tactical organizations globally,raised$65m in a funding round led by Dragoneer Investment Group,w

36、ith participation from 4 other investors The funding will be used to accelerate global expansion plans and to further continue M&A activityMarch 2023$620MFUNDRAISELED BY Zwift,interactive fitness platform designed to transform monotonous solo indoor cycling and running workouts,raised$620m in a fund

37、ing round from KKR,Permira Holdings and Amazons Alexa Fund The funding will be used to get to 10 million subscriptions,to take the company public and to invest in other areas of at-home fitness like“indoor running”February 2023(1)Pre-money valuation.(2)Pitchbook estimateNote:Selected deals only.Drak

38、e Star did not act as financial advisor on transactions listed on this pageSource:Pitchbook,Drake Star analysis11COMPANYSUBSECTORCOUNTRYDEAL AMOUNTVALUATION(1)SELECT INVESTOR(S)DATEWearables&Perf.Enhancement$620.0M-Feb-23Fantasy,Esports&Betting$265.0M-Feb-23Sponsorships&Venues$150.0M$750MMar-23Weara

39、bles&Perf.Enhancement$65.0M-Mar-23Wearables&Perf.Enhancement$53.6M$400M(2)Jan-23Fantasy,Esports&Betting$42.0M-Jan-23Fantasy,Esports&Betting$38.5M-Jan-23Wearables&Perf.Enhancement$34.0M-Mar-23Media&Broadcasting$30.0M-Feb-23Fantasy,Esports&Betting$21.0M-Mar-23Tifo VenturesUndisclosed$2,077 3-3-3-2$329

40、2$1472-2-2-1$3871Note:Drake Star did not act as financial advisor on the transactions listed on this pageSource:Pitchbook,CapIQ,Drake Star analysisNote:Teamworks and Playmaker are noteworthy players actively investing in the small to mid-sized companies with 6 and 4 deals,respectivelyNote:Drake Star

41、 did not act as financial advisor on the transactions listed on this pageSource:Pitchbook,CapIQ,Drake Star analysis10Early to Late7Early to Late5Early to Late5Early to Late5Seed to Late4Seed to Late4Seed to Late4Seed to Late4Early to Late2Early to Late16Seed to Early13Seed to Early10Seed to Early10S

42、eed to Early8Seed to Early7Seed to Early7Seed to Early6Seed to Early6Seed to Early5Seed to EarlyGYM CLASS-6%5%16%27%38%Dec-22Jan-23Feb-23Mar-23Digital Media/OTT/Content,22.3%Fantasy/eSports/Betting,8.7%Sports Franchises,8.4%S&P 500,7.03%Wearables&Performance Enhancement,3.5%Past performance does not

43、 guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of March 31,2023.Equally weighted(1)Represents the Stock Price Change Between Dec 30,2022 March 31,2023Digital Media/OTT/Content=Catena Media,FuboTV,Madison Square Garden Sports Corp,Roku

44、,Sportradar Group,WWESports Franchises=Ajax,Borussia Dortmund,Formula One Group,Juventus,Manchester United Athlete Performance=Catapult Sports,Garmin,Kopin,Nautilus,Peloton InteractiveFantasy/eSports/Betting=Better Collective,Bidstack Group,Champion Gaming Group,Churchill Downs Inc.,DraftKings,Enthu

45、siast Gaming,Entain,FaZe Clan,Flutter Entertainment,GAN Limited,Genius Sports,Gfinity,Light&Wonder,Penn Entertainment,Playmaker,Scout Gaming Group,Skillz,Super League Gaming1st Jan-23Digital Media/OTT/Content=Catena Media,FuboTV,Madison Square Garden Sports Corp,Roku,Sportradar Group,WWE|Sports Fran

46、chises=Ajax,Borussia Dortmund,Formula One Group,Juventus,Manchester United|Athlete Performance=Catapult Sports,Garmin,Kopin,Nautilus,Peloton InteractiveFantasy/eSports/Betting=Better Collective,Bidstack Group,Champion Gaming Group,Churchill Downs Inc.,DraftKings,Enthusiast Gaming,Entain,FaZe Clan,Fl

47、utter Entertainment,GAN Limited,Genius Sports,Gfinity,Light&Wonder,Penn Entertainment,Playmaker,Scout Gaming Group,Skillz,Super League GamingEV/LTM Revenue17.0 x29.2x11.8x17.6x16.1x28.3x13.6x17.5xDigital Media/OTT/ContentSports FranchisesAthlete PerformanceEsports/Fantasy/Betting2.8x3.5x1.6x2.9x3.3x

48、3.7x1.8x3.3xDigital Media/OTT/ContentSports FranchisesAthlete PerformanceEsports/Fantasy/Betting2.6x3.2x1.6x2.1x3.1x3.3x1.9x2.6xDigital Media/OTT/ContentSports FranchisesAthlete PerformanceEsports/Fantasy/Betting10.6x13.4x11.8x9.3x12.6x14.0 x13.9x11.6xDigital Media/OTT/ContentSports FranchisesAthlet

49、e PerformanceEsports/Fantasy/BettingMarch 2023December 2022March 2023December 2022Past performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of March 31,2023.EV/LTM EBITDAEV/NTM RevenueEV/NTM EBITDAPast performance does n

50、ot guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of March 31,2023;Company filings.Digital Media/OTT/ContentRokuUS31-Mar-23$65.82$9,222.0$7,979.4$3,133.8-$359.32.6x2.5xNMNMNMNM7%4%NA16%-11.5%WWEUS31-Mar-23$91.26$6,794.0$6,944.0$1,255.6

51、$322.95.4x5.2x18.7x17.2x39.9x34.1x8%7%-8%25%25.7%Madison Square GardenUS31-Mar-23$194.85$4,653.4$5,792.2$935.7$124.76.5x6.8x32.2xNMNMNM18%-9%172%45%13.3%FL EntertainmentFR31-Mar-23$10.32$4,249.0$6,762.5$4,407.2$574.01.5x1.5x9.2x9.1xNM13.0 x12%1%49%29%13.0%Sportradar GroupCH31-Mar-23$11.63$3,456.6$3,

52、226.8$836.5$221.34.1x3.3x14.9x18.4xNMNMNA18%NA21%26.5%fuboTVUS31-Mar-23$1.21$298.1$393.8$1,090.8-$336.10.4x0.3xNMNMNMNMNA14%NA19%-30.8%Catena MediaMT31-Mar-23$3.05$238.9$295.0$117.5$49.22.5x2.2x5.5x5.6x11.8x10.8x9%15%-18%7%41.9%Average3.3x3.1x16.1x12.6x25.9x19.3x11%7%49%23%11.2%Median2.6x2.5x14.9x13

53、.2x25.9x13.0 x9%7%20%21%13.3%Sports FranchisesFormula One GroupUS31-Dec-22$74.83$17,308.2$18,547.2$2,573.0$535.07.2x5.7x34.7x24.6x34.8xNM20%26%22%41%20.8%Manchester UnitedGB31-Dec-22$22.15$3,611.8$4,472.3$701.6$98.96.4x5.9x44.2x28.6xNMNM11%5%14%54%14.1%Juventus Football ClubIT31-Dec-22$0.36$910.0$1,

54、259.2$523.1$34.12.4x2.3x28.2x9.4xNMNM11%4%NA286%6.5%Borussia DortmundDE31-Dec-22$4.47$492.9$514.5$453.2$72.51.1x1.2x6.7x4.4xNMNM-4%-5%-34%60%16.0%AFC AjaxNL31-Dec-22$11.95$219.1$266.0$204.9$45.71.3x1.3x4.5x3.2x4.1x23.9x17%0%NANA0.2%Average3.7x3.3x23.7x14.0 x19.5x23.9x12%4%534%110%12.1%Median2.4x2.3x

55、28.2x9.4x19.5x23.9x11%4%12%57%14.1%Past performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of March 31,2023;Company filingsAthlete PerformanceGarminCH1-Apr-23$100.92$19,312.0$16,790.8$4,860.3$1,191.73.5x3.3x13.6x13.9x2

56、0.0 x19.4x-2%3%-13%1%24.5%Peloton InteractiveUS31-Mar-23$11.34$3,923.9$5,471.2$2,836.7-$917.81.8x2.0 xNMNMNMNM-26%-2%NA92%-32.4%KopinUS1-Apr-23$1.09$119.4$110.0$47.4-$21.12.3x2.6xNMNMNMNM4%-10%NA52%-44.4%Catapult GroupAU31-Mar-23$0.45$107.3$100.4$84.4-$24.51.2x1.0 xNMNMNMNM10%73%NA112%-29.0%Nautilus

57、US31-Mar-23$1.34$42.7$108.9$286.8-$52.70.3x0.4xNMNMNMNM-51%-11%NA49%-18.4%Average1.8x1.9x13.6x13.9x20.0 x19.4x-13%11%-13%61%-19.9%Median1.8x2.0 x13.6x13.9x20.0 x19.4x-2%-2%-13%52%-29.0%Esports/Fantasy Sports/BettingFlutter EntertainmentIE31-Dec-22$182.15$31,929.3$36,694.3$9,269.5$842.63.9x3.2x38.0 x

58、18.8xNMNA27%19%-5%125%9.1%Churchill Downs Inc.US31-Mar-23$128.53$9,621.9$14,146.9$2,005.2$580.47.8x5.7x20.9x13.3x22.5x22.6x22%25%42%84%28.9%EntainGB31-Dec-22$15.54$9,153.4$12,864.1$5,177.3$963.82.4x2.2x15.5x10.2xNM20.4x12%9%14%27%18.6%DraftKingsUS31-Mar-23$19.36$8,938.5$8,935.8$2,592.9-$1,183.44.0 x

59、3.0 xNMNMNMNM85%15%NA67%-45.6%Light&WonderUS31-Mar-23$60.05$5,464.5$8,669.5$2,610.0$812.03.5x3.2x11.0 x8.7xNM39.2x15%3%24%22%31.1%Penn EntertainmentUS31-Mar-23$29.66$4,549.3$15,852.5$6,510.8$1,608.82.5x2.5x8.0 x8.2x22.9x19.2x5%-1%3%20%24.7%Better CollectiveDK31-Mar-23$19.43$1,051.8$1,296.2$314.9$103

60、.64.5x4.0 x14.2x12.3x21.2x17.6x41%4%51%1%32.9%Genius SportsGB31-Mar-23$4.98$1,027.5$926.0$352.3-$94.12.7x2.4xNM22.3xNMNM19%11%NA144%-26.7%SkillzCN31-Mar-23$0.59$250.7-$6.5$222.2-$105.7NMNMNMNMNMNM-43%-17%NA67%-47.6%Enthusiast GamingCA31-Mar-23$0.60$90.9$100.0$146.7-$30.00.7x0.6xNMNMNMNM8%8%NA91%-20.

61、4%PlaymakerCA31-Mar-23$0.35$80.3$97.5$50.7$10.82.4x2.0 x14.8x6.7xNM26.6x151%-2%280%35%21.3%GAN LimitedUS31-Mar-23$1.29$54.3$33.3$139.2-$10.10.2x0.2xNM4.1xNMNM3%10%NA181%-7.3%FaZe ClanUS31-Mar-23$0.46$32.9-$1.7$66.8-$51.3NMNANMNANMNA14%NANANA-76.8%Bidstack GroupGB30-Jun-22$0.02$32.2$27.7$4.7-$9.45.8x

62、4.2xNMNMNMNM72%38%NA33%-201.5%Super League GamingUS31-Mar-23$0.55$20.9$19.1$19.2-$24.51.0 x0.6xNMNMNMNM31%59%NA24%-127.2%Scout Gaming GroupCN31-Mar-23$0.05$10.6$3.3$2.5-$5.21.3xNANMNANMNA-45%NANANA-213.6%Champion Gaming GroupCN30-Sep-22$0.07$5.3$7.2$1.1-$5.66.5xNANMNANMNA-24%NANANA-513.7%GfinityGB31

63、-Dec-22$0.00$1.8-$0.3$7.4-$4.9NMNMNMNMNMNA3%72%NA156%-67.2%Average3.3x2.6x17.5x11.6x22.2x24.3x22%17%58%72%-65.6%Median2.7x2.5x14.8x10.2x22.5x21.5x14%10%24%67%-23.6%After a record 2022,the high growth sports tech market started on a very strong note with impressive M&A activity in Q1 followed by the

64、landmark$21B WWE/Endeavor deal in early Q2.Topping off the+$5B new funds raised by the sports tech VC/PEs in 2022,Q123 saw another+$2B of new funds being raised by the sports tech investors,showcasing their continued interest in the ecosystem and the large pool of capital that is ready for deploymen

65、t.With a very active sports tech market,we expect to see another year of strong consolidation and significant flow of investment into sports tech companies.On the M&A front,we have already seen some of the large strategics and PE backed platforms being active in Q1 and we expect the M&A market to re

66、main strong.Top strategic buyers are expected to include Entain,Fanatics,Flutter,DAZN and Sony,while the PE backed platforms like Kore,TGI,Hudl and others are anticipated to continue executing their buy-and-build strategy and look for synergistic targets.With prominent PE funds such as Ares Manageme

67、nt($3.5B)and RedBird Capital(Ex-Warner executive Jeff Zucker leading the fund which already has$2.3B in capital commitments)raising large new funds last year and several new fresh entrants like Isos7 Growth Equity and Bluestone in Q1 this year,we expect some large roll-ups as well as strong flow of

68、mid-size deals.Fan engagement,AI,ticketing and venue management will be some of the hot segments from M&A and financings standpoint.Q1 saw a steady flow of private placements with around$1.7B raised by sports tech companies.We expect financing activities to accelerate as we progress through the year

69、 while the investors continue to be cautious on valuations for mid to late-stage companies.Note: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.B2CB2BNote:All product and company

70、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 SOFTWARECOMMERCEDATA/ANALYTICSPERFORMANCE ANALYTICSDIGITAL SPORTS AGENCIESWEARABLESESPORTS/FANTASY SPORTSCONSUMER SPORTSB2CB2BNew

71、YorkLos AngelesLondonDubaiBerlinParisSan FranciscoMunichThis report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein is based on sources we believe to be reliable but is not guaran

72、teed 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 and company names are trademarks or registered trademarks of their respective holders.Use of them does not imply any affili

73、ation 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 global tech investment bank that has completed over 400 transactions since 2003.Drake Star team of over 100 senior professi

74、onals across offices in New York,London,Paris,Munich,San Francisco,Los Angeles,Berlin,Miami,and Dubai*focuses on mergers&acquisitions and corporate finance services worldwide in Consumer&Retail Technology,Digital Media,FinTech,Mobility&Sustainability,Software/SaaS,Digital Services,and Industrial Tec

75、h 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*Partner Offices