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 10519914$14.5B$1.6B$1.3BSource:Pitchbook,Drake Star analysisQ2 2023 DEAL VALUEQ2 2023 DEAL COUNTM&APrivate PlacementsPublic MarketsTotal-$17.5BTotal 318Q2 2023 SUMMARYWith one of the biggest ever deals in sports tech in WWE UFC merger valuing the combined business a

3、t$21.4B,Q2 saw the highest ever quarterly M&A activity with 105 announced deals and$14.5B in disclosed deal value!Endeavor led the acquirors list with WWE deal while several of the other top active buyers included Aristocrat(NeoGames),Entain(STS Holdings,Angstrom Sports,365Scores),Fanatics(PointsBet

4、,PWCC,FexPro,EPI)and Light&Wonder(SciPlay).BPEA EQT and Bruin Capital made platform acquisitions in IMG Academy and Proof of the Pudding,respectively$1.6B was raised in private financings through 199 deals,growing steadily compared to Q1(176 deals).Over 75%of the deals were early-stage financings wh

5、ile mid to late-stage segment saw a notable pickup in activity.Some of the big ticket raises for the quarter were Alpine($218M),Viu($200M),VGW($150M)and Tonal($130M)Sports Tech continues to see unprecedented flow of new capital with almost$6B of new funds already raised this year.Dynasty Equity($1B)

6、and Raine Group($760M)raised fresh capital focused on sports and media in Q2.RedBird Capital has already raised$2.3B for its Fund IV that it expects to close later this year and A-Rod is reportedly raising a massive buyout fundMost active investors focused on early to late stage were ACIES Investmen

7、ts,Verance Capital and Samsung NEXT,while seed stage investment activity was led by Elysian Park,Courtside VC and Thirtyfive VenturesSports tech public market continued its strong performance with most of the segments outperforming the S&P index.Media and Broadcasting led the segments surging over 2

8、5%followed by Wearables&Performance Enhancement that rose 19%Note:Drake Star did not act as financial advisor on the transactions listed on this pageSources:Drake Star analysis,CapIQ,PitchbookEndeavor announced one of the largest mergers in sports tech history with WWE forming a new publicly listed

9、entertainment giant,TKO Group,valued at$21B.Endeavor will own the majority stake in the combined businessBPEA EQT,Hong Kong based private equity firm,acquired IMG Academy in an all-cash deal valued at$1.25B.BPEA EQT plans to leverage its proven sector expertise within education and support the IMGs

10、expansion across multiple markets in AsiaAristocrat acquired NeoGames for$1.2B,securing an entry into the attractive but highly regulated iLottery market,and facilitating further penetration across other online RMG verticalsEntain announced acquisition of STS Holding,leading sports-betting operator

11、in Poland,for$982M to further expand in EuropeAlpine,the Formula One teams parent company,raised$216M from RedBird Capital Partners,Otro Capital and Ryan ReynoldsCanal Plus invested$200M in Viu,OTT streaming service,strengthening its presence in Southeast Asia marketVirtual Gaming Worlds,developer o

12、f casino games received a$150M debt facility to support its off-market share buy-backTonal,developer of high-end at-home fitness equipment,raised$130M Series F round led by L Catterton with participation from Cobalt Capital,Dragoneer Investment Group,Kindred Ventures,THVC and othersFZ Sports,sports

13、media and technology company,raised$74M funding from 777 Partners,MEP Capital,and othersSpring Health,global mental health solution for employers,received$71M from existing investors at staggering$2.5B valuationEntain(LSE:ENT),the global sports-betting,gaming and interactive entertainment group,in i

14、ts new filings announced an equity raise of approximately$785M to fund further near-term acquisitions including STS HoldingLottomatica Group,Apollo-backed Italian gambling company,went public on Milan stock exchange and raised$467M of fresh capital at$3B valuation.The proceeds will be used to help p

15、ay down the existing debtGlory Star New Media Group(NASDAQ:GSMG),chinese metaverse,advertisement,content production and online gaming company,raised$60M from two institutional investors in a PIPE deal to accelerate growth and expand operationsSuper League Gaming(NASDAQ:SLGG)announced a$24M private p

16、lacement to fund new growth initiativesTARGETINVESTORUndisclosed+6 others+3 othersUndisclosedPublic MarketPublic MarketNew+Existing InvestorsUndisclosedFormer NBA player Carmelo Anthony has created a$750M private equity fund,Isos7 Growth Equity,focused on investing in businesses,teams,leagues,sports

17、 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$300MFasanara Capital will partner with investment bank to lend to clubs,targeting a fund size of$500M focused on sp

18、orts receivables-the various cashflows that go in and out of sports teams$500MJonathan Nelson,executive chairman of Providence Equity,and Don Cornwell announced they are raising$1B fund to invest in sports and to profit from a new asset class:minority investments in professional sports$1BRaine Group

19、,a global investment firm,raised the newest$760M fund in its flagship growth equity strategy to invest in growth-stage companies in the TMT space with focus on sports,media,entertainment and gaming$760MOther Noticeable Funds:Sapphire Sport Ventures($181M),Courtside VC($100M),Avenue Sports FundRedBir

20、d Capital Partners gathered$2.3B in capital commitments so far for its fourth fund that it expects to close later this year.This includes the$750M from Abu Dhabis International Media Invest,a private company controlled by Manchester City owner$2.3B30%2%4%4%17%29%52%61%Q123Q22379%11%9%42%42%16%312249

21、1029(1)The outsized 1Q22 Activision deal($68.7B)is excluded from the chart to better isolate trends among the broader volume of deals(2)The outsized 2Q23 WWE deal($9.3B)is excluded from the chart to better isolate trends among the broader volume of dealsDrake Star did not act as financial advisor on

22、 transactions listed on this pageSource:Pitchbook,Drake Star analysisMedia&BroadcastingFan Engagement/ExperienceData AnalyticsWearables&Performance EnhancementSponsorship&VenuesEsports,Fantasy,&BettingTotal-105Total-105North AmericaEuropeAsia and OthersTotal$1.6B(1)(2)5259576361436760104-180-130-80-

23、302070$0B$1B$2B$3B$4B$5B$6B$7BQ221Q321Q421Q122Q222Q322Q422Q123Q223Deal ValueDeal CountSource:Capital IQ,Pitchbook,Company WebsitesNote:Drake Star did not act as financial advisor on transactions listed on this page ACQUISITION BY L Catterton,global private equity firm,sold Cicli Pinarello,high-end I

24、talian cycling brand to Ivan Glasenberg for$250M The acquisitions is expected to enable Pinarello to expand global footprint through increase investments in R&D related to materials and productsJune 2023 ACQUISITION BY Light&Wonder announced a proposal to acquire the remaining 17%of Sciplay for$422M

25、 The acquisition would unify Light&Wanders businesses,enabling improved collaboration.It would also combine the balance sheets of the two companies providing more flexibility to invest cash in SciplayMay 2023ACQUISITION BY World Wrestling Entertainment was acquired by Endeavor Group,parent company o

26、f the UFC,for$21.4B The merger enables the new entity to maximize the value of the combined media rights,enhance sponsorship monetization,develop new forms of content and pursue other strategic M&A opportunitiesApril 2023ACQUISITION BY Aristocrat acquired the Israel-based online gaming solutions pro

27、vider NeoGames SA for$1.2B The acquisition will provide Aristocrat with global growth/scaling opportunities,entry into new gaming genres including iLottery and online RMG,and seasoned management teamMay 2023ACQUISITION BY STS Holding,leading sports-betting operator in Poland,was acquired by Entain f

28、or$982M The acquisition will enable Entain to strengthen its positions and continue geographic expansion into Central and Eastern Europe.STS will be integral part of Entains platform in the regionJune 2023ACQUISITION BY IMG Academy,a global sports education institution,entertainment lifestyle platfo

29、rm,was acquired by BPEA EQT,a global private equity firm for$1.25B The acquisition enables IMGs global expansion,across Southeast Asia markets.BPEA EQT expects to leverage its experience with Nord Angelia Educations expansion in the regionApril 2023IvanGlasenbergMedia&Broadcasting$9,300.07.4x28.2xAp

30、r-23Sponsorships&Venues$1,250.015.1x-Apr-23Fantasy,Esports&Betting$1,215.35.7x29.5xMay-23Fantasy,Esports&Betting$981.86.9x15.2xJun-23Fantasy,Esports&Betting$422.03.1x13.1xMay-23Fantasy,Esports&Betting$415.0-Apr-23Media&Broadcasting$320.0-Feb-23Fantasy,Esports&Betting$319.4-Jan-23Wearables&Perf.Enhan

31、cement$275.0-Jan-23Wearables&Perf.Enhancement$250.02.7x-Jun-23Note:Drake Star did not act as financial advisor on transactions listed on this pageSource:Pitchbook,Drake Star analysisIvanGlasenberg1513315$1.6B$4.3B$2.2B$3.9B$1.8B$1.3B$2.3B$1.7B$1.6BQ221Q321Q421Q122Q222Q322Q422Q123Q2234%28%5%6%2%2%49%

32、24%9%17%32%24%Q123Q223274718311462$0.4B$0.3B$0.9BDrake Star did not act as financial advisor on transactions listed on this pageSource:Pitchbook,Drake Star analysisMedia&BroadcastingFan Engagement/ExperienceData AnalyticsWearables&Performance EnhancementSponsorship&VenuesEsports,Fantasy,&BettingEarl

33、y StageLate StageMid StageTotal-199Total-$1.6BTotal-199Source:Capital IQ,Pitchbook,LinkedIn,Company WebsitesNote:Drake Star did not act as financial advisor on transactions listed on this page$74M FUNDRAISELED BY FZ Sports,the parent company of South American sports marketing agency 1190 Sports and

34、streaming platform Fanatiz,received$74M funding from 777 Partners,Magma Partners,MEP Capital and Torneos The funding will be used to boost the sports rights management and distribution of several of the most important leagues and federations in the Latin AmericaJune 2023$71MFUNDRAISELED BY Spring He

35、alth,digital healthcare platform designed to provide personalized mental healthcare for employee well-being,raised$74M at record$2.5B valuation from existing investors The funding will be used to invest in world-class services alongside Spring Healths path to profitabilityApril 2023$150MFUNDRAISELED

36、 BY Virtual Gaming Worlds,developer of casino games,secured a$150M funding from undisclosed investors The funding will be used to supports its off-market share buy-back.It will provide shareholders with the opportunity to monetize their interests at a significant premiumApril 2023$200MFUNDRAISELED B

37、Y Viu,Asian OTT streaming service backed by PCCW,got a$200M investment from Canal Plus The funding will be used to strengthen Canal Plus position in Southeast Asia markets and enable Vius further expansion into global market and continuous user experience improvementJune 2023$130MFUNDRAISELED BY Ton

38、al,manufacturer of high-end at-home fitness equipment,raised$130M round led by L Catterton with participation from Cobalt Capital,Dragoneer Investment Group,Kindred Ventures and others The funding will be used to grow business by supporting marketing,brand awareness activities and scaling supply cha

39、inApril 2023$216MFUNDRAISELED BY Alpine,the Formula One teams parent company,raised$216M in a funding round from Otro Capital,RedBird Capital Partners and Maximum Effort Investments valuing Alpine at$900M The funding will be used to support Alpines growth strategy and sporting ambitionsJune 2023Undi

40、sclosedUndisclosed(1)Pre-money valuation(2)Note:Selected deals only.Drake Star did not act as financial advisor on transactions listed on this pageSource:Pitchbook,Drake Star analysis11COMPANYSUBSECTORCOUNTRYDEAL AMOUNTVALUATION(1)SELECT INVESTOR(S)DATESponsorships&Venues$216.3$973.1Jun-23Media&Broa

41、dcasting$200.0$766.3Jun-23Fantasy,Esports&Betting$150.0-UndisclosedApr-23Wearables&Perf.Enhancement$130.0$1,770.0Apr-23Media&Broadcasting$74.0-Jun-23Wearables&Perf.Enhancement$71.0$2,500.0UndisclosedApr-23Agilitas SportsWearables&Perf.Enhancement$52.5-May-23Fantasy,Esports&Betting$37.3-Jun-23Fantasy

42、,Esports&Betting$35.0$300.0Jun-23Fantasy,Esports&Betting$35.0-Apr-23$2,282 5$2254-3$9,3002$4222-2-2$1,2151$3871$3591Note: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 ac

43、tively investing in the small to mid-sized companies with 6 and 3 deals,respectivelyNote:Drake Star did not act as financial advisor on the transactions listed on this pageSource:Pitchbook,CapIQ,Drake Star analysis11Early to Late5Early to Late5Early to Late4Early to Late4Early to Late4Early to Late3

44、Seed to Late3Seed to Late3Early to Late3Seed to Late14Seed to Early13Seed to Early11Seed to Early8Seed to Early7Seed to Early5Seed to Early4Seed to Early4Seed to Early4Seed to Early4Seed to EarlyAbsolute Sports is the parent company of S and ProFootballN(PFN).Sportskeeda sees over 90M unique users o

45、n the site monthly.It is the largest multi-sport media platform in India and amongst the top 6 sports media properties in the US(Similarweb,July 2023).PFN is the third largest independent NFL-focused media property in the USQ:Absolute Sports owns some of the worlds leading news and media brands,serv

46、ing millions of readers.Can you please provide more details on Absolute Sports and its key details on Absolute Sports differentiation/strategy?A:Our approach is far from conventional,marked by an innovative blend of technological innovation and a geo-distributed operational model.We operate via staf

47、f and contractors across time-zones,seamlessly executing content production and distribution for various geographies.This distinctive strategy empowers us to curate an extensive array of content,propelling us ahead of the competition and catalyzing rapid expansion of our user base.We envision oursel

48、ves as an integrated company focused on data,technology,and processes,with sports media as our core pursuit.Q:We see digital sports media as a vertical is gaining more and more attention from investors in the Sports Tech space.Which factors contributed to the growing interest in media businesses wit

49、hin the Sports Tech ecosystem?A:While Linear TV/Broadcasting/Media Rights attracted the most capital in recent decades,a confluence of factors(expensive,difficult to track behavior,etc.)has finally led to business model and process innovation in the digital sports media space.The rise of sports cont

50、ent consumption on Digital/OTT/VOD/CTV as well as social media has fueled the desire for sports fans to engage in an arena other than the playing field,which linear TV was unable to provide.The multi-modal nature of digital interactions has led to serious innovation in the types of platforms on whic

51、h sports fans interact.Fans are looking to not only consume sports content online,but also share their experiences and emotions.Another key factor lies in the role of digital media as a significant customer acquisition and engagement channel for traditional brands and emerging areas like sports bett

52、ing.Sports media platforms offer a natural funnel for these conversions and interactions,as there is high-intent from usersLastly-only recently have we seen platforms such as Absolute Sports break out and claim eyeballs at scale.This,combined with innovative business models that ensure profitability

53、 at scale,has led to sports media being an attractive investment opportunity in recent timesQ:Data Analytics and AI are hot topics of discussion amongst media companies,what is Absolute Sports view on integration of data analytics and utilization of AI?A:Data forms the bedrock of Absolute Sports ope

54、rations.Our technology is entirely proprietary,and vital business decisions,such as content production,timing and distribution strategies,hinge on a robust data-enabled feedback loop.With a monthly output of over 35,000 written pieces and thousands of videos,integrating data analytics is indispensab

55、le for maintaining efficiency and sound unit economics in our operationsRegarding AI,we currently deploy it as an enhancer and efficiency tool.In the realm of sports media and journalism,we firmly believe in the irreplaceable human touch.AI,in our perspective,functions as a cybernetic implant,augmen

56、ting the capabilities of our stakeholdersQ:As a leading global tech-led sports media company with your flagship brand Sportskeeda serving millions of sports fans across US and Asia,what are some of the key growth areas that you see for the business going forward?A:Our growth blueprint encompasses se

57、veral key areas.Firstly,we aim to deepen our offerings across a spectrum of sports,capitalizing on emerging lucrative opportunities.For instance,our endeavors to develop simulations and tools for fantasy sports reflect this approach.Secondly,diversifying our revenue profile stands essential;this inv

58、olves exploring D2C offerings,subscription products,and venturing into affiliated sectors like commerce.Lastly,were committed to expanding our direct sales presence in the US,offering unique digital advertising avenues to brands seeking to engage with audiences.Q:Last quarter Absolute Sports acquire

59、d Pro Football Network.Can you please shed some light on the rational behind the acquisition and what are some key areas of Absolute Sports M&A strategy?A:Pro Football Network(PFN)is our first acquisition in the US and we intend to invest in several more synergistic businesses in the near future.PFN

60、 operates in the largest sport market in the US(NFL&College Football)and has built a very loyal following amongst football fans in a very short timeframe.Our goal involves leveraging the Absolute Sports engine to propel PFNs growth beyond the horizon achievable as an independent entity.Collaborating

61、 closely with the PFN team,we are confident that our joint efforts will yield fruitful outcomesOur M&A strategy involves multiple bolt-on&tuck-in acquisitions,which allow for diversification of revenue and entrenching ourselves deeper in the mindshare of sports fans.We are also looking at companies

62、that build capabilities which lead to effective cross-pollination across the portfolio companies.Q:What are some trends and challenges that you see in Sports Media/Tech in 2023 and beyond,and how will Absolute Sports address them?A:In 2023 and beyond,one apparent challenge is the looming specter of

63、a potential US economic downturn.However,we view such issues as cyclical and believe adept businesses can navigate them effectively.A more substantial challenge involves the advent of AI and other innovative technologies that could reshape content development,distribution,and consumption.We recogniz

64、e the need to remain vigilant,adapt flexibly,and harness these changes to our advantage.Additionally,the shift towards esports and gaming among the Gen-Z audience could impact traditional sports content consumption.Weve proactively prepared by tailoring content to cater to this demographics interest

65、s,ensuring our continued relevance.-7%3%13%23%33%43%Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Digital Media/OTT/Content,24.6%Fantasy/eSports/Betting,8.4%Sports Franchises,14.4%S&P 500,15.9%Wearables&Performance Enhancement,19.3%Past performance does not guarantee future results.This is not a recomme

66、ndation to buy or sell any specific security.Source:Capital IQ as of June 30,2023.Equally weighted(1)Represents the Stock Price Change Between Dec 30,2022 June 30,2023Digital Media/OTT/Content=Catena Media,FuboTV,Madison Square Garden Sports Corp,Roku,Sportradar Group,WWE,Endeavor Group HoldingSport

67、s 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,Enthusiast Gaming,Entain,FaZe C

68、lan,Flutter Entertainment,GAN Limited,Genius Sports,Gfinity,Light&Wonder,Penn Entertainment,Playmaker,Scout Gaming Group,Skillz,Super League Gaming,Lottomatica1st Jan-2310.6x13.4x11.8x9.3x12.2x13.9x13.6x11.6xDigital Media/OTT/ContentSports FranchisesAthlete PerformanceEsports/Fantasy/Betting2.6x3.2x

69、1.6x2.0 x2.9x3.3x2.3x2.4xDigital Media/OTT/ContentSports FranchisesAthlete PerformanceEsports/Fantasy/Betting16.2x29.2x11.8x15.3x17.1x27.8x14.4x15.9xDigital Media/OTT/ContentSports FranchisesAthlete PerformanceEsports/Fantasy/Betting2.7x3.5x1.6x2.9x3.2x3.7x2.4x2.9xDigital Media/OTT/ContentSports Fra

70、nchisesAthlete PerformanceEsports/Fantasy/BettingDigital Media/OTT/Content=Catena Media,FuboTV,Madison Square Garden Sports Corp,Roku,Sportradar Group,WWE,Endeavor Group|Sports Franchises=Ajax,Borussia Dortmund,Formula One Group,Juventus,Manchester United|Athlete Performance=Catapult Sports,Garmin,K

71、opin,Nautilus,Peloton InteractiveFantasy/eSports/Betting=Better Collective,Bidstack Group,Champion Gaming Group,Churchill Downs Inc.,DraftKings,Enthusiast Gaming,Entain,FaZe Clan,Flutter Entertainment,GAN Limited,Genius Sports,Gfinity,Light&Wonder,Penn Entertainment,Playmaker,Scout Gaming Group,Skil

72、lz,Super League Gaming,LottomaticaEV/LTM RevenueJune 2023December 2022June 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 June 30,2023.EV/LTM EBITDAEV/NTM RevenueEV/NTM EBITDAPast performan

73、ce does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of June 30,2023;Company filings.Digital Media/OTT/ContentRokuUS31-Mar-23$63.96$9,004.6$8,016.1$3,133.8-$359.32.6x2.4xNMNMNMNM7%7%NA38%-11.5%WWEUS31-Mar-23$108.47$8,081.2$8,244.

74、7$1,255.6$322.96.6x6.0 x25.0 x19.1xNM41.6x8%10%-8%33%25.7%Endeavor GroupUS31-Mar-23$23.92$7,175.4$13,363.2$5,391.2$858.22.5x2.3x18.3x10.6xNM16.4x-2%8%-5%47%15.9%Madison Square Garden SportsUS31-Mar-23$188.05$4,493.1$5,567.9$935.7$124.76.0 x6.1x27.7xNMNMNM18%-3%NM25%13.3%FL EntertainmentFR31-Mar-23$9

75、.88$4,067.1$6,590.9$4,407.2$574.01.5x1.4x11.5x8.5xNM12.4x12%5%49%35%13.0%Sportradar GroupCH31-Mar-23$12.90$3,834.1$3,604.4$836.5$221.34.3x3.5x16.3x19.8xNMNMNA22%NA18%26.5%fuboTVUS31-Mar-23$2.08$607.0$680.6$1,090.8-$336.10.6x0.5xNMNMNMNMNA25%NA32%-30.8%Catena MediaMT31-Mar-23$1.81$141.8$166.3$117.5$4

76、9.21.5x1.2x3.5x3.1x9.0 x6.4x9%15%-18%7%41.9%Average3.2x2.9x17.1x12.2x9.0 x19.2x9%11%4%30%11.8%Median2.5x2.3x17.3x10.6x9.0 x14.4x9%9%-6%33%14.6%Sports FranchisesFormula One GroupUS31-Mar-23$75.28$17,436.7$18,835.7$2,594.0$526.07.3x5.7x35.9x27.2x43.6xNM12%27%7%32%20.3%Manchester UnitedGB31-Mar-23$24.3

77、8$3,975.5$4,785.2$741.7$125.56.5x5.6x37.4x24.6xNMNM7%11%30%51%16.9%Juventus Football ClubIT31-Dec-22$0.37$946.4$1,300.1$523.1$34.12.4x2.5x31.1x9.7xNMNA11%-3%NMNM6.5%Borussia DortmundDE31-Mar-23$4.77$526.0$540.5$502.2$97.31.1x1.2x5.3x4.8xNMNM10%-14%11%15%19.4%AFC AjaxNL31-Dec-22$12.83$235.2$282.3$204

78、.9$0.41.3x1.3x29.3x3.4x4.4x25.5x17%NANANM0.2%Average3.7x3.3x27.8x13.9x24.0 x25.5x12%5%16%33%12.7%Median2.4x2.5x31.1x9.7x24.0 x25.5x11%4%11%32%16.9%Past performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of June 30,2023

79、;Company filingsAthlete PerformanceGarminCH1-Apr-23$104.29$19,949.7$17,377.9$4,835.0$1,162.33.6x3.4x14.4x13.9x20.9x19.8x-5%5%-14%7%24.0%Peloton InteractiveUS31-Mar-23$7.69$2,724.9$4,243.7$2,836.7-$917.81.5x1.5xNMNMNMNM-26%1%NA94%-32.4%KopinUS1-Apr-23$2.15$235.2$208.8$46.6-$17.94.5x4.6xNMNMNMNM2%-3%N

80、A66%-38.3%Catapult GroupAU31-Mar-23$0.66$165.2$168.3$84.4-$24.52.0 x1.7xNM13.3xNMNM10%77%NANM-29.0%NautilusUS31-Mar-23$1.22$43.3$75.1$286.8-$52.70.3x0.3xNMNMNMNM-51%-2%NA84%-18.4%Average2.4x2.3x14.4x13.6x20.9x19.8x-14%16%-14%63%-18.8%Median2.0 x1.7x14.4x13.6x20.9x19.8x-5%1%-14%75%-29.0%Esports/Fanta

81、sy Sports/BettingFlutter EntertainmentIE31-Dec-22$201.15$35,445.8$40,340.3$9,269.5$842.64.1x3.3x40.7x19.3xNMNA27%24%-5%135%9.1%DraftKingsUS31-Mar-23$26.57$12,271.8$12,487.2$2,592.9-$1,183.44.8x3.8xNMNMNMNM85%28%NA86%-45.6%Churchill Downs Inc.US31-Mar-23$139.17$10,419.3$14,668.1$2,005.2$580.47.3x5.6x

82、19.4x13.2x19.3x21.8x22%31%42%92%28.9%EntainGB31-Dec-22$16.16$10,307.2$14,118.8$5,177.3$963.82.6x2.3x16.6x10.8xNM21.4x12%10%14%28%18.6%Light&WonderUS31-Mar-23$68.76$6,265.3$9,453.3$2,610.0$812.03.6x3.4x11.3x9.1xNM38.7x15%7%24%28%31.1%Penn EntertainmentUS31-Mar-23$24.03$3,662.3$14,023.6$6,510.8$1,608.

83、82.2x2.1x7.2x7.2x6.0 x13.7x5%3%3%21%24.7%LottomaticaIT31-Mar-23$9.52$2,352.4$4,259.4$1,591.5$409.82.7x2.4x10.0 x6.8x21.0 x9.6x33%13%37%53%25.8%Genius SportsGB31-Mar-23$6.19$1,267.7$1,187.5$352.3-$94.13.4x2.9xNM21.9xNMNM19%18%NA158%-26.7%Better CollectiveDK31-Mar-23$20.67$1,115.7$1,344.5$314.9$103.64

84、.4x3.8x13.3x11.2x20.4x16.1x41%13%51%15%32.9%SkillzCN31-Mar-23$9.10$192.6-$39.9$222.2-$105.7NMNMNMNMNMNM-43%-15%NA66%-47.6%PlaymakerCA31-Mar-23$0.37$84.3$99.9$50.7$10.81.9x1.9x8.7x6.5xNM29.6x151%6%NM41%21.3%Enthusiast GamingCA31-Mar-23$0.49$74.5$85.8$146.7-$30.00.6x0.5xNMNMNMNM8%5%NA92%-20.4%GAN Limi

85、tedUS31-Mar-23$1.64$73.3$61.0$139.2-$10.10.4x0.4xNM9.5xNMNM3%4%NA164%-7.3%FaZe ClanUS31-Mar-23$0.49$37.0$12.4$66.8-$51.30.2xNANMNANMNA14%NANANA-76.8%Super League GamingUS31-Mar-23$0.38$14.4$13.8$19.2-$24.50.7x0.5xNMNMNMNM31%49%NA40%NMBidstack GroupGB31-Dec-22$0.01$13.2$2.2$6.3-$10.50.3x0.1xNMNMNMNM1

86、01%NMNA2%NMScout Gaming GroupCN31-Mar-23$0.04$8.9$2.5$2.5-$5.71.0 xNANMNANMNA-3%NANANANMChampion Gaming GroupCN31-Mar-23$0.08$5.5$7.7$0.9-$2.68.5xNANMNANMNA-37%NANANANMGfinityGB31-Dec-22$0.00$1.0-$1.1$7.4-$4.9NMNMNMNMNMNA3%72%NANM-67.2%Average2.9x2.4x15.9x11.6x16.7x21.6x26%18%24%68%-6.6%Median2.6x2.

87、4x12.3x10.2x19.8x21.4x15%13%24%53%9.1%Sports tech has been one of the most active sectors from M&A standpoint with over 100 deals in Q2 alone.With one of the largest ever deal in WWE/Endeavour merger worth$21.4B and most of the strategics actively deal making and looking for acquisitions,the sports

88、tech market is gearing up for another strong year in 2023 With$6B of new capital raised by the sports tech funds in H1 this year,the strong investor interest in the sports tech ecosystem is highly evident and there is a large pool of capital that is still awaiting to be deployed With a highly active

89、 sports tech market,we expect the 2nd half of the year to see continued strong consolidation and a significant flow of investment into sports tech companies.Also,as public markets continue to recover,several IPO ready sports tech companies have started exploring IPOs again On the M&A front,we have a

90、lready seen some of the large strategics and PE backed platforms being active in H1 and we expect the activity to increase moving forward With large private capital funds being raised over H123 such as Dynasty Equity,Isos7 and Bluestone along with prominent PE funds such as Ares and RedBird raising

91、funds last year,we expect large roll-ups and strong flow of mid-size deals Fan engagement,AI,ticketing and venue management will be some of the hot segments from M&A and financings standpoint As we expected Q2 saw a steady flow of private placements with around$1.6B raised by sports tech companies w

92、ith mid to late-stage financing activity picking up.We expect financing activities to accelerate as we progress to the second half of the yearNote:All product and company names are trademarks or registered trademarks of their respective holders.Use of them does not imply any affiliation with or endo

93、rsement 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 SOFTWARECOMMERCEDATA/ANALYTICSPERFORMANCE ANALYTICSDIGITAL SPORTS AGENCIESWEARA

94、BLESESPORTS/FANTASY SPORTSCONSUMER SPORTSB2CB2BNew YorkLos AngelesLondonDubaiBerlinParisSan FranciscoMunichDrake Star is an award-winning global tech investment bank that has completed over 400 transactions since 2013.Drake Star team of over 100 senior professionals across offices in New York,London

95、,Paris,Munich,San Francisco,Los Angeles,Berlin,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 Tech sectors.Past performance does not guarantee

96、 future results.This 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 in based on sources we believe to be reliable but is not guaranteed by us,and we assume no liability fo

97、r 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 affiliation with or endorsement by them.Drake

98、Star did not act as a financial advisor for the transactions in this report if not stated otherwise.Drake Star is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates.In the USA,all securities are transacted through Drake Star Securities L

99、LC.In the USA,Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.Drake Star UK Limited(FRN 942020)is an appointed representative of Kession Capital Ltd(FRN582160),which is authorized and regulated by the Financial Conduct Authority.2023 Drake Star Partners Limited.For more information,visit .For Institutional Use Only.Copyright 2023 Drake Star Partners Limited.*Partner Offices