Friday File: A New Gambling Client, Quarters from KEYS and OKTA, and a 5G Check-in

Buys, Quarterly Updates and a "Story Stock" bump in the Real Money Portfolio

We saw a big recovery over the past week or so from those cyclical stocks that were hurt by coronavirus, as the excitement about reopening and vaccine development sends people out of direct beneficiaries of the outbreak like Teladoc (TDOC) and the stuck-at-home names and into the stocks that were most hurt by the shutdown. Even Markel (MKL) and Medical Properties Trust (MPW) had huge surges, and those stocks don’t generally move all that fast. Woe betide the ink-stained wretch who tries to explain or predict this market from day to day.

Still, as always, I’ve got some thoughts and blatheration to share… we’ve got a couple quarterly updates and some other portfolio-related news, and a couple reader questions that jumped out at me. Ready?


We’ll start with the one that actually involves a little shift in the Real Money Portfolio…

GAN ltd. (GAN) announced what will likely be a fairly small deal with new customer, but it carries a good amount of future potential — they will be providing the back end for Cordish’s Live! online casino in Pennsylvania, with the online wagering opening up before the two physical casinos that company is building (near Pittsburgh and in the sports complex in Philadelphia), so that’s GAN’s third customer in Pennsylvania. Getting more online gaming going through GAN’s system is a good thing, and GAN actually tends to get better income from the online casino games than from sports gambling (even though the emergence of sports gambling is still the most important revenue driver for GAN — part of the benefit comes because the sports gambling deals also let them provide their online casino games, where they get a small share of the take, to those sports gambling customers), but this deal isn’t specifically about supporting a sports book just yet — maybe they’ll move to that in the future.

The more important note, from my perspective, is that GAN has also been working with Cordish on their free non-wagering online casino tied to their Maryland Live! casino, further cementing the relationship… and showing a pretty clear indication that GAN’s specialty — providing a loyalty program linkage between land casinos and online games, either simulated/recreational or real gambling — is seen as valuable by some casino operators, particularly smaller regional ones who don’t have big national or international systems already (like MGM or Wynn, ...

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