Streaks Gaming PLC

Regulatory Filings • Sep 22, 2022

National Storage Mechanism | Additional information

RNS Number : 2272A

Streaks Gaming PLC

22 September 2022

Press Release

22 September 2022

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA ("EEA") (OTHER THAN ANY MEMBER STATE OF THE EEA WHERE SECURITIES MAY BE LAWFULLY MARKETED) OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO ISSUE OR SELL, OR ANY SOLICITATION OF ANY OFFER TO SUBSCRIBE OR PURCHASE, ANY INVESTMENTS IN ANY JURISDICTION. This announcement is an advertisement for the purposes of the Prospectus Rules of the UK Financial Conduct Authority ("FCA") and not a prospectus and not an offer to sell, or a solicitation of an offer to subscribe for or to acquire securities. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information contained in the prospectus (the "Prospectus") in its final form expected to be published by Streaks Gaming PLC in due course in connection with the proposed admission of its ordinary shares to the standard listing segment of the Official List maintained by the FCA (the "Official List") and to trading on the London Stock Exchange plc's (the "London Stock Exchange") main market for listed securities (the "Main Market"). Copies of the Prospectus will, following publication, be available for inspection from www.playstreaks.com

Streaks Gaming PLC

("Streaks" or "the Company")

Intention to Float on the London Stock Exchange

Streaks Gaming PLC, a UK-based provider of conversational gaming products is pleased to announce its intention to join the main market of the London Stock Exchange this autumn.  

The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming company.

The Company will apply for a standard listing and raise between £5m and10m through an initial public offering for its ordinary shares that will include a retail offer. Tennyson Securities is acting as Bookrunner and Corporate Broker to the Company. PrimaryBid will conduct a retail offer for the Company.

Net proceeds from the IPO will be deployed to develop and market conversational games with an initial focus on the US market.   In particular, the Company aims to become the "conversational gaming" partner of licensed sportsbook operators in the United States, leveraging their licenses to drive additional engagement and monetisation for their existing user bases and acquiring new users.

The global sports betting market is poised to grow by $143.73 billion between 2022 and 2026. The driving force behind this growth is expected to be the continuation of the sports betting legalisation wave across the globe and, in particular, in the US.

The projected growth can mainly be attributed to the growing wave of state-level sports betting legalisation sweeping across the US. This has created competition between established land-based casinos, digital-first daily fantasy sports (DFS) platforms and international sports betting operators, fought via regulatory battles, significant advertising budgets and partnership deals, where competitors are scrambling to reach and convert the new audience of prospective bettors unleashed through legalisation. The Directors believe that a significant portion of this audience will not be converted via legacy technology. Instead, this younger sports fan audience will be introduced to sports betting by a new wave of casual conversational betting games that leverage cutting-edge natural language processing models like the GPT series released by OpenAI.

Mark Rutledge CEO of Streaks said: "We are delighted to be the very first pure-play conversational gaming company to list on the LSE. The last few years have seen massive growth in the US sports betting market. A London stock market listing will provide us with the profile, credibility and access to global capital to drive our growth."

Company Highlights

Streaks was established in March 2021 to develop a conversational gaming platform with a focus on partnering with licensed sportsbook operators to drive additional engagement and monetization for their existing user bases and help them acquire new users.  

Streaks launched its proprietary conversational gaming platform in 2021 in time for the NFL season.  As of May 2022 the Company had registered over 80,000 users.

The Company has launched at www.playstreaks.com

For further information please contact:

Streaks
Mark Rutledge Chief Marketing Officer Brian Stockbridge Investor Relations	+44 207 031 6871 +44 787 645 5323
Tennyson Securities
Corporate Broker Peter Krens	+44 207 186 9030
PrimaryBid
Retail Broker James Deal Fahim Chowdhury	+44 203 026 4750

Board members:

Michael Edwards, Non-Executive Chairman

Mike Edwards has a wealth of experience in building consumer technology companies in private and public markets. He has co-founded several successful companies including AreaConnect.com, a consumer content company acquired by NASDAQ listed Marchex in 2008, Wyley Interactive, a mobile game engagement platform, acquired by NASDAQ listed Zynga in 2014, Caravan Digital a venture capital backed startup foundry that builds consumer technology companies by leveraging the Creative Artist Agency's access to talent and audience, East Side Games Group Inc, a counter culture mobile conversational game studio listed on the TSX. Mr Edwards has also invested in early stage consumer companies such as Punch'd (later acquired by Google), Wander (later acquired by Yahoo), Summify (later acquired by Twitter), BlueBat Games (later acquired by Novomatic Group), Retsly (later acquired by Zillow) and Password Box (later acquired by Intel). He is also a co-founder of: Argo Blockchain PLC, an enterprise-scale provider of cryptocurrency mining services listed on the London Stock Exchange and NASDAQ; Guild Esports Plc, a global esports franchise listed on the London Stock Exchange;  Pioneer Media Holdings, Inc. an investment company listed on the NEO Exchange and AQSE focussing on mobile gaming, esports and the metaverse;  Cellular Goods Plc, the first producer of biosynthetic cannabinoids to join the London Stock Exchange; and NFT Investments Plc, the first publicly traded vehicle for the new NFT asset class.

Mark Rutledge, Executive Director, CEO

Mark Rutledge has over 25 years of experience as a serial entrepreneur, C-level executive and strategic adviser with a particular expertise in structuring and financing technology start-ups. In the early stages of his career, Mark practised securities and entertainment law, and acted for clients such Viacom, Disney, Paramount, Time Warner, Showtime, USA Networks, and Canal + (France) arranging over $100M in production and equity financings.  He is currently CEO of Carraway Capital Corp., and co-founder and President of Sosido Networks Inc. a pre-eminent knowledge-sharing community for health-care professionals. He was until recently a Director of East Side Games, a leading mobile gaming company, (TSE:EAGR), and is currently a Director of Pioneer Media Holdings Inc. (NEO:JPEG) a web3 gaming infrastructure company and AQRU plc (AQSE:AQRU), a company focused on opportunities in decentralized finance ("DeFi"), helping to take all three companies public. He is also a Director of Aja Ventures Inc., a health sciences company focused on longevity.

David Raphael, Executive Director, Chief Marketing Officer

David Raphael is an expert user acquisition marketer and the former Director of Digital Marketing for Fanduel. After graduating from the University of Chicago, Mr Raphael worked as marketing analyst for Sears and Experian before joining Snap Interactive where he was promoted to Director of Marketing and managed a multi-million dollar marketing budget for a social dating app with over 100 million users. Since Fanduel's acquisition, Mr Raphael has led user acquisition strategy for several leading consumer mobile apps like GoodRx (number one medical app in the US), Wag (number one dog app), Wheels and Lucktastic.

Nicholas Lyth, Executive Director, Chief Financial Officer

Nicholas Lyth is a UK based, experienced board director and qualified accountant with over five years' experience advising a number of quoted companies including AIM listed companies Univision Engineering Ltd, Altona Energy plc and Taihua plc and AQSE listed NFT Investments plc. Prior to his recent public company experience, Mr. Lyth was Group Finance and Purchasing Director of Belle Group, a manufacturer of engineering equipment operating across Europe, the US and Asia. He was also Head of Finance at Fothergill Group, a UK manufacturer of technical industrial fabrics, between 1996 and 2003. In his early career, Nick was a management accountant at Courtaulds plc and Rotunda plc.

Gordon Silvera, Executive Director, Chief Data Officer

Gordon Silvera is an expert data scientist and the former Senior Data Scientist at Spotify. After graduating from Dartmouth College, Mr Silvera worked in analytics and data science for Digitas, FanDuel and Vocate.  At Spotify Mr Silvera launched Data SWAT, Spotify's internal data science consulting team. Mr Silvera's team also provided analytical support on high-priority strategic projects across the company, such as the Year in Review campaign.

Kalum Lee Hourd, Non Executive Director

Kalum Hourd is an experienced esports entrepreneur and is the CEO of Guild Esports PLC, a global esports organisation listed on the Main Market of the London Stock Exchange.  He has been a successful entrepreneur and executive for more than 25 years and is experienced in developing marketing and content strategies to achieve audience growth and generate media value, resulting in advertising revenue back to the company. In Guild's first year, the company secured an owned audience of 1 million, with a total reach exceeding 20 million.  The fast growth resulted in partnerships with global brands in the gaming, electronics, beverage, restaurant and crypto spaces. Prior to Guild Esports, Kalum was CEO of CYQiQ Gaming, an esports organisation in Canada.

Senior Management

David Brown, Vice President, Product & CRM

David Brown is a former FanDuel and Spotify product growth expert. David has several years of experience in fantasy sports gaming, leading CRM at FanDuel. While at Spotify, he contributed to Spotify's growing MAU base and Premium subscription business by co-designing a novel machine learning powered notifications product alongside ML engineers, product designers, UX writers and user researchers. Prior to joining Spotify, David was the CRM lead at health tech startup Blink Health; an e-commerce prescription drug business.

Further details of the Senior Manager's service agreements and letters of appointments (as applicable) are set out in paragraph ‎10.5 of ‎Part VII: Additional information of this document.

Advisory Team

Ryan Faber - Co-Founder

Ryan Faber is a successful serial entrepreneur and the former VP of Digital Marketing at Fanduel. In 2014, he successfully launched Fanduel's iOS and Android apps and powered them to be number one apps in the respective sports categories. Mr Faber won three Webby Awards for Best Mobile Sports Experience, efficiently managed over US$100 million in online advertising, and successfully led Fanduel's digital marketing strategy up until Fanduel was acquired by Paddy Power Betfair in 2018. Mr Faber also founded Flatiron Collective, a leading growth accelerator for consumer mobile apps. Flatiron has managed over US$650 million in digital advertising spend, and its partners have raised over US$1.65 billion in venture capital with eight exits between 2018 and 2020.

Ashek Ahmed

Ashek Ahmed established the Product Analytics Team at FanDuel and was previously a member of the Growth Committee. Mr Ahmed currently focuses on growing and advising consumer companies from a variety of industries, including, among others, real money gaming, healthcare, and insurance, with an emphasis on setting up and managing the infrastructure and analytics in order to scale companies efficiently. In addition, he has worked with NGOs including US Pharmacopeia and Asian University for Women. Prior to FanDuel, Mr Ahmed worked in New Ventures at SecondMarket and was an analyst at NERA Economic Consulting (Oliver Wyman Group).

Robert Pieta

Robert Pieta is an expert developer and Founder of Worthy.AI, a predictive analytics company used by leading gaming companies to predict future user value. Prior to founding Worthy.AI, Robert founded a successful software consulting firm that developed top 10 mobile apps, voice assistants and AI technology.

ENDS

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ITFDGGDCBXDDGDB