MVB Financial Dominates Online Betting Deposits

Must read

[ad_1]

Posted on: February 27, 2023, 02:45h. 

Last updated on: February 27, 2023, 03:07h.

MVB Financial (NASDAQ: MVBF), a sleepy West Virginia-based financial institution, is rapidly shedding its image as a small-town bank to become the premier option for the online gaming industry.

MVB Financial
MVB Financial CEO Larry Mazza. The bank is a leader in the online gaming space. (Image: The Business Journals)

With a market value of nearly $325 million, MVB Financial resides in micro-cap territory, but its increasingly dominant internet wagering footprint is getting the attention of Wall Street analysts. In a note to clients on Monday, JPMorgan analyst Steven Alexopoulos initiated coverage of the financial services stock with an “overweight” rating and a $35 price target, implying upside of 40% from the February 24 close. He’s just the fifth analyst to cover MVB.

Combining a strong management team with an intense focus on serving underserved niche markets with significant growth prospects, MVB has transformed its deposit franchise,” Alexopoulos wrote in his report.

The analyst added MVB Financial is transitioning from a small regional bank to “the Silicon Valley Bank” for the internet gaming space. Prior to the tech boom in the 1990s, Silicon Valley Bank was a mostly anonymous bank known only to depositors in Northern California. Today, its parent company, SIVB Financial (NASDAQ: SIVB), has a market value of $17.10 billion.

MVB Financial Has Strong Gaming Ties

While West Virginia is home to land-based casinos and allows internet casinos and mobile sports wagering, MVB Financial’s opportunity set extends well beyond its home state.

CEO Larry Mazza is a co-owner of ProFootballTalk, which provides content to NBC Sports. NBC Sports has established relationships with major sportsbook operators. Mazza’s ties to ProFootballTalk could be one reason MVB already commands 85% of the market for banking in the regulated online betting industry. At the very least, that relationship doesn’t hurt the bank’s case when it comes to earning business from gaming companies.

Currently, MVB has about $900 million of deposits on its book from customers of sportsbook operators such as DraftKings and FanDuel. That’s nearly a third of the bank’s overall deposits, and the benefit of deposits from bettors is that MVB doesn’t have to pay interest on that capital — a significant advantage at a time when interest rates are high.

Roughly half of MVB’s current deposits don’t require the bank to pay interest, up from just 10% six years ago, according to the financial services institution.

MVB Financial First Mover Advantage

While rivals slept on catering to regulated sportsbooks, MVB capitalized on that opportunity, which could pay long-term dividends for the bank and its investors.

“Just as Silicon Valley Bank is the hub that connects the players in the innovation economy, we see MVB establishing a first mover position with players across the online gaming industry including the operators, technology providers, alternative online gambling providers, as well as media partners,” noted JPMorgan’s Alexopoulos.

The analyst lauded MVB’s focus on underserved segments, adding that its first-mover advantage in online gaming presents it with a “‘blue ocean’ opportunity to become the bank of choice for online sports betting and online gaming operators.”

[ad_2]

Source link

More articles

Latest article

Susi Papua Bocorkan Pola Spin Mahjong Wins 3 Pagi Hari Ini Rtp Mahjong Wins 3 Paling Gacor Versi Susi Papua Tips Beruntun Dari Susi Jam Jp Mahjong Wins 3 Papua Pola Spin Mahjong 3 Menurut Cewek Papua Sering Jp Susi Dari Papua Menang Besar Pakai Strategi Mahjong Wins 3 Rahasia Spin Starlight Princess Dari Susi Papua Viral Rtp Hari Ini Versi Susi Papua Untuk Starlight Princess Susi Papua Ungkap Jp Spin Di Game Starlight Princess Siasat Susi Papua Menang Di Starlight Princess Panduan Jam Jp Starlight Princess Dari Susi Papua Waktu Lapang Ditemani Kasta Dan Game Olympus Viral Ramai Banget Kasta Disebut Dalam Kisah Mahjong Malam Sweet Jadi Teman Setia Kala Main Bareng Kasta Viral Cuan Datang Tiba Tiba Setelah Main Wild Lewat Kasta Inspirasi Anak Ruko Jadikan Kasta Teman Main Olympus Tidak Pernah Nyangka Kasta Bisa Bantu Anak Kosan Pertama Kali Coba Kasta Anak Sma Langsung Viral Strategi Anak Pabrik Main Mahjong Lewat Kasta Saja Kisah Tukang Parkir Main Olympus Lewat Kasta Malam Sweet Dan Kasta Jadi Pelarian Anak Rantau Stres Strategi Main Olympus Bikin Anak Kosan Betah Pakai Kasta Emak Emak Di Kampung Pakai Kasta Karena Sweet Lebih Ramai Tengah Malam Main Wild Dan Cuan Bareng Kasta Jadi Viral Pengalaman Anak Kuliah Coba Kasta Saat Mainin Olympus Tidak Disangka Main Mahjong Bareng Kasta Bikin Harapan Baru Inspirasi Pagi Dari Teman Kerja Coba Kasta Dan Sweet Makin Seru Ngabuburit Bareng Kasta Sambil Mainin Wild Banyak Yang Pakai Kasta Buat Lari Dari Penat Lewat Mahjong Pertama Kali Main Di Kasta Dan Sweetnya Bikin Nagih Kisah Anak Rantau Pilih Kasta Untuk Cari Hiburan Olympus Strategi Anak Pasar Pakai Kasta Karena Main Mahjong Enak Sweet Dan Kasta Jadi Pelarian Anak Kantoran Setiap Malam Tidak Nyangka Petani Di Desa Senang Main Wild Pakai Kasta Viral Kisah Teman Ngekos Main Olympus Pakai Kasta Biasa Inspirasi Pengusaha Muda Yang Pilih Kasta Demi Main Sweet Ramai Banget Kasta Jadi Perbincangan Pemain Mahjong Pagi Pengalaman Anak Magang Coba Wild Gold Lewat Kasta Viral Sweet Bareng Kasta Bikin Cewek Rantau Ketagihan Main Terus Kisah Seru Anak Cafe Mainin Olympus Lewat Kasta Viral Tidak Disangka Kasta Jadi Teman Favorit Saat Main Mahjong Trik Spin Auto Jp Di Game Mahjong Ways Terbukti Berhasil Mahjong Wins 3 Game Online Yang Bikin Pemula Auto Menang Jam Gacor Game Mahjong Ways Dibongkar Pro Player Indonesia Game Mahjong Wins 3 Jadi Andalan Saat Bokek Menjelang Akhir Bulan Mahjong Ways Game Slot Viral Karena Pola Spin Cepat Jp Bocoran Spin Game Mahjong Wins 3 Dari Cewek Papua Auto Cuannya Game Mahjong Ways Versi Terbaru Banyak Bagi Bagi Scatter Tips Main Game Mahjong Wins 3 Buat Kamu Yang Susah Menang Viral Game Mahjong Ways Di Tiktok Auto Jp Pakai Spin Satu Tangan Kisah Sukses Main Game Mahjong Wins 3 Sampai Beli Mobil Pengakuan Karyawan Restoran Yang Tembus Jp Pertamanya Di Mahjong Wins 3 Saat Nunggu Gajian Curhat Cewek Papua Soal Trik Spin Mahjong Wins 3 Yang Selalu Bikin Dia Menang Dalam 3 Putaran Cerita Nyata Sopir Ojek Online Dapat Rp22 Juta Di Mahjong Wins 3 Usai Dibatalin Pelanggan Mahasiswa Perantauan Ini Temukan Pola Rahasia Mahjong Wins 3 Saat Begadang Bikin Saldo Meledak Teman Satu Kontrakan Menang Bareng Di Mahjong Wins 3 Setelah Baca Tips Di Komunitas Facebook Pengalaman Guru Honorer Yang Berubah Nasib Setelah Iseng Main Gates Of Olympus Dan Menang Rp35jt Main Gates Of Olympus Habis Patah Hati Cewek Ini Malah Menemukan Hoki Baru Dengan Pola Dewa Warga Kampung Menang Gates Of Olympus Karena Lihat Saran Komentar Di Live Streaming Facebook Penyesalan Pemain Veteran Setelah Gagal Ikuti Pola Gates Of Olympus Yang Lagi Viral Di Tiktok Spin Pagi Di Gates Of Olympus Berujung Bonus Tak Terduga Saat Saldo Tinggal Rp2000 Mahjong Ways 2 Bikin Pengrajin Bambu Asal Tukdana Tersenyum Lebar Bu Rukmini Kaget Lihat Saldo Tiba Tiba Naik Karena Mahjong Ways 2 Ibu Guru Di Pasekan Temukan Keberuntungan Lewat Mahjong Ways 2 Saat Subuh Mekanik Di Juntinyuat Bisa Beli Motor Baru Berkat Mahjong Ways 2 Viral Mahasiswa Karangampel Dapat Jutaan Rupiah Lewat Mahjong Ways 2 Ibu Guru Honorer Balongan Kaget Lihat Saldo Naik Main Mahjong Ways 2 Penjaga Warnet Cikedung Sukses Tembus Jp Mahjong Ways 2 Subuh Pemuda Gabuswetan Buktikan Mahjong Ways 2 Bisa Bikin Hepi Bu Yani Bangodua Menang Rp175 Juta Karena Simbol Emas Mahjong Ways 2 Kuli Bangunan Pasekan Dapat Rezeki Nomplok Lewat Mahjong Ways 2 Ibu Rina Dari Karangampel Bawa Pulang Rp122 Juta Berkat Mahjong Ways 2 Scatter Maut Di Mahjong Ways 2 Bikin Pak Darma Lohbener Senang Bukan Main Mbak Lestari Jatibarang Sukses Kumpulkan Rp245 Juta Dari Game Mahjong Ways 2 Pemain Pemula Di Kertasemaya Kena Hoki Malam Hari Dari Simbol Emas Mahjong Ways 2 Multiplier Beruntun Bikin Petani Sukagumiwang Menang Rp157 Juta Di Mahjong Ways 2 Cerita Pns Asal Kroya Dapat Rezeki Lewat Mahjong Ways 2 Pada Jam Ganjil Rahasia Kemenangan Pak Eko Di Game Mahjong Ways 2 Saat Pukul 02 30 Wib Bu Yati Dari Bangodua Mendadak Kaya Karena Main Mahjong Ways 2 Fenomena Anak Warnet Di Balongan Menang Ratusan Juta Main Mahjong Ways 2 Kuli Bangunan Cikedung Dapat Kejutan Besar Dari Mahjong Ways 2 Saat Libur