Edit 1: More ARKQ buying today (~50k shares). Thank you everyone for the positive feedback and discussion!
Bottom Line Up Front (BLUF) or TL;DR for the non-military types:
LMT is a good target if you want to literally go to the moon, and my PT is $690.26 in two years (more than 2x from current levels). Justification and some possible trade ideas are listed below, just CTRL-F “Trade Ideas”. I hope you guys enjoy this work and would appreciate any discussion or feedback. I hope to catch you in the comments.
Team,
We interrupt today’s regularly scheduled short squeeze coverage to discuss a traditionally boring stock, LMT (Lockheed Martin), with significant upside potential. To be clear, this is NOT a short squeeze target like many reddit posts are keying on. I hope that this piece sparks discussion, but if you are just looking for short squeeze content, all I have to say is BUY, HOLD, and GODSPEED.
The source of inspiration for me writing this piece is threefold; first, retail investors are winning, and I believe that we will continue to win if we continue to identify opportunities in the market. In my view, the stock market has always been a place for the public to shine a light on areas of innovation that real Americans are excited about and proud to be a part of. Online communities have stolen the loudspeaker from hedge fund managers and returned it to decentralized online democracies that quickly and proudly shift their weight behind ideas they believe in. In GME’s case, it was a blatant smear campaign to destroy a struggling business. I think that we should continue this campaign by identifying opportunities in the market and running with them. It may sound overly idealistic, but if reddit can take on the hedge funds, I non-ironically believe that we can quite literally take good companies researching space technology to the moon. I think LMT may be one of several stocks to help get us there.
Second, a video where the Secretary of State of Massachusetts argues that internet boards are full of a bunch of unsophisticated, thoughtless traders really ticked me off. This piece is designed to show that ‘the little guy’ is ready to get into the weeds, understand business plans, and outpace analysts that think companies like Tesla are overvalued by comparing them to Toyota. That is a big reason that I settled on an old, large, slow growth company to do a deep-dive on, and try my best to show some of the abysmal predictive analysis major ‘research firms’ do on even some of the most heavily covered stocks. LMT is making moves, and the suits on wall street are 10 steps behind. At the time of writing this piece, Analyst Estimates range from 330-460 (what an insane range).
Third, and most importantly, I am in the US military, and I think that it is fun to go deep into the financials of the defense sector. I think that it helps me understand the long-term growth plans of the DoD, and I think that I attack these deep-dives with a perspective that a lot of these finance-from-day-one cats do not understand. Even if no one ever looks at this work, I think that taking the time to write pieces like this makes me a better Soldier, and I will continue to do it in my spare time when I am feeling inspired. I wrote a piece on Raytheon Technologies (Ticker: RTX) 6 months ago, and I think it was well-received. I was most convicted about RTX in the defense sector, but I have since shifted to believing LMT is the leader in the defense space. I am long both, though. If this inspires anyone else to do similar research on other companies, or sparks discussion in the community, that is just a bonus. Special shout-out to the folks that read more than just the TL;DR, but if you do just read the TL;DR, I love you too!
Now let us get into it:
Leadership
I generally like to invest in companies that are led by people that seem to have integrity. Jim Taiclet took the reins at LMT in June of last year. While on active duty, he served as a C-141B Starlifter pilot (a retired LMT Aircraft). After getting out he went to work for the American Tower Corporation (Ticker: AMT). His first day at American Tower was September 10, 2001. The following day, AMT lost 13 employees in the World Trade Center attack. He stayed with the company, despite it being decimated by market uncertainty in the wake of 9/11. He was appointed CEO of the very same company in 2004. Over a 16 year tenure as CEO of AMT the company market cap 20x’d. He left his position as CEO of AMT in March of last year, and the stock stagnated since his departure, currently trading at roughly the same market cap as to when he left.
Jim Taiclet was also appointed to be the chairman of the board this week, replacing the previous CEO. Why is it relevant that the CEO came from a massive telecommunications company?
Rightfully, Taiclet’s focus for LMT is bringing military technology into the modern era. He wants LMT to be a first mover in the military 5G space, military application of AI space, the… space space, and the hypersonic glide vehicle (HGV) space. These areas are revolutionary for the boomer defense sector. We will discuss this in more detail later when we cover the company’s P/E multiple and why it is absolute nonsense.
It is not a surprise to me that they brought Taiclet on during the pandemic. He led AMT through adversity before, and LMT’s positioning during the pandemic is tremendous relative to the rest of the sector, thanks in large part to some strong strategic moves and good investments by current and past leadership. I think that Taiclet is the right CEO for the job.
In addition to the new CEO, the new Secretary of Defense, Secretary Lloyd Austin, has strong ties to the defense sector. He was formerly a board member for RTX. He is absolutely above reproach, and a true leader of character, but I bring this up not to suggest that he will inappropriately serve in the best interest of defense contractors, but to suggest that he speaks the language of these companies effectively. I do not anticipate that the current administration poses as significant of a risk to the defense sector as many analysts seem to believe. This will be expanded in the headwinds section below.
SPACE
Cathie Wood and the ARK Invest team brought a lot of attention to the space sector when the ARKX, The ARK Space Exploration ETF, Form N-1A was officially filed through the SEC. More recently, ARK Invest published their Big Ideas 2021 Annual Report and dedicated an entire 7-page chapter to Orbital Aerospace, a new disruptive innovation platform that the ARK Team is investigating. This may have helped energize wall street to re-look their portfolios and their investments in space technology, but it was certainly not the first catalyst that pushed the defense industry in the direction of winning the new space race.
In June 2018, then President Trump announced at the annual National Space Council that “it is not enough to merely have an American presence in space, we must have American dominance in space. So important. Therefore, I am hereby directing the Department of Defense (DoD) and Pentagon to immediately begin the process necessary to establish a Space Force as the sixth branch of the Armed Forces". Historically, Department of Defense space assets were under the control of the Air Force. By creating a separate branch of service for the United States Space Force (USSF), the DoD would allocate a Chairman of Space Operations on the Joint Chiefs of Staff and clearly define the budget for space operations dedicated directly to the USSF. At present, this budget is funneled from the USAF’s budget. The process was formalized in December of 2019, and the DoD has appropriated ~$15B to the USSF in their first full year of existence according to the FY21 budget.
Among the 77 spacecraft that are controlled by the USSF, 29 of them are Lockheed Martin GPS satellites, 6 of them are Lockheed Martin Space-Based Infrared Systems (SBIRS), and LMT had a hand in creating and/or manufacturing for several of the other USSF efforts. The Next Generation Overhead Persistent Infrared Missile Warning Satellites (also known as Next-Gen OPIR) were contracted out to both Northrup Grumman (Ticker: NOC) and LMT. LMT’s contract is currently set at $4.9B, NOC’s contract is set at $2.37B.
Tangentially related to the discussion of space is the discussion of hypersonic glide vehicles (HGVs). HGVs have exoatmospheric and atmospheric implications, but I think that their technology is extremely important to driving margins down for both space exploration and terrestrial point-to-point travel. LMT is leading the charge for military HGV research. They hold contracts with the Navy, Air Force, and Army to develop HGVs and hypersonic precision fires. The priority for HGV technology accelerated significantly when Russia launched their Avangard HGV in December of 2019. Improving the technology for HGVs is a critical next-step in maintaining US hegemony, but also maintaining leadership in both terrestrial and exoatmospheric travel.
LARGE SCALE COMBAT OPERATIONS (LSCO)
The DoD transitioning to Large-Scale Combat Operations (LSCO) as the military’s strategic focus. This is a move away from an emphasis on Counter-Insurgency operations. LSCO requires effective multi-domain operations (MDO), which means effective and integrated strategies regarding land, sea, air, space, and cyberspace. To have effective MDO, the DoD is seeking systems that both expand capabilities against peer threats and increase the ability to track enemy units and communicate internally. This requires a modernizing military strategy that relies heavily on air, missile, and sensor modernization. Put simply, the DoD has decided to start preparing for peer or near-peer adversaries (China, Russia, Iran, North Korea) rather than insurgencies. For this reason, I believe that increased Chinese and Russian tensions are, unfortunate as it may be, a boon to the defense industry. This is particularly true in the missiles/fires and space industry, as peer-to-peer conflicts are won by leveraging technological advantages.
There are too many projects to cover in detail, but some important military technologies that LMT is focusing on to support LSCO include directed energy weapons (lasers) to address enemy drone technology, machine learning / artificial intelligence (most applications fall under LMT’s classified budget, but it is easy to imagine the applications of AI in a military context), and 5G to increase battlefield connectivity. These projects are all nested within the DoD’s LSCO strategy, and position LMT as the leader in emergent military tech. NOC is the other major contractor making a heavy push in the modernization direction, but winners win, and I think a better CEO, balance sheet, and larger market cap make LMT the clear winner for aiding the DoD in a transition toward LSCO.
SECTOR COMPARISON (BACKLOG)
The discussion of LSCO transitions well into the discussion of defense contractor backlogs. Massive defense contracts are not filled overnight, so examining order backlogs is a relatively reliable way to gauge the interest of the DoD in a defense contractor’s existing or emerging products. For my sector comparison, I am using the top 6 holdings of the iShares U.S. Aerospace & Defense ETF (Ticker: ITA). I hate this ETF, and ETFs like it (DFEN) because of their massively outsized exposure to aerospace, and undersized allocation to companies like LMT. LMT is only 18% smaller than Boeing (Ticker: BA) but is only 30.4% of the exposure of BA (18.46% of the fund is BA, only 5.62% of the fund is LMT). Funds of this category are just BA / RTX hacks. I suggest building your own pie on a site like M1 Finance (although they are implicated in the trade restriction BS… please be advised of that… hoping other brokerages that are above board will offer similar UIs like the pie design… just wanted to be clear there) if you are interested in the defense sector.
The top 6 holdings of ITA are:
Boeing Company (Ticker: BA, MKT CAP $110B) at 18.46%
Raytheon Technologies (Ticker: RTX, MKT CAP $101B) at 17.84%
Lockheed Martin (Ticker: LMT, MKT CAP $90B) at 5.62%
General Dynamics Corporation (Ticker: GD, MKT CAP $42B) 4.78%
Teledyne Technologies Incorporated (Ticker: TDY, MKT CAP $13B) at 4.74%
Northrop Grumman Corporation (Ticker: NOC, MKT CAP $48B) at 4.64%
As a brief aside, please look at the breakdowns of ETFs before buying them. The fact that ITA has more exposure to TDY than NOC and L3Harris is wild. Make sector ETFs balanced how you want them to be balanced and it will be more engaging, and you will likely outperform. I digress.
Backlogs for defense companies can easily be pulled from their quarterly reports. Here are the current backlogs in the same order as before, followed by a percentage of their backlog to their current market cap. All numbers are pulled from January earning reports unless otherwise noted with an * because they are still pending.
Boeing Company backlog (Commercial: $282B, Defense: $61B, Foreign Military Sales (FMS, categorized by BA as ‘Global’): 21B, Total Backlog 364B): BA’s backlog to market cap is a ratio of 3.32, which is strong, but most of that backlog comes from the commercial, not the defense side. Airlines have been getting decimated, I am personally not interested in having much of my backlog exposed to commercial pressures when trying to invest in a defense play. Without commercial exposure, their defense only backlog ratio is .748. This is extremely low. I understand that this does not do BA justice, but I am keying in on defense exposure, and I am left thoroughly unsatisfied by that ratio. Also, we have seen several canceled contracts already on the commercial side.
Raytheon Technologies backlog (Defense backlog for all 4 subdivisions: 67.3B): Raytheon only published a defense backlog in this quarter’s report. That is further evidence to me that the commercial aerospace side of the house is getting hammered. They have a relatively week backlog to market cap as well, putting them at a ratio of .664, worse off than the BA defense backlog.
Lockheed Martin backlog (Total Backlog: $147B): This backlog blows our first two defense backlogs out of the water with a current market cap to backlog ratio of 1.63.
General Dynamics Corporation backlog (Total Backlog: $89.5B, $11.6B is primarily business jets, but it is difficult to determine how much of their aerospace business is commercial): Solid 2.13 ratio, still great 1.85 if you do not consider their aerospace business. The curveball here for me is that GD published a consolidated operating profit of $4.1B including commercial aerospace, whereas LMT published a consolidated operating profit of $9.1B. This makes the LMT ratio of profit/market cap slightly in favor of LMT without accounting for the GD commercial aerospace exposure. This research surprised me; I may like GD more than I originally assumed I would. Still prefer LMT.
Teledyne Technologies Incorporated backlog (Found in the earnings transcript, $1.7B): This stock is not quite in the same league as the other major contractors. This is an odd curveball that a lot of the defense ETFs seem to have too much exposure to. They have a weak backlog, but they are a smaller growing company. I am not interested in this at all. It has a backlog ratio of .129.
Northrop Grumman Corporation backlog ($81B): Strong numbers here. I see NOC and LMT as the two front-runners in the defense sector. I like LMT more because I like their exposure to AI, 5G, and HGVs more than NOC, but I think this is a great alternative to LMT if you like the defense sector. Has a ratio of 1.69, slightly edging out LMT on this metric. LMT edges out NOC on margins by ~.9%, though, which has significant implications when considering the depth of the LMT backlog.
The winners here are LMT, GD, and NOC. BA is attractive if you think anyone will have enough money to buy new planes. BA and RTX are both getting hammered by commercial aerospace exposure right now and are much more positioned as recovery plays. That said, LMT and NOC both make money now, and will regardless of the impact of the pandemic. LMT is growing at a slightly faster rate than NOC. Both are profit machines, but I like LMT’s product portfolio and leadership a lot more.
FREE CASH FLOW
Despite the pandemic, LMT had the free cash flow to be able to pay a $2.60 per share dividend. This maintains their ~3% yearly dividend rate. They had a free cash flow of $6.4B. They spent $3.9 of that in share repurchases and dividend payouts. That leaves 40% of that cash to continue to strengthen one of the most stalwart balance sheets outside of big tech on the street. Having this free cash flow allowed them to purchase Aerojet Rocketdyne for $4.4B in December. They seem flexible and willing to expand and take advantage of their relative position during the pandemic. This is a stock that has little downside risk and significant upside potential. It is always reassuring to me to know that at the end of the day, a company is using its profit to continue to grow.
HEADWINDS
New Administration – This is more of an unknown than a headwind. The Obama Administration was not light on military spending, and the newly appointed SecDef is unlikely to shy away from modernizing the force. Military defense budgets may get lost in the political shuffle, but nothing right now suggests that defense budgets are on the chopping block.
Macroeconomic pressure – The markets are tumultuous in the wake of GME. Hedgies are shaking in their boots, and scared money weighed on markets the past week. If scared money continues to exert pressure on the broader equity markets, all boomer stocks are likely weighed down by slumping markets.
Non-meme Status – The stocks that are impervious to macroeconomic pressures in the above paragraph are the stonks that we, the people, have decided to support. From GME to IPOE, there is a slew of stonks that are watching and laughing from the green zone as the broader markets slip deeper into the red zone. Unless sentiment about LMT changes, I see no evidence that LMT will remain unaffected by a broader economic downturn (despite showing growth YoY during a pandemic).
TAILWINDS
Aerojet Rocketdyne to the Moon – Cathie Wood opened up a $39mil position in LMT a few weeks ago, and this was near the announcement of ARKX. The big ideas 2021 article focuses heavily on satellite technology, deep learning, and HGVs. I think that the AR acquisition suggests that vertical integration is a priority for LMT. They even fielded a question in their earnings call about whether they were concerned about being perceived as a monopoly. Their answer was spot on—the USFG and DoD have a vested interest in the success of defense companies. Why would they discourage a defense contractor from vertical integration to optimize margins?
International Tensions – SolarWinds has escalated US-Russia tensions. President Biden wants to look tough on China. LSCO is a DoD-wide priority.
5G.Mil – We still do not have a lot of fidelity on what this looks like, but the military would benefit in a lot of ways if we had world-wide access to the rapid transfer of encrypted data. Many units still rely on Vietnam-era technology signal technology with abysmal data rates. There are a lot of implications if the code can be cracked to win a DoD 5G contract.
TRADE IDEAS
Price Target: LMT is currently at a P/E of ~14. Verizon has roughly the same. LMT’s 5-year P/E ratio average is ~17. NOC is currently at a P/E of ~20. TSLA has a P/E Ratio of 1339 (disappointingly not 1337). P/E is a useless metric because no one seems to care about it. My point is that LMT makes a lot of money, and other companies that are valued at much higher multiples do not make any money at all. LMT’s P/E ratio is that of a boomer stock that has no growth potential. LMT’s P/E is exactly in line with the Aerospace and Defense Industry P/E ratio standard. LMT’s new CEO is pushing the industry in a new direction. I will arbitrarily choose a P/E ratio of 30, because it is half of the software industry average, and it is a nice round number. Plus, stock values are speculative and nonsense anyway.
Share price today: $321.82
Share price based on LMT average 5-year P/E: $384.08 (I see this as a short term PT, reversion to the mean)
Share price with a P/E of 30: $690.26
Buy and Hold: Simple. Doesn’t take much thought. Come back in a year or two and be happy with your tendies (and a few dividends to boot).
LEAPS Call Debit Spread (Based on last trade prices): Buy $375 C 20 JAN 23 for $26.5, Sell $450 C 20 JAN 23 for $12. Total Cost $14.5 for a spread width of $75. Max gain 517% per spread. Higher risk strategy.
LEAPS: Buy $500 C 20 JAN 23 for $7.20. Very high-risk strat. If the price target is hit within two years, these would be in the money $183 per contract for a gain of 2500%. This is the casino strat.
SOURCES
https://www.lockheedmartin.com/en-us/news/features/2020/james-taiclet-from-military-pilot-to-successful-ceo.html
https://www.warren.senate.gov/newsroom/press-releases/in-response-to-senator-warrens-questions-secretary-of-defense-nominee-general-lloyd-austin-commits-to-recusing-himself-from-raytheon-decisions-for-four-years
https://news.lockheedmartin.com/2019-08-30-Lockheed-Martins-Expertise-in-Hypersonic-Flight-Wins-New-Army-Work
https://www.lockheedmartin.com/en-us/capabilities/hypersonics.html
https://research.ark-invest.com/hubfs/1_Download_Files_ARK-Invest/White_Papers/ARK%E2%80%93Invest_BigIdeas_2021.pdf?hsCtaTracking=4e1a031b-7ed7-4fb2-929c-072267eda5fc%7Cee55057a-bc7b-441e-8b96-452ec1efe34c
https://www.deseret.com/2018/6/19/20647309/twitter-reacts-to-trump-s-call-for-a-space-force
https://comptroller.defense.gov/Portals/45/Documents/defbudget/fy2021/fy2021_Budget_Request_Overview_Book.pdf
https://www.airforcemag.com/lockheed-receives-up-to-4-9-billion-for-next-gen-opir-satellites/
https://spacenews.com/northrop-grumman-gets-2-3-billion-space-force-contract-to-develop-missile-warning-satellites/
https://www.lockheedmartin.com/en-us/capabilities/directed-energy/laser-weapon-systems.html
https://emerj.com/ai-sector-overviews/lockheed-martins-ai-applications-for-the-military/
https://www.defenseone.com/business/2020/07/new-ceo-wants-lockheed-become-5g-playe167072/
https://www.wsj.com/articles/defense-firms-expect-higher-spending-11548783988
https://www.etf.com/ITA#efficiency
https://s2.q4cdn.com/661678649/files/doc_financials/2020/q4/4Q20-Presentation.pdf
https://investors.rtx.com/static-files/dfd94ff7-4cca-4540-bc4b-4e3ba92fc646
https://investors.lockheedmartin.com/static-files/64e5aa03-9023-423a-8908-2aae8c7015ac
https://s22.q4cdn.com/891946778/files/doc_financials/2020/q4/GD_4Q20_Earnings_Highlights-Outlook-Final.pdf
https://www.fool.com/earnings/call-transcripts/2021/01/27/teledyne-technologies-inc-tdy-q4-2020-earnings-cal/
https://investor.northropgrumman.com/static-files/6e6e117f-f656-4c68-ba7f-3dc53c2dd13a

I haven't played GTA V/Online since 2014, so things have changed a bit. It's all quite overwhelming for newcomers or returning players, especially if you get the Criminal Enterprise Starter Pack like I did.
I snagged my Motorcycle Club, my Bunker, and free vehicles, and proceeded to follow guides for making money with those businesses. I sank too much into them, to the tune of getting down to $500,000 with no profit coming in because I was getting skunked as a solo player, even in a solo public session.
The most difficult part of it all is dealing with the sharpshooter NPC's. These guys are ridiculous! So, we're aiming for non-combat jobs.
That said, here's what I recommend folks do: - Snag the Criminal Enterprise Starter Pack for the $1,000,000. - Link your Amazon/Twitch Prime account with your Rockstar Social Club account to snag another $200,000 (and another $200,000 after 4 weeks consecutive play, supposedly). - Grab a bulletproof helmet ($20,000) from a clothing store, and ensure it's always equipped. (You may skip this, as it's really not necessary, but will help if you get pinned somewhere.) - Purchase a Mini SMG ($8,900). - Purchase a Pegassi Bati 801 motorcycle ($15,000). - Play Mission Repo - Simeonics until Rank 16 (Pause Menu > Online > Jobs > Rockstar Created > Missions > Repo - Simeonics). Profit $16,170. - Once Rank 16, play the Chasers II mission (Pause Menu > Online > Jobs > Rockstar Created > Missions > Chasers II). Queue into it, select Hard, and on the next screen, select Closed so no one else joins so you don't have to wait for them. Start a timer once you load in, go grab the car, ignoring people shooting at you (they'll stop once you get close enough to the destination), and turn in the vehicle once you pass 4:00. Profit $9,480. - Repeat - Once you get to $1,500,000, see this post or watch this video to start making $240,000/hr until you reach $2,200,000.

Notes for fellow noobs

Snacks are how you regain health. Your free CEO office has an executive assistant that provides snacks for free. These can be consumed on-the-fly via the Interaction Menu at Inventory > Snacks.
Ammo can be purchased for your currently-held weapons via the Interaction menu at Inventory > Ammo.
Visit the casino once per day (real time). No matter what, it's worth the drive, even if just for a few thousand RP.
At this point in the GTA Online lifespan, your goal should be to obtain a submarine ($2,200,000) in order to do the Perico Heist. So, after grabbing your free cash, and spending some dough on the aforementioned items, you should be sitting at $1,156,100 before even starting any jobs. You're practically halfway to the submarine already...
The reason we wait for 4:00 is due to the way payout is calculated. Further reading here.

Math

I tried a bunch of things, but what boiled down to being most profitable-to-ease of completion, in order of best to okay, were: 1. Chasers II 2. Repo - Simeonics 3. San Andreas Seoul 4. Warehouse 1x Crate Pickup & Delivery
``` | Job | Avg Time to Complete | Net Profit | Avg Profit per Minute | Profit per Hour | | ------------------ | -------------------- | ---------- | --------------------- | --------------- | | Repo - Simeonics | 10:00 | $16,170.00 | $1,617.00 | $97,020.00 | | Chasers II | 6:45 | $9,480.00 | $1,404.44 | $84,266.67 | | San Andreas Seoul | 9:00 | $11,380.00 | $1,264.44 | $75,866.67 | | Warehouse 1x Crate | 8:00 | $9,000.00 | $1,125.00 | $67,500.00 |
Sample Size for each: 10 ```

Conclusions

Taking into account the costs for each warehouse, we'd have to do roughly 9 hours of solo 1x crate jobs before breaking even. However, these will come in handy with vehicle cargo if I decide to do that in the future.
While Repo - Simeonics is more profitable, it's also slightly more difficult. Taking your Bati 801 to the airport twice to grab two cars takes some time, and has more room for error, especially considering the wanted level at the beginning. That said, the only choke point is at the entrance/exit of the airport, and really isn't an issue. But it is worth noting.
Chasers II can be done in around 2:00, with 2:00 of waiting in Simeon's parking lot to turn in. This can definitely be more boring, so I am currently switching it up between Chasers II and Simeonics.
Once you're ~ Rank 40, you should be able to do some better missions, as mentioned in this post, but you should have already done the Perico Heist by then, and at that point the missions will be less than what you can make with Perico.

Testing Parameters:

Each mission was timed from the beginning of loading into the queue to loading back into free roam.
Crate jobs were timed from leaving the CEO laptop, picking up, taking to warehouse, selling and dropping off, to returning to the CEO office. Office used was Maze Bank West, while warehouses used were White Widow Garage ($360,000) and Convenience Store Lockup ($250,000).
All tests performed using PlayStation 5 with MTU set to 750. With default MTU setting, queuing into missions may be quicker, and therefore even more profitable.

Questions

Why not Sightseer?
Sightseer, the CEO/VIP Work, is definitely non-combat. However, there are so many variables here, that it's just not worth it. You're usually taken on a wild goose chase throughout the northern section of the map. You need a fast airborne vehicle for Sightseer to be worth it. But even then, you probably already have better means of income.
That said, give it a shot! Even if it takes you all 15:00 to complete, it's still $20,000 ($25,000 if completed in under 5:00, but let's not kid ourselves). This comes out to $1,333/min if done in 15:00, or $2,000/min if done in 10:00.

Changelog

12/30/2020 - Added Questions section - Added information regarding Sightseer. - Added information regarding CEO Vehicle Cargo.

TL:DR

• This is Part 1 of my two part deep dive on DraftKings (Ticker: DKNG, I will refer to the company as “DK”)
• This first part introduces you to (1) me, (2) the company, (3) my thesis on the company, and (4) digs into how they make money.
• The second part (already released, you can read it here - but get through part 1 first :) ) will go in depth to explore the question “Can we 10x from here?”
• DK is an exciting, disruptive company working to change how we experience watching sports and make it better.
• I am not a financial advisor and this is not investment advice. These are just my opinions to help facilitate learning and discussion.

Hello, welcome to my first deep dive write up.
My name’s Mark and I’m an accountant with a passion for investing. About two years ago, I used to work as an auditor at a public accounting firm and have been behind the scenes at many different publicly traded and privately held companies in the U.S. My goal is to bring my unique perspective from that past experience, my current experience working in a new role at a large corporation, and my understanding of accounting to help break down some of the most exciting growth stocks on the market today.
I’m a long-term investor. I am focused on finding great companies and holding them for a long time. I’m willing to endure volatility, crazy price drops, and everything that comes with this approach as long as the facts that led me to originally invest and believe in that company have not changed. If you want to learn more about this approach. I recommend reading the book “100 Baggers” by Chris Mayer.
Introduction
I think it’s fitting that my first stock pick has to do with sports. Sports has been a part of my life since I could walk at the age of 2. First with baseball and soccer, and then later in my childhood with golf. I’ve always played American football and basketball for fun as well and have always been an avid fan of all the major sports in the US.
I started playing fantasy sports (mostly just fantasy football) about 6 years ago and have always enjoyed it. Traditionally, with fantasy football you draft a team at the beginning of the year and those are your players for the rest of the season. If you have a bad draft, oh well. You can try to improve your team with trades and free agent additions but it is tough. Leagues usually consist of 10-14 teams (each managed by an individual) and there’s obviously only one winner at the end of the season (about 4 months after the draft). This can lead to the managers of the lower performing teams losing interest as the season wanes on. I believe DraftKings’ (DK) founders saw this issue and saw an opportunity. Enter, daily fantasy sports. Now, with the DK platform you can draft a new team every week. Or if you want, every day. This allows fans of fantasy sports to engage at whichever point of the season they want and at varying financial stakes.
The Thesis Statement
For every stock pick I make, I want to provide a quick thesis statement that can serve as a reminder for why I’m buying and holding that stock for the long term. I’ll always aim to make it just a few sentences long so it can easily be remembered and internalized. This helps during times when the price may sporadically drop and you need to remember why you’re holding this position.
The thesis statement I have come up with for DK is as follows:
“DraftKings: The leader in allowing fans to engage financially with their favorite sports, teams, and players. Having money at stake makes the game a lot more interesting to watch. The era of daily fantasy sports games, online sports betting, and online betting (outside of sports), is just getting started and DK is as well positioned (or better positioned) than anyone to capitalize off of this trend.”
Notice how I said “allowing fans to engage financially” as the first sentence and not necessarily “allowing fans to gamble”. There’s a reason for that. According to US Federal Law, Daily Fantasy Sports (DFS) contests have specifically been exempted from the prohibitions of the Unlawful Internet Gambling Enforcement Act (UIGEA). DK has always been, and I believe will continue to be DFS contests 1st, sports betting 2nd, and other forms of gambling/entertainment 3rd. It is noteworthy that states at an individual level can still deem DFS contests illegal if they so wish, but as of this writing (11/26/20), 43 of the 50 US States allow DFS contests and DK, accordingly, is offering DFS contests in all 43 of those US States.
I’ll try to clarify the difference between DFS contests and sports betting real quick:
DFS Contest – Pay a pre-set entry fee to enter a contest. All entry fees go towards “The Pot”. “Draft” 9 players to be on your “Team” for 1 week. Enter your “Roster” into a contest with other players (could range from 1 other person to 1,000s of people, the DK user can choose). Whichever “Roster” amasses the most points for that week out of all contestants wins. The winner will get the highest payout, and depending on the nature of the contest, other top finishers will receive smaller payouts as well.
Sports Gambling – Team A is considered a 10 point favorite to defeat Team B. This means that Team A is expected, by the professional gambling line setters, to outscore Team B by 10 points. This is known as a point spread. You can bet on the underdog or the favorite. If you bet on the favorite, they have to win by more than 10 points for you to win the bet. If you bet on the underdog, you will win the bet as long as the underdog keeps the game within less than a 10 point defeat.
These are just a couple simple examples to help you see the difference. Sports Gambling (the 2nd priority of DK) is a very lucrative market just as the DFS contests are. However, in the US, Federal Laws and regulations are a lot stricter on Sports Gambling than they are on DFS. As of this writing (11/27/20), 22 states (including the District of Columbia) out of 51 possible allow sports gambling.
DK is still in the infancy stages of getting their sports gambling business going. In the 22 states where they could potentially operate, they currently have a sports gambling offering in 11 of those states. The sports gambling business model for DK can be broken into two main offerings – mobile sports betting, and retail sports betting. Mobile sports betting means you can place a sports bet online from the comfort of your own home, while retail sports betting means you must go to a casino and place a bet with the sportsbook in person. I personally believe mobile sports betting is the real potential cash cow for DK out of the two types of sports betting offerings due to the convenience and ease of access. DK is currently working on and encouraging customers to lobby their state lawmakers to legalize sports gambling in more states.
How DK makes money
At the very least, before you invest in a company, you better understand how they make money. In Chris Mayers’ excellent book, 100 Baggers, that I mentioned above, he continually references top line revenue growth as one of the main common indicators of a possible 100 Bagger. This isn’t to tell you that any stock I pick will be a 100 Bagger just because it has great top line revenue growth, but if I am looking at a growth stock to hold for the long term, revenue growth is one of the first things I look at.
For DK, their means of making money is quite simple. I already went into detail above about DFS Contests and Sports Gambling. In DK’s latest 10-Q filing with the SEC (filed 11/13/20), revenue is broken out into two main streams: Online Gaming and Gaming Software.
Online Gaming (82% of Total Revenue for 9 months ended 9/30/20):
Online gaming is the true core business of DK and includes the aforementioned DFS Contests, Sports Gambling and additional gambling (non-sports) opportunities. DK refers to their additional gambling (non-sports) as “iGaming” or “online casino”.
For the 9 months ended 9/30/20, Online Gaming revenue totaled $239M, up 30% YoY from $184M in the same prior year period. Keep in mind, that this is an increase that happened during a COVID-19 global pandemic that delayed and shortened many professional sports seasons.
Online gaming revenue is earned in a few ways that are slightly different, but very similar overall. In order to enter a DFS contest, a customer must pay an entry fee. DFS revenue is generated from these entry fees collected, net of prize payouts and customer incentives awarded to users. In order to place a sports bet (sports gambling), a customer places a wager with a DK Sportsbook. The DK Sportsbook sets odds for each wager that builds in a theoretical margin allowing DK to profit. Sports gambling revenue is generated from wagers collected from customers, net of payouts and incentives awarded to winning customers. The last form of online gaming revenue is earned in similar fashion to a land-based casino, offering online versions of casino games such as blackjack, roulette, and slot machines.
Gaming Software (18% of Total Revenue for 9 months ended 9/30/20):
While the Online Gaming revenue stream mentioned above is a Business to Consumer (B2C) model, the Gaming Software revenue stream is a Business to Business (B2B) model. The Gaming Software side of the business was born out of the acquisition of SBTech, a company from the Isle of Man (near the UK) founded in 2007 that has 12+ years of experience providing online sports betting platforms to clients all over the world. The acquisition occurred as part of the SPAC driven IPO in April of 2020 that combined “the old DK company” with SBTech so that they now are “the new DK company” listed as DKNG on the NASDAQ. SBTech is a far more important part of the story than just being 18% of today’s revenue. The reason for this is because DK will eventually (planned mid-late 2021) be migrating all of their DFS and gambling offerings onto SBTech’s online platforms. Currently, for DFS, DK uses their own proprietary platform but that will move to SBTech with the migration. Currently, for online gambling, DK uses Kambi, the same online gambling platform that services Penn Gaming (PENN), a DK rival. But that’s enough about the software migration for now, back to the Gaming Software revenue.
The Gaming Software revenue stream for DK is essentially a continuation of SBTechs’ B2B business model. DK contracts with business customers to provide sports and casino betting software solutions. DK typically enters two different type of arrangements with B2B customers when selling the gaming software:

1. Direct Customer Contract Revenue: In this type of transaction, the software is sold directly to a business (casino for example) that wants to use the software for their own gambling operations. This revenue is generally calculated as a percentage of the wagering revenue generated by the business customer using DK’s software and is recognized in the periods in which those wagering and related activities conclude.
2. Reseller Arrangement Revenue: In this type of transaction, DK provides distributors with the right to resell DK’s software-as-a-service offering to their clients, using their own infrastructure. In reseller arrangements, revenue is generally calculated via a fixed monthly fee and an additional monthly fee which varies based on the number of gaming operators to whom each reseller sub-licenses DK’s software.

As mentioned above, SBTech was an international company based in the Isle of Man before being acquired by DK. Thus, the majority of their business in their first 12 years of operating independently has always been international and outside of the United States. This has helped DK, which has historically been US focused, expand it’s international reach.
A perfect example of expanding this international reach occurred recently during October (technically Q4) in which DK’s B2B technology (powered by SBTech) helped enable the launch of “PalaceBet”, a new mobile and online sportsbook offering from Peermont, a South Africa based resort and casino company. The deal was headed by DK’s new Chief International Officer, Shay Berka, who previously spent 10 years working for SBTech as CFO and General Manager. Mr. Berka took on the role of DK’s Chief International Officer upon the merger in April earlier this year. I think this deal shows that DK has integrated SBTech and it’s business very well into the larger business as a whole. They are not wasting any time using their newly acquired resources to expand their reach and bring in new sources of revenue.
This is the end of my first article about DK. My goal is to drop Part 2 later this week. The focus of Part 2 will be an in depth answer of the question – “Can we 10x from here?”
Disclosure: I am/we are long DKNG. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

TL:DR

• This is Part 1 of my two part deep dive on DraftKings (Ticker: DKNG, I will refer to the company as “DK”)
• This first part introduces you to (1) me, (2) the company, (3) my thesis on the company, and (4) digs into how they make money.
• The second part (to be released later this week) will go in depth to explore the question “Can we 10x from here?”
• DK is an exciting, disruptive company working to change how we experience watching sports and make it better.
• I am not a financial advisor and this is not investment advice. These are just my opinions to help facilitate learning and discussion.

Hello, welcome to my first deep dive write up.
My name’s Mark and I’m an accountant with a passion for investing. About two years ago, I used to work as an auditor at a public accounting firm and have been behind the scenes at many different publicly traded and privately held companies in the U.S. My goal is to bring my unique perspective from that past experience, my current experience working in a new role at a large corporation, and my understanding of accounting to help break down some of the most exciting growth stocks on the market today.
I’m a long-term investor. I am focused on finding great companies and holding them for a long time. I’m willing to endure volatility, crazy price drops, and everything that comes with this approach as long as the facts that led me to originally invest and believe in that company have not changed. If you want to learn more about this approach. I recommend reading the book “100 Baggers” by Chris Mayer.
Introduction
I think it’s fitting that my first stock pick has to do with sports. Sports has been a part of my life since I could walk at the age of 2. First with baseball and soccer, and then later in my childhood with golf. I’ve always played American football and basketball for fun as well and have always been an avid fan of all the major sports in the US.
I started playing fantasy sports (mostly just fantasy football) about 6 years ago and have always enjoyed it. Traditionally, with fantasy football you draft a team at the beginning of the year and those are your players for the rest of the season. If you have a bad draft, oh well. You can try to improve your team with trades and free agent additions but it is tough. Leagues usually consist of 10-14 teams (each managed by an individual) and there’s obviously only one winner at the end of the season (about 4 months after the draft). This can lead to the managers of the lower performing teams losing interest as the season wanes on. I believe DraftKings’ (DK) founders saw this issue and saw an opportunity. Enter, daily fantasy sports. Now, with the DK platform you can draft a new team every week. Or if you want, every day. This allows fans of fantasy sports to engage at whichever point of the season they want and at varying financial stakes.
The Thesis Statement
For every stock pick I make, I want to provide a quick thesis statement that can serve as a reminder for why I’m buying and holding that stock for the long term. I’ll always aim to make it just a few sentences long so it can easily be remembered and internalized. This helps during times when the price may sporadically drop and you need to remember why you’re holding this position.
The thesis statement I have come up with for DK is as follows:
“DraftKings: The leader in allowing fans to engage financially with their favorite sports, teams, and players. Having money at stake makes the game a lot more interesting to watch. The era of daily fantasy sports games, online sports betting, and online betting (outside of sports), is just getting started and DK is as well positioned (or better positioned) than anyone to capitalize off of this trend.”
Notice how I said “allowing fans to engage financially” as the first sentence and not necessarily “allowing fans to gamble”. There’s a reason for that. According to US Federal Law, Daily Fantasy Sports (DFS) contests have specifically been exempted from the prohibitions of the Unlawful Internet Gambling Enforcement Act (UIGEA). DK has always been, and I believe will continue to be DFS contests 1st, sports betting 2nd, and other forms of gambling/entertainment 3rd. It is noteworthy that states at an individual level can still deem DFS contests illegal if they so wish, but as of this writing (11/26/20), 43 of the 50 US States allow DFS contests and DK, accordingly, is offering DFS contests in all 43 of those US States.
I’ll try to clarify the difference between DFS contests and sports betting real quick:
DFS Contest – Pay a pre-set entry fee to enter a contest. All entry fees go towards “The Pot”. “Draft” 9 players to be on your “Team” for 1 week. Enter your “Roster” into a contest with other players (could range from 1 other person to 1,000s of people, the DK user can choose). Whichever “Roster” amasses the most points for that week out of all contestants wins. The winner will get the highest payout, and depending on the nature of the contest, other top finishers will receive smaller payouts as well.
Sports Gambling – Team A is considered a 10 point favorite to defeat Team B. This means that Team A is expected, by the professional gambling line setters, to outscore Team B by 10 points. This is known as a point spread. You can bet on the underdog or the favorite. If you bet on the favorite, they have to win by more than 10 points for you to win the bet. If you bet on the underdog, you will win the bet as long as the underdog keeps the game within less than a 10 point defeat.
These are just a couple simple examples to help you see the difference. Sports Gambling (the 2nd priority of DK) is a very lucrative market just as the DFS contests are. However, in the US, Federal Laws and regulations are a lot stricter on Sports Gambling than they are on DFS. As of this writing (11/27/20), 22 states (including the District of Columbia) out of 51 possible allow sports gambling.
DK is still in the infancy stages of getting their sports gambling business going. In the 22 states where they could potentially operate, they currently have a sports gambling offering in 11 of those states. The sports gambling business model for DK can be broken into two main offerings – mobile sports betting, and retail sports betting. Mobile sports betting means you can place a sports bet online from the comfort of your own home, while retail sports betting means you must go to a casino and place a bet with the sportsbook in person. I personally believe mobile sports betting is the real potential cash cow for DK out of the two types of sports betting offerings due to the convenience and ease of access. DK is currently working on and encouraging customers to lobby their state lawmakers to legalize sports gambling in more states.
How DK makes money
At the very least, before you invest in a company, you better understand how they make money. In Chris Mayers’ excellent book, 100 Baggers, that I mentioned above, he continually references top line revenue growth as one of the main common indicators of a possible 100 Bagger. This isn’t to tell you that any stock I pick will be a 100 Bagger just because it has great top line revenue growth, but if I am looking at a growth stock to hold for the long term, revenue growth is one of the first things I look at.
For DK, their means of making money is quite simple. I already went into detail above about DFS Contests and Sports Gambling. In DK’s latest 10-Q filing with the SEC (filed 11/13/20), revenue is broken out into two main streams: Online Gaming and Gaming Software.
Online Gaming (82% of Total Revenue for 9 months ended 9/30/20):
Online gaming is the true core business of DK and includes the aforementioned DFS Contests, Sports Gambling and additional gambling (non-sports) opportunities. DK refers to their additional gambling (non-sports) as “iGaming” or “online casino”.
For the 9 months ended 9/30/20, Online Gaming revenue totaled $239M, up 30% YoY from $184M in the same prior year period. Keep in mind, that this is an increase that happened during a COVID-19 global pandemic that delayed and shortened many professional sports seasons.
Online gaming revenue is earned in a few ways that are slightly different, but very similar overall. In order to enter a DFS contest, a customer must pay an entry fee. DFS revenue is generated from these entry fees collected, net of prize payouts and customer incentives awarded to users. In order to place a sports bet (sports gambling), a customer places a wager with a DK Sportsbook. The DK Sportsbook sets odds for each wager that builds in a theoretical margin allowing DK to profit. Sports gambling revenue is generated from wagers collected from customers, net of payouts and incentives awarded to winning customers. The last form of online gaming revenue is earned in similar fashion to a land-based casino, offering online versions of casino games such as blackjack, roulette, and slot machines.
Gaming Software (18% of Total Revenue for 9 months ended 9/30/20):
While the Online Gaming revenue stream mentioned above is a Business to Consumer (B2C) model, the Gaming Software revenue stream is a Business to Business (B2B) model. The Gaming Software side of the business was born out of the acquisition of SBTech, a company from the Isle of Man (near the UK) founded in 2007 that has 12+ years of experience providing online sports betting platforms to clients all over the world. The acquisition occurred as part of the SPAC driven IPO in April of 2020 that combined “the old DK company” with SBTech so that they now are “the new DK company” listed as DKNG on the NASDAQ. SBTech is a far more important part of the story than just being 18% of today’s revenue. The reason for this is because DK will eventually (planned mid-late 2021) be migrating all of their DFS and gambling offerings onto SBTech’s online platforms. Currently, for DFS, DK uses their own proprietary platform but that will move to SBTech with the migration. Currently, for online gambling, DK uses Kambi, the same online gambling platform that services Penn Gaming (PENN), a DK rival. But that’s enough about the software migration for now, back to the Gaming Software revenue.
The Gaming Software revenue stream for DK is essentially a continuation of SBTechs’ B2B business model. DK contracts with business customers to provide sports and casino betting software solutions. DK typically enters two different type of arrangements with B2B customers when selling the gaming software:
​

1. Direct Customer Contract Revenue: In this type of transaction, the software is sold directly to a business (casino for example) that wants to use the software for their own gambling operations. This revenue is generally calculated as a percentage of the wagering revenue generated by the business customer using DK’s software and is recognized in the periods in which those wagering and related activities conclude.
2. Reseller Arrangement Revenue: In this type of transaction, DK provides distributors with the right to resell DK’s software-as-a-service offering to their clients, using their own infrastructure. In reseller arrangements, revenue is generally calculated via a fixed monthly fee and an additional monthly fee which varies based on the number of gaming operators to whom each reseller sub-licenses DK’s software.

As mentioned above, SBTech was an international company based in the Isle of Man before being acquired by DK. Thus, the majority of their business in their first 12 years of operating independently has always been international and outside of the United States. This has helped DK, which has historically been US focused, expand it’s international reach.
A perfect example of expanding this international reach occurred recently during October (technically Q4) in which DK’s B2B technology (powered by SBTech) helped enable the launch of “PalaceBet”, a new mobile and online sportsbook offering from Peermont, a South Africa based resort and casino company. The deal was headed by DK’s new Chief International Officer, Shay Berka, who previously spent 10 years working for SBTech as CFO and General Manager. Mr. Berka took on the role of DK’s Chief International Officer upon the merger in April earlier this year. I think this deal shows that DK has integrated SBTech and it’s business very well into the larger business as a whole. They are not wasting any time using their newly acquired resources to expand their reach and bring in new sources of revenue.
This is the end of my first article about DK. My goal is to drop Part 2 later this week. The focus of Part 2 will be an in depth answer of the question – “Can we 10x from here?”
Disclosure: I am/we are long DKNG. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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If you like casino video games but play enough as a substitute for their stay, it's really worth knowing that there is a proliferation of websites that actually offer online casino video games. This method is a way to enjoy the enjoyment of stay sports betting, even if you can't go to the casino by nature.
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If you have no worries at all that non-live online gambling video games don't get a real experience or get a fair game, this is how you can get it. thereon. By accessing the website, you will find that you can watch and participate in live video games. You can see that teher is a video-recorded dealer and this is streamed directly to the Internet site, so you can join the game with other payers looking for the same format sport as you.
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You can go to the demo game to learn more about the game and see how the live game works and depends on the online version. It's a very good way to play much bigger games like a real casino, and you'll find that most of the websites that offer them can additionally have the same old online variants of video games. This approach has the potential to compare 2 if you haven't played both before.
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The owners of the Slot Ocean Bar in Miami have decided to open a casino slot machine in the lobby of the bar. This is a very interesting decision as it opens up a door for other gambling opportunities in the area. You may have noticed that the Florida real estate market has taken a downturn and has dropped to all time lows, which means that there is an increased possibility for business owners to increase their business with gambling options. This opens up the door for online casinos and online slot machines. What is interesting about this new slot machine business opportunity is that the owners of the Slot Ocean are also responsible for all advertising, which will include an online website.
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When you play at a slot machine you are playing for credits or payouts. These credits can either be made to enter into a real slot game or just for playing the slots themselves. There are some games that you can only play for credits, but these games are the ones where you do not get any cash from winning. This is the opposite of payouts. When you win a slot machine game you get cash from it and you pay out your winnings.
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The slot machine business is not only restricted to casinos but is also used by restaurants and other venues. If you go to an airport or hotel in Miami and you see that the slot machine games have been installed, you may assume that it is a resort giving out prizes to its patrons. This is because slot machines are considered to be gambling and therefore the laws that pertain to gambling have been placed on the airways, so that if you are playing on the air you are breaking one of the laws and can be arrested for it.
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If you decide to gamble with slot machines, then you need to realize that you could lose a lot of money. Even if you win a slot machine, you could lose more money if you do not know what you are doing. Many people are unaware of the fact that when you play slot machines you are dealing with chance and not skill. When you place your bet and pull the handle, the ball falls into the slot and then it is up to you to pull the handle again and the ball will fall in the slot once again. This is how slot machines work.
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It is important to know that this means that you should never make a bet while you are at a slot machine because chances are that you will just lose more money. If you are playing with slot machines in an internet casino, then you need to do a little extra work and study the slots before placing your bets. As said earlier, slot machines are dealt by the same people over again, so slot machines tend to get a bad reputation. The truth is that you need to play slot machines in order to win money.
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Click on Slots and a submenu will open, allowing you to select games by a specific developer if you have a favourite. Notable names include GS, Fugaso, NetEnt, Ainsworth Game Technology (AGT), and Amaya. There are hundreds of games to choose from, based around as diverse a selection of themes as you’re likely to encounter anywhere. Have a go at titles such as Glorious Empire, Great Wild Elk, Blood Lore Vampire Clan and Bounty Hunt.

Casino Superlines Live Dealer

The live casino at Casino Superlines adds to the lifelike simulacrum of a land-based casino that the site has spoken about attempting to simulate. Live casino games are as close as it gets to playing in a real casino without having to dress up, look out your membership card and head to your local casino. Gaze in awe at the gorgeous dealers and marvel at their ultra-white teeth as you play live games such as Roulette, VIP Blackjack, Golden Ball Roulette, High Limit and Dolphin’s Roulette.
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Action Games

If you’re wondering what might be lurking under Action Games, the answer is Keno and Traditional Keno. That’s as action-packed as it gets. There’s a little more action to be had in the scratch cards category though where you’ll be confronted with simple but extremely fun games such as Soccer Scratch, Go For Gold, Rugby Riches and Scratch Volcano Eruption.
In the same vein, the video poker section at Casino Superlines is well stocked, including all your favourites, if you’re the sort who’s partial to a spot of Jacks or Better or Deuces on the Rocks. There are other poker titles to be found in the Cards & Table Games category which is stocked with Poker Three and Magic Poker along with the likes of Sic Bo, Craps, Reels of Fortune, Zero Spin Roulette and a few other card-based games including blackjack and its variants.

Superlines Conclusion

Casino Superlines is a slightly stuffy and overly formal site, but despite this, it’s got a lot to recommend. The games are great, from the live casino to the virtual casino, and the site is easy to navigate. A clean, responsive design keeps all of the important stuff on the homepage, like the games, which after all are the ultimate measure as to whether Casino Superlines is worth your time. The short answer is yes: thanks to the quality of the slots, virtual sports and table games on offer here, it is well worth signing up at Casino Superlines and giving this cool little site a go.
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GoodWin Casino Review & Free Spins
Here is our exclusive review for GoodWin Casino. Click on the link below and receive 20 free spins which is a no deposit bonus. Later, get one of the welcome bonuses: 200% + 50 FS, 150% + 100 FS, or 100% + 50 FS on your first deposit. No donload needed! Play and win real money! Fast cashout!
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About GoodWin Casino

Goodwin Casino is a new operator founded in 2018 and licensed by the government of Curaçao, Netherlands Antilles. They work with half a dozen software developers and are specialized in supplying slots to their players, while also offering live dealer table games and video pokers. The games are proven fair and can be played on mobile devices and players can enjoy them in the browser with no download.
There are three Goodwin Casino welcome bonuses to choose from, each of them with wagering requirements that have to be met within a week after being awarded. The casino chose to offer three distinct bonuses based on the amount invested by players, to provide new members with greater freedom. They even offer a no deposit bonus that consists of 20 free spins, whose profits are subject to 40 times wagering requirements. These are offered exclusively to those who have registered and verified their account by providing certain documents that will confirm their identity.
The bigger Goodwin Casino bonuses are offered to real money depositors and the amounts differ depending on how much they deposit. New players who can only afford to deposit €15 or currency equivalent will qualify for the Scarecrow`s Brains package. The deposit will be matched by 200% and players will also receive 35 free spins on the Elements: The Awaiking slots. The bonus has to be cleared within seven days after being awarded, otherwise they will expire.
“Woodman’s Heart” will match the first deposit of at least €50 by 150% and will throw in 50 free spins on the slot. Blood Suckers “The Lion`s Courage“ is the biggest welcome bonus available, consisting of a 100% match deposit and 200 free spins on King of Slots. Only deposits of at least €100 will qualify for this bonus, so this package is better suited for highrollers. These bonuses are mutually exclusive and players can apply for new ones after meeting the wagering requirements on active bonuses.
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How do I start playing?

Both real money and virtual currency games will require players to have a registered account. Signing up for one shouldn’t take more than a few minutes, as the casino asks for only the basic information. This is standard procedure at online casinos, who want to prevent bonus abuse and mitigate the risks of players opening multiple accounts at the same bookmaker or casino.
New players must state their name, country of origin and gender, before selecting a payment method. They don’t have to make a deposit right away and can deposit at a later date, to claim the bonus. In order to cash out winnings, players are also expected to complete the verification process by proving their identity. In order to pass the verification, one has to send an email to their official address and provide the documents required. Under normal circumstances, this should take between five and 15 minutes.

Goodwin Casino Games and Software

GoodWin Casino works with several software developers and the most important ones are Microgaming, NetEnt, Playson, Quickspin and Endorphina. These are leading suppliers of slots, but they are well versed in the art of developing video pokers, scratch cards and specialty games. The casino also has a live dealer section, where players can bet real currency on different types of blackjack, roulette and baccarat.
There are plenty of games to choose from, but navigation is a breeze and that’s because the games available are conveniently grouped based on genre. In the section reserved to virtual games, players can expect to find hundreds of slots with classic and modern game mechanics. Immortal Romance, Gonzo’s Quest, Dragon Shrine and Dia de Los Muertos are some of the most popular slots available. Next to them, players can find the high paying progressive jackpot slots developed by NetEnt and Microgaming.
This is also the place to go if you’re in the market for video pokers, as GoodWin Casino games include All Aces Poker, Jacks or Better, Aces and Faces, and Fruit Poker. These are games with a high return to player that can return as much as 99% of the stakes, if proper strategies used. Table games such as roulette, baccarat and blackjack can be played here against the random number generator, or players can switch to the live dealer section.
Action is usually focused on American and European roulette, but the French version of the game and multiwheel roulette are also featured. The same diversity is enjoyed by baccarat fans, who can play the classic version of the game or Baccarat Gold. American blackjack and several variants of the famous card game can be played in the company of real croupiers in the GoodWin live casino. Mobile devices can be used to play any of the games they supply and also to sign up for an account, make a deposit and cash out.
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Website layout and interface

GoodWin casino is a fresh face in the competitive online gambling industry and it attracts new players with its cool looking website. Simple, yet elegant, it has colorful pages that load quickly on mobile devices, as it was optimized for the use on smartphones and tablets. Useful information about promotions, bonuses, as well as the games available is clearly displayed on the main page.
Players can go over the detailed FAQ section and learn more about the new casino, instead of having to talk to customer support. The website is fitted with filters allowing players to browse by game developer or genre, so in spite of having so many games on display, they won’t have a problem in finding the ones they’re interested in.

Contact options

As stated above, the information page is comprehensive and those who choose to look for answers in the FAQ area won’t be disappointed. They always have the alternative of contacting a customer support specialist directly via telephone, email and live chat.
GoodWin casino has even listed the address of its headquarters, so those who prefer to write a letter and send it via traditional mail, can do it.
Live chat: Yes (English, German, Russian, Finnish)
E-mail: [[email protected]](mailto:[email protected])
Phone: +31 20 201 8186
Address: Office 29 Clifton House, Fitzwilliam Street Lower Dublin 2, Ireland

Other promotions and offers at GoodWin Casino

GoodWin casino promotions don’t end with the welcome bonus, even though the introductory offer is the most generous. Future deposits will also be matched by 50% through the “Emerald Potion” campaign, with 30 times wagering requirements and a maximum payout of 15 times the deposit. In addition to matching the deposit, the casino will also offer 50 free spins to be used on the Fairytale Legends: Mirror Mirror slots. Players shouldn’t have any other bonus active and meet the play through demands in 7 days.
The GoodWin casino loyalty program is centered on the accumulation and spending of loyalty points. Depending on how many they’ve earned, players can convert them for free spins on one of the many popular games. They can turn in 10,000 points for 50 free spins on the Gonzo Quest slot and then wager the profits 25 times before cashing out. Time is of the essence and they have to meet the wagering requirements in three days for a chance to withdraw a maximum amount of €150.
The alternative would be to convert 100,000 loyalty points into €50 which have to be wagered five times before cashing out. In this case, the ceiling for the winnings consists of €300 and players can activate this promotion in conjunction with other bonuses. New players and those who have significantly fewer loyalty points can opt in for the promotion converting 2000 points for €1. The play through demands have been toned down to only 10 times the amount, but the downside is that players can’t withdraw in excess of €15.
A similar proposition is made to players who own 10,000 loyalty points and are willing to convert them for €5.5. This is an intermediary promotion, with seven times wagering requirements and a maximum bet of €4 which can be used together with other offers. At the upper end of the spectrum. highrollers can take full advantage of the GoodWin casino loyalty program and convert 1 million points into €500. Perhaps not surprisingly, the wagering requirements have been reduced to three times the amount, while the maximum win was increased to €1500.
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Currencies and payment options

Currencies accepted: EUR, RUB, USD
All deposit withdrawal methods: Visa, Mastercard, iWallet, Tele2, MegaFon, Beeline, MTS, Qiwi, WebMoney, Yandex, Neteller, Skrill (Moneybookers)
The list of GoodWin casino payment methods used to be shorter when the casino opened its doors, but today it includes most of the frequently used banking options. Credit and debit cards from Visa and MasterCard can be used to deposit funds and players have the option to switch to e-wallets and wire transfers. iWallet, Tele2, Beeline, Megafon, MTS, QIWI, Webmoney, Yandex.Money, Neteller and Skrill are all accepted and players can deposit a minimum of €10 or $10. Rubles are also accepted and there is no minimum withdrawal amount, while players can cash out a maximum of $20,000 per month.

Conclusion

GoodWin casino took the gambling market by storm in 2018 and already has an impressive lineup of games covering all genres. They offer excellent welcome bonuses to new players and reward dedicated members through a generous loyalty program. They don’t have the experience of established online casinos, but are quickly catching up and should be able to close the gap separating them from the leaders.
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The joker388 online casino platform is a high end and cutting edge virtual casino, offering hundreds of classic games and more modern games with every update! This award winning online gambling site is a great place to get your adrenaline fix, and there are several reasons to visit. There are regular gaming events which bring you the best in casino design and technology. Plus, this site offers a wide variety of services including live streaming, chat, community building, social media and more.
In this article, I'm going to go through some of the highlights of what joker123 offers its members, as well as give you a quick overview of what makes this site so special. As an online casino member, you will enjoy a complete range of live casino games including Texas Holdem, Blackjack, Slots, Baccarat, Craps and more. If you're looking for a site that offers nothing but the best quality games, then the joker Sparrow online slot machine is the one for you. The joker123 real money slot machines offer some of the best payouts available, and they come with a wide range of bonuses and prize opportunities.
In my opinion, the best part of playing any online slot game in the world is how good the graphics look. At joker123 money, this is an important factor, and they take advantage of their technology to provide some of the most gorgeous graphics on the web. When you play on the highest quality casino quality tables, you can get a real sense of how much effort the developers have put into creating the games. The bright colors, the amazing sounds and the fine line work on the screens - it all adds up to a very enjoyable experience.
I've personally tried out a number of online gambling sites, and the joker gaming website has given me the most enjoyable experience. With a joker game in hand, I was able to win a small amount of money right away, and that's what I'm most focused on - winning money. In this review I'm going to quickly go through each of the five main games offered at joker123 money slot game.
No review of joker gaming would be complete without mentioning its top slot online joker388. This is a game that uses a special slot machine known as the Pulse Smart Pulse. When you place your money into this slot machine, you'll be required to watch a 3D movie spinning on the screen. You need to aim carefully and pull the trigger when you want the ball to land in the bargain zone. Once the bermain area is complete, the game will end and you will receive your winnings.
To finish up, I'd like to give you my last bit of gaming joker information about the other four slot games offered at this site. The first one is called the Jackpot Slot Machines. The jackpot pays out an astronomical amount of cash, and it is possible for multiple people to win the jackpot at once. The second slot game is known as the Double Impact Slot Game. There are two ways how you can end up winning here, and you'll get your money if you hit the correct combination.

Slot joker is a well-known slot machine in a casino that offers many different games for players. It is also tailored to spin at least 3 times whenever you press or push a particular button. It's great for professional gamblers, but a bit difficult for beginners. This article will give you the basics on slot machine online and how to win big with it.
To start, let's go over the basic slot machine online strategies that you can use. One of the best strategies when playing slot machine online is to play multiple casinos. Do this by signing up with a number of online casinos and getting bonuses or cash prizes from them. Once you've gained enough experience, you can try your luck in other casinos as well. With multiple casinos, you increase your chances of winning since you can play in different casinos with each one of them.
Another strategy that you can use is to know which online casino games you prefer. If you are a newbie, you may not know which games you'd rather play. By learning about the slot machines in various casinos, you'll be able to determine which game you like the most. Aside from slot joker123, there are other popular online casino games among gamblers.
One online slot joker123 gaming machine that you can try out is the Blue Cat Casino. This gaming machine offers you two kinds of casino games: Video Poker and Blackjack. With Blue Cat, you'll be paying real money. But since you're just starting out, you can play for free. It's a good idea to practice using the slot joker games until you feel more confident.
If you want to get more cash, then the best way to win is through slot machine winnings. In Asia, the joker slot machine has been a favorite of many players because of its consistent payouts. Players are assured of getting their winnings even if they lose one or two times. The Internet can provide you with helpful information on different slot machine gaming. You can find out which online casinos offer this gaming machine and read online gaming reviews. You can also learn more about Asian countries where this slot machine gaming is very popular such as Indonesia, Thailand, and others.
Slots are fun, exciting, and good forms of gambling. They can be played anytime of day, any day of the year. There are many slot machines in Asia that offer better payouts, so there are many reasons for a person to choose Asian gambling games as their preference. With its easy availability in many countries around the world, it will not be long before slot machine games asia take over the American version of slot machine gambling.

Joker123 is an online slot machine that you can find on the internet. It is unique because of the fact that it is the first and the only machine of its kind. This is also one of the slot machines that pay in cash and does not use points as its means of payment. This has made it very popular with those who want to win real money but are a little hesitant to do so because of the lack of guarantees. But we all know that with promises come true and this machine is here to deliver on its promises.
Jokers: The name joker is just an amalgamation of two words. "jack" and" Joker" is how it was originally coined by the creator of this slot machine. The machine basically works on a single code that is initially entered by the players. This is an advantage because it means that there are no random numbers generated and there are no luck factors involved.
Slots: This is essentially a casino gambling game wherein a card having a number on it is inserted into a slot machine. When this card spins, the machine will "recycle" through the possible combinations until one is revealed. The possible combinations are not set and are generated based on the set of cards. Each time a player plays this machine, the chances of winning increases because there are more card spins which results in a higher number of jackpots. It is also interesting to note that there are more Jackpots when the machine spins faster. This is one reason why most players prefer joker123 slots over other types.
Bonus: There are a lot of slot games that pay in cash but players prefer to play free slot games because they don't have to put in any money to win. This also allows players to learn how to play the slot game without losing any money. On top of that, since there are a lot of these free games available, it would be impossible for a player to lose everything in the first few spins. Some players can even rack up millions from just playing a certain amount of time.
Games: Casino gambling is very popular especially in Nevada where the gambling industry is regulated by a strict law that prohibits gaming. In spite of this, a lot of people love to play slots because they find the action entertaining and challenging. Playing slot games in Las Vegas is a great experience because casinos offer a great variety of games and even if a player gets bored with the same game, he or she can try another slot. In addition, playing slots in Las Vegas means that all the slot machines in the establishment are progressive which means that they payout in larger amounts than the usual slot games.
Jokers are very funny characters and the theme of the game itself lends itself to a comical and enjoyable experience. The main characters of the game include the Joker, which usually appears as a jackpot prize which player can't seem to resist and the clerk, who always has something that the other players want. In order to win in Jokers, the only way for players to make money is to complete as many tricks as possible or else to beat the current amount of money that the Joker has set as his limit. Jokers always try to get their hands on the more valuable objects inside the casino or else the game will end. However, winning in Jokers requires strategy and careful thought. Players who are familiar with the concept of playing slot machine games can easily win in Jokers as there are no complex calculations involved.

If you are looking for an online casino that offers great incentives and has a good reputation, then you should look no further than the thrill casino. ethroll is a unique online casino that offers its players the opportunity to play in an instant game that uses their ecommerce skills to participate in real cash games. This is all done through an easy to understand interface that even new users can utilize. One of the best features of ethroll casino is the ability to earn cash rewards from each individual game played. This feature is referred to as the 'payout'.
The payout system in this casino is a great deal different from others that exist today. There is no need to worry about getting your money back because you will not be gambling with your 'real money'. Instead, you will be playing in virtual casino money that is equivalent to whatever you would be able to win in the real version of the game. This feature makes it more fun to play.
There are a variety of gaming options available through ethroll casino. You have slots, video poker, blackjack, roulette and baccarat to choose from. These are only a small number of the games available to play. Additional features include chat rooms, instant gaming bonuses, and a fully licensed poker room. The online casino also offers a huge variety of promotions and rebates that will give you an extra boost to play with.
Playing at the ethroll casino online can be a great experience. It is a great way to make some extra money as well. The ease of play makes it easy to earn rewards and be in control of your winnings. In addition, you can play in the comfort of your own home.
There are many benefits to playing at the ethroll casino. First, you have the opportunity to play with people from around the world. Since there are multiple card games on offer, you have the chance to make new friends. Additionally, you can save money because the online casino does not charge fees for withdrawal. This gives you even more reason to visit this online casino over other casinos.
It doesn't matter whether you want to play video poker, roulette or baccarat. The games are all fair and you can have a great time winning. You can even use the bonus features offered at the site to increase your winnings even more. No other online casino offers so many exciting games to play!

The author has posted on craigslist as slots on sale. He is offering a fully-functioning, fully-operational casino slot machine for sale with all new wiring and video chips. The slots are "play money" and the author has included in the package: fully licensed casino chips, custom slots cabinet, original slot machines and a bonus banner.
slots on sale by the author can be used at home or taken to a local live casino. This would be a perfect addition to an online gambling site. Slot machines at live casinos are always a draw. Video slot machines tend to have a low maximum bet but high payouts. If you like the idea of playing video slot machines, the author has included video slot joker388 slot machines in his packages.
To make things more convenient, the author has provided step-by-step instructions for the purchase and installation of the software needed for the online casinos to play slot joker388. Included with the package is a log in code for the author's own account. A slot jokeracesome guide is also included with the package to help familiarize new online gamblers with the operation of slot machines.
slot joker388 slots are operated with progressive jackpots that escalate through use of a combination of coin operation methods. In the online gambling games, the slot machines use what is called the "hit", "stay", "fold" and "turn" machines to release winnings. The slot joker388 machines use what is known as "baffle" machines for the purpose of paying out the winning amount without having to count coins. This makes it much easier to determine how much money is won in online gambling games. Some online casinos use a version of the software.
The author has successfully played slot games from some of the most popular online casinos. She has found that this software simplifies the operation of slot machines and can eliminate a lot of the risk that is inherent in slot-machine gambling. Although the author has tested the slot joker from many of the major land casinos, she recommends that players try the slot game from the smaller, independent online casinos first before playing at the larger casinos. The author wishes to thank the people from the land casinos for giving her free slot machines as part of the free-trial promotions. Without those promotions, she would not have been able to test slot machines for profitability. Her sincere thanks to all those that assisted in putting this slot machine guide together.
Slots are fun and addictive. They are one of the most exciting types of gambling. Choosing the correct location, though, is a crucial part of getting started in the world of online games. Playing slot games online using the proper strategy can increase the enjoyment level of your online slot play and can help you make some real cash!

IDN Play (aka I debit card) is one of the fastest growing slot machine games online today. After all, who doesn't want to win big in one of the most exciting casino slot games? It's the jackpot that make the slot machines all the more exciting - but it's also the speed of play and the large sums won that draws players in. What is unique about I debit card is that the speed of play is not dependent upon luck - it is dependent upon clever planning. So what are the keys to success with this slot machine game?
The key to playing I debit card slot machines is careful planning and the ability to have the 'edge'. When playing poker online yang strategies are very similar to playing I debit card slot machine. The only difference lies in the variations in prize payout. Placing a bet on the progressive slot machine is like placing a bet on whether your card will be full at the end of the spin.
There are several ways to place a bet and one of the popular ones today is through free bonus offers. Free bonus amounts are often given to players for registering at certain online casinos that offer them free I debit card Asia spins whenever they sign up. Free bonuses can be used as betting or winningnings, and they can be traded, and cashed in for real money. This is how players can benefit from free bonus offers in online casino video poker slot machines.
Slots online offer players the chance to play for real money. Players need to know the basic rules of playing video poker online. For instance, they should know that there are three (3) speeds, and they should know how to play each of the three (3) speeds. Before any of the player starts to play, they need to confirm their account by clicking on the verification link on the website. Once this is done, a player can either choose to gamble for money or play for free. The player can decide to play for free in the hope of winning real money later on, or they can play for money if they feel that they have an edge.
One of the most important things that players should know about video poker is that a player can get seven cards for a pot when they have at least two pairs, three of the same suit and five cards. If the player has at least seven cards and no other cards in the hand, they will end up with a straight flush. A flush is when all cards are in the same suite, with no other cards to mix it up, such as having a seven card hand with a full house. An Omaha high is also counted as a flush, even though it does not have a seven-card total because it would still be a seven-card game.
If the player has a straight and flush, they will have won the pot whether or not they have dealt with any other cards. Video poker Omaha has a different rule, which has been created as part of Omaha laws. If there is another card in the top of the deck, called the "low card," then the player must call that card, regardless of whether they have legally squeezed it in there. If they have squeezed it in, they have to reveal it before the match is continued. This is to prevent cheating and to avoid losing a tournament match.