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DKNG - Fundamental DD Inside - DKNG

This is an example of fundamental DD that takes place at ‘smart’ money institutions based on my professional experience in IBD, Private Equity & most recently at a HF (mods can message me for proof). Not thoroughly fleshed out b/c you autists have limited attention spans, but a summary. Figured I’d take the time to give back to this community that has provided many lolz, & should be a good measuring stick when evaluating other forms of fundamental DD posted here.
NFA.
DKNG - DraftKings, Inc.: vertically integrated US mobile betting operator that also provides retail sports betting & back-end betting solutions through SBTech. Think of SBTech as the tech ‘market-maker’ for traditional sports betting, they do all the funny math to set the betting odds & seem to be working on back-end solutions for DKNG Casino
The Big Picture

Total annual US Gambling Revenue: ~$90Bn [1]
- Casinos: ~$75Bn
- Illegal Sports Betting: ~$13Bn
- Horse Racing: ~$0.8Bn
- Daily Fantasy Sports: ~$0.4Bn

Only ~2% of the ~$90Bn gambling revenues were placed online which is the lowest in the world where betting online is legal. For example, in other countries online gaming activity represents ~6% - ~52% of total gambling revenues, with ~12% being the average.
Wall Street expects online gaming revenue to be $20Bn-$40Bn within the next 10 years. For this to be achieved, the online gambling market will have to achieve a ~30% penetration rate on total country gaming revenues. There is an expectation that this is could be easily achievable given penetration trends overseas - see page 11 of this: https://s1.rationalcdn.com/vendors/stars-group/documents/presentations/TSG-Investor-Day_March-27-2019.pdf
Other catalysts include increasing adaptation of sports betting in more states. States that have both legal sports betting + online sports betting permitted: NV, NJ, WV, PA, IA. Sports betting permitted but no online: DE, MS, RI, MO, AR. Prior to COVID there was ongoing discussions across many States, especially ones with growing deficits to explore how permitting sports betting could create a fresh avenue of tax dollars. Post COVID there is an expectation that these discussions will be given extra focus as many States will be hungry for incremental tax dollars. Important to note that currently 43/50 States allow DFS, but given the small share DFS has on total Gaming Revenues, it increasingly looks like DKNG is banking on traditional sports betting for a variety of reasons, more later. There are entire articles on Google arguing this catalyst so I’ll end this here.
Digging Deeper
DKNG’s main offerings are Daily Fantasy Sports (“DFS”) products & traditional sports book products to its clients. Long story short, a metric to look for in my opinion (that is curiously not reported by management or remarked on) is the hold % in traditional gaming sector parlance or the ‘rake’ & compare it to the ‘traditional’ gaming products like sports betting & Blackjack.
For DFS: DKNG takes ~15% of the prize pool (note: used to be ~6-11% [2]). Curiously, their main competitor FanDuel also has moved up to a ~15% rake recently. Google searches show the smaller competitors have a rake in the ~13% range.
This ‘rake’ has grown ~2x in 6 years, but it has been a delicate move on behalf of management. Why? B/c the more ‘sophisticated’ DFS players (equal to autistic day traders on Robinhood) have noted this increase & based on some Googling, some have moved down market to the smaller players. As a side note, many live casino games have their rules altered to grow the Hold %. For example, Blackjack games with 6:5 payouts on 21 have materially higher Hold % than the traditional BJ rules that pay out 3:2. Given the findings so far, DKNG may not have much room to materially increase its hold % in DFS games in the near-term from current of 15%. More on this later.
Now why the fuck is this important? This is important b/c the typical sports book (ex-Parlays) have a ~5% hold %/rake. Parlays have up to a ~30% hold (which is why it’s commonly known as the sucker’s bet), & just for reference, the average Blackjack table clocks in 14.5%. What this means: Every dollar put into these games, the “House” or DKNG, will take 15% of your money for DFS games, for sports bets they will be pocketing ~5%, up to ~30% if you’re into parlays, & we’ll just use the standard 14.5% BJ hold for the DraftKings Casino platform.
So why the acquisition of SBTech & a foray into the traditional sports gambling market? As you can see previously, the illegal sports betting market is >30x the size of the current daily fantasy sports market. So it’s clear that the DFS providers including DKNG are foraying into the space to capture this user base & hopefully convert them into games that have a higher hold %, such as DFS/DKNG Casino.
As of May 2020, DKNG has achieved a 30% penetration rate on its ~4mm ‘monetized’ DFS clientele to its Online Sports Book (OSB), from the OSB+DFS clientele, DKNG has converted 50% into its DraftKings Casino platform.
Including non-monetized users, user base totals at 12mm. Based on these unit economics: every 1mm of additional users -> 333k monetized users for DFS -> 100k users for OSB -> 50k users for DraftKings Casino.
Some Numbers – Italicized/Bolded the important

In total, DKNG has DFS paying clientele of ~4mm, the metric management focuses on is “Monthly Unique Payers (MUP)” which spans across DFS & online sports betting***. As of Q1’20 they reported 720,000*** MUPs, representing +16% YoY growth [3]
- Average revenue per monthly user (ARPU) of ~$41, +11% YoY
  - Based on previous observation of Hold %, looks like ARPU growth will be limited
- Since ’17, MUP has grown at a ~11% CAGR & ARPU has grown at a ~19% CAGR
- As a side note: the ~4mm monetized user base was acquired at ~$122/user over 3 years. Total users cost them $41/user over the last 3 years [3].
They are currently EBITDA negative & Wall St expects them to be positive by 2023
- I took a dive into the math driving this, here is a summary:
  - Based on their current cost structure they will need to have ~1.7mm MUPs at an ARPU of ~$46 to break-even. This implies total monetized users of ~10mm from ~4mm currently

Numbers that represent Risks to Long Thesis

DKNG’s user base of ~12mm is on the low end of the sector vs. its ‘brick & mortar’ competitor's user bases (online betting platforms with physical casino presence)
- CZR with 55mm, MGM with 33mm, ERI with 10mm (in pending merger with CZR, could have a lot of overlap), FanDuel with 8.5mm
- Is there a concern for increased marketing costs to increase user base? Let’s look at a case study of NJ, the first state to open both mobile & retail sports betting:
  - FanDuel + DraftKings have held 80%+ of the OSB market share since 12/2018 which is estimated to be driven by the conversion opportunity from DFS that is unique to both companies [4]
  - On the flipside, a case study to examine going forward is how DKNG can get OSB customers in a State that does not allow DFS. Nevada. Home to Las fucking Vegas. Prior to NV pushing FanDuel/DKNG out (highly likely due to casino lobbying), NV was a top-15 State in terms of revenue for them. NV is home to the fattest sports book in the US, & recently the gaming commission started to parse the data on sportsbook wagers done online vs. in-person, & it came out to roughly 50/50. It will be interesting to see how they try to capture market share in a state with no DFS
Long-term EBITDA margin target of 35% requires huge growth in MUPs
- Based on their estimated '22 cost structure: Holding ARPU of ~$46, MUPs will have to be ~5.2mm, a 7x increase from current to achieve a EBITDA margin of 35%
  - A focus on future earnings will be management's ability to shift to a more fixed-cost structure which would effectively lower the MUP requirement for profitability

Things to look for when going Long
- Progress of additional States legalizing sports betting – specifically, States with DFS already legalized
- Cost structure evolving to a more fixed mix vs. the mostly variable mix currently as this will be the forward figure that determines profitability
- Increasing User Base (Curr.: 12mm) -> Monetized Base (Curr.: 4mm) -> MUP (1Q’20: 0.7mm)

Management seems to be focused more on the first step, but one thing to note is that the 33% monetization rate is very high when compared to something like League of Legends which isn’t entirely comparable but in 2013 had a ~4% monetization rate [5]. This, combined with the below implies that this conversion rate may be the ceiling for now
As a side note, ~6 years ago FanDuel had ~300k monetized on an ~800k user base for a monetization rate of ~37% [6]

Share Price Target
Given the cost structure of the company, I’m going to base the price targets around Enterprise Value / Revenues (driven by MUPs & ARPUs).

MUP sensitivity of 5mm - 6mm
ARPU sensitivity from $41 - $47 for an average of $44, just a $3 increase from current of $41.
Share Price targets based on 2.0x - 4.5x EV / Sales.
- Note: Flutter Entertainment (FanDuel ParentCo) trades at ~3.6x EV/Sales

Bear Case MUP: 5mm -> $20.32 - $45.73
Base Case MUP: 5.5mm -> $22.27 - $50.10
Bull Case MUP: 6mm -> $24.21 - $54.47
These MUPs imply a monetized customer base of 28mm – 33mm. At the high-end, this implies that DKNG monetized customer base will equal MGM’s current total user base.
At yesterday’s close of $43.70, DKNG is trading at 3.5x – 4.5x forward Revenues on an expected >5,000 MUPs.
Share Price drivers / considerations:
- Continued multiple expansion

Consideration: A 1x premium to FanDuel's 3.6x, implies a ~15% upside to current. They're bigger than FanDuel, do they deserve the premium?

- MUP Growth exceeding beyond targets

Consideration: Stock currently implies that they should on average be growing at 40% QoQ – during 2018 they had on average +30% growth QoQ in MUPs, marking their best year

Management Team
Jason Robins, 39 – Co-Founder & CEO. Duke BA, started DraftKings from day 1 in 2011. The 2 other buddies he started the Company with are still at DKNG. Dude navigated the Company through the scandal that rocked them in ’15 & ’16, and was the trailblazer in getting DFS labeled as a non-gambling product that enabled it to open in States without a gaming designation. This shit is the stuff that gets people in history books. His accomplishments make him seem like a very competent guy. Has 3 kids now, and only ~3% economic ownership in DKNG but has 90% of the voting power through his Class B share ownership. Also he actively participates in venture investments, sitting on 10 boards.
His comp plan performance bonus target is pretty murky, but main drivers are EPS growth, revenue growth, then a bunch of margin & return metrics, along with share price returns. Overall, very open-ended & it’s safe to say as long as shit doesn’t hit the fan, he will be eligible for his max payouts year over year. I’m assuming the lawyers tried to encompass everything possible for maximum flexibility to justify him earning his max comp as long as DKNG is still around.
Since he’s got voting control of 90%, I’ll end the specific-person overview here, but want to note that they have a very bloated C-suite. 12 folks at DKNG, 8 folks at SBTech, all with C-suite designations. Whereas their main competitor FanDuel, has 3 guys with a C-suite designations & 1 EVP, but is a sub under a larger ParentCo that has its own management team of ~5 guys.
Looking through glassdoor you can see the biggest complaint among employees giving bad reviews is based on management, all of the specific issues they point out IMO are a result of a top-heavy company. Seems like a good starting point to optimize their cost structure, but given Robins' history of sticking this entire thing through with his co-founders since '11 stuff like this doesn't seem to be a part of his playbook. They’re a public company now though, so it’s going to be interesting to see going forward.
TL;DR:
If I were to initiate a position in DKNG, the stock would have to fall to the $35-$37 range for me to be a buyer of the stock, and based on this rough intro analysis I'll be considering Put options if it breaches $50. I would not touch Calls at this level.

[1] Wall Street Research - 6/27/19
[2] https://rotogrinders.com/articles/bang-for-your-buck-a-look-at-dfs-industry-rake-153302
[3] https://draftkings.gcs-web.com/static-files/8f3a5c5a-7228-45bf-aab2-63604111c48d
[4] Wall Street Research - 5/19/20
[5]https://www.gamasutra.com/view/news/223071/Dont_monetize_like_League_of_Legends_consultant_says.php
[6] https://rotogrinders.com/threads/how-many-people-actually-play-dfs-regularly-252044

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Whether you’re playing GratoWin casino on mobile, tablet, or desktop, you’ll have access to three excellent support options. It’s possible to email the customer service team about a range of important topics such as withdrawals, bonuses, and the VIP Club. Phoning GratoWin is also possible and someone will call you back promptly once you’ve made a request.
As with most casinos, our GratoWin casino reviewers found live chat to be the quickest support option. We found our requests were responded to quickly and all our questions were answered professionally by friendly live agents.

Our Verdict of GratoWin Casino

GratoWin is a casino that fits a niche market in the competitive world of online gaming. It attracts members with its exclusive range of slots and games, and offers you the chance to win real money for free when you sign up and claim the no-deposit bonus. You can also take advantage of a generous first deposit bonus, loyalty promotions, and six levels of VIP rewards.
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Grande Vegas Casino Review

As far as US casinos are concerned, Las Vegas is the place to be if you want to do any amount of fun gambling. Grande Vegas Casino channels the fun and excitement of Las Vegas and gives it to players from all over the country. Founded in 2009, this real money casino has been around to see all of the legal changes surrounding the gaming market in the US. The site is registered out of Curacao and is operated by a Cypriot company, Greavestrend. The fact that Grande Vegas is licensed and regulated means that players have the added security of a reputable company to fall back on.
The site is one of the best you will find in the United States for many reasons. Not only are there a bunch of games for you to play, the software utilized is great and all of this is complemented perfectly by a top-notch customer service department. All in all, this real money casino has everything casino players want out of a top-tier casino.

Grande Vegas Casino Software

When it comes to real money online casinos, few things are more important than the software the casino utilizes for its games. People often overlook the chosen software because it really isn’t something the average player should be concerned about. All players want to know is that their gameplay experience is smooth. What people fail to realize is that the smoothness of gameplay at a real money casino is wholly dependent on the software being used.
At Grande Vegas anyone with even a little bit of casino experience will find that the games are quite familiar. This is so because Grande Vegas utilizes Real Time Gaming software for all of its games. Having been dealing casino games for years now, RTG knows its way around the industry and has seen it all before. As such, they continue to provide sites like Grande Vegas with some of the best, newest, and most innovative games around. Tying into this perfectly is the fact that RTG is constantly doing things to update and improve their offering as to always remain fresh.
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Grand Vegas Casino Game Selection

The selection of games at Grande Vegas is nothing to scoff at. No matter what type of player you are, you will assuredly find what you are looking for. In addition to real money casinos utilizing top-notch software, sites are also tasked with providing a nice selection and variety of games. At Grande Vegas, selection and variety are exactly what you get.
If you are a classic casino player who is interested more in table games than anything else, there is nothing to worry about as this site boasts a wide array of games like blackjack and baccarat. New-age games like video poker are also available and are some of the newest around. This means that at Grande Vegas you will only ever be playing the most current selection of video poker games. For players who despise a stagnant selection of games, the constant updating of table games is great.
When it comes to slots, you will find no shortage of them either. From 3D slots to classic reeled games, slot players will find that they are absolutely inundated with slots. Progressive jackpots featured at Grande Casino are great too, as they allow you the opportunity to strike it big. Player testimonials featured on Grande Casino’s site show you just how well people have done playing slot games.
As was mentioned before, the fact that RTG software is used means that the overall selection of games changes with the passing weeks and is constantly being added to. So if you grow tired of one particular game, you can rest-assured knowing that there are new ones being added all the time and that your choices are constantly being expanded.
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Grande Vegas Casino Banking Options

As far as this site’s banking options are concerned, there is a healthy selection of methods by which you can both fund an account and cash out winnings. Before going any further, it is worth mentioning that you are not always going to be able to cash out via the same method you deposited. There are certain banking options that facilitate both, but some will only allow you to deposit or only allow you to cash out.
As far as deposit options, the following are available to you at Grande Casino: wire transfer, Bitcoin, debit/credit cards, ECOcard, NETeller, and Skrill.
As for cashing out, the following withdrawal options exist at Grande Vegas: wire transfer, Bitcoin, debit/credit cards, ECOcard, NETeller, Skrill, and check.
Of course, with each listed deposit option comes the inevitability of fees, however Grande Vegas does well to ensure that fees are not egregious and are about in line with what you will find at other casinos able to offer services to US residents.

Customer Service and Reputation

Grande Vegas continues to draw in positive attention for itself through its competent offering of customer service contact options. Not only is customer service available at any time of the day or night, there are a few different methods by which you can reach a customer service agent. No matter what your inquiry is, customer service at Grande Vegas can be reached via phone, live chat, or by email. Responses are typically furnished immediately such that most issues can be resolved quickly.
As you might have guessed, Grande Vegas has a great reputation amongst players from all over the world, but especially in the United States. With their awesome selection of games and so many other things the site has to offer, it would be a huge surprise if they did not have a flawless reputation.
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Grand Vegas Casino Sign-Up Bonus

The sign-up bonus offered to new Grande Vegas players is more or less standard and does not overly impress, but definitely doesn’t disappoint. New players who have just made their first deposit will see 100% of their deposit matched as a bonus. This means that if you initially deposit $100, your player account will have $200 with which you can begin playing.
Prior to these bonus monies being eligible for withdrawal, however, you will need to fulfill wagering requirements. The exact requirements are listed plainly in the bonus’ terms and conditions.

Grande Vegas Casino FAQs

Does Grande Casino have mobile gaming?
Yes, whether you download the application or play via your smartphone’s web browser, you can play real money casino games on the go with Grande.
Is this site trustworthy?
Being fully licensed and regulated, this site is, in fact, very trustworthy. On top of this, it was first online in 2009, so it has plenty of years of experience upon which it can fall back on.
Are there other bonuses besides the sign-up bonus?
Yes. Grande Casino is constantly offering bonuses and promotions to new and returning players alike.

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Popular Blackjack Variations

Bonus Blackjack: Bonus Blackjack bets include a main bet and a side bet. Bonus Blackjack odds and payouts for the main bet are the same as in classic blackjack. In the side bet, the player has the option to wager on whether the player, the dealer or both receive a natural blackjack. If a 21 happens, the player wins a 15 to 1 payout. Players should read through all the Bonus Blackjack rules before playing a hand for real money.
Pontoon: The UK version of Pontoon calls a natural blackjack (two cards equaling 21) a “pontoon”. The next-best hand is the 5-card trick, which is a five-card hand totaling 21 or less. To compensate, if the dealer and player have the same hand, the dealer wins.
Spanish 21: Also known as “Australian Pontoon”, Spanish 21 uses four to eight “Spanish decks”, meaning the decks have the 10-rank cards taken out. This gives the casino an extra edge, so a number of favorable rules are added for the player. For instance, a five-card 21 pays 3 to 2, while a six-card 21 pays 2 to 1, and a seven-card 21 pays 3 to 1. Also, if the player and dealer each receive a 21, the player wins.
Match Play 21: Match Play 21 uses the Spanish deck, but has a number of exotic payouts. A twenty-one built with 777 pays 3 to 1, while a 678 hand pays 3 to 1. A Match Play 21 pays 40 to 1. The inclusion of rules for the 777 and 678 requires different strategies because it means you’ll be playing hands you otherwise wouldn’t want (13-14-15).
Perfect Pairs: The main bet in Perfect Pairs is similar to classic blackjack, but this game has a side bet which pays more for matching cards. If a player receives a pair, a small payout occurs. If the pair has the same color, then the payout is higher. If the pair is suited, it triggers the biggest payout. Obviously, Perfect Pairs is played with 6 or 8 decks, to provide more opportunities for winning side bets.
Blackjack Switch: Switch deals two hands and lets a player switch cards between the two hands. This is a huge advantage, though players have to remember that a bet is placed on each hand, so strategy requires balancing out the needs of both hands. If the dealer receives a 22 against the player’s 21 or less, it is a push. If the player receives a natural blackjack, their hand beats the dealer’s 22.
Face-Up 21: Also known as “Double Exposure” in some casinos, Face-Up 21 allows the player to see both of the dealer’s cards. That’s a tremendous advantage, so the dealer receives several advantages to compensate. The main advantage is the dealer wins any ties, except when the player has a natural blackjack.
European Blackjack: The dealer stands on soft 17. The player may double on hard 9 through hard 11 only. The dealer doesn’t take a hole card, so the player loses doubles and splits when the dealer receives a blackjack. 배트맨토토 모바일
Super Fun 21: Sometimes called Super 21 in online casinos, Super Fun 21 began as a variant of blackjack in Las Vegas casinos. This game has several hands that are automatic winners. For instance, a 6-card hand worth 20 or less is an automatic winner. A 5-card hand worth 21 or less pays 2 to 1, though this hand does not win if it’s after a double.
Progressive Blackjack: Progressive Blackjack offers an accumulated jackpot, which is played as a side bet. The main bet plays much like classic blackjack.
Multi-Hand Blackjack: Allows the gambler to play multiple hands of blackjack at once. This can be 3 hands, 10 hands, or 25 hands. Many varieties of multi-hand blackjack exist because any of the variants above might have a multi-hand version designed for it.

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Secret Slots Casino Review

The Secret Slots online casino offers its players a range of table and slot casino games. The site is owned by Cassava Enterprises Limited, which is in turn a subsidiary of 888 holding plc – which is listed on the London Stock Exchange. Cassava Enterprises operates under its Gibraltar legislation, 888 UK Limited operates the website in the UK via its Great Britain Gambling Commission legislation whilst Virtual Digital Services Limited operates the site in other European Union states that don’t need a local legislation.
The display of the website is dominated by the striking and rather iconic image it has as its background. The photo is of the casino capital of the world, Las Vegas, lit up at night. It’s a great choice and perfectly fits in to what the website is all about – casino games.
The foreground blocks, which are black, are also transparent so you can see the whole image without missing any important, casino related information. It is a well thought out design that has been perfectly executed by the designers at Secret Slots Casino. You get a sense of how professional and successful the site is just by visiting the homepage.

Secret Slots Casino Customer Care

Secret Slots online casino has two pages on their website dedicated to ensuring any customer queries are answered. Firstly, players that are dealing with problems should visit the ‘Frequently Asked Questions’ (FAQ) page which can be found on the footer of the page. Common questions that players have on there are answered, examples of which being: How do I cash out and get paid? And Are my payment card details secure? The answers given aren’t the most detailed, often being one or two bullet points. As well as that, only 6 questions are answered on this page, leaving the majority of specific issues customers may have unanswered by the FAQ page.
However, despite the negatives found on the FAQ page, the customer support being on hand 24 hours a day, 7 days a week is a helpful solution to many online casino visitors’ issues. The help room, which can only be accessed in the members’ area, is the instant place for customers to have their queries answered for. Support agents are on hand 24/7 there to solve any issues players may have with the website. Those that’d prefer to contact the team via telephone can do so on a toll free number that is also operated 24/7, that number is 0800 018 3307.
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Only a Few for Free

There are currently 184 slot games available to play on Secret Slots – with more being added daily. The majority of these are household names when it comes to online casino slot games, including: Rainbow Riches, Starburst, Gonzo’s Quest and Twin Spin to name but a few.
A frustration about the site is that there are only 10 slot games that can be played for free. Casino players like to test what they’re playing before they stake on it to see if they like the game or not, and the lack of opportunity to do this on Secret Slots is a black mark against the site. No doubt, players will be put off by this and they’ll feel the site are only after their money – something that is hard to argue with when only 10 of 180 slot games can be played in demo mode.

Casino Classics

There are just six ‘table games’ that are available on the site. These are: Baccarat, Low Limits Texas Hold’em, Standard limits Texas Hold’em, Sidebet Blackjack, Baccarat pro series and American Blackjack.
We found it rather incredible that the site doesn’t include Roulette in the list somewhere – this is one of the most iconic and famous casino games available and with it not being available on Secret Slots casino is quite shocking on really.
The six other games are popular and the variety offered when it comes to poker, Blackjack and Baccarat players will no doubt be appreciated. However the lack of roulette on a casino website is a poor lack of judgement and hopefully they’ll fix this as soon as possible.
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Safe and Secure

It’s no surprise that the website takes its security very seriously, whether that is the fair play of tis games or the payment methods accepted. Mentioning the methods of payment accepted, only transactions via some of online banking’s most reliable companies are accepted, some of which include: Visa, MasterCard, PayPal and Maestro amongst others.
The fairness of the games is an important point to remember, many question the legitimacy of playing a game where the dealer is the computer and not a human being. To be fair to Secret Slots, they understand these concerns and use an independent (RNG) Random Number Generator to ensure whatever the game format is (roll of a dice, hand of cards or a slot) it’s fair and in no way favours the computer in an unnatural way. All the games available on the site have passed this test and therefore deemed ‘fair’ for players to play and stake on.

Secret Slots Casino Promotions Page

The Secret Slots promotions page is currently boasting four promotions that are there for players to enjoy. Whether it is prizes, free plays or bonuses – the site has a range of offers at hand for players to take advantage of. At the time of writing this, the current welcome bonus is a 100% upgrade on players’ first wager up to £25 when typing in PLAYNOW into the Promo Code section. Not an over-whelming welcome bonus, but enough to entice players onto the website.
Other promotions currently live on the site are a welcome bonus (deposit on the weekend and get 50% back), cashback club - which gives players money back the more they play and the classic ‘Invite a friend’ bonus which is where players can claim £10 just by enticing others to join the site.
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Regular players to the site will be rewarded for their loyalty to the Secret Slots casino. There are five levels where players will move up, depending on how often they stake on the site – these are in ascending order: Public, Classified, Confidential, Secret and Top Secret.
Players will start earning points as soon as they start staking on games on the site. This will allow them to advance through the different levels and eventually start claiming the more generous prizes, including up to 50 free spins per month, 10% cashback on every deposit and weekly access to tailor-made promotions and a monthly gift. I think many will agree that loyalty should be rewarded on online casino and judging by these deals, Secret Slots do just that.

Secret Slots Casino Mobile, or Not?

It’s unclear whether Secret Slots online casino offers its players the chance to enjoy any of the sites games on the go via a mobile or tablet. This is a frustration as the site should be able to clearly define whether some, or all, of the games can be enjoyed on the go.
The fact nothing is mentioned about mobile being available makes it highly likely that there aren’t any games available to be enjoyed on the go. This is an annoying factor, and despite the websites well designed site that we were referring to earlier, this is an annoyance that there isn’t more of a practically to the site. Either way, it’s one customers will be interested to visit and perhaps enjoy.
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And it’s not just you — the name reminds us of another casino too — Spin Palace. The crazy thing is that it’s not just a coincidence. Spin Casino is owned and operated by the same company that owns and operates Spin Palace.
The name isn’t the only thing these two casinos have in common, though. They also have a similar, if not identical, casino. The games, graphics, and stakes are alike.
If playing at identical casinos isn’t your cup of tea, we totally understand. There are tons of unique places to play online. You can browse our review section and find dozens of them.
However, if this doesn’t bother you, then the upside is that you know that you can expect a high-quality and enjoyable experience at Spin Casino.
That said, we aren’t about to rest on our laurels just because Spin Casino is similar to its sister casinos. This is why we still reviewed Spin Casino with the same scrutiny we do when we review other casinos.
This means our review below includes both the good and the bad information that we found. It means we didn’t take money for a fluffy review or inflated rating. And it also means that we’re going to tell you exactly what you need to hear so that you can decide whether Spin Casino is the right site for you to join.
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Spin Casino Basic Information

Spin Casino has a license with the Malta Gaming Authority and Kahnawake Gaming Commission. They’re licensed under the names Bayton Ltd and Baytree Ltd.
Bayton Ltd and Baytree Ltd are both managed by The Palace Group. There’s a good chance that you’ve heard of The Palace Group, or at least heard of or played at one of their brands. Some of the other brands they operate include Spin Palace, Ruby Fortune, and Mummy’s Gold.
The Palace Group has been in business a long time, too — since 2001. This means that they’re getting close to their 20th anniversary online, which is light years compared to other casinos.
Between their time in business and their gaming licenses, you can feel comfortable playing at any of their brands. This includes Spin Casino.

Restricted Countries – Who Can’t Play

Players from the following countries cannot play at Spin Casino.

Australia
Andorra
Austria
Belgium
Czech Republic
Denmark
France and Outlying Territories
Germany
Hong Kong
Iran
Israel
Italy
Myanmar
North Korea
Philippines
Portugal
Romania
Singapore
Slovakia
South Africa
Spain
USA and Outlying Territories
Taiwan
Turkey
Hungary
United Kingdom

Keep in mind that this list can change at any time. For that reason, we recommend you periodically check Spin Casino’s terms and conditions to see if your country has been added to the list of prohibited countries.
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The Casino

In the following sections, we’re going to look at Spin Casino’s games. That way, you can get an idea of the games they offer so that you can decide if they’ll be a good fit for you.
Unlike most casinos nowadays, Spin Casino uses only Microgaming software for its animated casino games. There’s nothing wrong with this. It’s just that you won’t have the game or graphics variety that you will have at casinos that work with multiple software providers.
Trust us, though; this casino is plenty good enough. Spin Casino offers a little bit of everything here including slots, video poker, and table games.
They have a live dealer casino, too. Their live games come from Evolution and Ezugi, who are heavy hitters in the live gaming space. The result is a robust selection of live games. We’ll look at these later.
The one confusing aspect of their casino is that there are three sections — a casino, live casino, and Vegas (casino). We’re going to list some of their games below, but we’re only going to make a distinction between their animated and live dealer games.
We also noticed that their Vegas casino section doesn’t have any filters. You can’t select the type of games (slots, table games, video poker, etc.) that you want to see. This can make it tough to find the type of game you’re looking for unless you already know what it’s called.
The good news is that most, if not all, of their Vegas games, are also available in their main casino. This means there’s a chance you won’t need to visit the Vegas section at all.
Anyway, that covers the basics. Let’s now jump into each section and look at some specific examples of casino games you can play at Spin Casino.

Table Games

We’re going to start with Spin Casino’s table games. The following is a list of card and poker games that we found during our review.

Atlantic City Blackjack
Baccarat
Roulette
3 Card Poker
Card Climber
Classic Blackjack
Craps
Double Exposure Blackjack
European Blackjack
European Roulette
Flip Card
High-Speed Poker
Hold’em High
Vegas Downtown Blackjack
Multi Wheel Roulette
Red Dog
Super Fun 21
Vegas Strip Blackjack
Spanish Blackjack
Triple Pocket Hold’em Poker
Cyberstud
And more!

There are both pluses and minuses to Spin Casino’s table game section. We’ll start with the downsides.
The most frustrating thing about their table games is that there’s no way to filter for specific games in the Vegas section. This can make it incredibly tough to find the games you want to play unless you already know what they’re called.
Another thing we were sort of unimpressed with is the lack of non-blackjack and roulette games. There are not enough games to offset all the blackjack and roulette options.
However, that brings us to one of the good things about their table game selection. They have lots of blackjack and roulette games.
In fact, you’ll find more than 30 blackjack games and more than 10 roulette games. Some of these are merely high-stakes variants or duplicate titles with improved graphics. Even discounting those, you’d be hard-pressed to find a better selection elsewhere.
Another thing we’re fans of is some of the unique games that you’ll find at Spin Casino that aren’t readily available elsewhere. For example, we can’t think of another casino that offers Triple Pocket Hold’em, Hold’em High, or Card Climber.
That’s always a good thing.
Table Game Testing, Graphics, and Stakes
Once we were done browsing their games, we opened a few of them up to make sure they worked well and to see what their graphics and stakes are like.
The graphics for the games we tested are pretty good. They’re not glossy, overly polished, or even realistic. They look more like animated games. There’s nothing wrong with that, though.
They don’t make it clear the stakes you can play for. We had to manually decrease and increase our bets to figure out the limits. The stakes we found varied from $2/hand or round to as much as $1,000. But keep in mind that this may vary depending on the game you play.
These aren’t bad limits — they’re higher than what many casinos offer. No t only that, but we also anticipated their live dealer casino offering even higher stakes. This means that we’re less concerned about how high the stakes are in this section of their casino.
We’ll look at their live dealer section in a few minutes.

Video Poker

The next section we checked out was Spin Casino’s video poker games. Here are the games we found during our review.

Aces & Eights Poker
Aces and Faces
All Aces Poker
Deuces Wild Poker
Deuces Wild Bonus Poker
Double Double Bonus Poker
Jacks or Better Poker
All American
Bonus Poker
Deuces & Joker Poker
Joker Poker
Louisiana Double Poker
Tens or Better Poker

This is an okay selection. On top of this, you’ll find “power,” “multi-hand,” and “Gold Series” variants that you can also choose from. We counted nearly 25 poker games in their main casino.
There are video poker machines in the Vegas section too, but we didn’t find anything different than what’s listed above.
Testing Their Games, Graphics, and Stakes
We tested a couple of their poker games during our review.
The games we played had average graphics, but that’s to be expected with video poker machines. They’re not meant to be fancy. They worked great, though. We experienced no lagging or bugs.
Some of them had neat features, too. For example, the machines we played offered the chance to double your winnings. When you make a winning hand, you can click the “double” button to play a mini-game to see if you can double up. Keep in mind that if you lose this game, you lose everything.
The best feature, though, had to be the automatic hold. Many video poker machines will tell you when you made a winning hand so that you don’t forget to hold those cards. However, one of the machines we played automatically held the best cards according to the common video poker strategy.
Now, we don’t know what strategy these machines are using or how optimal that strategy is. However, they did hold the cards we would have had this feature not existed. This is a neat option if you’re new to video poker and aren’t sure how to play optimally.
As far as stakes go, we found machines that let us play for as little as $0.25 per coin to as much as $50 per round. We recommend you bet the max number of coins, though, which means your minimum bet will be $1.25. This will vary from machine to machine, though.
Overall, we liked Spin Casino’s video poker section. We’d like to see more unique titles to choose from, but our opinion is that this lineup will work for most people reading this.