Don Manifold Instrumental in Dabble-Tabcorp Deal
Don Manifold, the joint managing director at Equity & Advisory, recently helped secure a strategic investment for social betting group Dabble. This wagering platform now has the chance to expand and scale up, thanks to significant funding from Tabcorp, Australia’s largest gambling company.
This kind of transaction requires a lot of skill and finesse to structure and close, and it comes as no surprise that Manifold was chosen to help lead the team, along with John-Paul Calabrese, Nathan Salapatas, and Patrick Sanzo. As the commercial adviser to Dabble, Equity & Advisory was instrumental in structuring a deal that would protect its client while still appealing to its key investor.
“Equity & Advisory’s job is to help our clients create wealth,” Manifold told online platform Billion Success. “Our marketing is based on taking valuable ideas directly to our clients to help them create wealth.
“The most important step is the first one: sharing valuable ideas directly with clients about how to create and protect wealth. I swear by the approach. Our team wants to help people not sell.”
Tabcorp and Dabble: A $33 Million Infusion
Dabble’s CEO, Tom Rundle, was straightforward about what the money would mean for the company’s future: “The investment will play a critical role in the delivery of Dabble’s unique offering to its young and engaged customer base.” Tapping into this market will mean adjusting the platform so it becomes an immersive, socialized experience for the company’s 150,000-plus customer base. In return for its investment, Tabcorp Holdings is getting 20% of Dabble and the right to appoint a director to its board. Under the terms of the contract, Tabcorp is buying the stake on a fully diluted basis. The decision comes shortly after Tabcorp sold its gaming systems arm eBET for AU$62 million.
Dabble was founded in 2020 by the Robin brothers. Dabble is known for its integration of standard wagering with the capability of a bettor to copy bets made by others in their circle. So, if a bettor notices that a friend is making more with their betting strategy, they can simply copy those same bets in hopes of improving their earnings. What’s more, they don’t even have to know the person to do this — they can simply follow a person’s handle to copy their betting strategy.
Don Manifold said that Tabcorp’s decision is aligned with its larger goals of implementing a better digital strategy. Tabcorp is welcoming a new era defined by the expectations of younger consumers, and around 80% of Dabble’s users are in Tabcorp’s target age bracket. Dabble has also posted significant earnings, reporting $47 million in annual revenue in June 2022.
The managing director of Tabcorp, Adam Rytenskild, said, “Dabble is one of the most unique and innovative wagering brands, and our investment today fits perfectly with our transformation agenda.” The larger idea behind the sale is to exploit the synergies between the two brands, syncing up wherever possible to create win-win opportunities. As the social betting experience continues to evolve, Dabble and Tabcorp are ready to keep up with consumer expectations so that betting in Australia can remain rewarding and enjoyable.
Equity & Advisory
This latest deal aligns with what Equity & Advisory has been doing for decades. Since 1997, E&A has been helping clients secure deals that work for them. Specializing in family and private business affairs, the team has managed hundreds of transactions worth a combined total of $8 billion. The directors of the company, Don Manifold, Stephen Young, and Mark Vartuli, bring a wealth of experience to every deal.
Having held senior positions at a variety of firms before coming to Equity & Advisory, the team members are known for their ability to assess the true worth of a company based on its current merits and projected potential in the market. They then leverage that value to raise capital or debt, structure a sale, or extract synergy from two partners.
“Each of our leaders previously held managing director/partner positions within large businesses and each leader currently chairs or is a board member of significant companies,” Manifold explained. “This combination of corporate advisory and hands-on management brings unique commercial perspectives to our clients.
“Our leaders are backed by a committed team of 10 professionals totally focused on achieving the best possible result for our clients.”
Don Manifold is a master of strategy, preparation and due diligence for every project he undertakes. While he uses his past experiences to help ward off oversights, he also doesn’t make broad assumptions before he has an opportunity to assess the realities of the negotiations. Case in point: Dabble has a unique position in the betting industry, particularly given the social aspect of its platform. The ability to make wagering both communal and immersive is what led people to flock to the digital application, and it’s this functionality that sparked Tabcorp’s interest.
The Life and Career of Don Manifold
One of Manifold’s most famous sales was that of S. Kidman & Co, a deal marked by bitter feelings and dissension. At the time of the sale, Manifold was the managing partner of Ernst & Young, and he was under intense scrutiny to find a solution. The famous cattle empire underwent years of in-fighting, made possible by generations of misunderstandings and conflicting priorities. His success is a testament to a steadfast character, one that could handle everything from tabloids to the individual egos of those involved with the sale.
Throughout his career, Manifold has prepared independent valuations for clients totaling more than $25 billion. He’s also worked on deals around the world, giving him invaluable insight into both the laws and cultural differences that dictate the finalities of every negotiation. With experience in IT, agriculture, manufacturing, retail, and consumer goods, he’s handled everything from turnaround consulting to strategic advisory at Equity & Advisory.
And he’s got his sights set on the future, which he thinks will involve “artificial intelligence or AI,” he told IdeaMensch. “Most people know that an IBM computer beat a world chess champion. What most people don’t know is that a computer has never beaten a world chess champion coupled with a computer. AI will not replace people but will help us build better businesses and better communities. The opportunities are endless.”
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