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

​
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STAKELOGIC GAMES

Stakelogic is another popular software developer which has added its games to the Whamoo game library. As one of the best-known developers in the software industry, it is always a good sign that Stakelogic games are available to play given that this company has made some exciting video slots.
Using HTML5, Stakelogic games are of course fully mobile compatible, which means you can play them on your smartphone as well. The company has also made some exciting new 3D slots which are not only gorgeous to look at but also wild fun to play. As an off-shoot company from gaming giants Novomatic, Stakelogic certainly is a reputable software developer which can be trusted when it comes to fairness and reliability.
Popular Stakelogic games are Epic Slam, Wild Stallion, Magic Wheel, Super Wild Arcade, Fruit Spinner, Lucky Gems Deluxe, Hot Fruits, Grand Slam Deluxe, Runner Runner, Turbo 4 Player Jackpot, Dragons and Magic, Big 5 Jungle Jackpot, Mariachi and The Big Cash Game.
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High limit gaming options

Whamoo is an online casino which is not only suitable for gamblers on a tight budget, but also for the true high rollers. You can place bets as low as a few cents, or as high as several thousands of euros or dollars at this online casino. Depending on your game of choice, whether its a jackpot video slot or classic table game, there are countless of options to bet big for maximum excitement and chances of winning top prizes. Further down in this Whamoo review, we will discuss some of the high limit games which are available.
Highrollers should also note that Whamoo comes with its own VIP programme in which you can quickly work yourself to the top category if you bet big. You can get instant access to your own dedicated casino manager and will get invites to high stakes tournaments. There are special weekly cashback bonuses as well for the true high roller gamblers at Whamoo. We will discuss the VIP program more in depth a bit further down this Whamoo review.
For now, let’s take a look at all the high roller games which are available at Whamoo Online Casino!

Endless rows of jackpot video slots

If you are a real lover of video slots you will be glad to hear that Whamoo has several hundreds of online video slots available. Although some of these slots are more suitable for beginning players or those on a tight budget, there are plenty of slots available where you can bet up to 100 euro/dollar per spin. This makes for some exhilarating and thrilling slot game action which will please any high stakes gambler out there!
Of course, Whamoo also has its share of jackpot slots where you have a shot at winning the progressive jackpot which can run well above a million euro or dollar! These premium slots, such as those using the famous Megaways system, offer countless of opportunities to place maximum bets at your video slot of choice.
Check the Whamoo game library whether or not your favourite slot is available as well, or try one of the many exciting new game additions! It is easy to browse through the Whamoo website. You can sort slots by software provider, or use the search function to check for your beloved title.

Join for some high stakes blackjack action

Blackjack has always been one of the most popular games among high rollers and the reasons why are quite clear. You can often bet high amounts of money on a single play and you can as a player slightly influence the outcome of a game as you need to decide whether you want to stand or hit another card.
At Whamoo, there is plenty of high stakes blackjack action. There are both normal blackjack games such as American Blackjack and multihand Blackjack, as well as blackjack tables in the live casino. In the live casino, which is powered by Pragmatic Play software, you can play several blackjack variants. Bets of up to several hundreds of euros or dollars, or even higher for the real VIPs, are possible.
Beat the hand of the dealer and hit that score of 21. Maybe it will be your lucky day playing blackjack at Whamoo Online Casino!

Grab a seat at the roulette table

There is plenty of roulette action at Whamoo as well. You can choose between virtual roulette versions, or opt for a seat at a roulette table in the live casino, where you are connected to a real-time croupier by video feed. Especially in the live casino high bets of up to a thousand dollar or more are possible, making roulette a big favourite among the real high stake gamblers.
Of course, Whamoo Casino has all of the the standard roulette versions of American Roulette, French Roulette and European Roulette. Most of these games are developed by software giants NetEnt.
In the live casino, there is also Roulette Macao Live, where you will be connected to a gaming environment which makes you feel like you are playing in the famous casinos of this Chinese gambling mecca. Live Speed Roulette, Live Roulette Auto and Roulette Azure are popular Pragmatic Play live casino versions of roulette which are available to Whamoo players.
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Whamoo's unique bonus package

One area in which Whamoo stands out as online casino is its great bonus package. Of course, there is a great welcome bonus for newly registered users. But the fun doesn’t stop there! At Whamoo casino, it is bonus day almost every single day of the week. On Mondays, Wednesdays and Fridays the casino has recurring bonus offers if you reload you bankroll on one of those days. This makes Whamoo not only an attractive casino at the moment you sign up, but also at all those moments when you come back to play again.
300 free spins or a €200 deposit bonus

The Whamoo welcome bonus

We start of discussing the Whamoo welcome bonus which is called the “Welcombo” bonus by the casino. On a picture the Welcombo might not look too appealing as its packed in a carton takeaway box you might get at a certain fast food restaurant, but trust us on this: its contents are truly fantastic.
The Welcombo box contains a combination of goodies you get with your very first deposit at Whamoo. And what is best of all? You can decide what combo you want to receive! If you sign up at Whamoo for a free online casino account, you can determine your own bonus by adjusting the slide until you have found a combination which matches your idea of a perfect bonus.
This is a great option as it allows people to choose the bonus which best suits them. You can choose between free spins and a deposit bonus – or a combination of both. If you are an avid video slot gamer and do not care much about table games, you may want to slide all the way to the maximum free spins bonus. In that case, you will receive 300 free spins, but your deposit bonus will be 0%. The free spins in the Welcombo package are valid on the popular Amatic Industries slot Book of Fortune.
On the other hand, if you only care about table games and are not really interested in free spins and playing video slots, you want to adjust the slide to the maximum deposit bonus. This is a 100% deposit bonus of up to 200 euro. This means that if you deposit 200 euro of your own money to your newly created online casino account, Whamoo will top this up by another 200 euro from the house! If you select the full 100% deposit bonus, you will however not receive any free spins at all.
Of course, you can also opt for a mix between free spins and a deposit bonus. If you leave the slider in the middle, you will get 150 free spins and a 50% deposit bonus, for example. You can tweak this in any direction you want, for example to a 70% deposit bonus and 90 free spins. The higher your deposit bonus, the less free spins you receive. Want more free spins? Then your deposit bonus will decrease.

Welcombo bonus terms and conditions

Only one bonus is allowed per household and/or per player account. Do note that Whamoo’s bonuses remain valid until seven days after the required deposit has been made. Once this period ends, the bonus is automatically flagged as expired by the system and can no longer be released. The expired bonus funds are then automatically removed from the player’s account.
Of course, there is a wagering requirement which must be met in order to withdraw your bonus money and any winnings which may derive from it. Real money balance is used prior to bonus balance. The bonus balance will only be used when there is no real money available in your account. Only real money funds and released bonus funds can contribute towards the wagering requirement of the bonus. The wagering requirement for the Welcombo deposit bonus and free spins is thirty times (30x) the deposit + bonus.
Do note that players that deposit money using Paysafecard, Skrill or Neteller are not eligible for the Welcombo. To assure fair gaming and prevent fraud, Whamoo has placed a maximum cap on bonus money wagers, which are limited to a maximum per round/bet of €5 or its equivalent in other currencies. You should also be aware that certain games cannot be played using bonus money. There is a full overview of these games on the Whamoo bonus page.
Bets placed in certain games might not contribute fully to the wagering requirements.

• Bets placed on video slots count for 100%
• Bets placed on scratch cards count for 100%
• Bets placed on blackjack count for 10%
• Bets placed on video poker count for 10%
• Bets placed on poker count for 10%
• Bets placed on roulette, baccarat, sic-bo and craps do not count
• Bets placed on live casino games do not count

Recurring bonuses at Whamoo

The bonus fun does not stop at the welcome bonus when you play at Whamoo! You can count on a constant stream of promotional campaigns and bonus offers. The casino has recurring promo offers every Monday, Wednesday and Friday. If you deposit some extra money to your online casino bankroll on one of those days, you are eligible for a bonus. It therefore pays off to wait for these days before you decide to reload your online funds.
On Monday it is Pick ‘n’ Play day to start off the week with some good vibes. On this day, the casino basically tops up your deposited money You can:

• Turn your €20 into €25 with the code 100024;
• turn your €50 into €65 with the code 100025, and/or
• turn your €100 into €135 with the code 100026.

It is even possible to combine these bonuses if you want to deposit a larger sum! Alternatively, you can use the bonus codes of WHPICK5, WHPICK15 and WHPICK35 by putting these into the promo code field on the cashier page every Monday.

Whoa Wednesday

Wednesday is for many a difficult day in the week, it being right in the middle of another long week of work. To spice up things, Whamoo has come with an unusual bonus which it calls “Whoa Wednesday”.
Every Wednesday you get to uncover your secret gift – for free, no strings attached. The casino will add this gift to your next deposit. This can be a bonus, a set of free spins, or even both. You’ll get all the details once you’ve pulled off the cover and logged into your account. You will receive the bonus details and promotional code, which you can use in the promo field at the payment page to receive your hard-earned Wednesday bonus.

Freeday bonus

Friday is the favourite day of the week for many people – and the reason why is quite obvious. It marks the end of another working week and the start of some well-deserved weekend R&R! For many people this involves paying a visit to a land-based or online casino to get their kicks at their favourite game, whether it is a card game, roulette or video slot.
Whamoo knows that many people cannot wait for the days off work to start and therefore has come up with a special Friday bonus to welcome in the weekend! This bonus day is called ‘Freeday’ by Whamoo. The casino basically hands you a bunch of free spins if you are a regular customer. For every weekday from the previous week (Friday through Thursday) that you’ve deposited 30 euro or more, you get 10 free spins. For every weekend day you even get 20 Free Spins! That means up to 90 Free Spins are yours to play with. That’s a great start to a weekend full of partying and fun!

Wagering requirements

Do note that wagering requirements do apply to all daily promo offers. These are more or less the same as we outlined above in the description of the welcome package, but do take a look at the bonus terms and conditions page on the Whamoo website to know precisely what you can expect! As always, it is important to read the small print in order not to face any surprises later on.
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A fully mobile compatible casino

As a brand new online casino, Whamoo knows that already a majority of gamblers nowadays play on their mobile phones rather than on computers. Because of this, the Whamoo casino is fully compatible with mobile devices and tablets. If you load the Whamoo website on your smartphone, it looks just as good as on your laptop of computer. It’s equally accessible and orderly too! The mobile website is a breeze to browse through and you can easily access all the important pages such as the game library and payment page.
The same counts for the actual games themselves. Whamoo only works with software providers which are known to offer full mobile gaming support. These games are made in code such as HTML5, which means that the games can simply be played in your (mobile) internet browser. There is no download or special app required to play these games. Whether you are playing on your computer, tablet or smartphone, you simply surf to Whamoo.com and select your favourite game from the library. This game will then open in your internet browser – and you can play instantly. It does not matter whether your phone runs on Android or is an iPhone, nor does it matter whether you have Mozilla Firefox, Google Chrome, Internet Explorer, Opera, Safari or any other internet browser. Whamoo will function just fine!
This is absolutely great as you can now play at Whamoo wherever you are, whenever you want. Want to put down some wagers on the roulette table while you are sitting in public transport on your way to work? That’s easily doable! Just take out your smartphone on the train or bus, and surf to Whamoo.com to play at your favourite roulette table. Are you sitting on your couch at home and want to play a few hands of blackjack before going to sleep? Just take out your laptop, tablet or phone and within seconds you can have some of the most exhilarating blackjack fun on your screen.

The Whamoo Live Casino

Whamoo’s live casino is powered by Pragmatic Play and NetEnt software – which are two of the biggest, most reputable software providers in the world. This is great news for the players, as you can access high quality tables in just a few clicks.
In the live casino, you are connected with a live video feed to a real-time casino table in one of the casino studios of these software providers. You can play games like baccarat, blackjack and roulette like you are standing in a real land-based casino in Vegas or Monaco! Thanks to the high definition video stream, you have a great overview of all the action which unfolds on and around the table.
All table games are led by experienced, professional croupiers and dealers who are not only well-trained, but entertaining as well. By all means, feel free to open your microphone or the chat window to have a talk with them, or even with other players from around the world. This is what makes the live casino such a great invention. Even though you might be sitting at home in front of your laptop or computer, it does almost feel like you are standing in a casino for real!
Especially for high rollers the live casino is a worthwhile addition as table limits are often much higher than in regular games. Of course, if you are on a tight budget there will definitely be live casino tables where low minimum bets are allowed too – no worries there. But it is the experienced, high stakes gambler who probably feels most at home in the live casino.
There are multiple baccarat, blackjack and roulette variants which you can play. For roulette, there is American Roulette, European Roulette, French Roulette, Speed Roulette, Live Roulette Auto and Roulette Macao Live. If you prefer the casino classic of blackjack, you will find plenty of different tables all with slightly different betting limits. Baccarat is perhaps the game with the highest betting limit. Besides the regular version, there are also Speed Baccarat tables. A fourth casino game which can be played live at the Whamoo Live Casino is Sic Bo. Just browse through the list of live casino games, or use the search function to find your favourite table!
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