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Wynn talks up “substantial” UAE growth potential as Q2 revenue rises

Wynn Resorts CEO Craig Billings said the operator is edging closer to securing a licence for its new integrated resort in the United Arab Emirates (UAE), while the business posted a 75.8% rise in Q2 revenue to $1.60bn (£1.26bn/€2.46bn).

The business first announced plans to open Wynn Al Marjan Island in early 2022. The Wynn Resorts facility will be located on the man-made Al Marjan Island in the Emirate of Ras Al-Khaimah and will cost approximately $3.90bn.

The venue is not due to open until early 2027 but Wynn is already busy making plans for the casino. Construction partners were appointed in March, initial designs were revealed shortly after and Thomas Schoen was recently named project president.

“We have everything we need to operate gaming in Al Marjan”

Wynn released renderings of its property in Ras al-Khaimah earlier this year

In addition, the operator is pushing to secure early approval ahead of the planned opening. Speaking on its earnings call, he said Wynn expects to re..

August 9, 2023

ESPN Bet to launch in November

Sports Betting News Bookiecity

Jay Snowden, president and CEO of Penn Entertainment, confirmed that ESPN Bet will go live in November this year.

Penn and sports broadcaster ESPN’s transformative $1.5bn deal will consist of Penn relaunching its existing Barstool Sportsbook as ESPN Bet.

Off the back of the deal Penn is divesting its Barstool Sports sportsbook brand and selling it back to Dave Portnoy, founder of Barstool.

Snowden confirmed the month for launch on Penn’s earnings call today, following the publication of its second quarter results.

When the deal was announced yesterday, Penn said the launch had been set for “the fall”, with no specific details as to when.

On the earnings call, Snowden skipped around the month with “sometime this fall” and “certainly before Thanksgiving” before landing on November.

Snowden defended the timing of the launch amid claims it would come too late in the NFL season.

“I think our launch in November is good, because it won’t get lost at the beginning of football season,”..

August 9, 2023

Online growth drives Lithuania H1 gambling revenue up 21.5%

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Gambling revenue in Lithuania increased 21.5% during the first six months of 2023, driven by growth within the country’s online gaming sector.

Gross gaming revenue for the first half in Lithuania was €108.5m (£93.5m/$119.2m), up from €89.3m in the same period last year.

Of this total, €72.2m was attributed to online gambling, a year-on-year rise of 31.5%. The remaining €36.3m came from land-based activities, up 4.6% on the previous year.

Online slots lead the way in Lithuania H1

Breaking down this performance, €45.5m of all online gambling revenue came from category A slot machines. This was 37.5% higher year-on-year.

A further €1.8m in Lithuania was generated from online category B slot machines, up 28.6% on 2022.

Internet sports betting revenue climbed 12.4% to reach €19.0m in the first half. In addition, remote table games revenue was 71.4% higher at €6.0m.

Slower growth in land-based sector

Turning to Lithuania H1 land-based gambling, category B slot machines were the main ..

August 8, 2023

ESPN makes its betting move as Penn lets go of Barstool

Sports Betting News Bookiecity

Disney-owned sports broadcaster ESPN is moving into sports betting in partnership with Penn Entertainment, which will sell the Barstool brand back to founder Dave Portnoy.

Penn’s Barstool Sportsbook is relaunching as ESPN Bet this autumn through the $1.5bn deal. This immediately provides the brand with a footprint across 16 legal betting states, covering its mobile website and app and desktop site.

Penn says its partnership with the largest sports brand in the US increases the long-term adjusted EBITDA potential for its interactive segment by between $500m and $1.0bn.

Penn is divesting Barstool Sports, its sportsbook brand since 2020, as a result. Barstool founder Dave Portnoy buys back 100% of its share capital “in exchange for certain non-compete and other restrictive covenants”.

The terms of the deal

ESPN and Snowden comment

What about theScore and icasino?

Barstool back with Portnoy

Disney’s history with betting

Exclusive access to ESPN assets

ESPN Bet leverages ESPN’s m..

August 8, 2023

IBIA expands Brazilian network with KTO

Sports Betting News Bookiecity

The International Betting Integrity Association (IBIA) has named KTO, the sports betting brand owned by the KTO Group, as its latest member.

Founded in 2018, KTO currently operates in both Brazil and Peru, with plans to also launch in Chile.

As part of new regulatory measures in Brazil, KTO is required to join an international body for monitoring sports integrity. Its membership of IBIA satisfies this demand and puts the brand in line with new Brazilian betting laws.

KTO joins nearly 50 businesses and over 125 sports betting brands in the IBIA network.

“We view this as a step that reinforces our dedication to upholding the highest standards of integrity in sports betting,” KTO managing director Jeff Tabone said. “Trust has always been a cornerstone of the KTO brand. Joining IBIA signifies our commitment to a safe and transparent environment for our customers and the wider industry.”

IBIA chief executive Khalid Ali added: “KTO is the latest operator to make IBIA its preferred integ..

August 7, 2023

BetMGM clinches Kentucky market access agreement

Sports Betting News Bookiecity

BetMGM and Revolutionary Racing Kentucky (RRKY) have partnered for a new market access agreement.

The agreement will see BetMGM offer its online and retail sports betting platform to Kentucky’s market, once sports betting becomes legalised in the state.

Retail sports betting will go live on 7 September, followed by online betting on 28 September.

Read the full story on iGB North America

August 7, 2023

Genius benefits from betting growth as revenue rises 22.1% in Q2

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Genius Sports said growth within its betting technology, content and services division helped push revenue up 22.1% year-on-year during the second quarter of 2023.

The data, technology and broadcast business experienced growth across all its businesses in the period. However, it was its betting arm that witnessed the most significant increase, with revenue rising 26.8%.

Genius put this down to higher customer utilisation of event content and growth in business with existing clients.

The provider also noted that renewed partnerships with a number of major clients will help drive further growth.

In recent months, Genius has extended a partnership with Football DataCo (FDC), which manages data rights for the English Premier League. It has also renewed deals with the National Football League and indoor American football’s XFL.

“We enter H2 having reached a significant inflection point in our business,“ Genius co-founder and CEO Mark Locke said. “Following the financial outperformanc..

August 4, 2023

IBIA welcomes Galera.bet as latest member

Sports Betting News Bookiecity

The International Betting Integrity Association (IBIA) has announced sports betting brand Galera.bet as its latest member.

Match Time Solutions-owned online operator Galera.bet is focused on the Brazil market.

Galera.bet joins almost 50 companies and more than sports betting brands within the IBIA network of members.

“We are honoured to work with IBIA and to be able to reinforce our purpose of developing business with integrity as our priority.,” Galera.bet CEO Marcos Sabiá said. “We believe that collaboration between partners is extremely important to protecting the integrity of sport and betting markets from corruption.”

IBIA CEO Khalid Ali added: “We welcome Galera.bet’s decision to join IBIA. It recognises the unique benefits of IBIA’s operator-run integrity monitoring network and its ability to track members’ individual consumer transactional activity, rather than just analysing simple odds movements.

Brazil regulates sports betting

The decision to join IBIA coincides with ..

August 4, 2023

DraftKings further increases full-year guidance after Q2 growth

Sports Betting News Bookiecity

DraftKings has increased its full-year revenue and earnings guidance after reporting growth during both its second quarter and first half.

The operator put Q2 success down to continued customer retention and engagement, as well as the acquisition of new players. DraftKings also highlighted an expanded parlay offering and improved promotional intensity.

This led to a year-on-year rise in revenue and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). DraftKings was also able to reduce net loss.

Based on these figures, the operator was confident in increasing FY guidance for the third consecutive quarter. DraftKings already raised FY expectations in both the first quarter of 2023 and final quarter of last year.

DraftKings also took into account anticipated launches in new markets when increasing its FY guidance. The operator expects to go live in Kentucky in September and Puerto Rico before the end of the year, with these launches set to further improve f..

August 3, 2023

Arizona sports betting handle down again in May

Sports Betting News Bookiecity

Player spending on sports betting in Arizona fell again in May, while revenue also declined month-on-month.

Monthly handle in Arizona amounted to $451.7m, down 2.1% from May of 2022 and 17.7% lower than April this year.

Consumers wagered $446.9m online and a further $3.9m at retail sportsbooks in the state.

Player winnings for the month amounted to $398.2m, resulting in $48.6m in adjusted gross event wagering revenue before free bets. This was 12.0% down on last year but marginally higher than April’s total.

Read the full story on iGB North America

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