Tag Archives: Finance

Danske Spil GGR remains steady as slots growth offsets betting decline

Danske Spil GGR remains steady as slots growth offsets betting decline

Danske Spil, the Danish National Lottery, reported that gross gambling revenue (GGR) has largely remained steady year-on-year as positive and negative trends intersect.

The lottery received DKK2.35bn (£271m/$317m/€316m) total GGR in the first six months of 2022, which results in an after-tax revenue of DKK796m.

This result is largely similar to the total which the lottery achieved in the first half of 2021; with the lottery receiving DKK11m less in GGR in that period. However, after-tax revenue slightly fell by DKK4m.

The small increase in GGR can be explained by the increased popularity of lower-revenue-per-unit games such as lottery draws in tandem with a small decline in sports betting and casino. The decline in sports betting revenue can be attributed, in part, to the 2021 UEFA European Championship football tournament which was delayed a year due to the Covid-19 pandemic, with the games beginning 11 June that year. The fact that 2022’s Fifa World Cup has been delayed until the..

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BlueBet set for US debut after marketing spend drives growth

BlueBet set for US debut after marketing spend drives growth

BlueBet said investment in marketing and technology and a successful US entry strategy were key as it exceeded financial targets during the year to 30 June 2022.

The mobile-first online wagering services provider, which listed on Australia’s ASX in July 2021, posted turnover of AUS$511.9m during the financial year, which was up 48.5% on the previous 12 months.

It cited a strong performance in its Australian business, with active customers, turnover, net win and gross profit all increasing significantly as it grows market share. It also now has market access in four US states through its ‘capital lite’ US entry strategy, and has this week announced the debut of its ClutchBet B2C brand in the Iowa market.

It noted high return on marketing investment demonstrated by growing brand recognition and

annual customer value to cost to acquire a first time depositor ratio of 2.7x. It had 53,000 active customers by the end of the financial year, some 64.2% more than 12 months previously.

Blue..

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BetMakers CEO optimistic as revenue rockets after Sportech acquisition

BetMakers CEO optimistic as revenue rockets after Sportech acquisition

BetMakers chief executive Todd Buckingham said the business is now “unquestionably robust and independent of any single contract or strategy”, following rapid revenue growth in 2021-22, aided by the acquisition of Sportech’s global tote arm.

The business brought in AU$91.7m in revenue during the year ended 30 June, though its losses also increased following the deal.

Global betting services – which previously made up the vast majority of BetMakers’ revenue – brought in AU$19.5m, up by 179.3%.

However, with acquisition-driven growth in other segments, it was no longer the leading revenue generator for the business.
Instead, the global tote arm – acquired from Sportech last year – was the new leader. Tote revenue was AU$46.9m, up from just AU$1.7m a year earlier as the acquisition closed in the final weeks of 2020-21.

The BetMakers global racing network brought in AU$4.1m, up by 28%.

Costs of goods sold also increased, but more slowly, from AU$9.3m to AU$25.4m, resulting in a gross..

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Sportradar shares up 15% after raising full-year revenue guidance

Sportradar shares up 15% after raising full-year revenue guidance

Data provider Sportradar’s share price rocketed after it raised its full-year revenue guidance for 2022.

The announcement came as part of its second-quarter financial report, in which the provider also revealed that its revenue for the three months to 30 June was €177.2m, up 23.0% year-on-year.

In total, €29.1m of Sportradar’s revenue came from the US, up by 66.3% as the US market continued to expand. Rest-of-world betting services brought in €95.5m, up by 20.6% This, the business said, was mostly due to more focus on “higher-value-add” services such as managed betting services.

Rest-of-world audiovisual services to betting operators came to €39.7m, up by just short of 10% thanks mostly to new customers.

Other operations brought in a further €12.9m.

The business then paid €43.4m for purchased services and data licences, up 33.1%, plus €64.4m in personnel expenses, up 37.6%, €21.2m in other operating income, a slight increase, and €49.2m in depreciation and amortisation, up by 75.9..

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RSI still on track for long-term earnings goals despite higher Q2 losses

RSI still on track for long-term earnings goals despite higher Q2 losses

Rush Street Interactive (RSI) said it still expects to achieve its longer-term earnings targets despite posting an increased net loss and negative adjusted earnings before interest, tax, depreciation and amortisation (EBTIDA) during the second quarter and first half.

Speaking after the business published its results for the two operating periods, RSI’s chief executive Richard Schwartz said that the operator continues to move towards becoming profitable.

Schwartz said RSI experienced profit across six of its markets during the second quarter of its 2022 financial year, with the states of New Jersey, Pennsylvania, Illinois and Michigan, along with Colombia in South America, being profitable in the quarter. In addition, West Virginia also turned profitable after only four full quarters of operation in the state.

“We are continuing to build a global business,” Schwartz said “With the recent launches in Ontario in Canada and Mexico, we are now live in a total of four countries. This give..

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FuboTV gaming business under strategic review with negative revenue

FuboTV gaming business under strategic review with negative revenue

Streaming provider FuboTV will implement a strategic review of its betting arm, after determining that it could not operate the business alone in the current economic environment.

Fubo chief executive David Gandler said that the business was determined to ensure that its betting product – created when it acquired Vigtory – would be fully integrated with its streaming service. However, he said it could not achieve this by building its own technology.

As a result, it has initiated a strategic review of the wagering business.

“We continue to believe that an integrated wagering platform, offering both live video and a sportsbook, will result in the best viewing and gaming experience for consumers,” Gandler said. “However, as we have evaluated how best to scale these capabilities in today’s market, we have concluded that we will no longer pursue this opportunity on our own.

“Accordingly, our interactive wagering business is under strategic review. We are in internal and external discu..

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GB gambling revenue drops in June as almost all sectors struggle

GB gambling revenue drops in June as almost all sectors struggle

Gross gambling revenue in Great Britain dropped by 13.6% month-on-month in June, new figures from the Gambling Commission show, as almost all types of gambling experienced a significant decline.

The regulator published data based on reports from operators making up 80% of the GB online gambling market and 85% of the retail betting shop market, building on its earlier online-only reports launched in 2020. As such, the absolute figures reported do not include the entire market within these verticals.

Month-on-month, online gross gambling yield was down by 13.2% to £370.2m in June. The total was also a drop of 20.0% from the highest monthly total of the year, recorded in January. Revenue was, however, higher than March, when sports betting revenue experienced a sharp drop that was likely related to special officers around the Cheltenham Festival.

At the same time, revenue from retail bookmakers was down as well, by 5.6% to £181.7m.

Revenue from almost every single gambling vertical wa..

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Scout shareholders to vote on 90% share dilution next month

Scout shareholders to vote on 90% share dilution next month

Scout Gaming Group shareholders will vote next month on a share issue that would dilute existing holdings in the business by 90%.

Fantasy provider Scout announced that it would conduct a share issue in order to save the business in June, after it identified a SEK17m ($1.7m/£1.4m/€1.6m) commitment in its finances which it said it was previously unaware of.

The commitment will impact cash flow for third quarter of this year and have a negative effect on profit and loss in the quarter of around SEK5.5m.

As a result of the new cost, Scout leadership took drastic action to save the business, including laying off 68 employees, between its offices in Bergen in Norway and Lviv in Ukraine.

As well as the layoffs, Scout said it would issue 202.7 million new shares, diluting existing shares by 90%.

The board has now revealed more details of the share issue. Each shareholder will be offered the opportunity to buy nine more shares in the business, at SEK0.50 per share.

Scout said that the iss..

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XLMedia’s new focus on US betting pays off as H1 EBITDA exceeds $10m

XLMedia’s new focus on US betting pays off as H1 EBITDA exceeds $10m

A renewed – and acquisition-powered – focus on US sports betting helped drive XLMedia’s revenue up 39.2% to $44.5m, while earnings grew beyond $10m.

Since the prior year’s results, XLMedia changed the structure of the divisions within the business, as part of a wider restructuring effort.

Rather than a single sports betting vertical, the business split revenue related to betting into US sports and European sports. It was the US sports division that generated the vast majority of XLMedia’s revenue, with $30.2m, which was more than five times the total recorded in H1 of the previous year.

Much of this came from recent acquisitions such as Sports Betting Dime and Saturday Football Inc.

“The opening of new regulated markets and the signing of new media partnership agreements has allowed the US Sports business to capitalise on the full US sports calendar, in particular the Super Bowl, and deliver strong growth in H1 2022,” the XL board said.

The European Sports division, meanwhile, br..

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LatAm now Betsson’s largest market amid European decline in Q2

LatAm now Betsson’s largest market amid European decline in Q2

Betsson disclosed revenue of €186.3m (£158.9m/$189.5m) from its second quarter results, which saw Latin America become its largest market – while revenue in western Europe fell by almost 40%..

Pontus Lindwall, CEO at Betsson [pictured above] said the business saw progress in most areas throughout the quarter, and spoke highly of its sportsbook progress.

“Betsson’s second quarter featured continued good growth with all-time high revenue and further investments to support our expansion,” said Lindwall. “The group’s organic growth was 13%, mainly driven by Latin America, Central and Eastern Europe and Central Asia, where we see long-term growth potential as these markets still have a low share of online gaming.”

“The sportsbook business showed a strong development in the quarter – gross turnover increased by 20% and the margin was 8.3% (8.5%) – leading to all-time high revenue.”

Latin America is now Betsson’s largest market. In Q2, it accumulated revenue of €45.7m, up significantly by..

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