Finance Archives - Page 10 of 12

Churchill Downs revenue hits record $364.1m in Q1

Churchill Downs Incorporated (CDI) has opened 2021 with a record-breaking performance over the three months to 31 March.

Group revenue for the first quarter of 2022 increased 12.3% year-on-year to $364.1m (£290.4m/€345.9m), a new record for the business.

Gaming was the top performer over Q1 with revenue of $179.2m, up 16.4% year-on-year, aided by capacity restrictions at its Oxford Casino Hotel in Maine, Flordia’s Calder Casino and Presque Isle in Pennsylvania.

The gaming division is set to expand further through the acquisition of Peninsula Pacific Entertainment, which adds properties in New York, Virginia and Iowa to CDI’s portfolio.

The operator’s advance deposit wagering business Twinspires followed with revenue of $101.4m, down marginally year-on-year, after a decline in horse racing revenue was partially offset by growth from its sport and casino business. That operation is being wound down, however.

CDI’s live and historical horse racing business reported a 34.8% jump in r..

April 27, 2022

Rivalry revenue grows 640% in 2021

Sports Betting News Bookiecity

Esports-focused betting operator Rivalry’s revenue grew by 640.0% to $11.1m for 2021, in what chief executive Steven Salz hailed as “a tremendous year by nearly all measures”.

The rapid growth in revenue came as betting handle grew to $78.2m, up 202.0% year-on-year.
The business’s costs of revenues also rose quickly, growing more than ten times over to $8.9m.
However, this still left a gross profit of $2.2m, which was up 216.8%.
The business then paid a further $26.9m in operating costs, though, up 258.7%.
The largest of these costs were share-based compensation expenses, at $10.5m, after these costs were only $67,111 in 2020. Other operating costs included $6.2m in general and amortisation costs, $6.1m in marketing expenses, $1.5m in bad debt expenses and $1.3m in technology and content costs.
As a result of these costs, Rivalry made an operating loss of $24.7m, compared to a $6.8m operating loss in 2020.
After minimal interest and investment costs, Rivalry’s net loss was also $24.7m..

April 8, 2022

Dutch withdrawal leads to 30% revenue drop for Kindred in Q1

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Kindred’s revenue has dropped by 30.0% year-on-year to £247.0m in the first quarter of 2022, with the operator putting the vast majority of its £105m drop in revenue down to its decision to withdraw from the Netherlands.

The drop in revenue was mostly due to the fact that Kindred agreed to block all Dutch customers from 1 October, when the country opened its online gaming market, until it receives a licence.

This came in response to a change in enforcement policy towards unlicensed operators in the Netherlands, which led to LeoVegas, Betsson, Entain and Casumo all also taking the same decision.

At the time, Kindred CEO Henrik Tjärnström said the operator believed it did not have to block customers from the Netherlands as long as it did not target them, but said Kindred would not accept Dutch customers until it received clarification. However, Kindred later announced that its sites would continue to be closed to players from the Netherlands until it receives a licence.

This, it sai..

April 7, 2022

Betfan turns profit in third year of operation

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Polish bookmaker Betfan reported sales of €77m (£64.2m/$83.9m) for 2021, while its profit came to €760,000.

The business – which started taking bets in April 2019 – noted that its sales were up 90% from 2020. This, it said, was due to an 85% year-on-year increase in customers. The number of markets it offered, meanwhile, was up by 20%.
In addition, it said it achieved profitability in “record time” as no previous Polish bookmaker had made a profit within three years.
“When we started our business three years ago, we had very ambitious plans and we have been consistently pursuing our objectives ever since,” Betfan co-owner and chairman Łukasz Łazarewicz said. “We benefit from the fact that the betting market has grown by around 50% last year and this year it is expected to grow by between 15% and 20%.
“However, Betfan has been growing much faster than the industry itself and we will aim to maintain this trend in the coming years as well. At the same time, we have a strong advantage in ..

April 5, 2022

Equipment sales help Novomatic revenue rise in 2021

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Austrian gaming equipment supplier Novomatic has reported revenue of €1.84bn (£1.52bn/$2.02bn) for 2021, despite a dip in gaming operations revenue.

This was up by €98.7m, or 5.6%, from Covid-hit 2020, when revenue was €1.74bn.

Revenue from gaming operations was €1.03m, down slightly from €1.07bn the previous year. This was attributed to closures of gaming halls- from January to June 2021, an estimated two thirds of Novomatic’s arcades closed temporarily due to the pandemic.

Revenue from the sales of gaming technology made up the remaining €806.2m in revenue. This was up by 20.3%. The company attributed this rise to its Ainsworth business, which saw its sales rise from €67.9m in 2020 to €118.3m in 2021.

Novomatic acquired Ainsworth in 2018.

Total turnover from operators using Novomatic equipment or software in Europe came to €102.91bn. Much of this came from its lottery division, with €35.48bn. Betting operator turnover was €24.17bn, followed by casino turnover at €20.98bn.

Turno..

March 31, 2022

Division sales boost downsized Sportech to profitability in 2021

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Sportech recorded revenue of £22.9m in 2021, a year in which it sold off many business divisions, with these sales powering the business to a £34.5m profit.

All of Sportech’s revenue, expense and income figures for 2021 and its comparison figures for 2020 removed parts of the business which were sold, before counting these as discontinued operations. These included the Global Tote business, which was acquired by Betmakers in June 2021, and Bump 50:50, which Sportech agreed to sell to Canadian Banknote in February 2021.

This downsizing led to Sportech removing its shares from the London Stock Exchange and moving to the Alternative Investment Market, after which CEO Richard McGuire and chief financial officer Tom Hearne stepped down from their roles.

As a result, the revenue figure of £22.9m was up 32.1% from the restated figure given for 2020.

Sportech chief executive Andrew Lindley said that while the business was now small for a publicly traded company, he believed it was the righ..

March 31, 2022

Spanish GGR dips despite 25.8% growth in stakes in 2021

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Spanish gross online gaming revenue came to €815m in 2021, down 4.2% from 2020, but stakes grew by more than 25%, suggesting the decline may be more linked to trading than the country’s marketing rules.

According to figures from regulator the Dirección General de Ordenación del Juego (DGOJ), this came despite the fact that players deposited €2.77bn during the year, which was 216% more than in 2020, while turnover rose by 25.8% to €27.17bn.

For the first time, casino was the largest driver of online GGR, bringing in €407.1m in 2021, up 16.0%. Online casino revenue has grown year-on-year in every year in which DGOJ has recorded data.

Breaking this online casino revenue down further, slots brought in €241.4m, up 23.0%, while live roulette revenue grew 18.6% to €120.6m. Blackjack revenue was €23.2m, down 5.7%, while for RNG roulette this figure dipped by 27.2% to €22.0m.

Revenue from betting, which was previously the leading vertical, was down 16.2% to €305.9m, the lowest figure since ..

March 25, 2022

Connecticut sports betting and igaming revenue both decline in February

Sports Betting News Bookiecity

Gross gaming revenue from online casino in Connecticut came to $17.2m, down 8.5% from January, while sports betting revenue hit its lowest total for a full month since launching.

Gross gaming revenue is calculated after promotions are deducted. Before these deductions, revenue was $21.6m, down 3.6%.

The Mashantucket Pequot Tribal Nation – which operates Foxwoods Casino and partnered with DraftKings for online betting and gaming – continued to lead the way in gross online casino revenue, bringing in $13.7m. The tribe made a further $46,953 in revenue from mobile-on-reservation gaming, with its own Foxwoods-branded app.

Meanwhile, the Mohegan Tribe – which partnered with FanDuel – brought in $7.8m in gross revenue.

The combined online casino revenue came on $743.9m worth of stakes, with $493.6m staked with the Mashantucket Pequot Tribe and $249.5m with Mohegan.

In addition, players staked $17.2m worth of promotional credits with the Mashantucket Pequot Tribe and $1.0m with Mohegan.
..

March 24, 2022

Tab NZ reports turnover decrease in February

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Tab NZ has reported betting turnover of NZ$184.9m (£97.3m/€116.9m) for February, down 23.3% from the previous month.

This was also a decrease year-on-year of 1.2% and 2.3% below budget for the month.

Gross betting revenue was NZ$30.1m, a decrease of 24.7% from January but a rise of 1.1% year-on-year.

Profit for February was NZ$11.3m, down 36.5% month-on-month but up 9.7% from February 2021. This was NZ$200,000 less than the budget for the month.

Betting profit made up NZ$10.1m of the total profit, NZ$400,000 over budget, while gaming profit brought up the remaining NZ$1.2m, coming in NZ$600,000 under budget.

Profit for the year to date totaled at NZ$96.9m, down 7.5% year-on-year and NZ$800,000 under budget.

Operating expenses for the month fell by $900,000 compared to January, to NZ$9m, and fell by NZ$600,000 year-on-year.

The most successful day for horseracing turnover for the month was at the Herbie Dyke Stakes at the Te Rapa venue on 12 February, which generated NZ$538,000.
..

March 23, 2022

Stoixman deal helps OPAP revenue grow to €1.54bn

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Greek operator OPAP recorded €1.53bn (£1.28bn/$1.69bn) in revenue in 2021, a 36.2% year-on-year increase, as the acquisition of the remainder of Stoiximan helped the business diversify its operations with greater focus on online betting and gaming.

Breaking down this revenue total by game type, lotteries were the largest contributor, bringing in €549.2m, which was 5.9% more than in 2020.

This was followed by retail betting, which brought in €283.0m, up 5.6%, as pandemic-related restrictions continued to have an impact.

“Our retail business demonstrated high resilience, with recovery ramping up, even though our stores had to suspend operations for several months and adjust to strict healthcare restrictions after reopening,” OPAP chief executive Jan Karas said. “Our comprehensive commercial plan and well-accepted loyalty programs played a key role to this end.”
Online betting, meanwhile, experienced a sharp increase in revenue, by nearly 500% to €238.4m. Similarly, revenue from online..

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