Finance Archives - Page 9 of 12

NH sports betting handle up 57.5% to $73.1m in April

Consumers in New Hampshire wagered $73.1m (£58.2m/€68.4m) on sports during April, up 57.5% year-on-year, while revenue in the US state also edged up.

Player spending was comfortably ahead of the $46.4m that was bet in the same month last year, but 7.2% lower than the $78.8m wagered during March 2022.

DraftKings’ mobile app accounted for the majority of wagers, with a total of $60.5m bet in April, while the remaining $12.7m was spent at DraftKings-branded retail sportsbooks in Seabrook, Manchester and Dover.

In terms of revenue, this reached $3.4m for the month, which was marginally higher than $3.3m in April of 2021 but 37.7% below $5.3m in March this year.

Some $2.9m of all revenue generated in April came from mobile wagering, while $583,767 was attributed to retail betting.

The New Hampshire Lottery also revealed that the state was able to generate $1.5m in tax from sports betting during the month.

Looking at the financial year to date, player spending for the 10 months to the ..

May 23, 2022

Crypto wagering: The forces driving growth

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iGB brings readers a new column, from Tom Waterhouse of WaterhouseVC. In this first instalment, he analyses the businesses that will drive growth and adoption in cryptocurrency wagering.

The growth of crypto wagering and Web 3.0 are turning traditional wagering on its head.

The entire real-world wagering ecosystem is being rebuilt in virtual worlds like Decentraland, presenting opportunities and risks to established operators.

In Decentraland, players must first purchase or transfer cryptocurrency (MANA or DAI) tokens to their Decentral Games wallet, which they can stake on certain games.

Online crypto operators, which have a similar UX to online fiat operators like FanDuel and DraftKings, are already recording extraordinary turnover.

Source: SoftSwiss

In Q3 2021, the total number of bets placed using cryptocurrency increased by 181% yoy, while the share of bets in crypto (43.3%) is fast approaching par with fiat (source: Softswiss).

Source: Softswiss

For example, crypto-fo..

May 18, 2022

Swedish gaming revenue up to SEK6.54bn in Q1

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Total gaming revenue in Sweden was up 5.8% to SEK6.54bn in the first quarter of 2022, as growth in land-based casinos and online gaming offset a decline in lottery sales.

Despite being a year-on-year increase, revenue was down 6.8% from the previous quarter.

Online betting and gaming made up most of this total, with revenue growing 7.2% to SEK4.20bn. This was also up 0.3% quarter-on-quarter.

The state lottery – run by Svenska Spel – as well as Svenska Spel’s Vegas brand of slot halls – brought in a combined SEK1.29bn, down 4.4% from Q1 of 2021 and down 23.6% from Q4.

Svenska Spel’s Casino Cosmopol brand of land-based casinos, meanwhile, brought in SEK103m, after no such revenue in Q1 of 2021, when these casinos were closed because of Covid-19. Compared to Q4, revenue was down 28.5%

Charitable lotteries brought in SEK863m, which was very slightly up from the same period of 2021, but down 3.0% from Q4.

Restaurant casinos brought in SEK39m, up from just SEK5m in Q1, but down from SE..

May 18, 2022

US growth helps power Sportradar revenue to €167.9m in Q1

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Data provider Sportradar’s revenue grew by 30.5% to €167.9m (£142.4m/$186.4m) in Q1 of 2022, as revenue from the US more than doubled while all other segments also experienced double-digit growth.

The United States was responsible for €25.7m of Sportradar’s revenue, more than double the total from Q1 of 2021. Meanwhile, €86.7m came from rest-of-world betting solutions, up 25.1%. The supplier said this growth was “driven primarily by increased sales of higher value-add offerings”, such as managed betting services which increased 51% to €26.4 million and live data and odds services, which increased 16% to €46.8 million.

A further €45.9m, up 16.9%, came from rest-of-world audiovisual products such as live streams, due to increased content from Tennis Australia and the National Hockey League (NHL). Revenue from other segments was up 13.6% to $9.5m.

Sportradar chief executive Carsten Koerl said it was Sportradar’s highest-margin products that had helped to power its growth.

“Our fiscal..

May 17, 2022

Playmaker reports $5.8m revenue in Q1

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Playmaker has reported revenue of $5.8m (£4.6m/€5.5m) for the first quarter of 2022.

This was up by 37% on a pro-forma basis from 2021, which comprised of Playmaker’s 2021 acquisitions- including Yardbarker, Futbol Sites and Two-Up Agency.

The total cost of sales was $728,969, leaving the gross profit at $5m.

Operating expenses amounted to $5.7m, up by $5.6m year-on-year, with all facets rising significantly. The comparative expense figures from 2021 are not on a pro-forma basis.

The rise was was mostly due to salary and wages costs, which totaled at $2.9m, rising from $17,826 in the first quarter of 2021.

Depreciation and amortisation costs were recorded at $940,836, a rise from $297 yearly, while advertising, commissions and fees came to $478,803.

The remaining expenses were made up of a number of expenditures, including general and administrative expenses, professional fees and share-based compensation.

The expenses resulted in an operating loss of $673,011, a rise of 518.8%…

May 12, 2022

BetMGM to limit presence in New York until tax rates change

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BetMGM chief financial officer Gary Deutsch said the business would continue to adopt a “conservative” approach in New York until the state’s “irrational” tax environment changes.

During its latest investor day, BetMGM reiterated its net revenue guidance for 2022 of $1.3bn (£1.06bn/€1.25bn), up from $850m in 2021. Executives also said BetMGM’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the year should be similar to 2021, when the business reported an EBITDA loss of $430m.

However, chief financial officer Gary Deutsch noted that there was a change in the portions of this $1.3bn produced by different states.

“Within this guidance, the revenue mix is different than previously expected,” he said. “We expected lower New York revenue and higher revenue in our other online sports and igaming states.”

Deutsch then went on to outline why BetMGM had taken few steps to establish a foothold in New York. During April, the operator reported $5.0m in revenue from $1..

May 11, 2022

Wynn CEO remains committed to online division

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Wynn Resorts CEO Craig Billings has said the business is still committed to online gaming – despite earlier rumours of a discount sale – in the earnings call for its Q1 2022 results.

The statement came after Wynn reported revenue of $953.3m (£772.5m/€903.7m) for the first quarter, a rise of 29.4% year-on-year.

Wynn Interactive generated $727m in turnover.

The future of this interactive division had been in doubt as in November 2021 Wynn and Austerlitz Acquisition Corporation I cancelled a deal that would have seen Wynn Interactive spin off and merge with Austerlitz. The joint business then would have listed on the NASDAQ stock exchange.

The business said that this was due to the fact that it no longer planned to go ahead with the spend-heavy strategy to promote the online product that it had initially planned.

Earlier this year, it was rumoured that Wynn was planning a cut-price sale of its Interactive division for an estimated $500m.

When asked about the company’s online aims a..

May 11, 2022

GiG: Media rules supreme, but platform potential grows

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Another record peak for Gaming Innovation Group’s (GiG) media division was the highlight of the supplier’s first quarter results, but the platform arm is poised for a potentially transformational year.

Gaming Innovation Group reported revenue of €19.1m for the three months to 31 March, representing its second consecutive record-breaking quarter.

Key to this was the ongoing performance of its media arm, which reported a 40.0% year-on-year jump in revenue to €14.1m for the first quarter of the year. The affiliate business, chief executive Richard Brown explains, took a massive leap forward with player intake hitting a record 69,800 for Q1, and intake from its paid campaigns up 160% year-over-year.

“We’ve been launching quietly in a number of markets,” he explains. “Over 12 to 18 months, we launch, analyse and optimise. Once we’ve managed to ascertain the optimum return on investment we ramp up marketing spend.”

Richard Brown, GiG CEO

While there has been a marginal decline in pla..

May 6, 2022

DraftKings beats EBITDA target, but still reports $467.7m Q1 loss

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DraftKings’ losses continued to grow to $467.7m in Q1 of 2022, but the business raised its earnings guidance for the year after its EBITDA loss was much lower than its target range for the period.

Revenue grew 33.6% to $417.2m in the quarter.

B2C online betting and gaming continued to make up the vast majority of DraftKings revenue, with revenue from this segment up 41.6% to $386.7m.

DraftKings chief financial officer Jason Park added that revenue in this area would have been $25m higher if not for lower-than-normal hold percentages.

Other revenue, such as revenue from media operations and the operator’s non-fungible token (NFT) “marketplace”, more than doubled to $17.0m.

“DraftKings delivered significant growth across our key revenue and performance metrics,” said Jason Robins, DraftKings’ co-founder, chief executive officer and chairman. “We are not seeing any impact from inflationary pressures on customer demand, and we continue to improve the user experience by adding breadth ..

April 29, 2022

Nevada gaming revenue rises 21.7% in March

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Gaming revenue in Nevada came to $1.35bn (£1.7m/€1.2m) in March, a rise of 21.7% from February.

This was also up by 27% compared to March 2021.

Slots accounted for a majority of the revenue, totaling at $903.0m. This was an increase of 18.1% month-on-month and 16.9% year-on-year.

Multi-denomination slots were the most lucrative form of slots, with revenue if $444.3m. This was a rise of 17.7% from February and 26.3% year-on-year.

Penny slots brought in $341.1m, up by 20.8% monthly. This was followed by one dollar slots, which generated $65.5m – a rise of 17.2%..

Table games brought in $452.1m, up 29.6% from the previous month and 53.3% from March 2021.

Baccarat was the largest contributor, with revenue of $131.7m. This was up significantly from February, rising 109.2%, and also year-on-year, where it increased by 93.1%.

Twenty one was the second most popular table game this month, coming to $104.5m. This was 8.2% lower than in February, but 46.4% higher than the previous march.

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