Half year results Archives

Entain hails record online players after revenue hits £2.40bn in H1

Entain reported a 14% year-on-year increase in net gaming revenue (NGR) to £2.40bn (€2.78bn/$3.06bn) during the first half, helped by a record number of active online players in Q2.

The group revealed growth in all business areas for the six months to 30 June. Both online and retail revenue, excluding US operations, was up year-on-year at Entain.

When including $944.0m in revenue contributions from its BetMGM joint venture with MGM Resorts, NGR was up 19%. That business, Entain added, BetMGM posted its first positive EBITDA figures in the second quarter.

Higher revenue also meant an increase in pre-tax profit for Entain. However, its bottom-line was hit by the £585m provision set aside as part of deferred prosecution agreement (DPA) negotiations with the UK’s Crown Prosecution Service (CPS) over historic activities in Turkey.

Entain makes ‘clear strides’ towards strategic goals

CEO Jette Nygaard-Andersen was pleased with H1. She said the operator made “clear strides” towards deli..

August 10, 2023

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

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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

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 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

DraftKings further increases full-year guidance after Q2 growth

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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 2, 2023

Caesars Digital becomes EBITDA positive in Q2

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Caesars Entertainment has posted the first quarter of positive adjusted EBITDA for its digital business since rebranding to Caesars Sportsbook in the summer of 2021.

The group launched its new-look sportsbook app in August 2021, following its acquisition of William Hill earlier in that year. Caesars acquired William Hill for £2.90bn (€3.37bn/$3.71bn) in April 2021 after a deal was agreed in September 2020.

In the months and years that followed, Caesars Sportsbook was rolled out across a total of 20 of states. However, despite this extended reach, EBITDA did not turn positive until the second quarter of this year.

EBITDA from Caesars Digital in Q2 reached $19.0m. In May this year, Caesars set a digital EBITDA target of $500.0m within the next two years.

Eric Hession, president of Caesars Sports and Online Gaming, welcomed the landmark. He highlighted the growth of both online sports betting and casino.

“Our performance this quarter continues to demonstrate the effectiveness of our ..

August 1, 2023

Bet-at-home H1 cost-cutting pushes earnings despite revenue decline

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German-facing sports betting and igaming operator Bet-at-home.com announced the business’ cost-cutting measures has tripled the company’s EBITDA, despite an overall decline in revenue.

Bet-at-home’s gross gambling revenue stood at €24.2m in H1 2023. This was a 9.3% fall from the €26.7m the business achieved in the same period the previous year.

The FL Entertainment-owned company said this resulted from regulatory developments in Germany. It represents the operator’s largest single source of revenue.

In particular, Bet-at-home highlighted the impact of the monthly betting limits Germany implemented from 1 July 2022.

These limits – which were implemented as part of the country’s Fourth State Treaty on Gambling – include a €1 per spin stake limit for online slots.

The operator also highlighted a weaker than expected development of the online gaming segment. This is a trend it also blamed on enhanced regulation from the previous year.

Impact of strict cost-cutting

However, during H..

November 1, 2022

UK gaming tax intake rises in H1 of 2022-23, but remote duty down

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UK provisional betting and gaming tax intake for the six months to 30 September has risen 11.0% from £1.46bn to £1.62bn ($1.85bn/ €1.88bn) compared to the same period the previous year.

The largest contributors to this figure is the Lottery Duty, which represents 30% of the total, and the Remote Gaming Duty which contributes 28% of the total. However, both the duties declined both in absolute terms and percentage of the total from same period the previous year.

The 2022 figures had a high degree of variability month to month, demonstrating both seasonal variation and a decreased month-to-month stability in the figures post-pandemic – as commented on by HRMC.

“Since the 2020-21 financial year, monthly receipts have been more unpredictable and, instead, receipts across each quarter are now more representative,” it said.

As a result, the figures had a large range. At the high end, almost £500m of the total was gathered in April alone – while in September, just £93m was received by th..

July 27, 2022

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

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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..

July 20, 2022

STS revenue declines despite higher stakes in Q2

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STS – Poland’s largest bookmaker – reported a drop in net gaming revenue despite an increase in wagers in Q2.

In Q2, wagers were up 1.0% year-on-year to PLN1.11bn, despite Q2 of 2021 including the rescheduled Euro 2020. However, net gaming revenue – which includes gambling taxes as well as winnings – declined by 16.6% to PLN138m.

The business had 375,000 active users during the quarter, down from 417,000 in the same period of 2021. In addition, it reported 92,000 new registrations, down 22.7%, and 66,000 first-time depostors, down 19.2%.

Looking at the first half of 2022, net gaming revenue came to PLN296m, very slightly up from the same period of 2022.

The increase came as total wagers with the operator dipped sightly to PLN2.19bn.

“In the first half of this year, we achieved very good operating results,” STS chief executive Mateusz Juroszek said. “We have slightly improved NGR – the value of amounts staked by the customers, less the winnings paid and gambling and lottery tax – c..

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