Quarterly results Archives

Online growth drives US gaming revenue to record $16.1bn

US commercial gambling revenue reached a Q2 record of $16.07bn, the 10th consecutive quarter of growth, according to the American Gaming Association (AGA).

This represented an 8.1% increase from the total US gaming revenue recorded in Q2 2022 and is the second-highest grossing quarter in industry history, with only Q1 this year reporting a higher figure.

Overall, the US gambling industry generated $32.71bn in commercial gaming revenue for the six-month period, up 11.9% from last year.

AGA estimated the results led to $7.28bn in gaming tax revenue for state and local governments, a 12.9% increase from 2022. The trade body highlighted the industry is in on track to contribute the highest total in tax revenue it has done in its history.

“While commercial gaming is on track for an unprecedented third consecutive year of record revenue, the lasting impact we’re making on our communities through this record growth is even more impressive,” said AGA president and CEO Bill Miller.

Online ..

August 10, 2023

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

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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 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 ..

May 24, 2023

International growth offsets NA decline in Super Group Q1

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Growth in Betway-operator Super Group’s African, Middle Eastern and European operations partially offset the decline in revenue experienced in the company’s North American division.

Super Group chief executive Neal Menashe praised the “solid” result in Q1 and emphasised that the company remained focused on profit and revenue growth.

“During the month of March, net gaming revenue was a record high, along with the operational EBITDA margin of over 20% and this is a strong reminder of the value of operating leverage in our business,” he said.

“We are confident that we will continue to build on another strong quarter across igaming and sports betting across the world.”

Regulation in Ontario throttles North American segment

Super Group reported €338.5m for the first three months of 2023, a 1% rise from the €334.5m the company achieved in the same period of the previous year.

Overall, Super Group’s Betway sports betting and gaming business generated €198.2m of the total, while the op..

April 28, 2023

PointsBet confirms North American sales talks

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Australian gaming operator PointsBet confirmed that the business is “currently in discussion with multiple parties” regarding the sale of its North American business.

The company also said that it has terminated previously reported talks to sell its Australian business to the News Corp-backed gaming venture behind the Betr brand. Despite this, PointsBet said it remains in discussion with “other third parties” who have expressed interest in acquiring the business.

“Consistent with commentary previously provided to our investors and the market more generally, PointsBet continues to engage in discussions regarding strategic transactions that offer the potential to add value for our shareholders,” said the company.

pointsbet also confirmed that it had terminated the talks to sell its Australian business to a news Corp-backed venture

Losses mount despite revenue growth

For the three-month period ending 31 March, the business recorded gross gaming revenue of AU$106.6m (£56.4m/€63.9m/US..

March 15, 2023

US growth drives 30% revenue rise in Sportradar FY22

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Sportradar reported a 30% rise in revenue from €561.2m (£490.1m/ $591.2m) in 2021 to €730.2m in its full year 2022 financial report, driven by 78% growth in the US, as well as 26% growth from its international operations.

The company’s reported revenue beat its annual projected outlook range of €718m to €723m. US revenue stood at €127m for the year, as opposed to the €71.7m the business reported in 2021. This compares with the 25.8% rise in its international betting segment with grew from €309.4m to €389.1m from 2021 to 2022.

From this revenue, the business announced adjusted earnings before interest taxes depreciation or amortisation (EBITDA) of €125.8m, a 23% increase from the €102.0m the company achieved in 2021.

The business hailed the strong results across all its key performance metrics. CEO Carsten Koerl said he was “very pleased” with the company’s results, driven by what he described as “exceptional execution”.

“We saw excellent performance across all of our key performa..

January 13, 2023

Kindred CEO: “No item is sacred” when it comes to cost-cutting

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Henrik Tjärnström, CEO of Kindred, has said that “no item is sacred” in terms of cutting costs on an earnings call addressing Kindred’s Q4 trading update released earlier today (13 January).

Although Kindred’s Q4 revenue is projected to rise 24.5% year-on-year to £305.0m (€343.1m/$372.2m), Kindred said this was not up to expectations and vowed to take “immediate action”.

Addressing this, Tjärnström said that Kindred would review all areas of cost in order to improve spending for 2023, adding that no cost-cutting is off the table.

“We are looking to review all cost items for efficiency purposes and refreshing our channels for spending in 2023,” he said. “We cannot comment on the overall number at this point.

“But we’re clearly looking across the P&L [profit and loss], and no item is sacred in that sense.”

He said this was due to how vastly the Q4 revenue is set to depart from Kindred’s, and the market’s, expectations.

“We take this very seriously, and the deviation that we see fro..

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