Sports betting Archives - Page 47 of 60

BetMGM to limit presence in New York until tax rates change

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 12, 2022

Genius Q1 revenue exceeds targets but stock-based costs mean losses grow

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Data provider Genius reported Q1 revenue of $85.9m, 59.9% ahead of Q1 of 2021 and 10% above expectations, but stock-based expenses meant its net loss widened almost eightfold.

Betting technology, content and services brought in $49.7m, which was up by 27.4% from Q1 of 2021. The majority of the increase, $7.3m, was due to new customers.

Media technology, content and services experienced the fastest growth, up by 157.3% to $24.1m. This, Genius said, was “primarily driven by the acquisition of new customers in the Americas and Europe primarily for programmatic advertising services, and the inclusion of revenues from recent acquisitions”.

Sports technology and services brought in $12.1m, up 124.0%. Most of this growth was also acquisition-related, with Genius highlighting the acquisition of Second Spectrum.

Looking at a geographical breakdown of revenue, just over half – $44.2m – came from Europe, up 11.3%. The Americas brought in $36.0m, up 246.1%, while revenue from the rest of the w..

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 10, 2022

Lithuanian gambling revenue grows by 90% in Q1

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Gambling revenue in Lithuania grew 90.0% to €43.4m in the first quarter of 2022, as neither the return of the land-based sector or a wide-reaching marketing ban stopped the online sector from continuing to grow.

Online gambling revenue came to €26.8m, up 16.7% from Q1 of 2021.

The majority of revenue came from slots – which are split between category A and category B machines.

Category A slots, with uncapped payouts and stakes, brought in €15.5m, which was up 24.7% from 2021. This came on stakes of €210.4m.

Category B slots, which limit stakes to €0.50 per spin and have win amounts capped at 200 times the original stake, €683,313, up 57.9%.

Table games brought in €1.6m, up 25.5%, on €19.4m worth of stakes and betting revenue was €9.0m, up 2.1%, on stakes of €125.3m.

Turning to the land-based sector, revenue was €16.9m after the sector recorded negligible revenue in Q1 of 2021 with land-based gaming venues closed.

Again, most of this came from slots. category A machines brought ..

May 9, 2022

Rivalry goes live in Australia

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Toronto Venture Exchange-listed Rivalry has launched esports and traditional sports betting in Australia.

The operator received a sports bookmaker license by the Northern Territory Racing Commission in February, and took its first bets in Australia last week.

“We are very excited to bring Rivalry to customers in Australia,” said Steven Salz, Co-Founder and CEO of Rivalry. “We take a very different approach than traditional betting operators, and have been particularly successful among Gen Z and young Millennial’s across the globe.

“We are very eager to start building our brand equity in Australia through a series of innovative activations and campaigns as we ramp up services throughout the remainder of 2022. As we do everywhere, servicing and helping to grow the esports and gaming community will be a priority for us.”

The launch comes just over a month after Rivalry launched in Ontario, as one of the initial operators to go live when the market opened on 4 April.

The business rev..

May 9, 2022

New York mobile sports betting handle and revenue down in April

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Player spending on mobile sports betting in New York fell 14.7% month-on-month in April, while revenue in the state was also down 8.9%.

Consumers wagered a total of $1.39bn (1.13bn/€1.32bn) on sports via mobile in April, down from $1.63bn in March of this year.

Gross gaming revenue from mobile sports betting for the month amounted to $104.1m, compared to $104.1m in the previous calendar month.

Flutter Entertainment-owned FanDuel Group remained the runaway leader in the market with $63.6m in revenue from $599.5m in wagers.

DraftKings followed in second with $19.6m in revenue off a handle of $327.1m, with Caesars Sportsbook, which posted revenue of $11.8m after taking $215.7m in bets, third.

BetMGM was next after reporting $5.0m in revenue from $142.2m in total wagers, then Rush Street Interactive with $1.8m in revenue and a $38.0m handle.

PointsBet posted $1.5m in revenue and reported a handle of $53.2m, while WynnBet had $518,705 in revenue off $9.4m in player bets, and Resorts W..

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 ..

May 6, 2022

Delaware sports betting handle slips to nine-month low in April

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Player spending on sports betting in Delaware fell to a nine-month low in April, with the state’s handle falling to its shortest total since July of last year.

Consumers wagered a total of $4.2m (£3.4m/€4.0m) on sports during the four weeks to 24 April, down 23.6% from $5.5m in the same month in 2021 and also 19.2% down from $5.2m in March this year.

This total, figures published by the Delaware Lottery show, was the lowest monthly amount since $4.1m was bet in July 2021.

Revenue for April reached $314,336, which was 64.5% lower than $895,299 in July last year and 43.2% down from $553,465 in March 2022.

Delaware Park retained top spot in the market, posting $151,674 in revenue from $2.1m in wagers.

Dover Downs placed second with $95,059 in revenue and a handle of $1.2m, while the Harrington Raceway followed in third, reporting $67,603 in revenue from $853,005 in wagers.

Players won a total of $3.8m from sports betting during the month, placing 142,465 bets in the process.

May 5, 2022

Californians to vote on legalising online betting this year

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A proposition to allow online sports betting in California – but with licence fees of up to $100m – will to appear on the state’s ballot this November.

Flutter chief executive Peter Jackson confirmed that the measure – backed by Flutter’s FanDuel brand, as well as DraftKings and BetMGM – was set to appear on the ballot this November, having gained more than the required 997,139 signatures.

“We’re very excited abut the Californian situation,” he said. “Clearly getting to this stage was not straightforward but we’re very, very happy to be on the ballot.”

These signatures must still be verified, though the measure reportedly has enough signatures that this is expected to be a formality. If it appears on the ballot and is approved by a majority of voters, it will become law.

The measure is titled the California Legalize Sports Betting and Revenue for Homelessness Prevention Fund Initiative (2022), as 85% of tax proceeds will gowards reducing homelessness. Sports wagering will be taxed ..

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