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Daily Archives: May 15, 2024

May 15, 2024

Sportradar reports Q1 loss despite revenue and EBITDA growth

Sportradar has reported a €649,000 (£557,099/$704,906) loss for Q1, despite revenue and EBITDA both increasing significantly year-on-year.

Sportradar posted Q1 revenues of €265.9m, up 28.1% on the €207.6m generated in the same quarter last year. Meanwhile, adjusted EBITDA reached €47.2m, a 28.6% increase on the €36.7m accumulated in Q1 2023. Sportradar attributed the adjusted EBITDA increase to revenue growth and enhanced operating efficiency, both of which offset increasing sports rights’ costs.

Sportradar pointed to “broad-based strength” across its product portfolio as the reasons for its revenue growth. Revenues from its betting technology and solutions sector shot up by 34.6% to €218.8m, accounting for 82.3% of Sportradar’s total revenue. Its sports content, technology and solutions segment accounted for the other 17.7%, also seeing its revenue increase 4.7% to €47.1m.

The company’s total liquidity of €494.6m was also 7.6% higher than the €459.6m it had at the end of Q1 2023.

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May 15, 2024

Detroit casino revenue dips to $109.4m in April

Commercial casinos in Detroit reported a year-on-year decline in revenue during April, while the three venues in the Michigan city also posted a month-on-month drop.

Total Detroit casino revenue for April amounted to $109.4m (£86.8m/€101.0m). This is only marginally lower than $109.7m in April 2023 but 11.7% less than $123.9m in March this year.

Of this total, $107.9m came from table games and slots, down 1.6% year-on-year. This was also 11.8% behind March’s total.

The other $1.6m of revenue was generated in qualified adjusted gross receipts (QAGR) from sports betting. This is in contrast to a $14,489 loss in April 2023 and in line with the $1.6m posted in March.

MGM retains the lead in Detroit

Looking at each commercial casino in Detroit, MGM remains some way out in front in terms of total revenue. During April, MGM held a market share of 46.0%, compared to MotorCity on 30.0% and Hollywood Casino at Greektown with 24.0%.

MGM reported $49.9m in table games and slots revenue in A..

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May 15, 2024

Maine sports betting revenue bounces back despite handle dip in April

Sports betting revenue in Maine climbed 51.9% month-on-month to $4.1m (£3.3m/€3.8m), halting three consecutive months of decline in the state, despite a fall in player spending.

Adjusted gross receipts from sports betting in April was comfortably higher than $2.7m in March. Incidentally, March’s total was the lowest monthly amount since Maine launched legal sports wagering in November last year.

Maine calculates adjusted gross receipts by subtracting voided and cancelled bets, federal excise tax and player winnings from handle. Void bets in April totalled $173,638, with federal excise tax at $93,326, and player winnings $33.9m.

The revenue increase came despite a 19.5% drop in total handle to $38.3m. Players in Maine wagered $47.6m in March, a monthly record for the state.

DraftKings out in front in Maine

At present, sports betting is only available through two licensed operators in Maine: Caesars and DraftKings. To date, DraftKings has eclipsed Caesars, drawing significantly more..

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