Casino & games – Page 13

August 9, 2023

Jackson highlights scale, product as profit drivers for Flutter

Peter Jackson, CEO of leading online gaming conglomerate Flutter Entertainment, highlighted the business’ scale and subsequent ability to invest in its products as being behind its crossing of the profitability threshold.

In H1 2023, the Flutter reported profitability on both a US and group-wide basis. In the company’s earnings call, Jackson highlighted the business had previously expected 2023 to be the year in which the threshold was met.

“I think it’s important we remember the context a few years ago,” Jackson said. “We knew this year would be the tipping point, we reached that milestone earlier because the business is bigger than we anticipated.

“We knew this year would be profitable, we’ve proved the model works, we will continue to acquire and invest in as many companies as we possibly can.”

Jackson emphasises the importance of scale

The executive emphasised Flutter’s size, revenue and market share as the business retained its title as the largest online gaming business in t..

August 9, 2023

Flutter’s US business reaches “profitability inflection point” in H1

Flutter Entertainment has revealed its US business reached a “profitability inflection point” during the first half, with CEO Peter Jackson describing the period as “pivotal”.

Group revenue was up 41.9% in the six months to 30 June, while net loss also flipped to a profit. Much of this, Flutter said, was down to the performance of its US segment, namely the FanDuel Group brand.

Since taking ownership of FanDuel in May 2018, the brand has gone from strength to strength. FanDuel has moved far from an initial daily fantasy sports offering to now deliver sports betting and online casino in states across the US.

FanDuel investment coming in H2

US is Flutter’s star performer in H1

A strong six months for European operations

Australia disappoints

Working down the balance sheet

FanDuel US listing nears

Flutter CEO: Profits will fuel H2 investment for FanDuel

With CEO Jackson revealing that the US business took on more than two million new players in the first half, there is little ch..

August 3, 2023

BetMGM close to profitability as MGM hits record revenue in Q2

Land-based and online gaming operator MGM Resorts International reported all-time record revenue in Q2, as the company’s online business BetMGM announced its first EBITDA positive quarter.

MGM recorded $1.95bn in revenue in Q2, up 43.4% from the same quarter the previous year. The operator put the increase down primarily to the removal of Covid-19 related entry restrictions in Macau.

MGM CEO and president Bill Hornbuckle also chose to highlight the progress made by its online joint venture with Entain, BetMGM.

“BetMGM reported that it achieved its first positive EBITDA quarter and remains on track to achieve its next milestone of second half profitability,” he said.

However, despite this, the online gaming platform still recorded a $22.5m loss during the quarter. This represents a 68.4% fall in losses compared to the $71.2m reported in the same quarter the previous year.

MGM reports steady profits in Q2

On this total, the business announced it achieved an operating income of $37..

August 2, 2023

Caesars Digital becomes EBITDA positive in Q2

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 ..

July 31, 2023

Sports betting decline hits Michigan igaming revenue in June

Reduced sports betting activity in Michigan in June led to a month-on-month drop in overall online gambling revenue for the state.

Combined gross igaming and sports betting receipts in Michigan amounted to $169.3m. This was down 8.9% from $185.5m in May this year, representing the third consecutive month of decline in the state.

However, the total was some 23.7% ahead of $136.9m in June 2022.

Online casino gaming gross receipts amounted to $151.0m, a year-on-year climb of 24.2% and marginally ahead of May. Gross sports betting receipts also increased 18.8% from June 2022 to $18.3m, but this was 48.0% lower than $35.2m in May.

Read the full story on iGB North America

July 31, 2023

Nevada gambling revenue dips in June

Gambling revenue in the state of Nevada declined both month-on-month and year-on-year in June, according to the Nevada Gaming Control Board.

Total revenue for June amounted to $1.25bn. This was 2.3% less than $1.28bn in June 2022 and also 3.1% lower than $1.29bn in May this year.

Slots were again the main source of revenue during the month. Revenue from slot machines reached $836.2m, down 0.3% year-on-year. Of this total, some $486.2m came from multi-denomination slots, while penny slots generated $255.2m.

Table, counter and card games revenue was also down, slipping 6.5% to $409.6m. Blackjack drew the most revenue at $104.0m, with baccarat second on $100.5m following a 29.8% year-on-year drop.

Read the full story on iGB North America

July 19, 2023

Pennsylvania gambling revenue records tumble in 2022-23

Pennsylvania set a series of new gambling revenue records during the 2022-23 fiscal year, while the state also reported year-on-year growth in June.

Total gambling revenue in 2022-23 reached $5.51bn, according to the Pennsylvania Gaming Control Board (PGCB). This was an all-time high for the state, beating the previous record of $5.04bn set in 2021-22 by 10.0%.

Retail slots were the main source of revenue by some margin. The $2.45bn generated was 1.7% ahead of last year and the second-highest annual total in history, behind $2.48bn in 2011-12.

However, land-based table games revenue slipped 4.1% year-on-year to $974.0m.

Read the full story on iGB North America

July 18, 2023

MA online sports betting handle down 27% to $323.5m in June

Players in Massachusetts spent $323.5m betting on sports online in June, a 27.1% drop from the amount wagered in May.

June was the third full month of legal online betting in the state. The total bet was lower than $443.6m in May and $566.2m in April, the first month of regulation.

An additional $8.5m was spent by players betting at land-based locations across the state. Total handle for the month stood at $332.0m, down 27.0% month-on-month.

In terms of taxable revenue, online’s share amounted to $32.1m. This was 46.3% less than $59.4m in May, due to the handle decline.

Read the full story on iGB North America

July 18, 2023

Delaware igaming spend slips to year-low in June

Consumer spending on online gambling in Delaware fell to a calendar year-low of $37.9m in June, although sports betting handle improved month-on-month.

June’s igaming spend was 8.3% higher than $35.0m in the same month last year but 14.3% behind the $44.2m bet in May 2023.

Online video lottery accounted for $23.9m of all spend, while players also wagered $14.0m on table games.

Revenue from igaming during the month amounted to $1.1m. This was up 35.9% year-on-year but 8.3% lower than $1.2m in May.

Read the full story on iGB North America

July 17, 2023

NJ gambling revenue up 13.9% year-on-year in June

Gambling revenue in New Jersey increased 13.9% year-on-year in June, although the state experienced a month-on-month decline.

State-wide revenue for the month amounted to $457.2m. This was up from $401.5m in June of 2022 but 13.9% down from $401.5m in May this year.

Land-based gambling remained by far the primary source of revenue during the month. This area of the market generated $241.6m in revenue, 5.4% more than last year.

Slots accounted for $183.0m of all land-based revenue, a rise of 7.0%, while table games revenue climbed 0.9% to $58.1m.

Read the full story on iGB North America

July 7, 2023

Maverick Gaming appeals tribal sports betting lawsuit dismissal

Cardroom operator Maverick Gaming has filed an opening brief in the United States Court of Appeals, as part of an ongoing challenge into what it views as a tribal sports betting monopoly in the state of Washington.

It was filed for the Ninth Circuit.

In January 2022, Maverick Gaming filed a lawsuit in the US District Court for the District of Columbia.

Read the full story on iGB North America

June 29, 2023

Nevada gambling revenue reaches $1.29bn in May

Gambling revenue in Nevada in May amounted to $1.29bn, a slight decline on the previous year but a month-on-month increase of 11.2%.

Revenue in the state was 0.8% lower than $1.30bn in May 2022 but ahead of the $1.16bn generated in April this year.

Slots remained by far the primary source of revenue for operators, drawing $877.9m worth of revenue, up 0.9% year-on-year. Multi-denomination slots accounted for $501.3m of this total, with penny slots generating $285.9m.

Revenue from table, counter and card games slipped 4.4% to $411.2m, with declines across almost all gambling types.

Read the full story on iGB North America

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Tag: Casino & games