Finance – Page 2 – Bookielink

October 21, 2024

Michigan falls just short of online betting and igaming records in September

Michigan narrowly missed out on new online sports betting and igaming revenue records in September, with the month proving to be the second-best in the Wolverine State’s history.
Figures from the Michigan Gaming Control Board (MGCB) show combined online betting and igaming revenue in September hit $261.0m (£200.2m/€240.4m). Reported as ‘gross receipts’, this is 24.1% higher than last year and 16.5% ahead of August.

Adjusted gross receipts, which account for promotional spending in Michigan, was $209.9m. This beat last year’s total by 24.6% and was also 2.5% more than August.

Michigan igaming revenue surpasses $200m in September
Igaming accounted for $202.6m of all online gambling revenue in September. The amount is 21.8% more than last year and only the second-highest monthly amount on record behind $215.5m in March.

It was only the second time in the market’s history that monthly revenue surpassed the $200.0m milestone. Adjusted gross receipts from igaming were also 21.7% higher ye..

October 18, 2024

Pennsylvania: sports betting and igaming growth offset land-based decline in September

Growth across sports betting and igaming helped offset a decline in the land-based market in Pennsylvania during September, allowing the Keystone State to post a 6.2% year-on-year increase in overall monthly gambling revenue.
Revenue for September was $505.9m (£387.9m/€466.5m), according to the Pennsylvania Gaming Control Board (PGCB). This surpasses last year’s total but falls 3.7% short of August this year.

Sports betting was the segment of most growth for Pennsylvania, with adjusted gross revenue rising 46.1% year-on-year to $53.5m. Of this, $47.2m came from online betting and $6.3m wagering via retail sportsbooks across the state.

In terms of player spending, monthly handle reached $811.3m, some 11.7% more than in the same month last year. This resulted in a state-wide hold on taxable revenue of 6.59% for September.

Focusing on operators, FanDuel and partner Valley Forge Casino Resort remain the runaway leaders in Pennsylvania. Revenue for the month reached $27.4m off $320.5m i..

October 18, 2024

New Jersey smashes igaming revenue record again in September

Online gambling revenue in New Jersey reached a new record high for the second straight month in September, while the Garden State also saw year-on-year growth in the sports betting market.
Total gambling revenue across online and retail in New Jersey hit $558.3m (£428.2m/€515.2m) in September. This is 7.1% ahead of last year and 0.6% more than August this year, according to the New Jersey Division of Gaming Enforcement.

Once again, the highlight for New Jersey in September was igaming, with revenue here up 27.1% year-on-year to $208.1m. This surpassed the existing record of €198.4m, which was set in August.

Revenue from content classed as ‘other authorised games’, including online slots and table games, jumped 27.6% to $205.9m. However, online poker revenue slipped 6.9% to $2.2m.

DraftKings remains the leading igaming operator with $45.8m in revenue for September. It was closely followed by long-time rival FanDuel on $45.3m. BetMGM also had a successful month with $26m.

As for mas..

October 18, 2024

Digital growth pushes year-to-date revenue to €2.10bn at FDJ

La Française des Jeux (FDJ) has reported an 11.9% year-on-year increase in revenue for its financial year-to-date, driven by growth within its digital business, while the group has set out full-year expectations after completing its acquisition of Kindred.
Publishing figures for the nine months to September, FDJ said revenue amounted to €2.01bn (£1.67bn/$2.18bn). This includes lottery, sports betting and igaming operations, as well as international and payment services.

The French monopoly operator reported growth across all areas of the business, although it saw the largest rise within its sports betting and igaming segments.

“FDJ continues to deliver a solid financial and non-financial performance,” FDJ chairwoman and CEO Stéphane Pallez said.

“This performance was driven both by the lottery and by sports betting and online gaming open to competition and by all our distribution channels, with a network of points of sale in progression and strong momentum from digital games.”

Grou..

October 9, 2024

South Africa gambling revenue reaches record ZAR59.3bn in 2023-24

Gross gambling revenue in South Africa hit a record ZAR59.3bn (£2.58bn/€3.07bn/$3.37bn) in the 2023-24 financial year, while player spending also reached an all-time high.
Revenue was 25.7% higher than ZAR47.12bn in 2022-23, the existing yearly record for South Africa. The latest report from the country’s National Gambling Board covers the 12 months to 31 March 2024.

Sports betting leads the way in South Africa

Sports betting was again by far the largest source of revenue, generating ZAR35.91bn, or 60.5%, of all revenue. This is 51.2% more than in the previous year.

Of this, ZAR28.97bn was revenue from online betting, with the vertical accounting for 49% of overall revenue in 2023-24. Online sports betting is currently only legal in the Northern Cape, Western Cape, Mpumalanga, Limpopo and North West provinces.

Retail betting revenue for the year amounted to ZAR6.94bn, accounting for 19% of all betting revenue or 11.7% of total market revenue.

Revenue flat across other gambling typ..

October 9, 2024

With ESPN Bet live in New York, Penn executives bullish and focused on ESPN-ESPN Bet integration

Penn Entertainment presented a positive outlook for the Penn Interactive digital business at its Investor Day on 7 October. Highlights included green shoots already showing in New York, merely a week after ESPN Bet’s launch, and continued efforts to integrate the app with ESPN to up-sell users and cut down on time spent away from the ESPN Bet product.
Despite criticism from analysts and investors earlier in the year and claims that a Boyd takeover was on the horizon, CEO Jay Snowden is sure ESPN Bet can turn its luck around.

“Net-net, we remain positive on the ESPN Bet opportunity,” Truist analyst Barry Jonas said of the presentation.

Early signs of success in New York
New York is already showing signs of success for ESPN Bet in its first week. The presentation showed daily handle per ESPN Bet user in New York is already 296% higher than any other state it operates in.

In the first three days, ESPN Bet took $3m in bets, according to the New York State Gaming Commission. For com..

October 4, 2024

State of the Union: MA sends cease-and-desist to Bovada, NCAA not sure betting bans work

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.
Massachusetts wants Bovada gone
The state of Massachusetts became the latest this week to send a cease-and-desist letter to offshore operator Bovada. The company is not licensed, but is offering online casino, pari-mutuel wagering and sports betting in the Bay State. The attorney-general’s office on Thursday (3 October) sent a letter that reads in part:

It is illegal in Massachusetts to engage in commercial gambling except where expressly
authorized by the Commonwealth. Mass. G.L. c. 4, sec. 7 (definition of “illegal gaming”); G.L.
c. 23K. Bovada offers an online casino that includes among its games slots, blackjack, roulette,
baccarat, and poker, without any license issued by the Commission under Mass. G.L. c. 23K.

Moreover, Mass. G.L. c. 23N, § 5(a) prohibits engagement in “any activity in connection with
..

September 27, 2024

Nevada August betting revenue jumps 39.7% while slots hit total GGR

Rounding up some of the latest monthly state results in the US, iGB takes a closer look at how a drop in slots activity saw overall gambling revenue fall in Nevada in August, while Mississippi reported growth within its retail sports betting market.
Mobile sports betting in Nevada was up 13% on 2023 to $14.8m, data from the Nevada Gaming Control Board shows.

Baseball reaped the highest revenue of all sports during the month, making up $9.7m of the vertical’s revenue in August, while American football betting hit $8.7m. However, hockey and basketball betting activity both generated losses for operators.

Betting across other sports generated $7.6m in additional revenue, with the Control Board noting that $14.8m of all wagering revenue came from mobile.

Meanwhile revenue from sports betting pools, which is counted under table games, jumped 38.9% year-on-year to $25m in August.

The Control Board does not disclose handle details for sports betting.

Nevada revenue down again in August
..

September 27, 2024

Brazil’s IBJR members agree to expedite credit card ban to October

The National Association of Games and Lotteries (ANJL) and the Brazilian Institute of Responsible Gaming (IBJR) have both advised their members to bring forward their ban on gambling with credit cards. All of the IBJR's members have agreed to expedite the ban.
Published in April, Normative Ordinance No 615 banned the use of credit cards, crypto, cash, payment slips or cheques for betting when the legal Brazil online betting market goes live on 1 January 2025.

However only companies already active in Brazil that have applied for a betting licence will be able to continue operating from 1 October.

Both the ANJL and IBJR have urged their respective members to voluntarily bring forward the prohibition of credit cards after discussions with the ministry of finance. For the IBJR, which claims its members account for around 70% of the betting market in Brazil, the move is aligned with its wider objective to secure a safe betting market in the country.

Notably, the ANJL said almost a..

September 26, 2024

Flutter touts global success and future growth at annual investor conference

Wednesday (25 September) was a tour de force for global wagering giant Flutter, as the company's executives touted its worldwide success to investors and detailed plans for future growth.
The company held its annual investor day presentation in New York on Wednesday. Several executives presented details in an extensive breakdown about Flutter’s tentacles around the globe. Investors heard from group CEO Peter Jackson, FanDuel CEO Amy Howe, Flutter’s UK & Ireland and international CEOs Ian Brown and Dan Taylor and more.

Overall, the executives heralded the “Flutter Edge”. This, they said, is the formula that has vaulted the company into “gold-medal positions” in several large markets, such as the US, UK, Italy and Australia. It consists of four main tenets: product, technology, expertise and scale.

This quartet was referenced ubiquitously as the key driver for the company’s success. Throughout the presentation, the company’s widespread dominance of odds pricing and parlay produ..

September 23, 2024

Spain online gambling revenue up 11% in Q2

Online gross gambling revenue (GGR) in Spain amounted to €346.3m (£290.1m/$386.4m) in Q2, an increase on the previous year but slightly lower than the opening quarter of this year, despite the opening of UEFA's Euro 2024 in June.
The Q2 total is 10.8% higher than €312.6m in Q2 of last year, according to Spain’s regulator Directorate General for Gambling Regulation (DGOJ). However, the figure – covering the April-June period, is 1.2% behind the $350.7m revenue reported in Q1 this year.

Casino was again the main source of online GGR in Spain, generating €171.7m, or 49.6%, of all Q2 revenue. This is 14.6% more than last year and also a 2.3% increase from Q1’s total.

Within online casino, slots GGR increased by 19.5% from last year, while live roulette revenue was also up 9.6%. Slots and blackjack revenue also improved quarter-on-quarter but both conventional and live roulette revenue were down.

Mixed results for sports betting in Q2
Looking elsewhere in the market, sports bettin..

September 18, 2024

Michigan: Igaming growth drives online gambling revenue increase in August

The Michigan Gaming Control Board (MGCB) reported a year-on-year and month-on-month increase in online gambling revenue in August, driven by growth within the igaming sector.
Igaming gross receipts and gross online sports betting receipts from commercial and tribal operators in August amounted to $224.0m (£170.2m/€201.5m). This is 27.7% more than last year in Michigan and 1.4% higher than in July this year.

Data, published by the MGCB on Tuesday (17 September) shows igaming accounted for $196.7m of all revenue during August, up 29.2% year-on-year. Gross sports betting receipts were also 18.1% higher for the month at $27.4m.

The MGCB also sets out adjusted gross receipts (AGR), which account for promotional spending in Michigan. For August, the total for the state’s online gambling market was $193.2m, a rise of 26.2% on last year’s total.

Of this, $176.9m came from igaming, a year-on-year rise of 30.9%. In terms of sports betting, AGR reached $16.3m, up 2.5% from the previous year.

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Tag: Finance