Finance – Page 2 – Bookielink

August 13, 2024

Flutter beats street and won’t tax winners in the US; DraftKings backs off plan

Flutter CEO Peter Jackson said on Tuesday (13 August) that his company has no plans to follow DraftKings' lead with a winners' surcharge. The company, the market-share leader in the US, reported second-quarter results that exceeded analyst expectations and raised earnings guidance for FY2024.
DraftKings in early August announced that it will introduce a winners’ surcharge in four high-tax states beginning 1 January 2025. Industry watchers have since been waiting to see if other companies, and Flutter in particular, would follow suit.

“We have no plans to introduce a surcharge to winners,” Jackson said during the Q&A portion of the call. He then declined to entertain the issue further when others asked.

Less than an hour after the Flutter call ended, DraftKings released an announcement saying it would not move forward with the idea.

DraftKings Statement on Gaming Tax Surcharge pic.twitter.com/cucbsQJIVD
— DraftKings News (@DraftKingsNews) August 13, 2024

Other companie..

August 12, 2024

Belgium reports 16.7% rise in 2023 GGR despite tighter regulatory controls

A new report from the Commission des Jeux de Hasard (CJH), the regulator of gambling in Belgium, has revealed the country’s industry saw its gross gaming revenue (GGR) grow by 16.7% over 2023.
Belgium gambling gross revenue total for 2023 was €1.7bn (£1.5bn/$1.9bn), a significant rise from the €1.5bn generated in 2022. Online grew by 18% to a GGR of €944.6m, while offline GGR also increased substantially, with €758m reflecting a 15.2% year-on-year rise.

Growth came despite the Belgian government ratcheting up restrictions on the sector. From 2022 operators had to enforce a €200 weekly loss limit, down from 2020’s €500 limit.

Midway through 2023 they were then forced to halt all advertising. After a last-ditch attempt from a consortium of Belgian sports teams and operators failed to halt the move, a ban on advertising came into force from 1 July 2023.

Restrictions? What restrictions? Belgian gambling market grows in 2023
Casino GGR increased 18.7% year-on-year to €594.9m, powered by..

August 9, 2024

Online slots growth pushes Lithuania gambling revenue to €116m in H1

Gambling revenue in Lithuania increased 12.6% year-on-year to €116.0m (£99.3m/$126.7m) in H1 with a strong online performance mitigating a decline in land-based revenue.
Figures from the Lithuania Gaming Control Authority show H1 revenue was clear of the €108.5m reported in the same period last year.

Starting with the online market, revenue for the channel climbed 12.5% year-on-year to €72.2m. Player spending increased by 8.7% to €1.05bn, winning $973.1m in the process.

Slots reign supreme in Lithuania online gambling market
Category A online slots – games with unlimited winnings – were undoubtedly the star of the show in H1. These slots generated €53.5m in revenue, more than any other segment across both the online and land-based market in Lithuania. Player spending on these machines also hit a market-high of €627.7m, up 6.2%.

For Category B online slots, with maximum stakes of LTL1 (€0.3) and wins limited to 200 times customer bets, revenue was flat at €1.8m in H1. In addition, o..

August 7, 2024

New casino launches help Full House grow revenue in Q2 but costs hit bottom line

Net losses increased for Full House Resorts in Q2 due to costs associated with opening new casinos hit its bottom line.
Revenue for the three months to 30 June at Full House hit $73.5m (£57.8m/€67.3m). This is 23.7% more than Q2 last year at Full House, with casino driving the increase.

August 3, 2024

After rolling out proposed winners’ tax, DraftKings projects $1bn in 2025 profits, fails to meet estimates

DraftKings founder Jason Robins has so much confidence in his company's product, that he is willing to risk driving customers away by charging them for winning in some states. During the company's second-quarter earnings call on Friday (2 August) he doubled down on that belief.
On Thursday (1 August) DraftKings announced that, beginning 1 January 2025, it will charge a surcharge on winnings on customers in high-tax (more than 20%) legal gaming states. A day later, the company announced that it expects between $900m-$1bn (£781m/€917m) in EBITDA in fiscal year 2025, which began 1 July.

The new fee, Robins explained in the call, is a sort of insurance, which he calls a “nominal” fee to bettors.

“It makes a huge difference to our ability to make a reasonable margin,” he told investors on Friday. “And more importantly [it will help us] to compete with the illegal market that pays no taxes and can invest 100% of revenue into their products.”

Robins banking on consumers to “ulti..

August 1, 2024

UKGC data: Record quarter for online gambling activity in Britain

Great Britain’s online gross gambling yield (GGY) increased by 12% year-on-year to £1.46bn (€1.73bn/$1.87bn) in Q2, with the total number of bets and spins reaching a record high for the second consecutive quarter.
Players in Britain placed 24.5 billion bets and spins in Q2 (April to June), representing an increase of 11% on last year and a new quarterly record since the UKGC began publishing player data in 2019.

Breaking down the UKGC data, online slots were the primary source of GGY at £642m, noting a rise of 10% from last year. May proved the busiest month for online slots gaming with GGY hitting £217.9m.

Consumers placed a total of 22.4 billion spins during the quarter, which is up 12% on last year. However, slot session length was marginally shorter at 17 minutes, compared to just under 18 minutes in the previous year.

As for how many people were playing online slots, total active players in this segment hit 13.3 million for the period. This represents a year-on-year increase..

August 1, 2024

Bally’s execs tout online growth, Chicago casino progress during second-quarter earnings call

Executives from Bally's Corp. were triumphant on Wednesday (31 July) in their presentation of the company's future prospects in Chicago, Las Vegas and online. The company reported $622m in overall revenue, a year-on-year increase of 3%.
Bally’s second-quarter earnings call on Wednesday featured optimistic presentations from CEO Robeson Reeves, president George Papanier and CFO Marcus Glover. Of its three verticals, two reported year-over-year growth in Q2. Its casino operations and North American digital segments posted gains of 3% and 95%, respectively. Its international interactive division declined 7%.

The big spike in digital was due mainly to the company’s March launch of igaming in Rhode Island. Internationally, Reeves said that its UK performance was strong but lagged elsewhere, mainly Asia, leading to the overall segment decline.

The trio did not comment on or field questions about Bally’s biggest development, last week’s takeover from Standard General. There was..

July 29, 2024

Investment year paying off for BetMGM as H1 NGR hits $1bn

With revenue reaching $1bn in the first half of 2024, BetMGM expects growth to accelerate in H2, underpinned by Angstrom’s product capabilities and leveraging its omnichannel opportunities through MGM Resorts.
In a trading update published today (29 July), BetMGM chief executive Adam Greenblatt described 2024 as an investment year, focused on improving customer acquisition and enhancing player experiences.

Hockey legend Wayne Gretzky, iconic quarterback Tom Brady and Hollywood star Vince Vaughn starred in BetMGM’s Super Bowl commercial
Net gaming revenue (NGR) for the six months to 30 June grew 6% year-on-year. Despite no new state launches revenue grew 9% year-on-year in Q2, following a slower first quarter.

This showed the strategy of investing in players gain momentum, Greenblatt said, with BetMGM exceeding its acquisition and retention targets for the six-month period. This was helped by a successful Super Bowl campaign featuring Tom Brady, Wayne Gretzky and Vince Vaughn and a ..

July 24, 2024

Igaming dashboard powered by H2

iGB’s principal data partner H2 Gambling Capital provides headline metrics on the global igaming market, with forecasts now extended to 2029.

July 24, 2024

Q2 revenue ticks up for Kambi as Nylén signs off as CEO

Revenue was up 6.5% year-on-year for Kambi in the second quarter of 2024, while the sportsbook specialist kept costs down to improve its EBITDA margin. The latest financial update also marks the end of Kristian Nylén’s tenure as CEO, with Werner Becher waiting in the wings.
Revenue for the three months to 30 June at Kambi hit €45.7m (£38.5m/$49.6m), up from Q2 last year, and an improvement on Q1 this year when revenue declined marginally.

Outgoing CEO Nylén put this increase down to a busy sports calendar, with strong performances from existing partners complemented by new launches.

Wagers placed via Kambi-powered operators increased 3.1% during the quarter, although excluding the impact of Penn Entertainment migrating to its proprietary platform, turnover would have been up 20%.

Penn has been paying Kambi transition fees after completing its migration for its ESPN Bet, theScore and Hollywood Casino brands. The operator will stop paying those fees this month, meaning Kambi is forec..

July 23, 2024

EveryMatrix enjoys “best ever period of sustained growth” as Q2 hits new heights

EveryMatrix reported record quarterly revenue of €42.4m (£35.7m/$46.1m) in Q2 following year-on-year growth across all products, while the supplier also saw EBITDA reach an all-time high.
Net revenue was 56.5% higher than the €27.1m posted by EveryMatrix in Q2 last year. It is also ahead of the previous quarterly record – €39m for Q1 this year – by 14.3%.

This figure does not include the impact of recent M&A activity. When the revenue total is adjusted to account for acquisitions, it reaches €82m, some 45% higher year-on-year compared to 56.5% net revenue growth, showing strong growth in the underlying business.

Group EBITDA for Q2 hit €25.1m, up 67.3% from last year and 12.6% higher than Q1’s existing record. As was also the case with revenue, it was the third consecutive quarter of a new high for EveryMatrix, while EBITDA margin also reached 59%.

“It’s difficult to know what to say when our results just keep getting better and better,” CEO Ebbe Groes (pictured above) said. “What..

July 19, 2024

Pennsylvania gaming market shored up by record icasino performance in FY23-24

Pennsylvania reported year-on-year declines in slots, table games, sports betting, VGTs and fantasy sports in its fiscal year ended 30 June, yet a strong performance from online gaming was enough to push the state to record revenue and taxes.

Total gambling revenue for the 12 months to 30 June came to $5.89bn (£4.55bn/€5.41bn), 6.9% ahead of last year’s $5.51bn according to full-year figures from the Pennsylvania Gaming Control Board.

This generated $2.36bn in tax revenue for the Keystone state, a record breaking total. Of this total, $1.34bn came from casino slots and $157.6m table games. Sports betting generated $175.2m, video gaming terminals $21.4m and fantasy sports $2.9m.

However, it followed a year in which all verticals – bar one – declined year-over-year. The land-based casino market made the biggest contribution, with slots making up $2.44bn of FY23-24 revenue, down 0.6% from the prior year. A further $958m came from table games, with video gaming terminals (VGT) revenue ..

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Tag: Finance