Finance – Page 7 – Bookielink

May 17, 2024

New Jersey gambling revenue up in April despite land-based decline

Gambling revenue in New Jersey hiked 10.4% year-on-year to $510.9m (£403.7m/€470.6m) in April with increases across the igaming and sports betting segments more than offsetting a decline in the land-based market.

Total revenue was comfortably higher than $462.7m in April last year. However, the figure fell 3.0% short of the $526.6m reported in New Jersey in March this year.

Beginning with land-based casino, this remains the primary source of gambling revenue in the Garden State. However, the $216.8m generated in April is 6.3% behind $231.5m last year.

Physical slot machine revenue declined by 6.4% to $158.8m while land-based table games revenue also fell 6.1% to $58.1m.

Further igaming success for New Jersey

Turning to the igaming sector, the situation is very different. Revenue from all igaming in April hit $187.9m, up 18.2% year-on-year. This means igaming was only $28.9m behind the long-established land-based segment in April.

Some $185.6m of all igaming revenue was attributed..

May 16, 2024

AGA reports record quarterly US revenue with 13th straight quarter of growth

The American Gaming Association (AGA) reported a quarterly commercial gaming revenue record of $17.7bn (£14bn/€16.3bn) in the US for Q1.

March marked the 13th consecutive quarter of growth in US gaming revenue, according to the AGA’s Commercial Gaming Revenue Tracker. The tracker provides state-by-state and cumulative insights into the US industry’s performance, utilising state revenue reports.

Revenue in March alone was $6.1bn, the US industry’s second highest grossing month ever.

Q1 saw 11 states set new quarterly revenue records for gaming. These included New York and Pennsylvania, two of the US’ largest commercial gaming markets.

A record $14.7bn was paid to state and local governments in tax contributions deriving from direct gaming tax revenue across 2023. This was up 9.7% from 2022 and doesn’t include further contributions in income, sales or other taxes.

AGA president and chief executive Bill Miller believes 2024 will prove a crucial year for the US market.

“While gaming’..

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.

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..

May 8, 2024

Super Group hits record revenue, deal to acquire platform revealed

Betway operator Super Group has reported Q1 revenues of €379.3m (£326.7m/$407.6m), its highest ever in a first quarter as it announced an agreement to fully acquire its sportsbook technology platform.

Super Group’s revenue total for Q1 is 5.4% up on the €359.9m generated in the final quarter of 2024. It was also a 12.1% hike on the first quarter of 2023.

Super Group attributed the rise in revenue to growth in Africa and North America. Super Group’s Africa and Middle East revenue was 58.9% up year-on-year, while North America’s figure was an 8.2% rise. Africa now accounts for 38% of Super Group’s revenue from 27% in Q1 2023. However, Super Group did note decreases in its Middle East and Asia-Pacific markets.

Super Group announced a profit of €41m for Q1. However, that included a pre-tax gain of €40.1m from the sale of the B2B division of Digital Gaming Corporation (DGC) to Games Global, as well as a non-cash charge of €13.1m for change in fair value of option liability.

Adjusted EBI..

May 2, 2024

Ohio betting revenue drops 3.8% in first month since college prop bet ban

Ohio reported total sports betting revenue of $63.8m (£51.0m/€59.6m) in March, down 3.8% on February’s total of $66.3m.

The sports betting revenue total of $63.8m in March also fell 33.1% short of the same month last year, when Ohio reported revenues of $95.3m. March 2023 was the third month after Ohio launched its sports betting market.

Ohio’s revenue drop was in spite of handle reaching $808.2m in March, significantly up from the $671.1m in bets taken in February. The NCAA Division 1 basketball tournaments are big drivers of handle in the US during the month.

The state’s March handle was also a 9.6% increase on the $737.2m in bets taken in the same month last year.

Taxable revenue stood at $64m, after $738.8m was paid out in winnings and $22.5m was written off in promotions.

Of the $808.2m in handle, online accounted for $784.8m, or 97.1% of the total. Online sports betting revenue was $62.1m, compared to $1.7m in retail.

FanDuel retains lead over DraftKings in Ohio

In terms ..

April 25, 2024

Horse racing growth drives ATG revenue up to SEK1.3bn in Q1

Sweden’s Aktiebolaget Trav och Galopp (ATG) has pointed to growth in its horse racing sector as the key driver in reaching SEK1.3bn (£95.7m/€111.7m/$119.8m) in net gaming revenue (NGR) during Q1.

Revenue is the highest ATG has ever recorded in a Q1, as well as a 9.2% increase on the same quarter last year, when it reported SEK1.19bn in NGR.

That revenue growth was primarily down to increases in ATG’s horse racing sector, which was responsible for SEK968m in NGR, or 74.5% of the company’s Q1 total. That figure was also 13.3% ahead of the SEK854m in NGR accumulated by the horse racing sector in Q1 2023.

Casino also saw an increase of 13.8% year-on-year, with SEK165m in NGR generated from the sector in Q1. The growth in horse racing and casino helped to offset decreases in sports betting, which reported SEK173m in NGR, 10.8% behind last year’s Q1 figure of SEK194m.

ATG attributed poor sports betting performance down to “player-favourable” sports results during the quarter.

Lotta Nil..

April 24, 2024

Skores Media secures Stags Participations and MI3 as shareholders

European digital sports media publisher Skores Media has announced investment holding companies Stags Participations and MI3 and minority shareholders in the business.

The transaction forms part of a primary leveraged buyout (LBO), with the aim of accelerating the company’s development. Stags and MI3 become minority shareholders alongside the founders of Skores Media.

Using this new financial backing, coupled with structured debt from banks Société Générale, BNP Paribas and BPI, Skores Media will work to further develop its offering. This includes pursuing the international expansion of its flagship brands, with the business counting SportyTrader and Skores among its products.

Founded in 2009, Skores Media is a website and mobile application publisher, focused on sports fans. It has over five million monthly unique visitors, 60 million visits per month and four million fans across social networks.

Based in Europe, Skores Media recently launched specific versions tailored for the Af..

April 15, 2024

New Hampshire sports betting handle halts decline in March

New Hampshire’s sports betting handle reached $72.6m (£58.2m/€68.2m) in March, ending a run of three straight months of decline.

In March, New Hampshire reported a 16.5% month-on-month increase in sports betting handle, likely boosted by the March Madness NCAA tournament.

New Hampshire had previously seen its handle drop for three consecutive months, even with the Super Bowl in early February.

New Hampshire’s March figures were aided by its mobile sector, with online accounting for $65.0m in bets taken, or 89.5% of the monthly total, having recorded a handle of $55.9m in February.

Retail handle also increased, jumping 18.8% to $7.6m from February’s figure of $6.4m.

New Hampshire revenue down despite handle rise

Although New Hampshire’s handle ended its slide, revenue continues to falter in the Granite State.

March’s gross gaming revenue stood at $5.6m, the third-lowest in its FY2024 and the lowest since August 2023, prior to the NFL season getting underway.

Consequently, the se..

April 10, 2024

Detroit casino revenue edges up to $123.9m in March

The three commercial casinos in Detroit reported $123.9m (£97.7m/€114.2m) in revenue during March, a 3.9% increase on the previous year.

Revenue in March was clear of the $119.2m posted in the same month last year. March’s total was also 18.5% ahead of the $104.6m recorded in Detroit in February this year.

Some $122.3m of this amount came from slots and table games, up 3.8% year-on-year and 16.7% higher than February.

In comparison, retail sports betting qualified adjusted gross receipts (QAGR) reached just $1.6m. However, this total was 13.2% ahead of last year and a stark improvement on the $120,142 loss reported in February.

MGM continues to lead the Detroit market

MGM Grand Detroit remains some way out in front in terms of market share in Detroit. The casino reported a 46.0% market share in March.

MGM posted $56.7m in table games and slots revenue, up 4.1%, while sports betting QAGR reached $327,857.

MotorCity Detroit placed second with a 31.0% share of the market. Revenue ..

April 8, 2024

New York sports betting handle hits $19.64bn in FY23

Players in New York spent $19.64bn (£15.55bn/€18.13bn) betting on sports online during the Empire State’s 2023 financial year, while revenue reached $1.76bn.

Total wagers for the 12 months to 31 March 2023 were 19.8% higher than $16.40bn in New York in FY22. It is also the highest yearly online sports betting spend of any regulated state in the US.

In terms of gross gaming revenue, this was up 20.6% year-on-year and another US record. New York only opened its legal online sports betting market in January 2022, with FY23 only the second full year of regulation.

As it did in year one, Flutter Entertainment-owned FanDuel continues to lead the New York market. During FY23, FanDuel processed $8.10bn in online wagers and generated $845.8m in revenue.

DraftKings remained second with $619.6m in revenue from $7.02bn in bets. Placing third was Caesars with revenue of $140.4m and a $2.03bn handle.

BetMGM was the only other operator to process more than $1.00bn in wagers during the year, wit..

April 8, 2024

Rivalry hails diversification impact as revenue rises to $35.7m in 2023

Rivalry said expansion into new segments helped drive revenue up by 34% year-on-year to $35.7m (£28.3m/€33.0m) in 2023, while the betting operator was also able to reduce net loss.

In a preliminary results announcement, Rivalry said revenue growth was complemented by higher betting handle and gross profit. All this, it added, contributed to a 22% reduction in net loss.

Reflecting on 2023, co-founder and CEO Steven Salz highlighted the operator’s diversification as the main reason for its success. He said growth in new markets such as traditional sports, casino and fantasy, alongside its core esports offering, allowed it to emerge from 2023 as an “increasingly diversified” business.

“Last year we gained meaningful traction in new segments,” Salz said. “This is widening our opportunity set and positioning us for sustainable growth in the medium- to long-term.

“We’re happy to have finished the year with all-time high customer economics, diversified revenue streams and a reinforced co..

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Tag: Finance