Online casino – Page 14

August 11, 2023

Dearth of igaming legislation prompts major WynnBet roll-back

Wynn Resorts blames a dearth of igaming legislation and marketing costs for a major reduction in its online brand WynnBet’s US footprint.

Wynn will cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virgina as soon as possible.

Operations in New York and Michigan remain under review. Only Nevada and Massachusetts operations are guaranteed to continue – states where it operates land-based properties.

“Better uses of capital deployment”

There are better uses of capital deployment for Wynn shareholders than the high levels of marketing spend required for online sports betting, chief financial officer Julie Cameron-Doe explained.

“While we believe in the long-term prospects of igaming, the dearth of igaming legislation and the presence of numerous other investment opportunities available to us around the globe have led us to the decision to curtail our capital investment in WynnBet to focus primarily on those states where we maintain..

August 10, 2023

Wynn talks up “substantial” UAE growth potential as Q2 revenue rises

Wynn Resorts CEO Craig Billings said the operator is edging closer to securing a licence for its new integrated resort in the United Arab Emirates (UAE), while the business posted a 75.8% rise in Q2 revenue to $1.60bn (£1.26bn/€2.46bn).

The business first announced plans to open Wynn Al Marjan Island in early 2022. The Wynn Resorts facility will be located on the man-made Al Marjan Island in the Emirate of Ras Al-Khaimah and will cost approximately $3.90bn.

The venue is not due to open until early 2027 but Wynn is already busy making plans for the casino. Construction partners were appointed in March, initial designs were revealed shortly after and Thomas Schoen was recently named project president.

“We have everything we need to operate gaming in Al Marjan”

Wynn released renderings of its property in Ras al-Khaimah earlier this year

In addition, the operator is pushing to secure early approval ahead of the planned opening. Speaking on its earnings call, he said Wynn expects to re..

August 9, 2023

Online growth drives Lithuania H1 gambling revenue up 21.5%

Gambling revenue in Lithuania increased 21.5% during the first six months of 2023, driven by growth within the country’s online gaming sector.

Gross gaming revenue for the first half in Lithuania was €108.5m (£93.5m/$119.2m), up from €89.3m in the same period last year.

Of this total, €72.2m was attributed to online gambling, a year-on-year rise of 31.5%. The remaining €36.3m came from land-based activities, up 4.6% on the previous year.

Online slots lead the way in Lithuania H1

Breaking down this performance, €45.5m of all online gambling revenue came from category A slot machines. This was 37.5% higher year-on-year.

A further €1.8m in Lithuania was generated from online category B slot machines, up 28.6% on 2022.

Internet sports betting revenue climbed 12.4% to reach €19.0m in the first half. In addition, remote table games revenue was 71.4% higher at €6.0m.

Slower growth in land-based sector

Turning to Lithuania H1 land-based gambling, category B slot machines were the main ..

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 7, 2023

Amelco secures gaming related supplier licence in Ontario

Gambling technology provider Amelco has secured a new gaming related supplier licence in the Canadian province of Ontario.

Issued by the Alcohol and Gaming Commission of Ontario (AGCO), the permit allows Amelco to launch its solutions in Ontario.

The licence covers both sports betting and igaming activities. Amelco offers a range of sports wagering, casino, lottery and financial products to the market.

“This represents a significant milestone for us,” Amelco USA head Brandon Walker said. “We are thrilled to be finally entering Ontario.”

Read the full story on iGB North America

August 3, 2023

Pagcor details new regulatory framework for offshore gaming

The Philippine Amusement and Gaming Corporation (Pagcor) has announced details of a new regulatory framework for offshore gaming licensees.

Effective since last month, the new framework is part of inter-agency efforts to tackle illegal offshore activities in the country.

The stand-out measure is that all licensees and service providers are declared probationary. They will need to re-apply for approval from Pagcor before a cut-off date of 17 September this year.

Operators and providers that have been operating illegally will not be considered for a new licence.

“In the present framework, all service providers who are accepting bets are required to apply for a licence,” Pagcor’s assistant vice-president for offshore gaming licensing, Jessa Fernandez, said.

“We will also evaluate the beneficial owners of these companies so that they will be held liable in case they are found to be involved in any illegal activity.

“Entities with findings of activities outside their granted licence..

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 ..

August 1, 2023

Bet-at-home H1 cost-cutting pushes earnings despite revenue decline

German-facing sports betting and igaming operator Bet-at-home.com announced the business’ cost-cutting measures has tripled the company’s EBITDA, despite an overall decline in revenue.

Bet-at-home’s gross gambling revenue stood at €24.2m in H1 2023. This was a 9.3% fall from the €26.7m the business achieved in the same period the previous year.

The FL Entertainment-owned company said this resulted from regulatory developments in Germany. It represents the operator’s largest single source of revenue.

In particular, Bet-at-home highlighted the impact of the monthly betting limits Germany implemented from 1 July 2022.

These limits – which were implemented as part of the country’s Fourth State Treaty on Gambling – include a €1 per spin stake limit for online slots.

The operator also highlighted a weaker than expected development of the online gaming segment. This is a trend it also blamed on enhanced regulation from the previous year.

Impact of strict cost-cutting

However, during H..

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 25, 2023

Kindred leading in Netherlands as revenue up 29% in Q2

In its Q2 financial report Kindred posted a 29% year-on-year increase in revenue to £307.3m (€356m/$394m).

Kindred’s Q2 focus on cost controls amid an ongoing strategic review and a strong performance in the Netherlands are keeping the business on track to surpass full-year earnings expectations, according to interim CEO Nils Andén.

A total of £63.6m of sales was generated in the Netherlands. Andén said in an earnings call today that he believes Kindred is now the market leader in the country.

Sports betting growth drives revenue

Performance was positively impacted by an increase in sports betting, favourable results and lower bonus costs. Sports betting gross margin after free bets was 11.3% in Q2. This was up from 9.3% in the previous year and above the group’s long-term average of 9.6%.

However, excluding the Netherlands, active customers and gross winnings revenue remained relatively flat. The business said this was due to headwinds in Belgium and Norway offsetting growth in ..

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

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Tag: Online casino