Quarterly results – Bookielink

LatAm Q3 results round-up: Brazil betting launch dominates discussions

With the majority of the gambling industry having published their Q3 results, iGB looks at how operators fared in the region and their plans for the future there.

Brazil will launch its legal betting market on 1 January 2025 and one operator that is hoping to make a real dent in the market is the giant Flutter Entertainment.

Back in September, Flutter announced it had agreed to acquire an initial 56% stake in NSX Group, which operates the Brazil-facing Betnacional brand. The deal is worth $350 million (£266.5 million/€316.0 million).

For the nine months ending 30 September, Flutter reported year-on-year revenue growth in Brazil of 4%. In its earnings call following the Q3 results release, CFO Rob Coldrake spoke of the operator’s excitement for the market opening.

“We’re very confident about our approach in Brazil,” Coldrake told reporters. “We’ve grown with our brands that we’ve got there already. We’re very excited about the NSX acquisition.”

The NSX acquisition will create a new..

November 7, 2024

“Unfavourable hold” a drag on Penn earnings, but new products, tech are things to look forward to

As expected, Penn Entertainment reported a third-quarter loss on Thursday (7 November), but CEO Jay Snowden said the latest sports betting integration, impending launch of a stand-alone digital casino app and continued focus on land-based projects means there is much to look forward to.

During the presentation Snowden pointed to “unfavourable hold” in the northeast and a decline in the number of customers visiting casinos in the south due to weather and construction as drags on revenue. He said that retail customer demand remained stable. With regard to hold, Snowden said the low hold in the third quarter was industry-wide and not unique to Penn. The third quarter includes two of the slowest wagering months of the year in the US.

At least one analyst, Joseph Greff from JP Morgan, had lowered expectations ahead of the release. On Thursday morning Jefferies Equity Research released a note saying the numbers were “in-line with expectations”.

In terms of hard numbers, Penn has $1.8 bi..

November 7, 2024

Sportradar ups 2024 forecast after record Q3

Sportradar has upped its 2024 financial outlook for the third successive quarter after delivering record Q3 figures.

In its financial results for the three months to 30 September 2024, Sportradar said betting and gaming content revenue and strong US market growth were the main drivers of success.

Revenue increased 27% year-over-year to €255.2 million, while adjusted EBITDA was up 30% to €65.8 million.

Sportradar now expects to achieve revenue growth of at least 24% to €1.09 billion and adjusted EBITDA growth of at least 29% to €216 million. In September, the group forecasted year-over-year growth of at least 21% in both revenue and in adjusted EBITDA.

Sportradar’s Betting Technology & Solutions division achieved growth of 32% to €210.1 million during the quarter. This was primarily driven by a 37% increase in betting and gaming content benefiting from existing and new customer uptake of products and premium pricing, as well as from strong US market growth.

Additionally, Managed ..

November 1, 2024

State of the Union: ESPN-ESPN Bet now linked, Missouri initiative opposition, more

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.

ESPN Bet-ESPN linking now available

On Friday (1 November) Penn Entertainment and ESPN announced that ESPN and ESPN Bet accounts can now be linked. Consumers can “seamlessly track upcoming, live and settled bets within the ESPN app and on ESPN.com.” Connecting accounts will also allow ESPN Bet to offer personalised promotions and bets.

“Bringing this new feature to market is an important step as we work to create a fully interconnected media and betting ecosystem between ESPN and ESPN Bet,” Aaron LaBerge, chief technology officer at Penn Entertainment said via press release. “Account linking allows us to better serve and engage our users by unlocking key personalisation and promotional capabilities. This feature is just the beginning of deeper integrations that will further differentiate the ESPN Bet experi..

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..

August 19, 2024

Colombia government credits online gambling for supporting GDP growth in Q2

Colombia’s igaming market revenue reached COP10bn (£1.9bn/€2.2bn/$2.5bn) in Q2, with the sector credited as a key component of the nation’s economic growth over the quarter.
National gross domestic product (GDP) grew by 2.1% over Q2 and the country’s National Administrative Department of Statistics (DANE) pointed to Colombian online gambling as one of the activities that most helped that growth.

DANE director Piedad Urdinola highlighted the impact of recent sporting activities in particular as driving a rise in online betting. In this summer’s Copa América tournament the Colombia national team reached the final.

Marco Emilio Hincapié, president of Colombian gambling regulator Coljuegos, revealed that sports betting was indeed the largest contributor to the online betting sector, accounting for 47% of total gross gaming revenue (GGR) nationally.

Localised games such as bingo and casino were second with 33% of GGR, while lottery games AstroSport and Baloto generated 13% and 7% respect..

August 16, 2024

Casino expansions lift US Q2 GGR

US gross gaming revenue (GGR) increased by 8.9% year-on-year to $17.63bn (£13.66bn/€16.04bn) in the second quarter of 2024.
The American Gaming Association (AGA) stated that casino expansions in states such as Illinois, Nebraska and Virginia drove the increase. This led to traditional casino GGR improving by 1.8% to $12.49bn.

However, there were also sharp rises in sports betting and igaming GGR.

Sports betting GGR rocketed by 35.3% year-on-year to $3.16bn in Q2, while igaming GGR increased by 25.2% to $1.97bn.

Q2 record
In total, it was the 14th consecutive quarter of year-on-year growth and the highest-grossing Q2 revenue performance on record. However, the total figure was slightly below the quarterly commercial gaming revenue record of $17.7bn registered in Q1.

Over the first six months of the year, total GGR was up 7.7% to $35.48bn. Traditional casino GGR was up 1.1% to $24.83bn, while sports betting GGR improved by 28.7% to $6.67bn and igaming GGR rose by 25.6% to $3.95bn.

Q..

August 16, 2024

Casino expansions lift US Q2 GGR

US gross gaming revenue (GGR) increased by 8.9% year-on-year to $17.63bn (£13.66bn/€16.04bn) in the second quarter of 2024.
The American Gaming Association (AGA) stated that casino expansions in states such as Illinois, Nebraska and Virginia drove the increase. This led to traditional casino GGR improving by 1.8% to $12.49bn.

However, there were also sharp rises in sports betting and igaming GGR.

Sports betting GGR rocketed by 35.3% year-on-year to $3.16bn in Q2, while igaming GGR increased by 25.2% to $1.97bn.

Q2 record
In total, it was the 14th consecutive quarter of year-on-year growth and the highest-grossing Q2 revenue performance on record. However, the total figure was slightly below the quarterly commercial gaming revenue record of $17.7bn registered in Q1.

Over the first six months of the year, total GGR was up 7.7% to $35.48bn. Traditional casino GGR was up 1.1% to $24.83bn, while sports betting GGR improved by 28.7% to $6.67bn and igaming GGR rose by 25.6% to $3.95bn.

Q..

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 8, 2024

Penn CEO Snowden: “Don’t believe everything you read” on M&A, points to late August NY launch

Penn Entertainment CEO Jay Snowden refused to comment on speculation of competitors teaming up to acquire the operator during Thursday's quarterly earnings call. Instead, he talked up deeper and deeper integrations with partner ESPN.
On Thursday’s (8 August) earnings call, Snowden said the company will be live in the biggest legal market in the US – New York – by the start of the college football season. He also addressed the controversial winners’ surcharge that DraftKings is floating. But his main focus was acquisition rumours.

The ESPN Bet launch last November brought the premier sports media brand into the betting sector. Snowden said it was a milestone moment. But it hasn’t yet translated into a podium position for Penn Entertainment.

Blended market share across six states averaged 6% for March, and investors have started to question Penn’s digital strategy. This led to rumours of a sale, suggesting Boyd Gaming would bite. Those rumours evolved into a joint approach with ..

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..

November 2024
Mon	Tue	Wed	Thu	Fri	Sat	Sun
				1	2	3
4	5	6	7	8	9	10
11	12	13	14	15	16	17
18	19	20	21	22	23	24
25	26	27	28	29	30

Tag: Quarterly results