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January 19, 2024

Intralot extends contract with Morocco’s MDJS until 2025

Intralot has announced a two-year extension to its games operator contract with La Marocaine des Jeux et des Sports (MDJS).

The fresh deal is set to run out in December 2025. The agreement will see Intralot continue to operate MDJS’ lottery, while also offering sports betting and other games of chance.

Intralot has had a long-term partnership with MDJS, powering its offering since 2010. The Greek operator will continue to operate MDJS’ lottery games, which include Tifo and Chrono.

In March 2021, Intralot announced it had agreed to reduce the term of an eight-year deal with MDJS, signed in 2019, to end in December 2022.

However, despite MDJS launching a tender in January 2022 for a new supplier, a new one-year extension was agreed with Intralot in March 2022. This most recent extension, announced on Friday, prolongs the relationship between the pair.

Intralot at risk of not meeting 2024 bond obligations

In November 2023, Intralot announced a return to net profit for Q3. Gross gam..

January 18, 2024

Gamma Intermediate completes sale of 6.4% stake in Lottomatica

Gamma Intermediate has completed the sale of 16 million Lottomatica shares, representing a 6.4% stake in the Italian company.

Despite the sale, worth €152m (£130.5m/$165.5m), Gamma Intermediate retains a majority stake of 65.4% in Lottomatica.

Gamma Intermediate completed the deal at €9.50 per share, with the sale conducted through an accelerated bookbuilding process. The placement was made to institutional investors, with no public offering in any country.

Lottomatica expects the final settlement to be on or around 22 January. Gamma Intermediate has agreed to a 90-day lock-up for its remaining shares in Lottomatica.

Lottomatica plotting growth trajectory with SKS365 purchase

In November, Lottomatica agreed a deal to acquire 100% of the share capital in the Italian-facing operator SKS365. Lottomatica stated the purchase will strengthen its position in the Italian market, while also expanding its brand portfolio.

In november, lottomatica acquired 100% of the italian-facing operato..

January 17, 2024

The analyst’s take: Bet365’s 2022-23 financial results

A key theme of Bet365’s revenue report for FY2022-23 was its investment into the US market. Ed Birkin, senior analyst at H2 Gambling Capital, believes this outlay could end up paying dividends.

While the most prominent figure in the operator’s report was its £61.2m (€71.0m/$77.6m) loss, Bet365 also recorded significant revenue growth.

Birkin believes Bet365’s growing interest in the US market, as well as its hugely successful Ontario launch, could lead to future growth in regions such as North America and the soon-to-be regulated Brazil.

bet365 is currently the market leader in ontario

“Although the company has a reputation for operating in a number of unlicensed markets, it has been clear for a long time that it will seek a licence in any market where it is available and commercially viable to do so,” says Birkin. “Therefore, it’s no surprise to see continued international expansion.

“Their transition to the onshore market in Ontario appears to have gone smoothly, where they’re t..

January 17, 2024

Tiers and turbulence in US sports betting

The US sports betting sector has grown rapidly, but Paul Girvan sees trouble on the horizon for the early leaders.

The rapid development of US sports betting has been astounding. Currently some 32 states have legalised some form of sports betting and, of this number, 28 provide either mobile or online access.

Within the 32, there are five states where tribal operators provide the only betting option. To date the markets have been characterised by a hierarchy of operators that have gained access primarily via partnerships with land-based casino operators, both tribal and commercial.

A further eight states are considering the issue and could pass legislation in the coming year. Beyond these is a disparate group of states that have been resistant to passing sports betting legislation – although some have been actively considering the issue.

Among these are three powerhouses of tribal gaming; Minnesota, Oklahoma (with its proximity to Texas) and the behemoth of California. Trouble, ho..

December 13, 2023

Bill Hornbuckle on MGM Resorts’ global growth ambitions

MGM Resorts’ home town of Las Vegas evolved beyond all recognition during Bill Hornbuckle’s time in gaming, but it’s not the only show in town. He’s eyeing up expansion across a range of global markets and expanding into new channels.

Things are booming in MGM Resorts’ home town, but it’s much more than a Vegas-based business. Hornbuckle leads global development efforts and having taken MGM into Macau he’s still looking east.

MGM Resorts looks east

Japan’s ministry of land, infrastructure, transport and tourism certified plans for a $10bn integrated resort in Osaka in April. After finalising agreements with Osaka Prefecture and City, construction can begin on the property.

Marginally closer, opportunities are emerging in the United Arab Emirates. First Wynn sealed an agreement for a resort in Ras al-Khaimah. Then a federal regulator, the General Commercial Gambling Regulatory Authority (GCGRA) emerged paving the way for resorts in other Emirates.

MGM is focused on Dubai, Hornbu..

December 7, 2023

Fitch “neutral” on global gaming outlook for 2024

Fitch Ratings forecasts global gaming outlook for 2024 as “neutral”, citing pullback in certain US markets and potential stagnation in Europe.

A new report from Fitch Ratings forecasts the global gaming outlook for 2024 as “neutral”.

It is the second straight year Fitch has selected a “neutral” view for its gaming outlook. Fitch cited “slight pullback” from the “pent-up demand” in the United States as one of the reasons for its classification.

In general, the US is still performing well after a “robust” 2022. However, Fitch’s 6 December report details how regional gaming is showing some indication of stagnation.

Elsewhere, Asia Pacific is flourishing under improved demand thanks to the mass market returning after the Covid-19 pandemic. Singapore, meanwhile, continues to “perform above expectations”.

Limited regulation in the Middle East and Africa (part of EMEA) is proving beneficial, alongside the rise in US online profitability. Over in Europe, The UK Gambling Act review is exp..

December 5, 2023

BetMGM expects to reach $500m EBITDA by 2026

BetMGM aims to reach 25% market share in the US by 2026, as well as delivering $500.0m (£396.1m/€462.2m) in positive EBITDA.

BetMGM set the 2026 goal after revealing it expects to be at the higher end guidance for 2023. In the current financial year, revenue should be between $1.80bn and $2.00bn, according to CEO Adam Greenblatt.

At an investor presentation yesterday (4 December), Greenblatt detailed how BetMGM, a joint-venture by Entain and MGM Resorts International, was expecting to be self-funding from 2024 onwards.

The business sees next year as an investment period, having already proved profitability in 2023. While it expects to achieve a profitable H2 2023, BetMGM expects negative EBITDA for 2024 in what it bills as an “investment year”.

Investment plans

When pressed on how much cash was available to invest, Greenblatt and CFO Gary Deutsch would not disclose the exact amount. However, the pair said plenty of money is available to “compete and invest for growth at the hi..

December 4, 2023

ESPN Bet: The view from the top

Hot off the launch of ESPN Bet, Mike Morrison, vice-president of sports betting at ESPN, explains how sports betting’s biggest launch is set to upend the market – and what he thinks makes it the premier choice for sports fans.

When we first spoke with Morrison in August, he was adamant about ESPN Bet’s potential to be the best sportsbook on the market. At the time it had only been weeks since ESPN had clinched its $1.5bn (£1.18bn/€1.37bn) deal with Penn Entertainment, officially choosing the operator to manage the ESPN Bet sportsbook.

Just over three months later, ESPN Bet has burst onto the scene. With the launch being so highly anticipated, the best place to start is by establishing how it went.

“Really smooth,” according to Morrison. “We’re thrilled. Everything is working very well. Some of the early reviews we’ve seen are really good. Teams are energised and excited on both sides.”

ESPN Bet launched in 17 US states on 14 November

The whirlwind saw ESPN Bet hit 17 US states on ..

November 7, 2023

BHA aims to slow decline on British horseracing betting

The British Horseracing Authority (BHA) has set out a series of changes for its 2024 fixture list, including amending how events are run, to slow what it says has been a decline in betting on British races.

Published last month, the BHA 2024 fixture list includes 170 “Premier Racedays” with higher prize money and more star horses. The BHA has also committed to investment to improve Sunday racing and increase competitiveness across the fixture list.

The plans are the first phase of a new long-term industry strategy, with changes to run for a two-year trial. The Horserace Betting Levy Board (HBLB) will support the plans by providing an additional £3.8m (€4.4m/$4.7m) in funding.

Part of the reason for these changes, the BHA says, is to support the betting side of racing.

Switching Saturday fixtures and new Sunday betting session

The organisation has set out three primary, betting-related targets for the upcoming 2024 season. The first of these is to improve the performance of Saturd..

November 1, 2023

How Adam Greenblatt is sharpening BetMGM’s competitive edge

Adam Greenblatt set BetMGM on a path to profitability and the business will be self-sustaining in the second half of 2023. How will he make sure the operator stays ahead in the US sports betting market as new competitors emerge?

July’s update on BetMGM’s first half performance confirmed the operator was on the path to profitability outlined by CEO Adam Greenblatt in June.

The business will be self-sustaining in the second half of the year. There will be no additional equity investment from joint venture partners MGM Resorts and Entain, beyond the $150m committed for 2023.

BetMGM CEO Greenblatt believes a new phase of competition could be imminent in the US

Greenblatt believes that BetMGM could operate as a separate business and stand on its own two feet if necessary.

“It could be a permanent state, absolutely,” he says of BetMGM as a self-sustaining entity. “[But] I think whether or not that is indeed a permanent state depends on how we want to ramp up and how quickly we want t..

October 25, 2023

LiveScore Group’s Sam Sadi builds his media empire

LiveScore Group aims to become the world's leading sports media operator, and sports betting is just the start. Chief executive Sam Sadi explains the masterplan.

“I remember the days when we used to press F5 to refresh the LiveScore.com website. That’s how long back it was,” says LiveScore Group chief executive Sam Sadi.

LiveScore launched in 1998, offering visitors football scores. Gamesys acquired the business in 2017 and, following that operator’s £490m sale to Jackpotjoy Group and then the £2.0bn merger with Bally’s Corporation, LiveScore Group stands alone as an independent business led by Sadi.

LiveScore turns 25 today, starting out providing live match data to players in 1998

The LiveScore Bet sportsbook launched in 2020, complementing the affiliate arm, not to mention its second brand, Virgin Bet. But Sadi isn’t only interested in building a sports betting business.

“We have a plan we’re implementing,” he explains. “You could call it a ten-to twenty-year plan. We i..

October 19, 2023

ESPN Bet unveils brand

Penn Entertainment and Disney’s ESPN have unveiled the brand for their upcoming mobile sports betting offering, ESPN Bet.

ESPN Bet’s mint green and navy logo is to feature across the multiple ESPN channels, including in-app, on social media and in television programming.

The sports media company added the logo will give prominence to the “ESPN” brand. However, the mobile sportsbook application itself will be branded as the letter “E” within a “B”.

the espn mobile application brand

ESPN, which is the largest sports media brand in the US, said this “creatively expresses the idea that ESPN, in partnership with Penn Entertainment, is launching a sportsbook for fans, but at its core is still ESPN, the most trusted brand in sports.”

According to Penn president and CEO Jay Snowden, the app is set to launch in November after a five-month development period.

This followed the August announcement that Penn would be launching an ESPN-branded online sports betting offering through a $1.5bn ..

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Tag: Strategy