Finance Archives

August 22, 2023

Delaware igaming wagers continue to decline in July

Delaware reported year-on-year declines across online casino and sports betting spend in July, while player wagers on igaming in the state fell to a calendar-year low of $36.4m.

The total amount wagered in July was 7.6% lower than wagers in July 2022 and also 4.0% less than in June this year.

Players spent $24.6m playing online video lottery games and a further $11.8m on internet table games.

Online casino revenue amounted to $1.2m in July. This was 5.6% behind July last year but 7.3% higher than June 2023.

Video lottery games generated $915,640 in revenue and table games $221,187. The other $44,861 came from poker rake and fees.

Delaware Park took top spot in the igaming market with $475,192 in revenue from $16.9m in bets. Bally’s Dover was second on $363,047 from $9.8m, then Harrington Raceway with $343,449 from $9.7m.

Sports betting revenue and wagers down

Looking at sports betting, monthly handle for the market reached $2.3m. This was down 14.8% from $2.7m last year and 23.3..

August 18, 2023

Italy igaming dashboard

Presenting iGB’s Italy dashboard with data provided by Ficom Leisure. Track all the movements in Italy’s online market since 2019, as well as the shifting revenue shares over the period.

August 17, 2023

New Jersey gambling revenue surpasses $500m in July

Gambling revenue in New Jersey exceeded $500.0m in July following year-on-year growth in almost all areas of the market.

Revenue for the month amounted to $506.2m. This was 5.3% up on last year and also 10.7% higher than New Jersey’s total in June of this year.

Land-based casino gambling drew $290.0m in revenue during the month, down 3.0% on July 2023. This was due to a 13.2% drop in table games revenue to $72.2m. In contrast, revenue from physical slot machines, the largest source of revenue in the state, edged up 0.9% to $217.8m.

Turning to online gambling and overall revenue in this segment was 13.5% higher year-on-year at $155.2m. Online slots revenue jumped 13.4% to $152.5m while peer-to-peer poker revenue was 18.5% higher at $2.7m.

Breaking down this market, Borgata moved into top spot with $43.0m. This was higher than Resorts Digital on $40.6m and Golden Nugget, which led the market in June, with $39.8m.

New Jersey sports betting revenue up over 35%

Looking at sports wager..

August 17, 2023

New Hampshire sports betting spend dips to $36.9m in July

Player spending on sports wagering in New Hampshire fell 13.6% year-on-year to $36.9m in July, while revenue also declined.

July’s handle in New Hampshire was down from $42.7m in July 2022 and also 6.1% lower than $39.3m in June this year.

Of this total, $33.4m was wagered online with DraftKings and $3.5m at retail sportsbooks. DraftKings has held the exclusive rights to offer sports betting online via the New Hampshire Lottery since November 2019.

Turning gross gaming revenue from wagering, this amounted to $3.5m. The July total was down 22.2% from $4.5m last year and 20.5% behind $4.m in June 2023.

Breaking down the monthly revenue performance, some $1.4m came from online betting with DraftKings. Retail sportsbooks generated just $179,994 in revenue.

In terms of tax, New Hampshire was able to generate $1.6m during the month.

New Hampshire betting revenue and handle up in FY23

July was the first month of the state’s new financial year. During fiscal year 2023, players spent a t..

August 17, 2023

Impairments push Rank Group to FY loss despite land-based recovery

Rank Group posted a 5.9% increase in revenue to £681.9m (€798.0m/$868.1m) in its 2022-23 financial year, although increased impairment costs led to a statutory net loss.

The operator reported year-on-year growth across all operating segments in the 12 months to 30 June. This included the Rank-owned Grosvenor, Mecca and Enracha land-based businesses, which endured a challenging few years during the pandemic.

There was also notable growth within Rank’s digital business, with revenue rising 10.4% to reach £202.9m.

However, higher impairment charges, together with increased operating costs, meant the business posted a net loss.

O’Reilly believes economic pressures are easing

Chief executive John O’Reilly acknowledged the higher costs during his evaluation of the FY performance. However, he said with certain costs now stabilising and inflation easing, this will allow for revenue and profit growth moving forward.

After Covid and economic headwinds, rank is positioned to drive profit ..

August 16, 2023

Online growth drives US gaming revenue to record $16.1bn

US commercial gambling revenue reached a Q2 record of $16.07bn, the 10th consecutive quarter of growth, according to the American Gaming Association (AGA).

This represented an 8.1% increase from the total US gaming revenue recorded in Q2 2022 and is the second-highest grossing quarter in industry history, with only Q1 this year reporting a higher figure.

Overall, the US gambling industry generated $32.71bn in commercial gaming revenue for the six-month period, up 11.9% from last year.

AGA estimated the results led to $7.28bn in gaming tax revenue for state and local governments, a 12.9% increase from 2022. The trade body highlighted the industry is on track to contribute the highest total in tax revenue it has done in its history.

“While commercial gaming is on track for an unprecedented third consecutive year of record revenue, the lasting impact we’re making on our communities through this record growth is even more impressive,” said AGA president and CEO Bill Miller.

Online gam..

August 15, 2023

Detroit casino revenue remains level at $107.2m in July

Detroit’s three commercial casinos posted $107.2m in revenue for the month of July, level with last year and slightly up month on month.

July’s total was on par with the $107.2m in the same month last year. The figure was 6.5% higher than $101.5m in June this year.

Of this amount, $106.7m came from slots and table games, up by 0.7% year on year. Sports betting generated $485,763 in qualified adjusted gross receipts, (QAGR), a drop of 62.0%, while handle reached $8.0m.

MGM remained the leader in the Michigan city with 47% market share. Casino revenue at MGM reached $50.0m and betting QAGR $121,017.

Read the full story on iGB North America

August 15, 2023

Iowa betting revenue up despite another handle drop in July

Player spending on sports betting in Iowa fell again in July, although the state was able to post a month-on-month increase in revenue.

Handle for the month amounted to $109.7m. This was 0.7% up from $108.6m in July 2022 but 5.4% lower than $115.6m in June this year. It also represented the fourth consecutive month of spending decline.

Online spend stood at $101.3m for the month, with retail betting at $8.4m.

In terms of revenue, July’s total hit $10.6m. This was 5.4% lower than $11.2m last year but a 49.3% increase from $7.1m in June 2023.

Read the full story on iGB North America

August 14, 2023

Indiana sports betting revenue up despite handle dip in July

Sports wagering revenue increased in Indiana in July despite the state reporting a decline in handle.

Consumers in Indiana spent $203.8m betting on sports in July, a 1.4% drop from $206.6m in July 2022. This was also 9.1% behind $224.1m in June this year.

Baseball remained the sport of choice among Indiana bettors, drawing $69.4m in total bets. A further $12.6m was wagered on basketball, while $56.2m was spent in parlay bets and $62.9m betting on other sports.

Taxable adjusted gross revenue reached $23.3m, a 11.5% increase from last year. This was also 19.5% ahead of the $19.5m generated in June 2023.

Read the full story on iGB North America

August 10, 2023

Entain hails record online players after revenue hits £2.40bn in H1

Entain reported a 14% year-on-year increase in net gaming revenue (NGR) to £2.40bn (€2.78bn/$3.06bn) during the first half, helped by a record number of active online players in Q2.

The group revealed growth in all business areas for the six months to 30 June. Both online and retail revenue, excluding US operations, was up year-on-year at Entain.

When including $944.0m in revenue contributions from its BetMGM joint venture with MGM Resorts, NGR was up 19%. That business, Entain added, BetMGM posted its first positive EBITDA figures in the second quarter.

Higher revenue also meant an increase in pre-tax profit for Entain. However, its bottom-line was hit by the £585m provision set aside as part of deferred prosecution agreement (DPA) negotiations with the UK’s Crown Prosecution Service (CPS) over historic activities in Turkey.

Entain makes ‘clear strides’ towards strategic goals

CEO Jette Nygaard-Andersen was pleased with H1. She said the operator made “clear strides” towards deli..

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

ESPN Bet to launch in November

Jay Snowden, president and CEO of Penn Entertainment, confirmed that ESPN Bet will go live in November this year.

Penn and sports broadcaster ESPN’s transformative $1.5bn deal will consist of Penn relaunching its existing Barstool Sportsbook as ESPN Bet.

Off the back of the deal Penn is divesting its Barstool Sports sportsbook brand and selling it back to Dave Portnoy, founder of Barstool.

Snowden confirmed the month for launch on Penn’s earnings call today, following the publication of its second quarter results.

When the deal was announced yesterday, Penn said the launch had been set for “the fall”, with no specific details as to when.

On the earnings call, Snowden skipped around the month with “sometime this fall” and “certainly before Thanksgiving” before landing on November.

Snowden defended the timing of the launch amid claims it would come too late in the NFL season.

“I think our launch in November is good, because it won’t get lost at the beginning of football season,”..

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Tag: Finance