Finance Archives

September 4, 2023

Revenue dips as US plans gear up at BlueBet

Net revenue at sports betting operator BlueBet decreased marginally year-on-year for FY23, while turnover perked up as its US expansion plans took shape.

Revenue was AU$49.0m (£25.1m/€29.3m/US$31.7m) for the 12 months to 30 June, dipping by 1.3% compared to FY22. Turnover increased by 4.8% to AU$536.6m.

BlueBet pointed to its performance in Australia as a particular highlight for the year. But its full-year results came days after it was issued a $945,187 fine by the Victorian Gambling and Casino Control Commission (VGCCC). This figure could change subject to further legal proceedings. BlueBet displayed three advertisements on billboards between 29 August and 11 September last year, breaching state laws on marketing.

BlueBet’s active customers in Australia shot up by 22.7% to 65.4 million. Turnover grew 3.5% to $530.0m, accounting for a majority of the overall turnover for the year. BlueBet attributed this growth to a 24.0% increase in marketing spend, which was due to increased inv..

August 31, 2023

Nevada posts record monthly win in July

Nevada generated record gaming win of $1.4bn (€1.3bn/£1.1bn) in July fuelled by a lucrative month for the famous Las Vegas Strip.

Figures released by the Nevada Gaming Control Board, show total gaming win posted by casinos and sportsbooks was up 6.7% on July 2022. Nevada’s gaming sector has now generated gaming win of more than $1bn for 29 consecutive months.

The figures were driven by the state’s second-highest table game revenue total for a single month at $513.1m. This was up more than 7% year-on-year.

Revenues on the Las Vegas Strip came to almost $834.9m, up by 7.9% compared to the same period in 2022 and an increase of 14.8% on the $727.3m reported during June.

July’s revenues were an all-time record for the Las Vegas Strip, outperforming the previous record of $792.6m set in July 2021.

Nevada sports betting operators reported $25.3m in revenue, representing an increase of 55.7% compared to July 2022. Mobile and online betting accounted for 65.7% of all sports wagers during ..

August 23, 2023

Michigan online gambling revenue tops $176m in July

Combined online sports betting and casino revenue in Michigan increased 18.8% year-on-year to $176.1m (£138.8m/€162.7m) in July, while the state also reported a month-on-month rise.

Gross receipts were comfortably ahead of $148.2m in July 2022 and also 4.0% more than $169.3m in June this year. The total also halted three consecutive months of decline in Michigan.

Online casino gaming gross receipts reached $153.6m in July, up 21.3% on last year and 1.7% ahead of June’s total.

Gross sports betting receipts were 4.2% higher year-on-year at $22.5m and 23.0% more than in June. This was despite handle falling 10.8% from $225.0m in July 2022 to $200.8m, with spend also 11.9% lower than in June.

July adjusted gross receipts up 17.8%

In terms of adjusted gross receipts, which account for promotional spending, Michigan also reported growth.

Combined igaming and sports betting adjusted gross receipts amounted to $154.6m. This was 17.8% ahead of last year and 5.8% higher than June’s total…

August 22, 2023

Commission-free exchange Novig raises $6.4m in pre-seed round

Commission-free sports betting exchange Novig has raised $6.4m (£5.0m/€5.9m) in a pre-seed funding round from a number of well-known tech investors.

New York-based firm Lux Capital led the investment round into Novig, with participation from several prominent Silicon Valley venture capitalists.

These include famous start-up accelerator Y Combinator, the inventor of the Lisp programming language Paul Graham and Dropbox co-founder Arash Ferdowsi. Also investing is former San Francisco 49ers quarterback Joe Montana.

Novig CEO Jacob Fortinsky said the business was “honoured” to have the support of the tech investors.

novig ceo jacob fortinsky

“Our vision is clear: to reshape the sports betting landscape that has long favoured exploitation over innovation and to usher in an era of integrity, transparency and empowerment,” he added. “Together, we’re rewriting the rules and putting the power back in the hands of bettors.”

Novig plans October launch date

Novig completed the investment r..

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

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Tag: Finance