Finance Archives

June 8, 2023

GB online gross gambling yield reaches £1.30bn in Q4

Online gross gambling yield (GGY) in Great Britain increased 5% year-on-year in the fourth quarter to £1.30bn (€1.51bn/$1.62bn), while GGY for the land-based sector also improved.

The latest gambling behaviour report released by the Gambling Commission covered activity in January, February and March 2023, a period that included the Cheltenham Festival horse racing event.

The Commission said the increase in online GGY was primarily driven by growth in real event betting and slots. The regulator also noted a rise in the total number of bets and spins, as well as average monthly active accounts.

Online real event betting was up almost 13% to £555m, with the number of bets 19% higher and average monthly active accounts 9% up year-on-year. The Commission put this down to the popularity of the Cheltenham Festival and player retention from the 2022 Fifa World Cup late last year.

Meanwhile, online slots GGY edged up 2% to £525m, helped by a 9% rise in the number of spins to 19.5 billion an..

June 7, 2023

Adam Greenblatt outlines BetMGM’s path to profitability

The US sports betting and igaming market is maturing and at BetMGM Adam Greenblatt believes product is the battleground where the leaders will be decided for the market’s next phase.

Adam Greenblatt has led BetMGM, the joint venture between Entain and MGM Resorts since its formation in 2018. It is on track to achieve profitability in the second half of the year.

BetMGM is live in 20 states, as well as Washington DC and Puerto Rico and Ontario in Canada. Since 2018, it could be seen as the only business to consistently keep pace with DraftKings and FanDuel.

It didn’t have the database of the legacy daily fantasy giants. But thanks to the MGM Resorts connection (and without M&A along the way), it’s established as a top tier brand in the US.

Other brands with designs on a top tier position such as Caesars, Bally’s, Penn National and 888, have undergone significant change. They’ve acquired to grow, onboarded new tech or sought out new partners.

This may help each business close the..

June 1, 2023

Nevada gambling revenue edges up year-on-year in April

Gambling revenue in Nevada increased 2.7% year-on-year in April to $1.16bn, but the state also reported an 11.5% month-on-month decline.

Revenue was higher than $1.13bn in April 2022 but down from the $1.31bn posted in March of this year.

Slots were again by far the primary source of revenue for the state, generating $837.9m for the month, up 4.2% year-on-year. This included $464.5m from multi-denomination slots and $275.9m from penny slot games.

However, revenue from table, counter and card games, including sports betting activity, fell 0.8% to $321.8m.

Read the full story on iGB North America

May 31, 2023

FL highlights “solid” Betclic growth in stable Q1

FL Entertainment highlighted the “solid” 16% revenue growth of its gaming subsidiary Betclic in a stable Q1.

Overall FL’s online sports betting and gaming revenue rose to €244m in Q1, up 14.5% from the previous year.

Chief executive François Riahi said the business’ betting and gaming divisions continued to “perform well” during the quarter. He added that the business was carried by the positive impacts of the 2022 Fifa World Cup “which resulted in double-digit revenue growth across all activities”, he said.

the business said it was “carried” by the positive impact of the world cup

The company also pointed to the high level of new active players, which increased 55% year-on-year. FL said that this resulted from the football tournament, as well as “successful cross selling strategies” across the business’ other products.

FL Q1 segment growth

All of the verticals experienced growth during the period. The company’s sportsbook revenue rose 11.3% to €194.8. Casino increased 31.6% to ..

May 24, 2023

International growth offsets NA decline in Super Group Q1

Growth in Betway-operator Super Group’s African, Middle Eastern and European operations partially offset the decline in revenue experienced in the company’s North American division.

Super Group chief executive Neal Menashe praised the “solid” result in Q1 and emphasised that the company remained focused on profit and revenue growth.

“During the month of March, net gaming revenue was a record high, along with the operational EBITDA margin of over 20% and this is a strong reminder of the value of operating leverage in our business,” he said.

“We are confident that we will continue to build on another strong quarter across igaming and sports betting across the world.”

Regulation in Ontario throttles North American segment

Super Group reported €338.5m for the first three months of 2023, a 1% rise from the €334.5m the company achieved in the same period of the previous year.

Overall, Super Group’s Betway sports betting and gaming business generated €198.2m of the total, while the op..

May 22, 2023

NH sports betting revenue up in April despite handle drop

The New Hampshire Lottery reported year-on-year and month-on-month increases in sports betting revenue despite a drop in handle.

Players spent $65.1m during the month, down 10.9% from $73.1m in April 2022 and 37.0% lower than the record $103.4m bet in March this year.

Online spend for April reached $56.8m, while a further $8.3m was bet at retail sportsbooks.

In contrast, revenue from sports wagering in April amounted to $6.7m. This was up 97.1% on 2022 and 39.6% more than in March.

Internet betting accounted for $6.1m of monthly revenue, with retail betting at $586,755.

Read the full story on iGB North America

May 19, 2023

DC sports betting revenue and handle down in April

Sports wagering revenue and handle in Washington DC both declined year-on-year in April, while the market also experienced a month-on-month drop.

Players spent $14.5m betting on sports during the month, down 21.2% from $18.4m in April 2022 and also 19.9% lower than the $18.1m wagered in March this year.

Turning to gross gaming revenue and this reached $1.3m, down 7.1% year-on-year and a drop of 43.4% from April’s total.

Breaking down performance by operator, Gambet, run by the DC Lottery and powered by Intralot, moved back into top spot with $626,273 in revenue from a $5.7m handle.

Caesars Entertainment placed second with $524,245 in revenue from $4.6m in total wagers. BetMGM followed with $138,784 in revenue from $2.5m in bets.

Read the full story on iGB North America

May 19, 2023

Lithuania gambling revenue jumps 26.1% in Q1

Gambling revenue in Lithuania increased 26.1% year-on-year during the first quarter, with growth across both the online and land-based segments.

Total revenue in Lithuania during the three months to 31 March amounted to €55.3m (£48.0m/$59.7m), up from €43.9m in the same period last year.

Some €36.6m came from online gambling, a 36.0% year-on-year rise. The majority of this came from Category A online slots, with these games generating €23.1m in revenue from €306.8m in player bets.

A further €979,987 came from Category B slots after consumers spent €6.3m betting.

Lithuania’s remote sports betting revenue reached €9.6m, after players wagered €151.2m, while online table games activity resulted in €2.9m in revenue from €31.3m in spend for the quarter.

Turning to land-based gambling and revenue was 10.0% higher at €18.7m. Category B slot machines were the primary source of revenue, generating €8.0m in revenue after players bet €50.7m.

Category A slot machine revenue reached €3.8m from..

May 18, 2023

MS sports betting revenue up despite handle dip in April

Mississippi experienced a year-on-year increase in sports betting revenue in April despite reporting a decline in handle.

Player spending for the month amounted to $31.8m, which was 10.4% lower than $35.5m in April 2022 and also 31.9% down from $46.7m in March of this year.

However, revenue reached $4.3m, which was up marginally from $4.2m in the same month last year but 14.0% lower than $5.0m in March.

Read the full story on iGB North America

May 18, 2023

PA gambling revenue reaches $476.7m in April

Gambling revenue in Pennsylvania climbed 3.3% year-on-year in April but fell short of the monthly record set in March.

Total market revenue for the month amounted to $476.7m, up from $461.6m in April 2022 but 7.5% lower than the record $515.3m in March of this year.

Land-based slots, the primary source of revenue for the state, declined 2.2% year-on-year to $213.0m. Retail table games also slipped 7.8% to $84.4m.

In contrast, online casino gaming revenue jumped 21.3% to $137.2m. Internet slots revenue was up 24.7% to $95.6m and igaming tables revenue climbed 16.1% to $38.9m, although ipoker revenue slipped 7.0% to $2.7m.

Hollywood Casino at Penn National retained top spot with $58.5m in total igaming revenue. Valley Forge Casino Resort was second with $31.2m, then Rivers Casino Philadelphia on $26.1m.

Read the full story on iGB North America

May 17, 2023

Michigan revenue takes a tumble after record-breaking month

Commercial and tribal operators in Michigan generated $195.7m ($156.9m/€180.7m) from online and sports betting receipts in April, down by 9.5% compared to March.

Online gaming contributed $159.4m to this, compared to the $171.8m record achieved in March. Gross sports betting receipts fell by 18.6% to $36.3m.

Adjusted gross receipts, which account for promotional spending, combined to total at $167.9m. This was made up of $143.4m from online gaming and $24.5m from sports betting.

Read the full story on iGB North America

May 17, 2023

NJ gambling revenue up 9.5% in April despite slots decline

Gambling revenue in New Jersey increased 9.5% year-on-year in April despite a drop in slot machine win, the state’s primary source of gaming revenue.

Total revenue for the month reached $462.7m, up from $422.5m in April 2022 but 5.1% behind the $487.4m generated in March of this year.

All areas of the market experienced year-on-year growth, with the exception of land-based slots where revenue fell 3.2% to $169.7m. Retail table games revenue edged up 2.9% to $61.8m, but the slots decline meant total land-based revenue fell 1.6% to $231.5m.

Read the full story on iGB North America

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Tag: Finance