Finance Archives - Page 25 of 25

July 20, 2022

Italy’s online sports betting revenue dips in May, while casino holds steady

Italy's igaming revenue declined to €276.4m in May from April’s €292.2m, mostly due to a dip in online sports betting.

Online sports betting revenue continued its downward trend, dropping below the €100 million mark for the first time since October 2021. This is compared to €153.5 million from May 2021. This drastic year-on-year drop is partially explained by restrictions that were in place on the retail sector in May last year, prompting more customers to bet online.

However, retail sports betting also suffered a sudden decline on a month-on-month basis after a period of stability, coming down from €83.5 million in April to €66.4 million in May.

In contrast to the betting figures, casino revenue ticked slightly upwards to €161.8 from €155.1 million. As a result, the igaming revenue product split swayed heavily away from sports betting, taking up only 35.3% of the market in May as opposed to 40.7% in April.

The drops in market share that the biggest four online casino operato..

July 14, 2022

May was second-best month ever for US commercial gaming

The American Gaming Association (AGA) has reported that US commercial gaming revenue came to $5.03bn (£4.25bn/€5.02bn) in May, the second highest month in industry history.

This was a rise of 7.9% from May 2021, in the earlier stages of recovery from the Covid-19 pandemic.

Slots continued to generate the most gross gaming revenue (GGR) overall, at $2.94bn, down just 0.1% year-on-year.

GGR from table games amounted to $873.9m, a rise of 10.5% year-on-year, while sports betting revenue came to $487.5m- up significantly by 78.2%.

Online gaming revenue also grew, by 30.9% to $406.4m.

For the year to date, total GGR is $24.39bn, up 20.6% from the same period in 2021.

Slots revenue for the year so far increased by 11% to $14.08bn and table games revenue grew by 38.2% to $4.05bn.

Sports betting revenue for the year to date jumped by 73.5% to $2.64bn. Online gaming GGR also grew significantly to $2.03bn, up by 45.6%.

The AGA also noted that March, April and May have been the three mos..

July 13, 2022

Industry shares resilient amid report of white paper details

Industry share prices rebounded from an initial dip following a report that the new Gambling Act white paper will include a £125 monthly soft cap on affordability – with harder checks for players losing £2,000 in three months.

Industry commentators Earnings + More reported a number of details this morning related to the content of the Gambling Act White Paper.

Industry sources confirmed to iGB it matched up with their understanding of the document.

Perhaps the most significant detail in the report was detail of the affordability checks that operators may be required to perform. Players would be allowed to have a net loss of up to £125 per month or £500 per year before “passive” checks – to see if players have obvious signs of financial difficulties such as county court judgements – kick in.

Those who lose more than £1,000 in 24 hours or £2,000 within 90 days will face “more detailed” checks.

New accounts will face lower thresholds.

Sources raised questions, however, of what the d..

July 12, 2022

888 raises €700m to pay off William Hill debts

Online gambling operator 888 will raise €700m through a notes issue related to its acquisition of William Hill’s non-US business, despite reports last week that banks had struggled to sell on its debts.

The business will offer €400m worth of notes with an aggregate principal of 7.558%, due in 2027 plus €300m at a floating interest rate, due in 2028.

These notes form part of a wider financing plan as part of the operator’s recent £1.95bn acquisition of William Hill’s non-US business, also including revolving credit facilities and bonds.

These bonds, though, were subject to some uncertainty. 888 had issued the bonds underwritten by banking giants JPMorgan and Morgan Stanley. These banks then intended to sell the bonds onward to investors, but allegedly found little appetite amid ongoing uncertainty related to the Gambling Act review, which is set to have a very large impact on 888 due to its large exposure to Great Britain.

A white paper, a key next stage of the review, was expected ..

July 8, 2022

Entain shares slide amid concerns online slowdown continues into 2023

Entain’s share price dropped by more than 10% this morning, amid concerns its slowing online performance may continue through the rest of the year and beyond, before a rebound late in the day.

The business reported an 18% year-on-year increase in net gaming revenue for the first half of the year.

However, online revenue was down 7% year-on-year.

Entain said this was due to a weaker macroeconomic environment, leading to customers spending on average 5% less during the period than they had the year before.

“As a business, we are relatively resilient to cyclical macroeconomic effects,” chief executive Jette Nygaard-Andersen said. “However, no business is completely immune.

“We’ve seen some moderation in the rate of spend by customers, resulting in lower underlying growth across many of our markets versus our expectations earlier in the year.”

Chief financial officer Rob Wood noted that online revenue was “ultimately behind our expectations from earlier in the year, due to a couple ..

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Tag: Finance