Finance Archives - Page 3 of 25

February 19, 2024

New Jersey smashes gambling revenue records in January

New Jersey has reported a strong start to 2024, with igaming revenue hitting an all-time high and sports betting revenue and handle reaching new monthly records in January.

Total gambling revenue in New Jersey for January reached $559.1m (£442.9m/€518.4m). This was 28.0% ahead of $436.9m in January 2023 and 7.1% higher than $522.2m in December last year.

Land-based casinos remain the primary source of gambling revenue in New Jersey. During January, revenue here stood at $205.0m, down 3.1% year-on-year.

Physical slots, traditionally one of the main money-makers in New Jersey, saw revenue slip by 5.8% to $143.0m. However, land-based table games revenue edged up 3.7% to $62.1m.

total gambling revenue was 7.1% higher than the $522.2m recorded in december last year

Igaming closes the land-based gap with record January

While the land-based market faltered in January, the situation in igaming could not be more different. Revenue from igaming in New Jersey reached $183.3m, up 19.9% year..

February 16, 2024

Massachusetts smashes sports betting revenue record in January

Massachusetts recorded $71.1m (£56.5m/€66m) in taxable sports betting revenue for January, smashing the previous record of $61m.

Massachusetts’ January revenue was a remarkable 17% increase on the previous highest month, set back in May 2023.

Handle fell just 1.1% short of December’s $658.7m record, still accumulating $651.7m in what was another strong month for Massachusetts’ sports betting industry. Tax collected was $5.8m, also 9.4% down on December.

Massachusetts has shown very encouraging growth since sports betting went live on the last day of January 2023. Online continues to perform very strongly, with online wagers accounting for 99.4% of January’s handle.

In terms of casino, Massachusetts produced $93.5m in gross gaming revenue (GGR) for January, 10.1% short of December’s figure of $103m. Encore Boston Harbor continues to lead the way, accumulating $60.9m in table and slot GGR.

DraftKings still the leader in Massachusetts

While DraftKings’ handle of $315.9m was $4.5m sh..

February 16, 2024

DraftKings ups 2024 forecast after strong end to 2023

DraftKings has lifted its forecast for 2024 after posting positive earnings as well as soaring revenue in the final quarter of 2023.

DraftKings expects to post its first full year of positive adjusted EBITDA in 2024, with earnings of up to $510m (£405.2m/€473.7m), compared to the previously stated $450m. Revenue for 2024 is now expected to be between $4.65bn and $4.90bn from the range of $4.50bn-$4.80bn. The forecast was published in its preliminary results for 2023 and Q4 results.

Significant operating efficiencies

draftkings will acquire lottery app jackpocket for $750m, it announced on thursday

In the year to 31 December 2023, DraftKings saw revenue rise 63% to $3.7bn. Loss from operations was $789.2m, compared to $1.5bn in 2022, while negative adjusted EBITDA was $151.0m. This was significantly less than last year’s $721.8m.

During the year, DraftKings saw cost of revenue grow by 57% to $2.3bn. However, sales and marketing was flat and general and administrative expenditure de..

February 15, 2024

Super Bowl wagers hit $71.5m in Pennsylvania

Super Bowl wagers in Pennsylvania totalled $71.5m (£56.8m/€66.4m), according to data released by the Pennsylvania Gaming Control Board.

These were wagers made through both retail and online sportsbooks. In total, this is a decrease of 15.1% compared to Super Bowl 2023, when the Philadelphia Eagles were defeated by the Kansas City Chiefs.

The regulator added that after payouts, revenue should come to $11.0m, down 62.7% from the $29.7m revenue generated from last year’s Super Bowl.

This marked the sixth year that sports betting was legal in Pennsylvania for the Super Bowl. It was also the fourth year of online sports betting in the state. Bettors could choose between 18 retail locations and 12 online betting sites to place their bets.

Online versus retail breakdown

Online wagers totaled $64.6m for Super Bowl 2024, a decline of 12.5% compared to online wagers on 2023’s game. The 2023 online wagering total was also the highest since online sports betting was introduced in Pennsylvania..

February 15, 2024

Penn reports Q4 net loss of $358.8m following ESPN Bet launch

Penn Entertainment has announced a net loss of $358.8m (£258.9m/€334m) for Q4 2023, a quarter in which the operator launched its ESPN Bet sportsbook.

ESPN Bet, the product of Penn’s $1.5bn deal with Disney-owned ESPN, launched across 17 states on 15 November.

Penn’s Interactive segment recorded revenues of $31.5m in Q4, although its adjusted EBITDA loss stood at $333.8m.

Revenue across the whole company dropped 12.5% in Q4 year-on-year from $1.6bn to $1.4bn. Overall adjusted EBITDAR for Q4, meanwhile, plummeted from $468.3m to $112.5m year-on-year.

Penn’s northeast segment, encompassing 17 properties including Ameristar East Chicago and Hollywood Casino Lawrenceburg, accounted for $662.9m of the $1.4bn in revenue.

Diluted earnings per share also went from $0.13 to a loss of $2.37. Meanwhile, total liquidity dropped to $2.1bn from 2022’s figure of $2.6bn. Net debt at the end of Q4 stands at $1.6bn.

Penn’s full year results

The $1.4bn in Q4 revenue took Penn to $6.36bn for the yea..

February 15, 2024

FDJ reports “solid” 6.5% year-on-year revenue growth for 2023

La Française des Jeux (FDJ) has reported a 6.5% year-on-year growth in revenue to €2.62bn (£2.24bn/$2.81bn) for its 2023 financial year.

FDJ attributed the “solid” growth in revenue to momentum in its sports betting and online gaming sectors. This was evidenced by an 18.8% increase in its net gaming revenue (NGR), becoming almost 13% of the group’s NGR.

FDJ’s 2023 report came in the wake of the group submitting an offer worth SEK27.96bn (£2.10bn/€2.45bn/$2.67bn) to acquire the entire outstanding share capital of Kindred Group in January.

During 2023, FDJ’s net profit rocketed by 38% to €425m, from 2022’s figure of €307.9m. Recurring operating income shot up from €459m to €532m, again a sizeable rise of 15.8%.

Despite the rise in revenue, the 6.5% revenue hike fell behind the 9.1% increase to $2.46bn reported last year. The previous year’s success was largely powered by an 11% jump in lottery. Interestingly, this was while the lottery sector only grew by 4.9% in 2023.

FDJ recorded ..

February 14, 2024

Tennessee: January betting handle drops 5.6% month-on-month

Tennessee has reported a 5.6% month-on-month drop in handle for January, with players’ spending of $465.8m (£370.8m/€434.4m) also 9.6% down on the record month of November last year.

November 2023 was the first month in which handle in Tennessee surpassed $500m. The state’s legal wagering market opened in November 2020.

Gross wagers in Tennessee also dropped 5.6% month-on-month to $467.4m, again falling 9.6% short of November’s total of $517.1m.

Despite the month-on-month decrease, Tennessee’s gross wagers for January were 13.8% higher than the same month in 2023.

Privilege tax assessed for January stood at $8.6m, the first time it has dipped under the $9m figure since November 2023.

The Quarterly Survey of State and Local Tax Revenue (QTAX), carried out by the United States Census Bureau, found Tennessee ranked seventh in the country in terms of the tax generated by sports betting in Q3 2023 with $16.1m. That is 3.1% of the $506m generated nationwide.

Leading operators in Tennes..

February 14, 2024

Study finds New York generates over 37% of all US sports betting tax

A study has revealed that New York contributes more than 37% of the total tax revenue generated from sports betting in the United States.

The Quarterly Survey of State and Local Tax Revenue (QTAX), carried out by the United States Census Bureau, recently added sports betting to its list of tax sources.

QTAX for Q3 of 2023 found that sports betting accumulated national tax and gross receipts of just under $506m (£403.5m/€473m). This was up 20.5% from Q3 2022 but significantly lower than the $571.5m generated in Q2 2023.

New York dominated the tax generated via sports betting in the third quarter of 2023, with its $188.5m nearly five times higher than Indiana’s $38.6m in second. No state has a higher tax on gross gambling revenues than New York’s 51%.

Ohio and Illinois ranked third and fourth with $32.9m and $32.4m respectively, while Pennsylvania rounded out the top five with $28.8m.

New York breaking record after record

new york has consistently been breaking sports betting recor..

February 13, 2024

Nevada breaks state record for Super Bowl bets with $185.6m wagered

The Nevada Gaming Control Board (NGCB) has revealed $185.6m (£146.6m/€172.3m) was wagered on Sunday’s Super Bowl in the state's 182 sportsbooks, breaking the previous record.

The game, played between the San Francisco 49ers and eventual champions Kansas City Chiefs at the Allegiant Stadium in Las Vegas, exceeded the $179.8m wagered on the 2022 Super Bowl.

However, a 3.7% hold percentage meant sportsbooks’ total win was just $6.8m. Since 2015, only three editions of the Super Bowl have generated a lower sportsbook win than the 2024 game.

In the NGCB press release, chairman Kirk Hendrick said: “The Nevada Gaming Control Board congratulates and thanks all the stakeholders involved for successfully delivering such a spectacular event from the state of Nevada.”

AGA expecting Super Bowl bets to reach record numbers

the american gaming assocation was predicting all-time high numbers for super bowl bets

The NGCB’s numbers should not come as much of a surprise. The American Gaming As..

February 13, 2024

Maryland’s January sports betting revenue up 23.4% year-on-year

Maryland has reported a 23.4% year-on-year increase in January for sports wagering, accumulating $545m (£431.9m/€506.2m) in revenue for the month.

Maryland’s January figures far exceeded the same month last year, when it recorded $441.5m in revenue. Taxable win for the month was $55m, with the contribution to the state standing at $8.2m, an all-time high.

Hold in January was 14.7%, 1.2% higher than the same month last year, while prizes paid to players amounted to $465m, again a 21.8% increase year-on-year.

Maryland has now accumulated $3.1 trillion in sports betting handle for its 2024 financial year, a 144.9% hike on 2023.

Maryland lottery and gaming director John Martin attributed the strong revenue figures to the NFL playoffs, stating the sporting calendar was the “driving force” behind the state’s sports wagering success.

FanDuel out in front

fanduel led the way in maryland for january in both online and retail

Live! Casino Hotel and FanDuel recorded a handle of $244.6m in ..

February 13, 2024

Indiana sets monthly revenue record of $53.5m for January

Indiana has recorded a total taxable adjusted gross revenue (AGR) of $53.5m (£42.4m/€49.7m) for January, beating the previous record of $50.6m set in December.

Indiana reported a total sports wagering handle of $480.3m for January, a 4.5% drop from the previous month’s total of $503.1m.

Of the handle, $269.9m was spent on parlays, with American football and basketball receiving $57.5m and $113.1m in bets respectively.

DraftKings and FanDuel battling it out in Indiana

draftkings and fanduel have been battling it out in indiana

Ameristar Casino and its DraftKings sportsbook was the leader for handle with $181.4m, accumulating a total AGR of $18.7m. FanDuel, meanwhile, came away with $23.3m in AGR despite taking less in bets than DraftKings with $160.1m.

Penn Entertainment-operated Hollywood Lawrenceburg took $39.4m in handle while Belterra Casino, another FanDuel partner, placed fourth with $36.6m.

Caesars, meanwhile, was fifth for handle with $32.1m at Harrah’s Hoosier Park, fin..

February 6, 2024

Nevada gambling revenue hits record $15.52bn in 2023

Gambling revenue in Nevada reached an all-time high of $15.52bn (£12.37bn/€14.46bn) in 2023, surpassing the previous annual record by 4.6%.

The 2023 total was comfortably ahead of the existing Nevada record of $14.84bn, which was set in 2022.

Breaking down the past year, land-based slots were the primary source of revenue. The $10.28bn generated in 2023 was 2.8% higher than in the previous year. Some $5.97bn of all slot revenue came from multi-denomination games, while penny slots drew $3.15bn.

Baccarat revenue falls just short of $1.50bn in 2023

Elsewhere, table, counter and card games revenue, which also includes sports betting, hit $5.24bn. This was 8.5% ahead of the $4.83bn posted in 2022.

Baccarat was responsible for $1.49bn of table, counter and card games revenue in Nevada in 2023. This was 28.2% higher year-on-year.

A further $1.33bn came from blackjack, up 0.8%, while craps revenue increased 4.6% to $467.5m and roulette 1.8% to $460.3m.

Nevada mobile sports betting reve..

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Tag: Finance