Tag: Half year results

Webis upbeat on growth prospects despite wider net loss in H1

Webis Holdings’ non-executive chairman Denham Eke said the company remains “optimistic” over future growth potential for the business despite reporting an expanded net loss in H1.

Turnover for the six months to 31 November 2023 hit $5.9m (£4.7m/€5.4m). This was 4.8% behind the $6.2m reported in the previous year by Webis, which owns advance-deposit wagering (ADW) operator Watchandwager.com.

Eke and Webis put this drop mainly down to external factors in the second quarter. These, he said, included the cancellation of many US events due to bad weather in the country. On the flip side, Eke said trading was stronger during the summer months.

Turnover decline, coupled with the fact that spending remained level in H1, led to a wider loss for Webis. However, Eke is upbeat about the company’s performance moving into the second half.

“Our principal subsidiary, WatchandWager.com, again had a varied start to the first six months of the financial year,” Eke said. “I remain optimistic that trad..

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BetMGM expects to reach $500m EBITDA by 2026

BetMGM aims to reach 25% market share in the US by 2026, as well as delivering $500.0m (£396.1m/€462.2m) in positive EBITDA.

BetMGM set the 2026 goal after revealing it expects to be at the higher end guidance for 2023. In the current financial year, revenue should be between $1.80bn and $2.00bn, according to CEO Adam Greenblatt.

At an investor presentation yesterday (4 December), Greenblatt detailed how BetMGM, a joint-venture by Entain and MGM Resorts International, was expecting to be self-funding from 2024 onwards.

The business sees next year as an investment period, having already proved profitability in 2023. While it expects to achieve a profitable H2 2023, BetMGM expects negative EBITDA for 2024 in what it bills as an “investment year”.

Investment plans

When pressed on how much cash was available to invest, Greenblatt and CFO Gary Deutsch would not disclose the exact amount. However, the pair said plenty of money is available to “compete and invest for growth at the hi..

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Net profit up 56.4% at STS in H1

Net profit at Polish sports betting operator STS Holding grew 56.4% to PLN97m (£18.1m/€21.1m/$22.6m) in the first half of 2023, a period in which it agreed to be acquired by Entain CEE for £750.0m.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the half-year rose by 34.1% to PLN157m.

The news that Entain CEE – Entain’s Central and Eastern Europe (CEE) venture – would acquire Poland’s leading sportsbook operator came in June, after Mateusz Juroszek, chief executive of STS, and his father Zbigniew, entered into an agreement to accept Entain CEE’s acquisition offer.

Entain CEE paid PLN24.80 per STS share. This put the business at an equity value of £750m and an enterprise value of an estimated £690m. The deal closed on 24 August, after STS shareholders – holding 155,591,656 in STS shares – backed the deal.

On the half-year, Mateusz Juroszek said STS focused on optimising its operations during the six months, adding that he projects increased player ..

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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..

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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..

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Online growth drives Lithuania H1 gambling revenue up 21.5%

Gambling revenue in Lithuania increased 21.5% during the first six months of 2023, driven by growth within the country’s online gaming sector.

Gross gaming revenue for the first half in Lithuania was €108.5m (£93.5m/$119.2m), up from €89.3m in the same period last year.

Of this total, €72.2m was attributed to online gambling, a year-on-year rise of 31.5%. The remaining €36.3m came from land-based activities, up 4.6% on the previous year.

Online slots lead the way in Lithuania H1

Breaking down this performance, €45.5m of all online gambling revenue came from category A slot machines. This was 37.5% higher year-on-year.

A further €1.8m in Lithuania was generated from online category B slot machines, up 28.6% on 2022.

Internet sports betting revenue climbed 12.4% to reach €19.0m in the first half. In addition, remote table games revenue was 71.4% higher at €6.0m.

Slower growth in land-based sector

Turning to Lithuania H1 land-based gambling, category B slot machines were the main ..

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Jackson highlights scale, product as profit drivers for Flutter

Peter Jackson, CEO of leading online gaming conglomerate Flutter Entertainment, highlighted the business’ scale and subsequent ability to invest in its products as being behind its crossing of the profitability threshold.

In H1 2023, the Flutter reported profitability on both a US and group-wide basis. In the company’s earnings call, Jackson highlighted the business had previously expected 2023 to be the year in which the threshold was met.

“I think it’s important we remember the context a few years ago,” Jackson said. “We knew this year would be the tipping point, we reached that milestone earlier because the business is bigger than we anticipated.

“We knew this year would be profitable, we’ve proved the model works, we will continue to acquire and invest in as many companies as we possibly can.”

Jackson emphasises the importance of scale

The executive emphasised Flutter’s size, revenue and market share as the business retained its title as the largest online gaming business in t..

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Flutter’s US business reaches “profitability inflection point” in H1

Flutter Entertainment has revealed its US business reached a “profitability inflection point” during the first half, with CEO Peter Jackson describing the period as “pivotal”.

Group revenue was up 41.9% in the six months to 30 June, while net loss also flipped to a profit. Much of this, Flutter said, was down to the performance of its US segment, namely the FanDuel Group brand.

Since taking ownership of FanDuel in May 2018, the brand has gone from strength to strength. FanDuel has moved far from an initial daily fantasy sports offering to now deliver sports betting and online casino in states across the US.

FanDuel investment coming in H2

US is Flutter’s star performer in H1

A strong six months for European operations

Australia disappoints

Working down the balance sheet

FanDuel US listing nears

Flutter CEO: Profits will fuel H2 investment for FanDuel

With CEO Jackson revealing that the US business took on more than two million new players in the first half, there is little ch..

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Genius benefits from betting growth as revenue rises 22.1% in Q2

Genius Sports said growth within its betting technology, content and services division helped push revenue up 22.1% year-on-year during the second quarter of 2023.

The data, technology and broadcast business experienced growth across all its businesses in the period. However, it was its betting arm that witnessed the most significant increase, with revenue rising 26.8%.

Genius put this down to higher customer utilisation of event content and growth in business with existing clients.

The provider also noted that renewed partnerships with a number of major clients will help drive further growth.

In recent months, Genius has extended a partnership with Football DataCo (FDC), which manages data rights for the English Premier League. It has also renewed deals with the National Football League and indoor American football’s XFL.

“We enter H2 having reached a significant inflection point in our business,“ Genius co-founder and CEO Mark Locke said. “Following the financial outperformanc..

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DraftKings further increases full-year guidance after Q2 growth

DraftKings has increased its full-year revenue and earnings guidance after reporting growth during both its second quarter and first half.

The operator put Q2 success down to continued customer retention and engagement, as well as the acquisition of new players. DraftKings also highlighted an expanded parlay offering and improved promotional intensity.

This led to a year-on-year rise in revenue and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). DraftKings was also able to reduce net loss.

Based on these figures, the operator was confident in increasing FY guidance for the third consecutive quarter. DraftKings already raised FY expectations in both the first quarter of 2023 and final quarter of last year.

DraftKings also took into account anticipated launches in new markets when increasing its FY guidance. The operator expects to go live in Kentucky in September and Puerto Rico before the end of the year, with these launches set to further improve f..

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FL Entertainment lauds betting and gaming segment in H1

FL Entertainment saw revenue of €489.3m in its online sports betting and gaming segment in H1, up by 23.3% year-on-year.

FL Entertainment’s online sports betting and gaming segment is generated by the Betclic Everest Group, which owns both German-facing Bet-at-home.com and Betclic.

The overall revenue was €1.92bn for the six months, an increase of 6.8% year-on-year. Content production and distribution revenue was €1.43bn.

François Riahi, CEO of FL Entertainment, said the overall revenue was due to increased unique active players in its online sports betting and gaming segment, as well as FL Entertainment’s business model.

“We delivered excellent first half results that demonstrate the strength of our differentiated and complementary business model, as well as the creativity and agility of our teams,” said Riahi.

“Our online sports betting and gaming business maintained its double-digit revenue growth across all activities thanks to an increased number of unique active players and..

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BetMGM close to profitability as MGM hits record revenue in Q2

Land-based and online gaming operator MGM Resorts International reported all-time record revenue in Q2, as the company’s online business BetMGM announced its first EBITDA positive quarter.

MGM recorded $1.95bn in revenue in Q2, up 43.4% from the same quarter the previous year. The operator put the increase down primarily to the removal of Covid-19 related entry restrictions in Macau.

MGM CEO and president Bill Hornbuckle also chose to highlight the progress made by its online joint venture with Entain, BetMGM.

“BetMGM reported that it achieved its first positive EBITDA quarter and remains on track to achieve its next milestone of second half profitability,” he said.

However, despite this, the online gaming platform still recorded a $22.5m loss during the quarter. This represents a 68.4% fall in losses compared to the $71.2m reported in the same quarter the previous year.

MGM reports steady profits in Q2

On this total, the business announced it achieved an operating income of $37..

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