Strategy Archives

February 28, 2024

Betsson CEO Lindwall celebrates “record year for the group” and outlines 2024 plans

A record 2023 saw Betsson post higher revenues and EBITDA than ever before. With further global expansion on the cards, Betsson chief executive Pontus Lindwall believes it’s the company’s localised approach that will help them achieve further growth.

Revenues shot up by 22% to a record €948.2m (£811.3m/$1bn) for Betsson’s 2023 financial year. EBITDA also skyrocketed 52% to €262.7m from €172.4m in 2022. The year-end results were aided by a surge in Q4, one that saw group revenue hike by 14%.

Quite the set of results then for Betsson. According to Lindwall, the positive outlook for the company looks set to continue, both short- and long-term. The CEO is delighted with the group’s performance, comparing the operator to a well-oiled machine.

“Of course, we’re very happy with the outcome of 2023,” Lindwall told iGB. “It’s a record year by far for the group. It’s nice to finish off so strongly with the record quarter as well.

“I think we have a strategy that has played us well as we are ..

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 13, 2024

WynnBet ceases operations in Massachusetts

The Wynn Interactive division of Wynn Resorts has ceased operations of its WynnBet online gambling brand in the state of Massachusetts.

Players in Massachusetts have 30 days from yesterday (12 February) to withdraw any funds from their WynnBet account.

Wynn Resorts, however, will continue to operate retail sports betting in the state. Players can continue to wager at the land-based sportsbook and kiosks inside its Encore Boston Harbor casino.

The halting of operations in Massachusetts comes after Wynn Resorts last August set out plans to scale back the brand across the US. Along with Massachusetts, WynnBet will also exit Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virginia.

WYNNBET IS IS ALSO SET TO EXIT Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virginia

The brand remains active in Nevada, New York and Michigan. However, Wynn chief financial officer Julie Cameron-Doe last week said its operations in New York and Michigan rem..

February 1, 2024

Endeavor to integrate IMG Arena into Openbet

Endeavor has announced it will integrate its sport betting brand OpenBet with its data business IMG Arena under the OpenBet banner, creating a full sports betting ecosystem for operators.

Global sports and entertainment company Endeavor announced the move on Thursday. Endeavor aims to leverage the expertise of OpenBet’s betting technology with IMG Arena’s data.

IMG Arena will operate under the OpenBet banner, offering its data to operators, media outlets and other rights holders.

Jordan Levin, chief executive of OpenBet, will spearhead the company, reporting to Endeavor president and chief operating officer Mark Shapiro. Freddie Longe, former IMG Arena president, will remain with the business as a strategic advisor during the transition period.

In the announcement, Shapiro stated this move was in the works for a while following Endeavor’s acquisition of OpenBet. The September 2022 deal was worth $800m (£633.4m/€740.3m).

“When we acquired OpenBet in 2022, we envisioned a holistic ..

January 31, 2024

DraftKings partners with LeBron James

DraftKings has partnered with professional basketball player LeBron James, in a deal that will see James become a talent ambassador for the operator.

Announced today (31 January), the deal will see LeBron share insights on football, as well as a number of select events.

Jason Robins, CEO of DraftKings said that partnering with LeBron was a privilege for the operator.

“Welcoming one of the most influential and greatest athletes of all time, LeBron James, to the DraftKings family is an absolute honour and privilege,” Robins wrote on LinkedIn.

The partnership will result in opportunities for sports fans and fans of LeBron to further engage with DraftKings’ product offering.

“We look forward to working with a passionate sports fan who shares the same competitive mindset that echoes throughout the walls at DraftKings, while delivering exciting engagement opportunities to our customers and his loyal fanbase for years to come,” he continued.

In a post on X – formerly known as Twitter –..

January 31, 2024

Top horse racing live data companies merge

Live horse racing data companies Total Performance Data (TPD) and TripleSdata (TSD) have agreed to a merger.

As a result of the merger, the companies will become one merged entity. The combined company will go on to supply live horseracing data from more than 100 tracks across 11 countries.

The entity will supply viewers with live and post-race tracking data. TPD‘s in-play odds will also be made available to racecourses worldwide.

In addition to the merger, the companies announced a shake-up of their management team. TSD founders Carlos Santo and Sebastian Scholz will join TPD’s board. Here, they will assist with managing a global team comprising more than 40 people.

Brad Higgins, executive director at TSD, is set to lead APAC sales. John McBroom, commercial director at TPD, will lead global sales.

Total Performance Data and TripleSdata will merge to create a combined company

Horse racing competing for attention

Will Duff Gordon, CEO of TPD said the merger improves TPD’s existin..

January 30, 2024

“It’s showtime!” – BetMGM bets big on the UK

In a heavily saturated UK market, BetMGM’s entry in 2023 certainly made a splash. Sam Behar, BetMGM’s UK director, believes the key to the operator’s early success is bringing that unique Las Vegas experience across the Atlantic.

BetMGM launched in the UK in August in partnership with MGM-owned LeoVegas to much fanfare and, five months on, the results have spoken for themselves.

With a series of flashy sponsorships that have well and truly put BetMGM on the map in the UK, its Las Vegas ties have been put on show for all to see. Despite the high expectations, BetMGM has still managed to surpass Behar’s initial lofty projections.

“It’s been an unbelievable first five months entering the UK – especially given the way we did,” Behar says. “We had a unique ambition to make things work and we’ve certainly made a big splash, which is excellent.

“Of course we always thought it would, but it’s made a much bigger impact than even we could have anticipated and, even though we had high hopes..

January 24, 2024

Road to ICE 2024: Entain’s sports betting acquisitions spark trouble

On the road to ICE, iGB will prep you for the biggest show of 2024 with this new series covering the latest developments since 2023's show.

2023 was a tough year for Entain, with its heavily pursued strategy of sports betting mergers and acquisitions leading to questions over the company’s future, ultimately costing chief executive Jette Nygaard-Andersen her job.

Entain acquired Polish sportsbook operator STS Holding in August, before also finalising its purchase of Angstrom Sports in October. While those two deals were outlined as particularly beneficial by Nygaard-Andersen, she was out of a job before the full potential of the moves could be reached.

Nygaard-Andersen, who had led Entain since January 2021, resigned in December amid growing pressure, in part down to her use of the company plane, but largely because of the several expensive acquisitions made under her tenure.

Nygaard-Andersen’s exit was another sign of the waning confidence in Entain, which manifested itself a..

January 19, 2024

Intralot extends contract with Morocco’s MDJS until 2025

Intralot has announced a two-year extension to its games operator contract with La Marocaine des Jeux et des Sports (MDJS).

The fresh deal is set to run out in December 2025. The agreement will see Intralot continue to operate MDJS’ lottery, while also offering sports betting and other games of chance.

Intralot has had a long-term partnership with MDJS, powering its offering since 2010. The Greek operator will continue to operate MDJS’ lottery games, which include Tifo and Chrono.

In March 2021, Intralot announced it had agreed to reduce the term of an eight-year deal with MDJS, signed in 2019, to end in December 2022.

However, despite MDJS launching a tender in January 2022 for a new supplier, a new one-year extension was agreed with Intralot in March 2022. This most recent extension, announced on Friday, prolongs the relationship between the pair.

Intralot at risk of not meeting 2024 bond obligations

In November 2023, Intralot announced a return to net profit for Q3. Gross gam..

January 18, 2024

Gamma Intermediate completes sale of 6.4% stake in Lottomatica

Gamma Intermediate has completed the sale of 16 million Lottomatica shares, representing a 6.4% stake in the Italian company.

Despite the sale, worth €152m (£130.5m/$165.5m), Gamma Intermediate retains a majority stake of 65.4% in Lottomatica.

Gamma Intermediate completed the deal at €9.50 per share, with the sale conducted through an accelerated bookbuilding process. The placement was made to institutional investors, with no public offering in any country.

Lottomatica expects the final settlement to be on or around 22 January. Gamma Intermediate has agreed to a 90-day lock-up for its remaining shares in Lottomatica.

Lottomatica plotting growth trajectory with SKS365 purchase

In November, Lottomatica agreed a deal to acquire 100% of the share capital in the Italian-facing operator SKS365. Lottomatica stated the purchase will strengthen its position in the Italian market, while also expanding its brand portfolio.

In november, lottomatica acquired 100% of the italian-facing operato..

January 17, 2024

The analyst’s take: Bet365’s 2022-23 financial results

A key theme of Bet365’s revenue report for FY2022-23 was its investment into the US market. Ed Birkin, senior analyst at H2 Gambling Capital, believes this outlay could end up paying dividends.

While the most prominent figure in the operator’s report was its £61.2m (€71.0m/$77.6m) loss, Bet365 also recorded significant revenue growth.

Birkin believes Bet365’s growing interest in the US market, as well as its hugely successful Ontario launch, could lead to future growth in regions such as North America and the soon-to-be regulated Brazil.

bet365 is currently the market leader in ontario

“Although the company has a reputation for operating in a number of unlicensed markets, it has been clear for a long time that it will seek a licence in any market where it is available and commercially viable to do so,” says Birkin. “Therefore, it’s no surprise to see continued international expansion.

“Their transition to the onshore market in Ontario appears to have gone smoothly, where they’re t..

January 17, 2024

Tiers and turbulence in US sports betting

The US sports betting sector has grown rapidly, but Paul Girvan sees trouble on the horizon for the early leaders.

The rapid development of US sports betting has been astounding. Currently some 32 states have legalised some form of sports betting and, of this number, 28 provide either mobile or online access.

Within the 32, there are five states where tribal operators provide the only betting option. To date the markets have been characterised by a hierarchy of operators that have gained access primarily via partnerships with land-based casino operators, both tribal and commercial.

A further eight states are considering the issue and could pass legislation in the coming year. Beyond these is a disparate group of states that have been resistant to passing sports betting legislation – although some have been actively considering the issue.

Among these are three powerhouses of tribal gaming; Minnesota, Oklahoma (with its proximity to Texas) and the behemoth of California. Trouble, ho..

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Tag: Strategy