Finance – Page 4 – FairOdds Network

March 1, 2024

Nevada gambling revenue hits $1.28bn in record-breaking January

Gambling revenue in Nevada edged up 0.8% year-on-year to $1.28bn (£1.01bn/€1.18bn) in January, the highest total on record for the opening month of the year.

Revenue was marginally higher than $1.27bn in January 2023 but 10.5% behind December’s $1.43bn haul.

Slots accounted for $885.9m of revenue in January, up 1.3% from last year. Some $567.2m of this came from multi-denomination slots, while penny slots drew $231.1m in revenue.

Table and card games decline hits Nevada

In contrast to this growth, table, counter and card games revenue dcelined 7.5% to $393.5m in January.

Blackjack was the primary source of revenue here, despite an 18.2% decline to $98.3m. Craps revenue slipped 19.4% to $32.0m and roulette 40.7% to $27.4m.

Baccarat was only one of four areas within this segment to post growth, with revenue up 8.0% to $98.0m. Pai Gow poker revenue jumped 125.5% to $11.2m, while “card games” revenue climbed 0.5% to $13.2m for the month.

American football betting drives sports wage..

February 29, 2024

Analysing the data: Breaking down Spain’s 2023 in numbers

Spain is rapidly emerging as one of Europe’s most exciting markets for growth. We take a look inside the numbers – with a positive 2023 for the country’s online gambling market.

The headline number from Spain’s Directorate General for the Regulation of Gambling (DGOJ) is the €1.24bn (£1.06bn/$1.35bn) in gross gambling revenue (GGR) for 2023, up year-on-year by well over a quarter at 28.4%.

Spain’s GGR has now increased every year since 2013 bar 2021. The 28.4% hike is the largest year-on-year rise since 2017.

Deposits and withdrawals rose by 15.5% and 10.1% respectively. The number of active gamblers also edged up by 2.7% to over 1.6 million.

Casino and betting on the rise in Spain

Of that €1.24bn in GGR, casino led the way with 50.5% of the total, accumulating €624.8m in revenue for 2023. Meanwhile, betting wasn’t far behind, accounting for 39.8% with €491.8m of GGR. Poker, bingo and contests then lagged behind with €115.3m, €14.4m and €480,000 respectively.

Looking at those num..

February 29, 2024

BlueBet nets record wagering turnover revenue in H1 – offsets US loss

BlueBet Holdings reported a 12.6% increase in revenue during the first half of 2024 on the back of record turnover, but higher costs led to a wider net loss.

Revenue for the six months to 31 December hit AU$27.8m (£14.3m/€16.7m/US$18.1m), up from $24.7m in H1 of 2023 at BlueBet. This, BlueBet said, was driven by record wagering turnover of $319.5m for the half.

The six-month period saw BlueBet further grow its Australian business, with revenue rising 13.0% to $27.9m. Active customers in the country were also up 13.0%, which in turn helped pushed turnover up 6.9% to $298.7m.

revenue of AU$27.8m was driven by record wagering turnover of $319.5m for h1 2024

However, against this background of growth in Australia was some bad news for BlueBet. In August, the Victorian Gambling and Casino Control Commission charged BlueBet for breaching state rules on advertising. If found guilty BlueBet could face a fine of up to AU$945,187.

US expansion continues for BlueBet

Over in North America,..

February 28, 2024

Rhode Island’s sports betting handle declines by 6.5% in January

Rhode Island’s January sports betting handle saw a 6.5% decline from December’s figures, although revenue was up by almost 22%.

Rhode Island recorded $44.8m in sports betting handle for January, a significant decrease on December’s number of $47.9m and the lowest since September. The handle also fell 28.1% behind the same month last year, which was a record.

$34.8m of the handle was wagered online, while the other $13.1m was bet at retail sportsbooks. Of the retail handle, Twin River and Tiverton Casino took $6.4m and $3.6m in bets respectively.

Despite the downturn in handle, it was a good month for sportsbooks, who accumulated a combined revenue of $5m, over a fifth higher than December’s $4.1m and the highest since Rhode Island started its new financial year.

Online accounted for $3.8m of that figure, which is 76% of the total. By facility, Twin River outperformed the Tiverton Casino, generating $845,340 to the latter’s $402,750.

Rhode Island into H2 of its financial year

spor..

February 27, 2024

Spain: online gambling revenue edges up to €315.3m in Q4

Online gambling revenue in Spain increased marginally year-on-year and quarter-on-quarter to €315.3m (£269.8m/$342.0m) in Q4, while total deposits were also higher.

Gross gaming revenue in Q4 was 0.6% higher than in the same period in 2022. The total was also up 3.6% from the amount generated in Spain during the third quarter of the year.

Breaking this down, casino was the primary source of revenue by some distance during Q4.

Total revenue from this segment was €171.3m, representing 54.3% of all market revenue in Spain. Growth in the casino market was helped by a 25.9% rise in slots revenue and 15.3% increase in live roulette revenue.

Elsewhere, sports betting revenue hit €114.7m, accounting for 36.4% of total revenue and poker €25.4m, or 8.1% of overall revenue. For poker, tournaments had a negative variation rate of 0.5% and poker cash 7.0%.

A further €3.8m in revenue came from bingo activity, some 1.2% of all revenue, and contests €50,000.

Total deposits up 9.4% in Q4

In te..

February 27, 2024

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..

February 22, 2024

Michigan igaming revenue reaches record $181.9m in January

Gross igaming revenue in Michigan hit a new monthly high of $181.9m (£143.7m/€167.7m) in January, while the state’s entire online gambling market grew year-on-year.

Total gross online gambling revenue, comprising igaming and sports betting, amounted to $229.6m. This was 22.6% ahead of $187.3m in Michigan last January but 5.3% less than December’s $242.5m record for total gambling revenue.

Figures include licensed commercial and tribal igaming operators in Michigan.

Gross igaming revenue was 18.4% higher year-on-year, surpassing the $153.7m reported in January 2023. The total also narrowly beat the existing monthly record of $181.4m set in December.

Turning to sports betting, gross receipts here reached $47.7m. This was 40.7% higher than $33.9m in the same month last year but 21.9% less than December’s $61.1m. As for handle, the $577.4m wagered in January was 21.4% higher than in the previous year.

In terms of adjusted gross receipts (AGR), which account for promotional deductions..

February 21, 2024

Pennsylvania gambling revenue edges up year-on-year in January

Overall gambling revenue in the state of Pennsylvania increased by 2.7% year-on-year to $477.2m (£378.1m/€441.9m) in January.

Revenue was up from $464.4m in January 2023 but 10.7% behind the $534.2m generated in Pennsylvania in December. This revenue comprises land-based slot and table games, online gambling sports betting, video lottery terminals (VLTs) and fantasy sports.

Physical slots remain the primary source of gambling revenue in Pennsylvania at $179.5m, down 11.2% year-on-year. Land-based table games revenue also slipped 13.4% to $72.7m.

Revenue was 10.7% lower than December 2023

Slots drive online gambling growth in Pennsylvania

In contrast, the Pennsylvania online gambling sector reported more growth. During January, revenue from igaming amounted to $149.6m, up 12.4% from last year.

Online slots revenue reached $110.0m, a rise of 22.0%. However, online table game revenue fell 7.8% to €36.9m, while internet poker revenue was almost level at $2.7m.

Hollywood Casino at P..

February 21, 2024

US gaming revenue tops $66.5bn for third consecutive record year

The American Gaming Association (AGA) has revealed US gross gaming revenue (GGR) reached an all-time high of $66.5bn (£52.7bn/€61.6bn) in 2023, the market’s third straight record year.

2023’s total was a 10% hike on 2022’s figure of $60.4bn, which in turn was a significant increase on the $53bn accumulated in 2021.

The strong numbers were aided by a record Q4. This included an all-time high quarterly revenue of $17.4bn, while a record $6.2bn in revenue was generated.

Land-based casinos continue to perform well with a record GGR of $49.4bn in 2023. This was up 3.3% year-on-year, with 19 of the 27 traditional gaming markets recording all-time highs in annual revenue.

Sports betting also demonstrated impressive growth, with $119.8bn in handle and $10.9bn in revenue – both records. These figures were up 27.8% and 44.5% respectively year-on-year.

With the National Indian Gaming Commission’s addition of tribal gaming revenue coming later this year, the US’ total GGR for 2023 is expected..

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..

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Tag: Finance