DraftKings has raised its 2023 revenue guidance to $2.95bn (£2.47bn/€2.77bn), up from $2.90bn, after experiencing “better than expected” sportsbook results – among other successes – in the fourth quarter of 2022.
DraftKings CEO and co-founder Jason Robins pointed to a double effort of increased revenue and reduced costs as reasons for the Q4 growth, along with the sportsbook results.
Revenue for the quarter was $855m in total, a rise of 81% year-on-year.
Read the full story on iGB North America
Denmark saw its gambling market grow in 2022, despite a drop in sports betting.
Spillemyndigheden, the Danish gambling authority, said total gross gaming revenue (GGR) for the year to 31 December 2022 came to DKK6.70bn ($991.4m/€910.1m/£799.8m), which was up 7.5% on the DKK6.23bn recorded in the previous year.
Online casino was the largest segment, comprising DKK2.88bn, which was up 2.1% on the 2021 figure. The segment was worth DKK272.3m in December, which was the largest amount since records began in 2012, and up 3.4% on December 2021.
The second largest segment, sports betting, was down 3.6% to DKK2.32bn despite the Fifa World Cup taking place during the year. December’s GGR figure of DKK135.5bn was the lowest return since October 2021 and down 35.0% on December 2021.
Slot machines generated DKK1.15bn in 2022, which was up considerably on the Covid-impacted 2021. Some DKK99.2m was taken in December 2022, up 44.5% on the same month in 2021.
Land-based casino also saw big gains i..
Henrik Tjärnström, CEO of Kindred, has said that “no item is sacred” in terms of cutting costs on an earnings call addressing Kindred’s Q4 trading update released earlier today (13 January).
Although Kindred’s Q4 revenue is projected to rise 24.5% year-on-year to £305.0m (€343.1m/$372.2m), Kindred said this was not up to expectations and vowed to take “immediate action”.
Addressing this, Tjärnström said that Kindred would review all areas of cost in order to improve spending for 2023, adding that no cost-cutting is off the table.
“We are looking to review all cost items for efficiency purposes and refreshing our channels for spending in 2023,” he said. “We cannot comment on the overall number at this point.
“But we’re clearly looking across the P&L [profit and loss], and no item is sacred in that sense.”
He said this was due to how vastly the Q4 revenue is set to depart from Kindred’s, and the market’s, expectations.
“We take this very seriously, and the deviation that we see fro..
The state of New York has proposed a bill to amend the racing, pari-mutuel wagering and breeding law, to require all advertisements for gambling and sports betting to include warnings on the potential harm of gambling.
The bill, introduced into the State Senate by Democratic senators Leroy Comrie and Luis R Sepúlveda, has not yet been voted on.
Specifically, the amendment “requires all advertisements for gambling and sports betting to include warnings about the potential harmful and addictive effects of gambling; requires the state gaming commission to cooperate with the commissioner of addiction services and supports to ensure that all advertisements for gaming activity state a problem gambling hotline number”.
The amendment also proposes to include mobile sports wagering licences into the advertisement requirement.
If the motion passes, it will take effect sixteen days after it becomes a law.
Ohio marketing violations
As part of its regulations when it legalised sports bett..
Betway parent company Super Group announced that its board of directors has approved a $25m (£20.5m/€23.2m) share repurchase scheme.
Super Group said the scheme is set to run until 31 December 2023, though the board reserved the right to extend or shorten the timeframe at their discretion.
The operator also emphasised that the announcement did not legally bind it in any way – noting that Super Group was “not obligated” to repurchase any shares, and that repurchases if any would be made from time to time on the open market at prevailing prices or “in negotiated transactions off the market”.
“Our debt-free balance sheet is strong and we actively consider using cash to drive long-term shareholder value through investment and through returning cash to shareholders,” said CFO Alinda van Wyk. “We believe a modest share repurchase programme is an efficient potential use of cash depending on market circumstances.”
The share repurchase scheme happens after a fraught Q3, in which declines in..
Entain has completed the €450m (£398.1m/$484.2m) acquisition of Dutch operator BetCity from Sports Entertainment Media.
The deal grants Entain access to the Dutch regulated market, where BetCity was one of the initial 10 licensees and quickly became a market leader after the market launched on 1 October 2021, holding a 20% market share in Q4 of 2021.
Entain’s brands had not been able to launch in the Nertherlands as part of the initial batch of licensees due to the country’s “cooling-off” period for operators that accepted Dutch customers before the market opened.
While this period ended last year, and Entain had initially expected its legacy brands to receive licences in 2022, this has not yet happened.
“We are pleased to have completed the acquisition of BetCity,” Entain chief executive Jette Nygaar-Andersen said. “The combination of BetCity’s local expertise and strong brand, alongside Entain’s global scale and market-leading platform provides customers with an enriched and broa..
A South Carolina Representative has put forward a bill that would amend the state constitution, allowing the legislature to legalise varying forms of gambling – including sports betting.
The passage of the amendment would not legalise forms of gambling itself. Instead, it would permit the South Carolina legislature to do so.
Titled the South Carolina House Joint Resolution 3095, the bill was introduced in the state House yesterday (10 January) and referred to the House Committee on Judiciary. It is sponsored by Representative Todd Rutherford.
Read the full story on iGB North America.
The number of players gambling with Malta-licensed operators hit a new high in the first half of 2022, after declines in the previous year.
The number of active player accounts with Malta-licensed operators rose by 8.7% year-on-year after a decline in 2021, to 19.3 million. This exceeded the previous high of 19.0 million recorded in the last six months of 2020.
The rise was mostly due to a record 8.9 million new accounts being created.
Much of the rise was due to higher numbers of younger players, with the portion of players aged between 18 and 24 rising to almost 25% of the total player base. In addition, the Malta gaming sector was found to have contributed €573m in gross value added for the half-year, or 8.0% of the Maltese economy. The gross value added total was up 12.4% from the first half of 2021.
The sector also employed 10,861 people as of June 2022, almost 600 more than a year earlier.
“The resilience of the Malta gaming industry during these trying times is largely att..
The Texas legislature will consider a bill that would amend the state’s constitution to legalise casinos at a limited number of locations and set the stage to permit sports betting.
The proposed law – Senate Joint Resolution 17 – would devise the framework for a new body named the Texas Gaming Commission, which would supervise legalised gambling in Texas.
Casino gambling would be authorised at a “limited number of destination resorts and facilities” with the proceeds going towards tax relief and funding for education and public safety.
The amendment’s author is Houston-based state senator Carol Alvarado, a Democrat who initially pre-filed the bill on 14 November 2022.
Read full story on iGB North America
SkillOnNet and Bet-at-home have become the latest operators to be licensed for online slots in Germany, as its federal regulator takes full control of gambling in the country.
The licence issued to SkillOnNet enables the provider to offer online slot games across all of its brands in Germany.
Bet-at-home, meanwhile, was granted a licence for online slot games alongside an extension of its sports betting licence.
SkillOnNet has said that it will be focusing on using its German-facing brand, DrueckGluek.de, which has established a presence in the country since 2015 since gaining a licence to operate in Schleswig-Holstein under the old regulation system.
Michael Golembo, sales and marketing director for SkillOnNet said: “Having the official German licence means SkillOnNet players will be part of a fully regulated experience, feeling more confident, safe and secure, many for the first time.
“It’s also a recognition that we meet the high standards of the German licensing regime and are..
Luckbox owner Real Luck Group has signed a letter of intent to acquire an unnamed igaming platform targeting the Asia-Pacific region.
Real Luck Group will acquire 100% of the shares in the Asia-facing business, which it says will give it access to more than 6,000 games from 50 game providers.
Real Luck Group chief executive Thomas Rosander said that the business had long aimed to add a B2B element to its portfolio, but that through this deal it is set to accomplish this sooner than it had expected.
“Adding B2B to our proprietary platform has always been a significant part of the Luckbox strategy, and this important acquisition means we will complete this objective almost a year in advance of our projections,” he said. “It also extends our opportunities into APAC, a significant region that we currently do not have a presence in and perhaps the largest esports market globally.
Real Luck Group CEO Thomas Rosander
“This transaction ultimately builds our business’ upside by providing ..
As operators search for customer loyalty, brand awareness is front-of-mind. But does it really impact loyalty and is it enough for long-term success?
Welcome to episode three of our five-part consumer insight series designed to outline and analyse the customer acquisition, retention and development opportunities for the leading operators in North America.
In episode one, we explored the common challenges faced by bettors when attempting to register, fund and bet with their preferred apps, highlighting the correlation between seamless user journeys and brand loyalty.
In last week’s episode, we dove deeper into the day-to-day frustrations faced by consumers and the opportunities for operators to develop improved customer experiences that can impact both loyalty and market share.
In this week’s episode, using our proprietary insights, we will analyse the best-performing operators in terms of brand awareness, app preferences and customer loyalty – all through the lens of the consumer. ..