iGaming Wrap-Up of CW 44-45 2024
#iGaming News of the week
0.?????? Al Marjan project could pave way for UAE to become fourth biggest casino destination, Wynn says
Wynn Resorts is setting new precedents in the UAE with its $5.1 billion Wynn Al Marjan Island project, positioned as the region’s first-ever licensed casino resort. Located in Ras Al Khaimah, the development could elevate the emirate to rank among the world's largest casino markets, according to Max Tappeiner, President of Wynn Al Marjan Island.
Tappeiner shared this vision at the recent Future of Ras Al Khaimah Conference, remarking that the resort might join global heavyweights like Las Vegas, Macau, and Singapore as a premier gaming destination, potentially ranking as the world's fourth-largest casino market.
The Wynn project extends beyond luxury and entertainment, most importantly marking the UAE’s entrance into the regulated gaming space. Last month, the General Commercial Gaming Regulatory Authority (GCGRA) granted Wynn the UAE’s inaugural gaming license.
#Breaking News
1.?????? Super Group eyes ‘special dividend’ following exceptional Q3 results
Publishing its Q3 accounts, Super Group registered corporate revenues of €403M, up 13% on 2023 comparatives of €356M – as results “represent the highest revenue recorded in a third quarter.”
Period trading saw Super Group underscore the continued growth of its Betway brand in Africa and the Middle East, generating an income of €150M (+51%).
Neal Menashe, Chief Executive Officer of Super Group, commented: “We achieved our strongest third quarter ever, highlighting the phenomenal progress we are making as a business. There is still tremendous potential as we experience super growth across our global casino brands, particularly in Africa, which we have scaled to be our largest region for the second quarter running.
2.?????? Kambi hit by soft Q3 margins as Becher begins reorganisation
Kambi Group posted €43m in revenue for Q3 2024, a modest 2% increase compared to Q3 2023. Approximately 90% of this revenue was generated by its core sportsbook product, with the remainder coming from its modular products.
Operating profit (EBIT) for the quarter declined by 23% year-on-year to €3.6m, however, as the operating margin slipped from 11% to 8.3%. EBITDA fell slightly by 3% to €13.5m.
However, Becher also addressed the mixed results: “One of my observations prior to taking this role was that although Kambi had seen some large operators move away in recent years, it still delivered growth, albeit modest, during this time. This gives me great confidence that, through the ongoing diversification of our products and partner roster, we will increasingly reduce the potential impact of future partner movement and create a much more stable base for long-term growth,” he said.
3.?????? Livesport finalises acquisition of BeSoccer assets portfolio
Livesport has completed the acquisition of Spanish football-centric live score, statistics, and news provider BeSoccer.
The strategic move is a clear indication of Livesport’s ambitions to grow its market share in the sports tech industry, and will see the addition of some 25 million monthly users to its customer base searching for real-time sports data.
Martin Hájek, Chairman of the board at Livesport, commented: “BeSoccer’s acquisition will significantly strengthen our position in Spanish and French-speaking countries, where BeSoccer holds a strong user base.
“This acquisition is the largest in the history of our company, reflecting our aspiration to remain at the forefront of the industry,” he added. “The BeSoccer platform will help us increase our reach to accomplish our mission: to spread all the important sports information as it happens.”
4.?????? Q3 2024: Catena Media reports 33% revenue drop and negative EBITDA
Catena Media’s Q3 2024 results painted a stark picture of steep revenue drops, shrinking margins, and tightening cash reserves as the company navigates one of its toughest quarters yet.
Revenue from continuing operations fell by 33% year-on-year to €10.7m, with North American operations accounting for 89% of this figure despite a 29% drop to €9.5m. Adjusted EBITDA from continuing operations plummeted 59% to €1.3m, pushing the margin down to 13% from last year’s 20%.
Total EBITDA slid into the red at €-1.4m, with a negative margin of -13%.
5.?????? Bally’s Q3 results sees revenue fall
In its newly published financial results for the quarter ending September 30, 2024, Bally’s has revealed its consolidated revenue reached US$629.974m, down 0.4 per cent on the Q3 2023 figure of $632.477m.
The revenue from North America Interactive segment was up at $45.679m from $29.567m the previous year, but international interactive revenues were down at $230.937m from $243.884m, and revenue from casinos and resorts was $353.358m, down from $359.026m.
Net loss for the quarter was $247.855m against a loss of $61.802m in Q3 2023. Adjusted EBITDAR was $166.333m.
“During the quarter, we secured a critical $940m construction and financing arrangement with Gaming & Leisure Properties (“GLPI”) which positions the company to move forward with the construction of our flagship permanent casino in the heart of downtown Chicago, America’s third largest city,” said Robeson Reeves, Bally’s CEO.
6.?????? Q3 2024: Wynn Resorts narrows loss, announces $1bn share buyback
Wynn Resorts has slashed its net loss and announced a $1bn share repurchase programme in its Q3 financial report.
The Las Vegas-based casino operator reported a net loss of $32.1m for Q3 2024, down 72.5% from the $116.7m loss recorded in the same period last year. The company’s per-share loss narrowed to $0.29, compared to $1.03 the previous year.
Revenue edged up slightly to $1.69bn, a 1.2% increase from the previous year, driven primarily by stronger performance in Macau.
Wynn CEO Craig Billings said: “Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets.”
7.?????? Brazil ministry of justice requests more information from betting applicants over player protection plans
The ministry of justice and public security (MJSP) in Brazil has contacted 17 betting operators requesting clarification over their plans to protect vulnerable consumers.
Through the National Consumer Secretariat (Senacon), the MJSP on Friday (1 October) requested the companies supply detailed information on advertising, bonuses and restrictions on access by minors to betting in Brazil.
According to Wadih Damous, the national secretary for consumer affairs, the aim of the MJSP and Senacon request is to ensure companies are acting within the restrictions of the law.
“The increase in promotional practices and bonuses can make consumers vulnerable and expose minors to a universe of risk,” Damous said.
#US / Canada
8.?????? Q3 2024: ESPN Bet product upgrades drive improved Penn results
Penn Entertainment highlighted ESPN Bet product improvements as driving better-than-expected Interactive revenue in its Q3 financial report.
The regional casino and OSB operator reported $244.6m interactive revenue in Q3 2024, up 24.6% from the same period last year. The total also represents a 5.2% rise from the $232.6m recorded by Penn in the previous quarter.
Penn recorded a $90.9m EBITDA loss for the Interactive segment, however, nearly double the $50.2m loss announced in Q3 2023.
Penn CEO Jay Snowden said: “We remain focused on database growth and driving engagement through new technology, continued investment in our gaming and non-gaming offerings, and local and national partnerships related to our food and beverage offerings. Cross-sell opportunities from our ESPN Bet customers remain a key growth driver for us, as our Penn Play database has grown to approximately 31 million members, including 3.8 million in our digital database, which is an increase of more than 80% since the launch of ESPN Bet.”
9.?????? DraftKings faces New York class action over ‘misleading’ $1k bonus
The newly filed class action lawsuit alleges that the company's $1,000 Deposit Bonus was misleading and "virtually impossible" to be claimed in full by the average sports bettor
Class action lawsuits filed against online betting and casino operators are not uncommon. Now, one of the top two betting and gaming companies in the United States, DraftKings, is reportedly facing a new class action lawsuit in New York, a report suggests.
“DraftKings’ advertisements did not fairly inform new users that the Deposit Bonus is calculated as 20% of up to $5,000 of the new user’s first deposit. DraftKings failed to fairly disclose that consumer needed to immediately deposit $5,000 and then subsequently bet at least $25,000 to qualify for the $1,000 Deposit Bonus,“ reads the lawsuit filed against DraftKings
10.?? Elon Musk $1m election sweepstake lawsuit remanded to state court
Elon Musk’s legal team filed court papers that delayed a potential ruling on a lawsuit over his super PAC’s $1 million lottery-style giveaways.
Philadelphia District Attorney Larry Krasner filed a lawsuit over the contest Monday in state court, but late Wednesday, lawyers for Musk and his America PAC filed papers in federal court to move the matter there, arguing that federal law — not state law — was central to the case.
John Summers, a lawyer representing Krasner, described the development as “cowardly, as well as irresponsible,” during a brief hearing in state court Thursday morning.
Matthew Haverstick, a lawyer representing Musk and the super PAC, defended the substantive merits of their actions. He said their notice of removal was properly filed.
11.?? Virginia: Nearly 82% of Petersburg residents vote 'yes' on Cordish's casino proposal
Nearly 82% of Petersburg residents have voted 'yes' to the referendum to bring The Cordish Companies' mixed-used Live! Gaming & Entertainment District to the city, according to unofficial Election Day results from the Virginia Department of Elections, as of 9:45 p.m. Tuesday. As reported by local media, 10.265 voters selected "yes," compared to 2.325 people voting "no".
The positive vote greenlights Cordish's $1.4 billion Live! Casino & Hotel, which is set to be built on an undeveloped 100-acre site off Interstate 95 in Petersburg. It is the fifth casino voters have approved in Virginia, where casino gaming facilities were legalized by the General Assembly in 2020 with the requirement that local voters pass a referendum in support of the individual projects.
12.?? Missouri Sports Betting Squeaks Through On Ballot
Missouri voters have narrowly approved Amendment 2, legalizing online sports betting across the state. With a slim margin of just over 14,000 votes out of 2.9 million cast, the measure will allow Missourians to place bets online and at licensed facilities, directing the Missouri Gaming Commission to make the new market available by Dec. 1, 2025.
The newly passed amendment enables each of Missouri's 13 casinos and seven professional sports teams to establish online betting platforms, while two additional licenses will be available for companies unaffiliated with casinos or teams. It potentially allows for 22 digital betting platforms in total.
As for retail betting, each of the major professional sports teams could create a physical location within a district near its stadium. Meanwhile, each of the state’s six casino companies could also open a retail sportsbook at their casinos as well as offer an online platform.
#M&A & Finance
13.?? Bally’s agrees to sell Asian interactive business
The agreement includes a five-year intellectual property licensing arrangement and focuses on reducing operational complexity while reallocating resources.
Bally’s Corporation has entered into an agreement to sell its interactive business in Asia and selected international markets. The business will be acquired by a new company formed by members of its management, reflecting Bally’s strategic decision to concentrate on North American and European operations.
The agreement involves placing certain intellectual property in trust, with a five-year licensing deal for the buyer.?
Bally’s will also provide transition services aimed at facilitating a smooth transfer. Financially, the impact on Bally’s adjusted EBITDA and free cash flow is expected to be minimal.
14.?? Q3 2024: Sports marketing push drives growth for bet-at-home
Bet-at-home.com AG Group has reported significant growth in its online sports betting and gaming business, fuelled by strategic marketing investments and a streamlined operational approach.
The company said its recent focus on targeted marketing and customer engagement drove an 8.9% increase in GGR in the first three quarters of 2024, which reached €37.6m. The positive momentum reflects a substantial expansion in the company’s core markets, Germany and Austria, despite heightened competition and regulatory challenges.
As the year progresses, the company’s well-timed strategy to focus marketing investments early in 2024 has proven effective in engaging both new and returning customers. Management anticipates that these efforts will yield sustained benefits throughout the remainder of the year.
15.?? Full House Resorts Q3 revenue up 5.8% amid property expansions, but net loss reported
Despite increased revenue from new and existing properties, Full House Resorts posted a net loss for Q3 2024, with ongoing ramp-up costs at recently opened locations impacting earnings.
Full House Resorts reported a 5.8% year-on-year increase in revenue for Q3 2024, bringing in $75.7m. This growth was driven by the ramp-up of operations at the newly opened American Place Casino in Waukegan, Illinois and the official grand opening of Chamonix Casino Hotel in Cripple Creek, Colorado.?
However, despite the rise in revenue, the company recorded a net loss of $8.5m, contrasting with a net income of $4.6m for Q3 2023. This turnaround reflects higher costs associated with new property development and preopening expenses.
Adjusted EBITDA dropped significantly by 43.1%, reaching $11.7m in Q3 2024. The decline in adjusted EBITDA reflects the absence of $5.8m in deferred revenue recognised in the prior year, alongside higher operating costs as Full House scaled up its new properties.
#Legal & Regulation:
16.?? German regulator declares market a ‘success story’ amid criticism
Speaking at the Gaming in Germany conference, Joint Gambling Authority of the States (GGL) board member Ronald Benter highlighted the body’s role in establishing a well-regulated gambling market since the 2021 State Treaty on Gambling was implemented.
Benter shared data that claimed to demonstrate stable, legal market growth and reiterated the GGL’s commitment to a fair playing field that prioritises player protection.
Benter said: “We were created as an instrument to ensure sustainable regulation and create a stable, secure market for all players. With its approach to granting licenses and supervision, the GGL ensures equal and fair competitive conditions among all permitted providers and protects players."
17.?? KSA warns three operators over sponsorship violations
The Dutch gambling regulator Kansspelautoriteit (KSA) has announced that it has issued warnings to three operators for breaches of advertising rules. It said the operators had sponsored sports events and related clothing which were visible to minors.
It said: “In sports sponsorship, providers may not target vulnerable groups, including minors and young adults. It is the responsibility of the gaming provider to adhere to these rules at all times, even if third parties are involved. We have seen this go wrong several times. In these three cases, the KSA once again explained the rules regarding sponsorship to providers. In the event of any subsequent violation, the KSA may take enforcement action.
“It is up to the provider to make clear agreements with external parties. This includes the use of sponsored materials, the time at which messages are shown, and the way in which they are distributed. In addition, it is up to the provider to ensure external parties adhere to these agreements.”
Founder at GamRise
6 天前Great overview! It's especially interesting to see the growth of the gaming industry in the UAE, it looks like it could become a key destination in the region. What factors do you think will be crucial for the success of casino projects in the UAE?
iGaming Expert | CRM Strategist | VIP & Loyalty Consultant | C-Level Advisor | Podcast Host / Publicist / Moderator
2 周easyJet also has a very interesting #CRM approach; there's a case study webinar with Braze - https://www.braze.com/resources/webinars-and-events/spotlight-easyjet