Month: November 2021

The revenue figure reported by GiG, however, was adjusted to not include revenues and costs derived from an unnamed platform client. It did not name this client, but earlier this year it said it had terminated a deal with an unnamed European media group.

Media services were the biggest contributor to the revenue total, generating €11.2m – up from 2020’s €8.6m total and another record for the company. Platform services added €5.7m, while revenue from sports betting services was €100,000.

When the aforementioned platform deal was excluded, expenses for the quarter were €11.6m, up from the €10.9m registered in 2020. Operating expenses were €8.8m, with marketing expenses adding a further €2.8m.

As a result, earnings before interest, taxation, depreciation and amortisation (EBITDA) came to €5.3m, which is a 65.6% increase on 2020.

Depreciation and amortisation came to €3.5m, down 27.1% from last year, leaving earnings before interest and tax (EBIT) of €1.8m, following a €1.6m EBIT loss the year prior.

When including the unnamed client, Q3 revenue came to €21.9m – a 22.3% increase. Gross profit amounted to €20.6m – after accounting for €1.4m worth of sales costs – up from €17.0m last year.

After €14.5m operating expenses including those from the otherwise-excluded client, €3.5m worth of depreciation and amortisation, and €1.3m of combined tax, financial expenses and losses from discontinued operations, overall profit for the period totaled €1.4m. This was down from the €2.4m loss experienced in 2020.

The quarter saw GiG sign a platform agreement with PlayStar Casino in Pennsylvania, in addition to signing long term agreements which would facilitate expansion into European markets.

GiG chief executive Richard Brown said: “I am very pleased with the momentum we continued to demonstrate in the third quarter of 2021 across Gaming Innovation Group’s business units.

“During the quarter the company continued to build towards its execution strategy for long term sustainable growth over the coming years, leveraging its diverse portfolio of operations and to prepare for expansion into new markets, development of products and operational performance that will enable the company to push towards further success in the coming years.

“Cash flow is improving and with a stronger balance sheet compared to this time last year we look to act with greater force on the opportunities ahead of us.”

The announcement came after several weeks of high profile announcements, including partnerships with sports governing bodies such as the International Tennis Federation (ITF) and the International Cricket Council (ICC).

“Adding UEFA to the agreements we have in place alongside other federations strengthens our portfolio of rights in terms of stretch and reach over multiple different territories, and in terms of building what is the best possible range of content for our customers and fans of the sport.” Sportradar managing director of sports partnerships David Lampitt explains.

Although Sportradar is clearly happy to add Uefa to its roster, the partnership is equally notable as the first time the governing body has granted official rights to collect and distribute data on matches under its remit. This includes major men’s and women’s competitions such as the Champions League and the European Championships.

“We’re extremely happy to have secured this agreement with Uefa, and for them to have put their trust in us as an organisation,” explains Lampitt. “It’s the first time they have put an official data product into the market, so it’s a critical decision for them to make.”

Global appeal

As the governing body of football in Europe, a deal with Uefa is a crucial asset for what Lampitt emphasises is Sportradar’s most popular offering.

”Soccer is our number one sport,” explains Lampitt. “To give you an idea of how big it is, we accepted 700 million soccer bets in the first quarter of the year.”

And European football rights have a global impact. Lampitt notes that anything driven by football has worldwide potential, especially with competitions such as the Champions League.

“I think Uefa, and the Uefa competitions, are properties which really do have global appeal,” says Lampitt. “Their appeal stretches far beyond the confines of the participating countries and leagues, and beyond the borders of Europe. It’s one of the things that makes it that much more attractive.”

Although the data rights partnership is a monumental step in Sportradar’s continued growth, its existing partnership with Uefa speaks to the importance of maintaining strategic relationships.

Ensuring integrity

While the data distribution partnership is the crux of the deal, Sportradar quietly extended its longstanding integrity partnership with Uefa. This relationship, says Lampitt, built the foundation of the newly-announced partnership.

“UEFA has been a foundational part of Sportradar’s Integrity Services for many years,” says Lampitt. “We’ve helped them protect the game from would-be corruptors for more than a decade.”

“The strength of that relationship and the success we’ve had working together is an important factor in the overall agreement.”

But like all aspects of business, integrity requires a balance.

“When we’re discussing how we can support a sports organization commercialising their content in the betting spaces, we offer a balance that enables them to align their commercial interests with the integrity of their sport by putting the strongest protection measures in place at the same time,” says Lampitt.

“I think that’s a key part of the decision.”

Future endeavours

In September, Sportradar officially began trading on New York’s Nasdaq Stock Exchange, after completing its initial public offering, a major statement for the business.

Lampitt sees Sportradar’s sports data partnerships as fuel for the company’s worldwide growth.

“We have recently announced three of those key and strategically valuable sports in terms of ICC for cricket, ITF for tennis and UEFA for soccer,” added Lampitt.

“Those three sports, alongside basketball and other major US sports, are key elements and key focus points for us in terms of strategic growth.”

Speaking about data, Sportradar’s chief commercial officer Eduard Blonk explained how he sees data rights deals as “raw material” which need the correct investments to become defined.

This focus on growth, says Lampitt, will allow Sportradar to mobilise its content.

“[The recent deals] start to piece together our portfolio in terms of that stretch and reach over multiple different territories, and building what is hopefully the best possible range of content for our customers and fans of the sport.”

The proposal, titled the Age Verified Tribal Online and In-Person Sports Wagering & Homelessness Solutions Act, would allow both in-person and online sports wagering to be conducted and regulated by tribal operators with additional regulation by the state of California and the federal government. The proposal argued that tribal operators are “the best entities to safely offer sports wagering”.

The measure is backed by the Rincon Band of Luiseno Indians, Wilton Rancheria, the Federated Indians of Graton Rancheria and the San Manuel Band of Mission Indians.

Read the full story on iGB North America.

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We’ve also included a bonus game that’s completely new to our portfolio: the Truck Raider Bonus game, which boasts a multiplier collection feature that doubles exponentially every time you land a new symbol!

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At a commission meeting today (8 November), the winning bids were announced. The FanDuel-led consortium comprising DraftKings, BetMGM and Bally Bet was recommended, as was one of Kambi’s two proposals – involving Caesars Sportsbook, PointsBet, Resorts World, Rush Street Interactive and Wynn Bet. The latter consortium is also aligned with the Oneida Indian Nation and Saint Regis Mohawk Tribes. 

At the meeting, a 51% gross revenue tax rate was confirmed for all participants – in line with the tax matrix published last month – with all operators to pay a $25m fee for their ten-year licences. 

The tender process launched in July this year. Facilitated by the state’s FY2022 budget, which set out plans for a tax rate of at least 12% – though a rate of at least 50% scored significantly higher in the request for proposal (RFP) – it ultimately saw six bids lodged. 

Alongside the winning FanDuel- and Kambi-led proposals was a rival proposal led by Kambi, featuring Penn National Gaming and sports merchandise retailer Fantatics. TheScore, which has since been acquired by Penn National, and Bet365 also put forward solo bids. 

Many operators involved in the winning bids have hailed the process, with PointsBet the first to issue its statement. 

“Today’s news of being recommended by the New York State Gaming Commission marks an exciting moment for us at PointsBet,” chief executive Johnny Aitken said. “Having the potential to secure market access to New York state – expected to be one of the largest and most important markets in the United States – represents another major milestone for our company, our brand, and our technology. 

“We eagerly await the official opportunity to leverage our exclusive sports betting partnership with NBC Sports and introduce the nation’s premier sports betting product to the countless passionate, sports-loving New Yorkers.”

Caesars said it had already established a presence in the tai-state area, including through its three retail sportsbooks at Oneida Nation properties, and was “uniquely positioned” to bring an incredible product to the market. 

“We’re pleased to have been recommended for a licence by the New York State Gaming Commission, and we thank Governor Kathy Hochul, the State Legislature, and the NYSGC for their continued leadership in making mobile sports wagering available to the Empire State.”

WynnBet, meanwhile, noted that New Yorkers make up a “significant portion” of its Wynn Las Vegas and Encore Boston Harbour databases. “[We] look forward to giving those customers more ways to earn and use Wynn Rewards,” Wynn Interactive chief executive Craig Billings commented. “We also look forward to meeting and engaging with new customers in the state via WynnBet.”

Bally’s Corporation chair Soo Kim pointed out that New York had become the most populous state to enable online wagering. “This licence advances our overall market footprint and marks the latest milestone on our journey towards becoming the leading omni-channel gaming provider in the US,” he continued. “Above all, we look forward to providing New York’s devoted fan base with engaging, best-in-class, sports betting experiences.”

According to a non-prosecution agreement (NPA), the breaches took place after Bicycle Casino failed to appropriately file reports on an individual who conducted millions of dollars worth of cash transactions in 2016.

The individual, a Chinese national, typically played baccarat in VIP rooms with “huge sums of cash that on some occasions he transported to and from the casino in duffle bags”.

Read the full story on iGB North America.