Month: August 2023

Acroud posted significant growth within its igaming affiliate segment, with revenue more than doubling year-on-year. In contrast, software-as-a-service (SaaS) revenue slipped 12.5%, with igaming now established as Acroud’s main revenue source. 

Growth in igaming continued to be driven by the acquisition of the Acroud Media business in Q4 of last year. However, CEO Robert Andersson said a poor performance from its core business stunted further growth in Q4.

Acroud impairment charges weigh on bottom line

As a result of ongoing struggles here, this led Acroud to impair goodwill by a further €20.0m. This ultimately led to a net loss for the quarter.

“We have implemented further cost savings in our old core business, where we have now moved the operations and development of our casino products, to a team with whom we have previously cooperated successfully,” Andersson said. 

“The reason for this is that our own casino products have seen a continuous decline in revenues over the last five years and we have not been able to reverse the trend despite the various attempted leadership and strategy changes. 

“We decided it was time for a drastic change, a change where no ‘legacy’ and sacred cows burden the way of thinking. As a result of this, we are lowering our operating costs while giving our partners a clear incentive to grow our casino sites since they share in the profitability increases. 

“We expect to see the result of this and the investments in the media business during Q4 2023 and onwards. The fact that our old core business has been performing so poorly for a long time has also led us to the decision to impair goodwill by a further €20.0m.”

Acquisition crucial for igaming growth

Group revenue during the three months to 30 June was 43.1% higher year-on-year. 

This was driven by growth in its igaming affiliate business, where revenue rocketed 112.6% to €6.8m. Acroud noted the acquisition in Q4 last year contributed €5.0m to this figure. 

Breaking down igaming affiliate performance, sports betting revenue jumped 850.5% to €5.7m. However, casino revenue fell 69.1% to €525,000, while poker revenue was down 33.3% to $592,000. 

Revenue share agreements contributed 77.0% to the revenue total, up from 41.0% last year. Cost per acquisition (CPA) agreements drew 11% of revenue, with other sources at 12%. In addition, Acroud noted NDCs for this segment reached a record 100,821.

SaaS struggles but optimism remains amid NDC rise

Turning to SaaS, revenue was 13.0% lower at €3.5m. Acroud reported declines across both its network and subscription models within this business. Network revenue was 13.5% lower at €3.2m, with subscription revenue down 9.6% to €284,000.

However, NDCs were 15.0% higher at 16,544, with Acroud saying consistent increases in NDCs are expected to translate into revenue increases in the coming quarters.

The rise in NDCs across both businesses pushed total NDCs for the quarter to a record high of 117,365.

Impairment charge hits profit at Acroud

In terms of spending, expenses were up across the board with increases in personnel costs and other external expenses. Depreciation and amortisation were also higher and finance costs increased, although the main expense was the €20.0m impairment.

Ultimately, this led to a pre-tax loss of €21.1m, in contrast to a €125,000 profit in 2022. When taking out the impairment charge, Acroud would have posted a pre-tax profit, but this would have been down 15.4% on last year.

Acroud also paid €150,000 in income tax, leaving a net loss of €21.3m, compared to a €1.2m profit in 2022. In addition, EBITDA declined 67.4% to €588,000.

Similar story in first half

Q2, particularly the impairment charge, largely dictated Acroud’s performance in the first half. Revenue in the six months to 30 June was €19.6m, up 38.0% year-on-year.

Revenue from the igaming affiliate business was 106.5% higher at €12.8m but SaaS revenue fell 15.0% lower at €6.8m.

Again, costs were higher in all areas, with the impairment charge the main outgoing by some margin. This meant pre-tax loss €21.0m, compared to last year’s €2.6m profit.

Tax payments totalled €331,000, leaving a net loss of €21.3m, in contrast to a net profit of €2.4m in 2022. EBITDA also declined 34.1% to €2.7m.

“Following the mentioned decisions that have been taken in this quarter, we have now ‘cleaned up’ and look forward to taking the company forward and upwards from this platform,” Andersson said.

“All in all, I am grateful to everyone who has contributed to the changes being implemented. With this secured, we can be really optimistic about the future.”

Well, the big news finally emerged from Clarion towers, home of the industry’s biggest expo, ICE.  The big show is on the move from London to Barcelona in 2025. I’m just refreshing your memory, or bringing you the news if you’ve been trapped in a mineshaft recently.

The shortlist came down to Paris, Madrid, Barcelona and staying in London. With the Elizabeth Line opening, the latter was a genuine option; but it would have done nothing for the increased costs and logistics headaches for businesses bringing slots and other equipment into the UK from mainland Europe.

Business response has been publicly very positive, with German giants Merkur and Spain’s Zitro both shouting good things about the new venue in recent releases. And what’s not to like about the decision? 

A venue big enough for ICE

It’s caused a lot of division in the industry, much of it quite understandable. After all, there is already at least one other exhibition in the city, albeit much later in the year. I honestly don’t believe there will be a clash between SBC’s event and Clarion’s, and I’m not saying that because Clarion’s publishing arm is giving me this platform. I’m saying it because they’re very different – SBC has carved a niche and ICE is ICE. 

There is room for both to grow and thrive and never even see each other’s feet, never mind tread on their toes.

One of the many issues Clarion will have faced when thinking about relocation is a really simple one: how many venues in continental Europe could house an expo the size of ICE and the attendant infrastructure it needs? 

The answer is unbelievably few. The best expo venue I have ever been to is undoubtedly the magnificent Messe München, and it could have comfortably absorbed ICE and numerous other events simultaneously. Plus, it’s in a wonderful city that’s pretty easy to get to from just about anywhere. That’s some boxes ticked right there.

However, around the time of the Brexit vote, I distinctly remember conversations taking place in shadowy broom cupboards and being told that German manufacturers would not back a move to the country, as any such move could be considered a result of their desires and not those of the industry as a whole.

It’s a fair bit of foresight because the fallout we are now seeing is pretty amazing. You would think Barcelona absolutely sucked, because some people are furious about the idea of going there once or twice a year.

Location, location, location

I genuinely believe Clarion has had to choose the least bad option for many different parties. They’ve had to factor in the costs of their customers, the infrastructure of the host city for attendees, the venue itself – and of course, is the venue actually available? It’s a nightmare decision in a lot of ways.

One of the things that is often underestimated in putting on an expo is one of the simplest: put it on somewhere that people like to go. We all love Vegas, right? Most people love London too; it’s one of the few truly international cities. The events taking place in North America outside of Vegas tend to focus on New York City, for obvious reasons. I suspect if one were to switch to Baltimore, attendance might suffer. 

No matter how good your conference might be, where you put it is as important as what you put in it. Even if someone is spending the business’ money on their expenses, if it’s to go somewhere they enjoy being, where they can socialise happily outside the expo hours, where their team is happy to be… That’s half the battle.

Como and Clooney

Several years ago, I went to an expo and conference in Lake Como. What a stunning place; most of the conference took place in the grounds of a former stately home, in a custom-built building right by the lake. I went for a run one morning and, no word of a lie, George Clooney cycled past and said good morning. I bet that made his day.

It brings to mind one of my very favourite stories from my travels though Italy. On the Thursday afternoon, I was at a drinks reception in the amazing stately home. The sun was going down behind us, the mansion faced east, toward the lake’s peninsula (Como is kind of ‘Y’-shaped). The hill jutting right into the lake opposite was the colour of burnished copper, an unbelievable hue; the lake was so still that the colour reflected perfectly, it was all you could see. 

I stood at the top of some steps leading into the water, champagne flute in one hand, some kind of blue cocktail in the other hand. Steve Surch was standing next to me, he was at Casino Technology at that time. 

We are faced with nature’s utter magnificence, humbled by its beauty. Steve summarised perfectly: “There are worse ways to spend a Thursday afternoon.”

Barcelona? Yeah, it sucks to be in the gambling industry. 

Hetmantsev made the announcement on instant messaging service Telegram. In his post, the chairman claimed this will bring a minimum of UAH1.5bn (£32.1m/€37.1m/$40.8m) per year into Ukraine’s budget.

In a Thursday plenary session, the chairman of the Verkhovna Rada, Ukraine’s legislature, Ruslan Stefanchuk, announced the amendment of the country’s tax code under draft law 6,529.

Increasing the number of sanctions

As well as amending the country’s tax code, draft law 6,529 added to the already expansive list of sanctions that could be imposed by Ukraine’s National Security and Defence Council.

Earlier this year, Parimatch suspended its operations in Ukraine. This came after Ukrainian president Volodymyr Zelensky signed Presidential Decree No 145/2023 into law.

This placed sanctions on 287 companies, including betting entities, and 120 individuals.

Pomerantz’s investigation concerns whether 26 Capital and its officers and directors have engaged in securities fraud or other unlawful business practices.

The suit is just the latest twist in an increasingly acrimonious saga.

The SPAC, which is controlled by CEO and chairman Jason Ader, has been involved in a bitter spat with Okada Manila parent company Universal Entertainment that has involved charges of bribery, fraud and accusations of lying on both sides.

The allegations Pomerantz is investigating match up to those made by Universal in the course of its suit.

Ader’s blank cheque company pens $2.6bn deal with Universal

The story dates from October 2021, when Universal and 26 Capital announced a business combination deal. The agreement valued Okada Manila at an Enterprise value of $2.6bn.

Under the terms, the SPAC would invest the $275m generated by its initial public offering in the Philippines casino complex. The plan then was to use the investment vehicle to get Okada Manila listed on the NASDAQ stock exchange.

It is notable that since the announcement of the merger, 26 Capital’s share price has increased. This is in a period that has seen many other SPACs crumble or being valued at far less than initially promised.

SPAC opts to sue IR operator

In February, 26 Capital sued Universal subsidiary Tiger Resort Asia Ltd. In the suit, it alleged the business had “dragged their feet, making virtually no effort to move forward with the agreed merger – in direct violation of [their] obligations under the merger agreement”.

26 Capital also accused the resort operator of working to “sabotage” the merger and that Universal sent threats to its own auditors.

Universal hits back

In a counterclaim, Universal hit back accusing Ader of securities fraud and breaching the terms of the merger agreement.

Universal filed a regulatory filing dated 30 June seeking to terminate the merger agreement. Within this, it highlighted “material breaches of the merger agreement and fraudulent conduct by 26 Capital”.

The case – which is currently in the closing stages of a trial – has seen increasingly scandalous accusations made on both sides.

In a pre-trial brief filed 26 July, 26 Capital made allegations of bribery in Delaware Chancery Court. The suit claims Universal executives used “heavy luggage” to win over Philippine House of Representatives speaker Martin Romualdez, producing an email to support this charge. Universal denied the “desperate” allegation.

The allegations related to the incident at Okada Manila, when individuals working for the resort’s founder, Japanese businessman Kazuo Okada, took over the venue in a months-long standoff.

In H1 2023, the Flutter reported profitability on both a US and group-wide basis. In the company’s earnings call, Jackson highlighted the business had previously expected 2023 to be the year in which the threshold was met.

“I think it’s important we remember the context a few years ago,” Jackson said. “We knew this year would be the tipping point, we reached that milestone earlier because the business is bigger than we anticipated.

“We knew this year would be profitable, we’ve proved the model works, we will continue to acquire and invest in as many companies as we possibly can.”

Jackson emphasises the importance of scale

The executive emphasised Flutter’s size, revenue and market share as the business retained its title as the largest online gaming business in the world, as well as the US.

As such, the company recorded a 47% share of the total US sports betting market, which is down 3% from the company’s total in 2022. Despite this small decline, Jackson said he was satisfied with the business’ results for the quarter.

“When I look at our performance in Q2 with a 47% market share, yes it is down a bit on last year, but then our competitors were pulling back from the market last year,” he said.

Jackson pointed to the size of the business allowing it to invest in the quality of product, enhancing user acquisition and player value.

“We make 50% more money from our customers from handle than our competitors do,” said Jackson. “Our product that is best in the market today is a fast-moving target.”

Flutter bullish on growing leading position

“On the igaming share – we’re ambitious,” said Jackson, highlighting the prospects of the business boosting its online casino offering and subsequent market share.

While leading in the sports betting market, the operator has traditionally been only the third largest online casino business in the US, behind Entain-MGM joint venture BetMGM and DraftKings.

Jackson acknowledged mistakes had been made in the past concerning the quality of the product – but highlighted the company increasing its market share to 23% in the US.

“We knew last year our product wasn’t good enough, we see this as a multi-year operation,” he said.

“We’ve been really pleased in the way the business has grown in share. We’ve got exciting plans into next year as well.

“We think we’ll get into product leadership next year. We are the world’s biggest online casino operator – we know how to do this stuff – we just haven’t always brought those capabilities to the US.”

Will Flutter launch second brand in US?

At the end of July Fox Corporation and Flutter jointly announced the businesses would be closing their sports betting joint venture Fox Bet.

Jackson said while the sportsbook will close, the corporate entity will continue, meaning Flutter will retain its market access agreement for Pokerstars.

“We think it’ll be a good brand for when igaming expands in the US,” said Jackson. While he said the brand had “primarily been focused on poker first”, he said Flutter was “not averse” to utilising multiple brands.

Jackson reacts to ESPN deal

Last night, ESPN announced it would be entering into sports betting in partnership with Penn Entertainment.

Jackson reacted to the deal – emphasising it is the norm for the business to face fierce competition in the US.

“We always anticipate a highly competitive environment, this year will be no different,” said Jackson.

“A few people say they will make a bit of a splash this year. You asked me if we looked at deals and transactions in the US market, we do the ones we want we want to do, and leave the others to do the ones we don’t want to do.”

The four Ladbrokes tweets, all made in January and February this year, featured images of tennis players Novak Djokovic, Rafael Nadal and Nick Kyrgios. The tweets were made in relation to the Australian Open Men’s tournament.

Two tweets included polls, while two referenced Djokovic’s performance during the tournament.

The ASA challenged whether the tennis players featured in the advertisements would appeal to those under the age of 18.

This is the third time the ASA has taken action against Ladbrokes for ads that appeal to under-18s since July.

Last month, the ASA rapped Ladbrokes for featuring social media personality and boxer Jake Paul in a tweet. The following week, the ASA chided Ladbrokes once again, this time for featuring Premier League managers in two promoted tweets.

Ladbrokes defends

Ladbrokes said the tweets were designed to be “editorial content”. While it admitted the tweets referenced well-known sports players, Ladbrokes said it “reviewed each player’s media profile, follower demographic and sponsorship partnerships” to ensure they were not of particular appeal to under-18s.

Ladbrokes also presented data on the player’s Facebook, Twitter and Instagram followers by age group. This data showed that very few followers were under the age of 21.

In addition, Ladbrokes presented data on which age groups actually saw the tweets. For all four tweets, impressions ranged between 24,653 and 35,050. There was one impression in the 18-24 age bracket, which Ladbrokes thought was an anomaly.

ASA upholds complaint

Nonetheless, the complaint was upheld by the ASA.

The standards body ruled that all tennis players featured in the tweets are “star players”, due to their success in the sport. It added that using popular, high-level tennis players would naturally make them high-risk for appealing to those under 18.

Including them therefore breaches the ASA’s CAP Code, a set of rules for marketing in the UK. Specifically, it breached sections 16.1, 16.3 and 16.3.12.

While the ASA considered the data presented by Ladbrokes, it said that this does not override their appeal with under-18s.

The ASA said it told Ladbrokes to not include any more people that may appeal to under-18s in its advertising.

Full House’s Q2 revenue jumped 33.7% year-on-year to $59.4m over the three months ended 30 June 2023. President and CEO Daniel Lee credited The Temporary by American Place, the operator’s Chicagoland property that opened in February, for its growth.

“The Temporary by American Place completed its first full quarter of operations, recording $20.3m in revenue and $4.1m in adjusted property EBITDA,” Lee explained.

Visitation at the property picked up in April, he added. “The number of visitors surged at opening in mid-February and then, after a short lull, has grown steadily since April.”

Temporary boost to Full House Midwest revenue

The Temporary’s revenue was included under Full House’s midwest and south segment, which was $49.9m overall. This was a rise of 51.5% yearly.

This segment also includes revenue from the Silver Slipper Casino and Hotel and Rising Star Casino Resort.

The remaining revenue was driven by Full House’s operations in the west, which totalled $8.0m. This consists of revenues from Grand Lodge Casino, Stockman’s Casino and Bronco Billy’s Casino. From December 2023, this will also include revenues from Chamonix Casino Hotel, a new property in Colorado’s Cripple Creek.

Contracted sports wagering revenue, coming from skins operating through its properties in Colorado and Indiana fell by 36.2% to $1.3m. Illinois, via Temporary, will soon be added.

Startup costs weigh on Q2 performance

The Temporary was causing challenges, the CEO said however and costs were particularly high as a result.

“Our expenses relative to revenues have been higher than we expect them to be at ‘maturity’ reflecting primarily our costs to train new personnel, especially dealers, and additional advertising and marketing costs,” Lee said.

In particular recruitment costs were high due to a shortage of dealers, meaning the new property is only operating 30 of the 48 tables on the casino floor. “We continue to operate our own dealer school, where potential dealers are paid during their several weeks of training, which affects margins and profitability, but is necessary to reach the property’s potential,” he added.

Marketing expenses will rationalise as the Temporary builds brand recognition, he noted.

Down Full House’s balance sheet

Turning to operations, casino accounted for a majority of the Q2 revenue at $45.3m, a rise of 55.8% year-on-year. Food and beverage revenue was $8.6m, while hotel revenue hit $2.3m.

Other operations, which includes contracted sports wagering, were $3.0m – down by 45.9%.

Operating costs totalled $58.7m for the quarter, a rise of 62.5% from Q2 2022.

The higher operating costs caused a sharp decline in operating income which fell from $8.2m to $594,000.

Interest expenses came to $5.6m for the period, for a pre-tax profit of $5.0m, a drop of $6.2m year-on-year.

Following an income tax benefit of $561,000, Full House posted a $5.6m net loss for the quarter. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came to $10.5m, down 13.0% from the prior year.

Launch costs weigh on bottom line in H1

For the six months ended 30 June, revenue came to $1094m, a 27.5% improvement on the first six months of 2022.

However, the Illinois launch contributed to higher operating costs of $115.8m – a rise of 60.3%. This resulted in operating profit plummeting 147.2% year-on-year to $6.3m.

Total other expenses came to $10.0m. After considering income tax benefit of $526,000, the total net loss for the six months was $17.0m, a further decline of $12.7m than in Q2 2022.

Adjusted EBITDA, on the other hand, was flat year-on-year at $20.6m.

Under the deal, Stats Perform will continue to collect detailed event data at all major English and Scottish football leagues. The agreement runs to the end of the 2024-25 season.

This includes England’s Premier League, Championship, League 1 and 2. The deal also covers all leagues overseen by the Scottish Professional Football Leagues, including the Scottish Premiership. 

The deal covers player tracking data, AI-powered insight data and player market data. This will be collected and distributed through Stats Performs’ Opta brand.

Stats Perform will distribute data to media and broadcast outlets, sportsbooks and fantasy sports operators. The agreement also covers providing data to professional teams around the world.

“At Stats Perform we are committed owners of our large, deep Opta football data API,” Stats Perform chief commercial officer Alex Rice said. “We think carefully about how and what we collect, how we store the data, but more importantly how we distribute and use it to help our customers tell more memorable stories about the on-field action. 

“We continue to develop new statistics like possession value, expected pass completion and momentum that deepen fans’ emotional connections to the teams and players they follow, across all platforms and channels and make the games matter more.

FDC general manager Adrian Ford added: “The value of data in building trusted fan and bettor experiences continues to grow and that enhances the reputation of our competitions, wherever they are enjoyed. 

“Opta is a key enabler for all the Leagues’ stakeholders and fans, who want the best data and insights.” 

Stats Perform official data portfolio also includes Spain’s La Liga, France’s Ligue 1, Italy’s Serie A and the German Bundesliga.

Genius Sports agrees similar data extension

The deal comes after Genius Sports in June also extended its exclusive partnership with FDC.

The renewed partnership runs to 2025 and expands the agreement to cover new areas such as Genius’ data tracking product.

Genius will distribute data from over 4,000 UK football fixtures per season.

Gross gaming revenue for the first half in Lithuania was €108.5m (£93.5m/$119.2m), up from €89.3m in the same period last year.

Of this total, €72.2m was attributed to online gambling, a year-on-year rise of 31.5%. The remaining €36.3m came from land-based activities, up 4.6% on the previous year.

Online slots lead the way in Lithuania H1

Breaking down this performance, €45.5m of all online gambling revenue came from category A slot machines. This was 37.5% higher year-on-year.

A further €1.8m in Lithuania was generated from online category B slot machines, up 28.6% on 2022.

Internet sports betting revenue climbed 12.4% to reach €19.0m in the first half. In addition, remote table games revenue was 71.4% higher at €6.0m.

Slower growth in land-based sector

Turning to Lithuania H1 land-based gambling, category B slot machines were the main source of revenue, generating €15.4m. However, this was only marginally more than €15.3m last year.

Revenue from category A slot machines increased 21.0% to €7.5m.

Land-based table games revenue reached €8.8m, an 11.4% rise on the previous year. Retail sports betting was the only segment to experience a decline, with revenue down 4.1% to €4.7m. 

Revenue was higher year-on-year in all Inspired business lines during the three months to 30 June. This included its core gaming segment, where revenue jumped 23.5% to $31.5m, as well as record performances in interactive and virtual sports.

However, the revenue increase was accompanied by a rise in expenses across the board. As such, net profit was down, but importantly Inspired remained in the black heading into Q3.

Looking at the quarter, executive chairman Lorne Weil said that revenue growth – particularly in digital – reflects the group’s “solid” underlying fundamentals.

“Revenue grew in each of our business lines during the second quarter reflecting solid underlying fundamentals,” Weil said. “The digital businesses once again generated record reported quarterly revenue and are steadily contributing a greater proportion of our earnings and cash flow.”

Weil added that new products and developments will drive further growth in Q3, the second half and beyond.

“It is also worth mentioning that we successfully negotiated long-term extensions for our virtual sports strategic partnerships with both Bet365 and Paddy Power.

“We also have an exciting pipeline of new products and further enhancements across our businesses. Most significant is that we are on target to deliver our new National Football League product in time for the start of the upcoming season.”

Digital leads the way in Q2

Taking a closer look at Weil’s comments about digital success in Q2, Inspired’s results more than back these up.

Virtual sports revenue climbed 7.1% to $15.0m, a record figure that was driven by growth from existing online customers and an increase in retail virtuals. 

Inspired Q2 revenue from interactive operations also increased 27.6% to $7.4m. Inspired put this record amount down to growth within its existing customer base in the UK, US and Canada. This, it said, was helped by the steady introduction of new content and new customer launches.

Gaming and leisure revenue rise

Away from digital-specific results, gaming revenue amounted to $31.5m and remained the group’s primary source of Inspired Q2 revenue. Taking out low-margin gaming hardware sales, revenue for this area was still 6.3% higher at $27.1m.

Inspired said gaming growth came as a result of a rise in UK product revenue and an increase in both North American and UK service revenue. However, this was partially offset by lower revenue in Greece, driven by the reduction of long-term licence revenue as existing software licences for terminals installed in 2018 expired.

Finally, leisure revenue edged up 1.9% to $26.5m, mainly due to an increase in holiday parks, following the addition of new venues. However, this was also partly offset by a drop in pubs revenue.

In terms of total Inspired Q2 revenue, group service revenue climbed 5.1% to $68.1m and product sales revenue 89.2% to $12.3m.

Inspired keeps in the black

As to the issue of costs, spending was higher across all areas including service, product sales and selling, general and administrative. The latter remained the main outgoing at $34.4m for the quarter.

Inspired also noted $72.m in net finance costs, leaving a pre-tax profit of 5.2m, down 29.7% on last year. The group paid $1.1m in tax, meaning net profit settled at $4.1m, a 43.1% year-on-year decline.

After accounting for $1.6m in foreign currency translation loss and losses on pension plan, this impacted bottom line. As such, comprehensive net profit was $2.3m, down 85.4% on last year. However, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) edged up from $26.1m to $26.2m.

Revenue also rises in H1

The story was more or less the same in the first half. Revenue for the six months to 30 June was $146.4m, up 11.0% year-on-year. 

Inspired did not publish a full breakdown of each segment’s performance in H1. However, it did state that it achieved $126.4m in service revenue and $20.0m of product sales revenue.

Turning to costs, spending was higher year-on-year in almost all areas and enough to offset revenue growth. As such, pre-tax profit fell 41.4% to $5.1m.

After paying $1.2m in tax, net profit reached $3.9m, down 53.6%. Inspired also took into account foreign currency translation loss and pension plan losses and, as such, bottom line net profit was down 87.2% to $2.6m.

Optimism for growth

“The long-term fundamentals and health of the business remain very strong,” Weil said. “We are optimistic about the compelling growth dynamics in our digital markets as a wider audience engages with online betting and gaming and new jurisdictions continue to open up. 

“Combined with a resilient land-based business and retail customer base, our diversification and proven ability to expand our business will enable us to deliver further progress against our omnichannel strategy combining our high-margin, capital efficient digital businesses with our steady land-based businesses.”