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The combined $218.5m in icasino gross receipts and sports betting handle was down 4.8% compared to January. The $188m taken in by online casino was the highest in state history. This broke the January record of $181.9m in gross receipts.
Combined adjusted gross revenue (AGR) for February was $182.1m. Online casino operators took in $169.2m in AGR, a 3.1% increase compared to January, and digital sports betting had AGR of $12.9m, a 31.3% decline compared to January.
A total of 15 operators were live for online casino in February, along with 13 sports betting platforms.
Tribal operators made $3.9m in payments to governing bodies for February.
Sports betting handle was $402.6m, compared to $577.4m in January. The swoon is not unusual, as February may feature the Super Bowl, but it does not have a full slate of NFL games every weekend. Additionally, NCAA college basketball is reaching the end of its season, but conference championships and the tournament have not yet started.
Handle was up 52.7% compared to February 2023, when Michigan sportsbooks took $357.2m in wagers.
Online sports betting operators paid the state $922,324 in taxes and paid the city of Detroit $356,663 in taxes and fees. There are three brick-and-mortar casinos in Detroit, each with a tethered digital gaming platform. The city charges an additional tax above what the state charges.
Bettors wagered a total of $13.2m in person in Detroit in February, and the retail sportsbooks paid the state $5,591 in taxes.
On the online casino side, operators paid the state $33.7m in taxes, and paid the city of Detroit $8.9m. MGM Grand continued to lead the three Detroit casinos, with $49.3m in adjusted revenue. Motor City Casino was second with $31.6m, and Greektown Casino was third at $23.8m.
For the 12 months to 31 December 2023, revenue at Zeal hit €116.1m (£99.2m/$126.2m) up 10.4% from the previous year. Billings, comprising stakes from players, including brokerage stakes and associated VAT, net of bets, also climbed 11.2%.
Reflecting on the year, Zeal says the main highlight for the group is the launch of its online games offering. Zeal rolled out games in Germany through its Lotto24 B2C subsidiary and sister brand Tipp24 in June 2023.
Zeal went live with an initial selection of games, adding more content to its portfolio during the year. The online games launch, Zeal said, had a positive impact on the business, generating an additional €3.0m in revenue for 2023.
As for the core lotteries business, there was more good news for Zeal. Revenue here was up year-on-year, with revenue rising 7.6% to €105.7m.
However, despite revenue growth, Zeal ended 2023 with a lower net profit than the previous year. This came as costs increased across the business, with marketing and personal among the areas where Zeal spent more.
While the bottom-line figures will be disappointing, Zeal CEO Helmut Becker said the launch online gaming offering offers potential for further growth. He also welcomed higher revenue from the lotteries segment.
“In 2023, we further expanded our position as market leader,” Becker said. “We’re benefiting from our strong brands. Lotto24, for example, has developed into a winner’s factory, producing more record winners last year than any other lottery provider in Germany.
“Our strong top and bottom-line results and our market share, which has grown to 41.4%, show that we are on the right track. We are therefore looking to the future with determination and confidence.”
Expanding its business meant Zeal had to spend more during 2023, with costs higher across all segments. The largest increase was personnel expenses, with this increasing by 19.6% to $22.6m.
Other operating costs were up 8.8% to €62.0m for 2023. Within this area, marketing was the main outgoing, with expenses here up 5.6% to €36.0m. Direct operating costs were also rose 12.2% to €12.0m and indirect operating expenses 14.8% to €14.0m.
Zeal also noted €9.3m in amortisation and depreciation costs, as well as $1.3m in financial costs. As such, it was left with a pre-tax profit of $23.3m, down 2.2% from $22.8m in 2022.
The group paid €8.6m in tax, leaving a net profit of €13.7m, a decline of 17.5% from €16.6m in the previous year. However, there was some good news in terms of EBITDA, with this up 3.8% to €32.9m.
Looking to the current year, Zeal mapped out its expectations. It plans to accelerate the growth of the newly launched games offering and introduce new products in the charity lottery segment.
This, it said, will likely lead to an increase in revenue. For 2024, Zeal said revenue should amount to between €140.0m and €150.0m, with the midpoint of €145.0m being 24.9% higher than 2023.
As for EBITDA, Zeal forecast a range of between €38.0m and €42.0m. Taking the midpoint of €40.0m, this would be 21.6% ahead of 2023’s total.
“The strong growth in our billings and revenue shows that we inspire our customers with our attractive and innovative product range,” Zeal chief financial officer Sebastian Bielski said. “Our continuously growing customer base also proves that we have expanded our marketing activities in a targeted manner.
“At the same time, our successful start in the online games business clearly shows that we are in a position to successfully develop new business areas.”
In other news, Zeal has announced plans to acquire the remaining shares in the Lotto24 subsidiary.
Zeal currently holds 94.86% of share in Lotto24 and has reached agreements to purchase a further 0.59% stake, which would take its total holding to 95.45%. This is expected to occur in the next few days.
After these agreements complete, the group will seek approval to transfer the shares of any remaining minority shareholders of Lotto24 to Zeal. The business said it would provide cash compensation to shareholders in exchange for their holdings.
Total gambling revenue in February amounted to $499.1m. This was 9.3% ahead of $456.8m in Pennsylvania last year but 1.6% behind $464.4m in January this year.
Retail slots remain the largest source of revenue in the Keystone State, generating $202.7m, only marginally lower year-on-year. This was despite a decline in the total number of slot machines from 25,708 to 24,962.
Elsewhere in the retail sector, revenue from land-based table games increased by 2.9% to $76.6m.
Turning to the Pennsylvania online market and total igaming revenue was 40.5% higher at $184.9m, compared to $131.6m in 2023.
Online slots revenue jumped 35.6% to $125.9m, while internet table games revenue hiked 56.7% to $56.6m. There was, however, a slight decline in online poker revenue, with this falling 8.3% to $2.4m.
Breaking down the online sector further, Hollywood Casino at Penn National Race Course remains the market leader by some distance. In February, it reported $77.3m in igaming revenue, up 36.8% year-on-year.
Valley Forge Casino Resort placed second with $44.8m, an increase of 63.0%. Following in third was Rivers Casino Philadelphia on $29.3m, which is 11.4% ahead of last year’s total.
Looking to the sports betting market and the situation was quite different.
Total revenue in this sector declined 30.0% year-on-year to $30.3m in February. Online betting generated $28.2m in monthly revenue, while retail wagering drew in $2.1m.
The revenue drop was despite total handle in Pennsylvania climbing 10.4% from $599.5m to $661.7m.
Valley Forge Casino Resort, along with partner FanDuel, remains the runaway leader in this market. During February, the partnership generated $17.7m in sports betting revenue.
Hollywood Casino at the Meadows and DraftKings were again second on $7.7m. Its sister property, Hollywood Casino Morgantown, which is partnered with BetMGM, placed third with $1.2m for the month.
As for other gambling activity in Pennsylvania, video lottery terminal revenue declined 2.4% to $3.2m. In addition, fantasy sports revenue slipped 5.2% to $1.3m for the month.
The agreement includes a $25.0m revolving credit facility and $25.0m term loan facility. Gambling.com Group agreed the finance deal with Wells Fargo Bank.
The new credit facility is due to mature on 19 March 2027. Subject to approval, it may also be incrementally increased by Wells Fargo up to $10.0m in the aggregate.
Gambling.com Group said it expects to use the credit for general corporate purposes and to settle deferred consideration. In addition, the group said the credit facility may help fund potential growth opportunities.
“We have established a track record of successful execution on our growth initiatives that are delivering consistently strong revenue, Adjusted EBITDA and cash flow growth,” Gambling.com Group chief financial officer Elias Mark said.
“This new credit facility enhances our already strong balance sheet and liquidity. Thereby, it provides additional financial flexibility as we pursue both organic and inorganic growth opportunities that can further scale the business and generate incremental value for our shareholders.”
Confirmation of the new credit comes ahead of Gambling.com Group publishing its full-year results. The group’s 2023 figures are due out tomorrow (21 March).
In its most recent results announcement, covering Q3, Gambling.com Group revealed that it beat revenue targets. Revenue during the quarter hit $23.5m, up 19% compared to Q3 of 2022.
At the time, year-to-date figures, covering the nine months to the end of September, showed growth across several areas. This includes revenue, up38% higher at $76.1m for the period. This is set to be 30% higher for the full year.
While adjusted EBITDA was down in Q3, the group reaffirmed this metric is expected to grow by 50% during 2023. For the nine-month period, adjusted EBITDA was up 52% to $26.1m.
I worked in the banking and finance industry for 20 years in various senior positions, but I reached a point where I felt like I needed a change.
The industry had changed a lot since I first started working in finance. It was like what we are seeing in gaming now – the industry was a lot of fun to work in, but more and more regulations were starting to be introduced.
When I decided I wanted a change of pace, I started talking with some great people, one of whom was an Angel Investor who had invested in Triggy. She knew that they were looking for an external CEO, so she introduced me to the company’s founders, and we just clicked right away.
Even though I didn’t know that much about the gaming industry back then, they knew that with my financial background, I had the skills needed to take Triggy to new heights.
The origin of CallsU in the igaming industry goes way back to 2006. Until recently the company has been growing organically and quietly, but my business partner and I have decided to get the brand out there and make it well known, so we launched CallsU last year.
I really believe in the CallsU offering; it achieves amazing ROI for our customers – actually, best in class across the entire industry, which we are super proud of.
To give you an idea of what CallsU does, we work with igaming operators offering player acquisition and reactivation services. My business partner has two master’s degrees in marketing and one PhD in behavioural science, so he knows this space really well.
For me personally, I have always loved a challenge. I enjoy building something from scratch and seeing it grow. The CEO role at CallsU seemed like it would be just that. I also believe we have great product-market-fit in igaming and the timing could not be better with operators realising the value and importance of retention, reactivation, and high-quality player engagement.
Analysing the data that CallsU has collected over the past 18 years in this niche has given us a deep understanding of how we can apply our technologies and expertise to get fantastic results.
As I mentioned earlier, when I first started at Triggy, I was completely new to the gaming industry. But over the last three and a half years I have learned so much about the industry and about building networks. I really understand the importance of having a strong team and good people in the network. For me, these lessons shape everything I do.
I always want to have great people around me – I want good investors, a good management team, and a strong company culture. I also want to work with great customers. You need amazing people to achieve amazing results. This was something that was so important for me when working at Triggy, and it’s just as important now at CallsU.
When you have a great team and great partnerships, it really is a win-win situation. It pushes you to find new ways to be more accountable, more professional and also have fun while doing it. This was a big part of the culture at Triggy and is something that I will foster at CallsU as well. It’s all about the people.
Of course, gambling companies must also keep up with the ever-changing digital standards brought on by the big tech brands. I’d like to think that the gambling industry is in a good position for this because we have better opportunities for growth than many other industries. There is still great potential to learn from other tech companies about how we can build amazing customer journeys and outstanding player experiences.
The igaming community is highly adaptable, and as an industry we can adjust accordingly to different conditions. We’re in a great position to push the boundaries of innovation even further.
When it comes to influences from other industries, social media would be the first that springs to mind as it’s something that most of us are using in our daily lives. It is super easy to work with and is really personalised to each individual and organisation. It’s also great way to show off a brand’s character and values.
I also think that the gaming industry can look to retail as an example on how to elevate the overall experience for bettors; for example, how retailers gather data on how our shopping and purchasing behaviours have changed, and how their brands can adjust marketing and engagement to suit individual customers.
From my personal experience, the finance industry could also provide a lot of inspiration for innovation. When I started in finance 25 years ago, the industry was in the same phase as the gaming industry is today. Sometimes I hear the same kind of concerns about changes in regulations and the challenges this can pose.
Finance practices can teach us about how we can work alongside regulators to support our businesses and improve our industry, rather than playing cat and mouse.
We have to look at regulatory changes with fresh eyes to find out how we can add value while still being compliant. We protect our collective interests by looking forward and embracing change.
It is a combination of both technology and engagement, rather than just marketing, that can help the industry implement better safer gambling strategies today.
With technology, by harnessing artificial intelligence, machine learning and algorithms, we can analyse patterns in player behaviour and flag problematic activities. That can then enable us to reach out to those players and provide them with the support that they need when they need it most.
It is so important that we, as an industry, put player health at the forefront of our businesses. It comes back to that idea of protecting the reputation of our industry; as we are an entertainment-first industry. Gambling should be like going to the movies or going to see a live event. It should be fun and safe.
As with anything else, there is a portion of people who enjoy a flutter, there is a portion of the people who are averse to gambling, and then there is portion of people who are indifferent. If we can show those latter two groups of people that the gambling industry is safe entertainment by building and maintaining our reputation, it will have a lasting positive impact. We have so much to gain in this way.
There’s an expression from Richard Branson, which goes something like: “If somebody offers you an amazing opportunity but you are not sure you can do it, say yes – then learn how to do it later!”
I really love that, and I think that it rings true. If someone shows that they believe in you, take that opportunity. But most importantly, believe in yourself too. Try to push yourself out of your comfort zone and take every opportunity to learn something new.
I didn’t know much about the gaming industry when I started at Triggy. But I have learned so much about this sector over the last few years; that wouldn’t have been possible if I hadn’t pushed myself out of my comfort zone. It is challenging at first, but you will find a way.
For many women, we have been told that the only way we will be successful is if we imitate men – whether that be how we dress, how we speak to people, or the character traits that we display. However, I couldn’t disagree more. We need to show our individuality, and actively collaborate with our peers, bringing our individual perspectives as women. We are so much stronger as organisations when we come together and challenge our own ways of thinking.
This was prominent during the pandemic, when female leaders were at the forefront of change – introducing new ways of working and adapting their companies so they could navigate the challenges that the pandemic posed. As women, we should be proud of our unique competencies, viewpoints, and modes of thinking and doing.
Engage with women, and other likeminded people, who inspire you and you will succeed. At the end of the day, being a woman is a superpower – embrace your individuality and continue to push those boundaries.
Park will move into the newly created role on 1 May. He has served as CFO at DraftKings for almost five years, joining the business in June 2019.
In the new role, Park will lead initiatives to deploy technologies as part of efforts to capture additional operating efficiencies. He will also oversee the integration of the proposed $750m (£590m/€690m) acquisition of Jackpocket, announced last month.
“I have asked Park to take on a new role at DraftKings to address and capture large efficiency opportunities that I expect will generate significant incremental profitability over the coming years,” said DraftKings co-founder and CEO Jason Robins said.
“Jason’s unique skill set, based on his accomplishments over the last five years as CFO and 11 years as a private equity operating partner, will allow us to further improve how we operate. In addition, I’m confident he will unlock the benefits of our proposed acquisition of Jackpocket following its closing to strengthen DraftKings’ position in US online gaming.”
Replacing Park is Alan Ellingson, currently senior vice president of finance and analytics at DraftKings. He becomes CFO with effect from 1 May.
DraftKings said Ellingson will be tasked with continuing to improve shareholder value by driving the business towards its financial objectives.
Ellingson joined DraftKings in February 2020, starting as vice president of financial planning and analysis. He went on to become senior vice president of finance and took on his current role in January last year.
Prior to his time with DraftKings, Ellingson worked in several roles at Iron Mountain.
“I am very excited to elevate Alan to CFO,” Robins said. “He will continue to lead the company on the very clear path that we have laid out. Alan has been with DraftKings for more than four years. He has extensive experience across our finance and analytics teams, and most importantly, deeply understands our core value drivers and focus on maximising shareholder value.”
Details of the proposed Jackpocket acquisition were announced on the same day DraftKings posted its 2023 results.
Over the past year, revenue was up 63% to $3.7bn while loss from operations was cut from $1.50bn to $789.2m. In addition, negative adjusted EBITDA was $151.0m, compared to the previous year’s $721.8m.
DraftKings also ended 2023 on a high, with revenue in Q4 rising 44% to $1.2bn. Loss from operations was $43.8m compared to $232.2m in Q4 2022. Adjusted EBITDA increased from a negative $49.9m to positive $151.0m.
Based on the figures, DraftKings published improved forecasts for the current financial year.
DraftKings now expects to report its first full year of positive adjusted EBITDA during 2024, with earnings of up to $510m. This is higher than the previously stated $450m.
As for revenue in 2024, this is set to be between $4.65bn and $4.90bn, up from the range of $4.50bn to $4.80bn.
Inspired did not set out any figures at this point but did say it hopes to publish its Q4 results next month. The group expects to file its Form 10-K on or before April 15.
This filing will be some way past the initial time that Inspired was expected to report its Q4 figures. As such, it has now filed a Form 12b-25 – Notification of Late Filing – with the US Securities and Exchange Commission.
The delay comes in the wake of a broad review of accounting policies, with this taking place during Q4. Inspired said it devoted “considerable” resources to this review, and as such this led to the results being delayed.
This review is connected with restatements of previously issued financial statements, with this also delaying its Q3 results. Errors flagged include compliance with US GAAP, linked to accounting policies for capitalising software development costs.
Incidentally, Nasdaq contacted Inspired in mid-Q4, warned that the late filing placed it in breach of its rules. The stock exchange gave Inspired until 22 January to submit a plan to regain compliance, or risk having its shares de-listed.
Inspired submitted its plan in January, with this being accepted by Nasdaq last month. As such, Inspired avoided any further action over the matter.
Upon announcing the initial delay back in November, Inspired revealed several errors. These related to the application of relevant accounting standards to projects.
Inspired said errors were flagged in financial statements for financial periods commencing 1 January 2021. As such, it said these statements can no longer be relied upon and should be restated.
Based on these findings, Inspired said one or more additional “material weaknesses” existed in internal control over financial reporting. This led to it committing to implement changes to remediate such weaknesses including restating financial statements for the periods of concern.
Inspired sought to allay investor fears, saying the planned changes will not impact its cash position or overall business plan.
As for the delayed Q3 results, these made for somewhat mixed reading. Revenue for the three months to 30 September 2023 climbed 30,9% to $97.5m (£76.8m/€89.9m).
However, higher spending across several areas meant Inspired ended Q3 with a lower net profit of $7.2, down 58.6%. In addition, adjusted EBITDA slipped 2.2% to $26.7m.
As to how Q3 impacted Inspired in the year to date, revenue during the nine months to 30 September grew 18.0% to $241.8m.
However, spending was higher in almost all areas in the nine-month period. This meant net loss for the period reached $1.0m, compared to a $20.4m profit in the previous year.
There was some good news for Inspired with adjusted EBITDA creeping up 1.1% to $74.0m.
Short answer: No.
Long answer: The state doesn’t need the money and lawmakers are nowhere near a consensus.
During a hearing in the House Higher Education Committee on SR 579 late on the afternoon of 18 March, there was fire and brimstone, a reference to heroin, and plenty of misinformation. Multiple lawmakers also noted that the state has a $16bn budget surplus, and isn’t in a hurry for new revenue streams.
And at least one lawmaker thinks that New York is part of New England. For those in need of a geography lesson, the six New England states are Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
The bill is one of several that could legalise sports betting in a state that has been trying to craft a framework for a mobile market for four years, but where lawmakers have been unable to come to a compromise. It seems that legal online wagering will meet the same fate with 10 days left in the legislative session.
So far, the general assembly that can’t agree on the best use of wagering tax dollars, never mind what kind of guardrails to put around it or how to regulate it.
Senator Bill Cowsert introduced his bill to the committee by saying, “This constitutional amendment is way simpler than you think. It just allows for another form of gambling by the lottery.”
Would that it was so simple. Cowsert went on to explain that a tax rate would “come later,” as would the framework around legal betting. His proposal does include the creation of a new gambling commission and significant funds for problem and responsible gambling initiatives because, he said, the ones in place now aren’t effective enough.
“It’s like telling the heroin dealer to stop selling me heroin,” Cowsert said of existing PG and RG initiatives. “That’s not going to stop you.”
Several witnesses wholeheartedly agreed and urged the committee to vote “no” on legal betting when the time comes. Mike Griffin on behalf of the Georgia Baptist Mission Board quoted his predecessor, telling the story of the day that a crowd shouted “Crucify him! Crucify him!” when Pontius Pilate said he could find no reason to condemn Jesus Christ and that the crowd should make that call.
During the course of the hearing, it was clear that committee members didn’t have a good understanding of how sports betting works or, for that matter, where states that offer it are located or what tax rate is in place where.
Early on, Cowsert had to explain that when lawmakers hear that sports betting might bring in $100m to Georgia in a month, that number is likely referring to handle – the amount wagered – not operator revenue or tax revenue. The explanation was part of a conversation during which Cowsert was asked if he would come down off earmarking 15% of tax revenue for problem and responsible gaming programs.
A committee peer suggested that if the state were getting $100m in revenue per month, then $15m for PG and RG programs per month – $180m per year -might be overreach. The 15% number is higher than any other state sets aside, but it’s more likely that tax revenue would more in the range of $10m per month, depending on the tax rate, hold percentage, and whether or not promos are deductible.
In that scenario the state would set aside $1.5m per month or $18m per year for PG and RG programs. Those numbers are well above what the average state earmarks.
The lack of education about the subject is an indicator that lawmakers are not engaged enough in the topic to keep it moving forward.
While Cowsert himself said he “believes in the democratic process” and showed a willingness to negotiate, he also exposed his lack of knowledge on several fronts. When asked about how money for problem and responsible gaming would be spent and how much might realistically be needed, he admitted that he did not know what a reasonable number is or how much treatment programs cost.
He went on to say that at least one state, Massachusetts, has a 54% tax rate. No state has a 54% tax rate on sports betting. The highest is 51% in Arkansas (no national operators), New Hampshire (DraftKings has a monopoly), New York (operators are losing money but like the cache), and Rhode Island (IGT has a monopoly). When prompted that it is not Massachusetts – which has a 20% tax rate – Cowsert said, “It is one of those New England states, maybe New York.”
Moments later, Representative Marcus Wiedower attempted to correct Cowsert, saying that he empathised on how his peer got “twisted up” on “Northern states” while pointing out that New York is not in New England. But Wiedower incorrectly said that New York has “a monopoly, they have one operator, so they can charge that for one operator.” Nine online betting platforms are licensed in the Empire State.
Enabling legislation for the constitutional amendment had a hearing last week, but no vote. SB 386 would allow for up to 16 digital wagering platforms, sets licensing fees and a 20% tax rate, and earmarks nearly all tax revenue to the state’s HOPE scholarships. Cowsert’s bill sends funding to multiple educational programs and other initiatives. The constitutional amendment and enabling legislation differ in several areas, causing committee chair Chuck Martin last week to say that the Senate would have to “marry” them before moving forward.
The Higher Education Committee will meet again Wednesday, but Martin did not commit to continuing the discussion.
ACMA named Lucky7even, 50 Crowns, Rockwin, Bitdreams, Mr Pacho, Casino Infinity, Zota Bet and Spicyjackpots as sites to be blocked. It said each site was operating in breach of the Interactive Gambling Act 2001.
The organisation did not go into detail about specific breaches of the Act. However, it did set out how it can take action if a website has committed a certain offence.
These actions include providing banned interactive gambling services to Australian players, such as online casinos, slots and in-play sports betting. ACMA may also request blocking if a website offers gambling without a licence, or publishes adverts for other unlicenced services.
While ACMA cannot actually block sites, it can request Australian internet service providers (ISPs) to do so.
Since ACMA made its first request in November 2019, some 945 illegal gambling and affiliate websites have been blocked. In addition, 221 illegal services have pulled out of Australia since ACMA began enforcing illegal offshore gambling rules.
“ACMA is reminding consumers that even if a service looks legitimate, its unlikely to have important consumer protections,” ACMA said. “This means our laws can’t help if something goes wrong, like if the service provider withholds winnings.
“Australians can check if a wagering service is licensed to operate in Australia on the ACMA register.”
The latest round of requests comes after ACMA last month singled out 12 other websites for blocking.
Playzilla, Wazamba, Zet Casino and Slots Palace were among those identified by ACMA. The other sites were are Nomini, Casinia, SG Casino, Fez Bet, Buran Casino, Spin Better, Golden Bet and Clash.gg.
Other recent blocking orders covered Greenspin, Slotman, Jeetcity, Betibet, Candyland Casino, Thunderpick, Golden Lion, Digits 7, Sector 777, New Vegas and PayID Pokies.
Meanwhile, towards the end of 2023, ACMA took aim at four leading online gambling brands for breaching in-play betting rules. However, ACMA later conceded the brands eventually complied with rules and would not take further action.
Initially, ACMA said the operators breached interactive gambling rules by using ‘Fast/Quick codes’ to facilitate in-play betting on sports. Entain-owned Ladbrokes and Neds, as well as Hillside’s Bet365 and Sportsbet, were the four guilty parties named by ACMA.
The Interactive Gambling Act 2001 prohibits in-play betting on sports matches, with only limited exceptions.
