Month: May 2024

Revenue was higher across both the GG Core and GG Digital segments at Galaxy Gaming in Q1. While the GG Core land-based business remains its primary source of revenue, the GG Digital division posted more growth.

Galaxy also reported increased operating and finance-related costs in Q1. However, such was the impact of revenue growth that net profit also increased year-on-year.

Reflecting on the quarter, president and CEO Matt Reback praised growth at both the top and bottom lines. Q1 represents Reback’s first full quarter in charge at Galaxy, having taken over as CEO in November 2023.

“Both gross and net revenue were records, and by significant margins,” Reback said. “We have been hard at work on product development under the leadership of Michael Ratner. I expect we will have some interesting product innovation news to announce in the coming months.

“This has been a principal area of focus for me since I joined Galaxy late last year. I am proud of the momentum our entire product team is gaining.”

Recurring licence revenue drives growth in Q1

Breaking down the Q1 figures at Galaxy, as mentioned by Reback, gross revenue also hit a new quarterly high. For the three months to 31 March, gross revenue topped $9.7m, a rise of 18.3%. 

Of all gross revenue, $8.9m came from recurring licence revenue, up 29.0%. The remaining $805,193 was generated from the sale of perpetual licences, down 36.5%. 

Net revenue is calculated by subtracting royalties netted against gross revenue from total gross revenue, which in Q1 was $1.7m. As such, net revenue for Q1 hit $8.0m.

Looking at each segment, GG Core gross revenue increased 19.2% to $6.2m. Here, recurring licence revenue jumped 38.5% to $5.4m, but perpetual licence sales revenue dropped 36.5% to $805,193, as noted in the total gross revenue figures. 

When taking off $806,280 in royalties netted against gross revenue, net revenue from GG Core was $5.4m, still 3.9% higher than in 2023.

“Our distribution of EZ Baccarat, which commenced in September 2023, accounted for the bulk of the increase in recurring license revenue in our Core sector,” Reback said. |Also, our GOS product continues to gain momentum with over 100 installations, and development of GOS 2.0 continues on schedule for release later this year.”

As for GG Digital, gross revenue jumped 16.7% to $3.5m in Q1, with all this coming from recurring licence revenue. After taking away $852,528 in royalties netted against gross revenue, net revenue hit $2.6m, a rise of 15.6%.

“In our igaming sector, revenue was up on a gross basis and 16% after netting out royalties,” Reback noted.

As for geographical performance, the Americas remains the core region for Galaxy. Here, net revenue topped $4.7m, a rise of 4.4%. However, the group reported more growth in Europe, the Middle East and Africa, with revenue up 10.0% to $3.3m in Q1.

Net profit rises at Galaxy despite higher costs

In terms of spending, total operating costs in Q1 were 9.6% higher at $5.7m. The primary outgoing for Galaxy was selling, general and administrative expenses, which hit $4.2m.

Finance-related costs were reduced by 3.1% to $2.1m in Q1. As such, pre-tax profit hit $235,233, more than double the previous year’s $116,269 total.

Galaxy paid more in tax ($26,325) this year and also noted a $30,394 negative impact of foreign currency translation. However, bottom line net profit was still higher year-on-year, with the $178,514 reported being 40.2% higher.

In addition, adjusted EBITDA edged up 2.8% to $3.2m for the quarter.

Galaxy hopeful on full-year guidance

While growth in Q1 is good news for Galaxy, exterior factors could still impact performance in Q1. As such, chief financial officer Harry Hagerty said that it will not make any changes to earlier guidance until after Q2.

“Our Q1 2024 results strongly support the guidance that was given when we released our Q4 2023 earnings,” Hagerty said. “However, we will wait until we have Q2 results in hand and better visibility into the second half of the year before considering whether any changes to guidance would be appropriate. 

“As stated previously, our guidance assumes no impact to our business from the wars in Ukraine and the Middle East, no economic recession or pandemic, and is a forward-looking statement subject to our safe harbour language below. 

“Finally, the forecast is based on currency exchange rates that we experienced in the fourth quarter of last year.”

Games Global announced the launch of its IPO in early May, with 14.5 million ordinary shares made available. Of that figure, six million ordinary shares from Games Global were to be sold. The other 8.5 million would be made up of existing shareholders.

The company applied to list shares on the New York Stock Exchange (NYSE) under the GGL symbol. The price for the IPO was set at between $16 (£12.74/€14.89) and $19 a share.

However, Games Global has now delayed the IPO, with the company’s board of directors believing this decision is in the “best interests” of stakeholders. However, they will also continue to monitor the situation ahead of a potential future offering.

Games Global chief executive Walter Bugno stated that while the company was “disappointed” not to be entering the public markets in the near future, the business is still set up for an exciting future.

“With a strong balance sheet, healthy margins and meaningful growth, an IPO at this point in time was an accelerator, not an absolute necessity, for our business strategy,” Bugno said.

“Our team remains committed to delivering the most innovative games on the market. We will continue to monitor the capital markets going forward and make the appropriate reconsiderations as to an IPO in the future.”

Games Global suspends IPO despite investor interest

Despite opting not to press ahead with the IPO, Games Global stated their decision was not down to a lack of investor interest, which it described as “strong”.

Games Global pointed to the “continued positive performance” of the company’s underlying business. It also highlighted the trajectory it was expecting following its entry into the US gaming market.

Despite postponing the IPO, the company’s evaluation of all opportunities over their alignment with the business’ long-term strategy will continue.

IPO delay follows Super Group division purchase

In February, Games Global concluded its acquisition of the B2B assets of Digital Gaming Corporation (DGC B2B) from Super Group.

The deal was initially agreed in February 2023, with Super Group having only acquired DGC B2B itself a month prior.

Bugno stated the move would help in “accelerating Games Global’s entry into the rapidly growing US igaming market”. DGC B2B is currently live in US states such as Pennsylvania, Iowa and New Jersey.

Galaxy Entertainment heralded the performance of its gaming operations during Q1, with this pushing up revenue and adjusted EBITDA. Paysafe also posted healthy revenue growth but losses on foreign currency translation hit its bottom line. 

Looking first at Galaxy, revenue for the three months to 31 March amounted to HK10.60bn (£1.02bn/€1.19bn/US$1.28bn), up 49.6%.

Some HK$8.18bn of all revenue came from gaming operations, an increase of 53.7%. Non-gaming revenue also climbed 55.5% to HK$1.61bn, while construction materials revenue was up 9.6% at HK$765m.

Galaxy Macau generated the most revenue in Q1, with this rising 55.5% to HK$8.31bn. Of this total, $6.89bn came from gaming operations, with Galaxy noting higher rolling chip and electronic gaming volumes, as well as mass table drop. 

StarWorld Macau posted HK1.37bn in revenue, up 46.0%, while Broadway Macau revenue jumped 156.0% to HK$46m. A further HK$58m in revenue came from the City Clubs arm, up 12.0%.

Galaxy did not go into full details on costs and profits for the quarter. However, it did set out that adjusted EBITDA in Q1 was 48.7% higher at HK$2.84bn. 

“We were particularly encouraged with our casino performance over the May Golden Week and post the reconfiguration of Galaxy Macau’s gaming floor,” Galaxy chair Lui Che Woo said.

“Our balance sheet remained healthy and liquid. As of Q1 2024, cash and liquid investments were HK$26.4bn and the net position was HK$25.0bn after debt of HK$1.4bn.”

Paysafe upbeat despite wider net loss

Turning now to Paysafe and CEO Bruce Lowthers said the business got off to a “great start” to 2024 in Q1, despite net loss increasing.

Revenue in Q1 increased by 7.7% to US$417.7m, helped by year-on-year growth across its two core segments. Merchant Solutions revenue jumped 11.0% to $231.4m while Digital Wallets revenue was up 5.0% to $190.5m. Some $4.1m in inter-segment revenue was discounted from the overall figure.

“We are off to a great start this year,” Lowthers said. “We delivered 8% year-on-year revenue growth in the first quarter, reinforcing that our strategic initiatives and associated investments are driving momentum in the business and setting us up for long-term success.”

Looking at expenses, spending was higher in all areas, with the main outgoing being cost of services at $170.4m, up 7.2%. Net non-operating costs amounted to $22.6m for Q1.

As such, pre-tax profit stood at $10.4m, a marked improvement on just $71,000 in the same quarter last year. Paysafe paid $7.3m in tax, leaving a net profit of $3.1m, compared to a $3.8m in 2023.

However, when accounting for a negative foreign currency translation impact of $7.6m, this pushed Paysafe to a comprehensive net loss of $4.6m. Last year, bottom line loss amounted to $1.6m after the group benefitted from a positive foreign currency translation impact of $2.2m.

As for adjusted EBITDA, this was 3.8% higher year-on-year at $111.9m.

“We remain confident in our financial outlook for this year, which reflects stronger underlying revenue performance, anchored by improved operational execution,” Lowthers said.

Edgecliffe-Johnson made the comment during the earnings call for Flutter’s Q1 results, which were released today (14 May).

Revenue was up 16.4% year-on-year to $3.40bn (£2.70bn/€3.14bn) in Q1, although Flutter suffered a significant net loss of $375m. This loss was attributed to increased expenses and negative foreign currency translation. Flutter’s FanDuel brand performed particularly well in the first quarter of the year, reaching a record igaming gross gaming revenue (GGR) share of 27%.

The earnings call saw both Edgecliffe-Johnson and Peter Jackson, Flutter’s CEO, field questions regarding the cost of sales, which jumped 16.4% to $1.79bn. Edgecliffe-Johnson linked the increased cost to an investment in North Carolina, where FanDuel launched in March.

Nonetheless, he said the risen cost of sales was “in line with what we were expecting”.

“We’ve won the state, we’ve signed up one in 20 adults, but obviously it comes with a cost,” he noted. “Where there’s more business, that’s where you have the most promotional intensity.” Edgecliffe-Johnson added that promotional spend levels were in line with levels recorded in 2023.

FanDuel also launched in Vermont in January.

Listing “key milestone” for Flutter

Flutter’s US performance was a highlight during the call, with Jackson stating that FanDuel “is a clear number one in the market”.

Jackson noted that North Carolina had quickly become “one of our most successful state launches”. He attributed the success here, and in other newly-launched US states, to FanDuel’s established customer base.

“With each new state launch, we find that we become even better in defining our playbook for the market,” said Jackson. “The brand and the product are becoming better known to customers in states where we launch.”

In spite of the significant net loss, Jackson was generally upbeat about the quarter. He lauded the relocation of Flutter’s primary listing from London to the New York Stock Exchange, calling it a “key milestone” in the evolution of the business. Jackson also emphasised that the move would not substantially affect costs.

“There’s going to be no significant change from a cost perspective,” he stressed. “We’re going to have our board meetings there and we’re going to be spending more time there from this week… In practical terms its not going to change much from a cost perspective.”

FY outlook steady in face of faltering March sports results

Outside of the US, Jackson pointed to Sisal’s positive performance during the quarter, which saw its average monthly players (AMPs) grow 22.0% yearly in March. He noted that Sisal “continues engaging customers” and also highlighted growth in Georgia and Spain.

Looking to the remainder of the year, Jackson outlined a clear focus on market leadership for Flutter.

“From an igaming perspective, we’re always confident that 2024 is the year we are trying to take market leadership,” he explained. “It’s important to recognise that we got ahead by acquiring businesses in the casino space.”

Edgecliffe-Johnson said Flutter is maintaining its previous guidance for its FY24 outlook, in spite of disappointing sports results in the final weeks of March. This current guidance would see projected midpoints of $6.00bn in revenue for the US and $7.85bn outside the US.

“We’re very pleased with the market share across the US as a whole,” he affirmed. “We have held our guidance.”

Revenue in the three months to 31 March amounted to $1.07bn (£850/€988m). This was only marginally higher than $1.06bn in the previous year but surpassed initial expectations for Q1 at IGT.

Growth came as a result of higher revenue from the Global Lottery business. While IGT saw a drop in Gaming & Digital revenue, this segment of the business still performed better than forecast.

Furthermore, while operating costs were higher year-on-year, IGT was able to make savings in non-operating expenses. This, coupled with higher revenue, meant net profit was up in Q1.

“Innovative game, hardware, and systems solutions drove better-than-expected Global Lottery and Gaming & Digital performance in Q1,” IGT CEO Vince Sadusky said.

“As a result, we are upgrading our full-year 2024 revenue and profit goals, which reflect broad-based momentum across key performance indicators in the balance of the year.”

Global Lottery revenue tops $661m

Breaking down Q1 and beginning with the Global Lottery business, revenue increased 5.9% to $661m. 

IGT put this down to “significantly” higher product sales, driven by new GameTouch 28 self-service terminals in Canada and software upgrades in Singapore and Germany. It also notes continued same-store sales strength in Italy.

Total services revenue in this segment was 2.8% higher at $619m. In addition, product sales revenue almost doubled from $22m to $42m.

Gaming & Digital revenue down as Everi merger edges closer

Turning to Gaming & Digital, revenue was 6.9% lower at $406m. This, according to IGT, was due to lower product sales as a result of fewer terminal unit shipments in the current year. IGT also spoke of elevated intellectual property and software licences in the prior year.

This, however, was partially offset by higher service revenue driven by growth in the global installed base and a 10.0% increase in igaming revenue.

Total service revenue from Gaming & Digital in Q1 was 4.1% higher at $253m. In contrast, product sales revenue from this business declined 20.7% to $153m.

Also on this segment, in February, IGT confirmed that it will merge its Global Gaming and PlayDigital businesses with Everi. This, IGT says, will create a “comprehensive and diverse” global enterprise. 

Everi will rebrand to International Game Technology Inc and trade on the New York Stock Exchange under the ticker IGT. The combined business will be worth an estimated $6.20bn.

While the deal is not due to complete until later this year or early 2025, IGT has already made changes to its management team. This includes Enrico Drago stepping down as CEO of PlayDigital.

Speaking in an earnings call in Q1, Sadusky said the merger it continues to “make progress”. He also said neither IGT nor Everi had received any negative comments from customers about the deal.

“We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi,” Sadusky said. “Overall, it’s been met with a really positive response and we are looking forward to joining together and becoming one unit.”

Net profit tops $82m 

In terms of spending, total operating costs were up 0.9% to $812m in Q1. Cost of services was the main outgoing for IGT, with these expenses amounting to $412m.

However, non-operating costs were reduced by 42.6% to $58m. As such, IGT was left with a pre-tax profit of $198m, up 27.7% year-on-year.

IGT paid $69m in tax and also accounted for $47m in income from non-controlling interests. As such, net profit attributable to IGT in Q1 amounted to $82m, an increase of 256.5% from 2023.

IGT expects full-year revenue to reach $4.40bn

Based on these results, IGT has now increased guidance for full-year revenue. 

When posting its 2023 results, the group estimated that revenue for 2024 would amount to between $4.30bn and $4.40bn. However, after early success in Q1 and surpassing targets for the quarter, FY24 revenue is now set to be at least $4.40bn. 

Furthermore, IGT says its operating profit margin will reach 21.0%, or 24.0% when excluding separation and divesture costs. Cash from operations should be around $1.00bn and capital expenditure approximately $500m. 

As for Q2, revenue is forecast to be almost level with Q1 at $1.05bn.

Revenue and net profit down at Everi in Q1

Last week, Everi, which looks set to become part of the new International Game Technology Inc business, also posted its Q1 results.

Q1 proved a tricky period for Everi, with both revenue and net profit falling year-on-year. Revenue was down 5.6% to $189.3m, with declines across its Games and Fintech segments.

Total costs were 10.9% higher at $164.6m, with expenses up across the board. Inevitably this, coupled with lower revenue, had an impact on bottom line.

The group paid $1.4m in income tax and noted a negative foreign currency impact of $1.7m. This left a net profit of $2.9m, down 89.6% year-on-year, while adjusted EBITDA fell 13.1% to $80.3m.

Fund II invests in emerging sports, gaming and entertainment companies. It has invested in Almost Friday Media, Jackpot.com and Betcha. Its first investment from Fund II was C15 Studio, which operates and distributes Formula 1’s streaming channel.

The fund is supported by a number of financial institutions, professional sports teams and venture capitalists across the US. It focuses on making seed investments in the range of $1m-$2m. As well as exceeding the $25m total for the fund, Sharp Alpha added to its deal team.

A co-investment vehicle also owned by Sharp Alpha will allow a select number of partners to invest more capital into certain deals alongside the fund.

Sharp Alpha’s portfolio includes Future Anthem, SlamBall and SnapOdds.

Total of $10m raised by Fund I

Lloyd Danzig, managing partner of Sharp Alpha, said that early-stage companies are suited to a certain level of innovation.

“The competitive entertainment category is experiencing exponential growth but at the same time is desperate for innovation that early-stage companies are best positioned to supply,” he said. “We are entering the most favourable period in the last 15 years to bet on great founders.”

Fund I closed in October 2021 and raised $10m for betting technology start-ups. At the time it was announced, it had provided financial support to Players’ Lounge, PickUp and Prophet. Prophet launched in New Jersey as the first regulated US sports betting exchange soon after the investment.

Sharp Alpha’s advisory board is made up of a number of industry and financial heavy-hitters. It includes Keith Horn, founder of Loring Capital Advisors, former COO of Elliot Management and global head of leveraged finance at Merrill Lynch, and Emanuel Pearlman, former chair of Empire Resorts.

Last week, PlayAGS announced it had signed an agreement to be acquired by affiliates of the private equity firm Brightstar. The deal will be worth $1.1bn (£877.3m/€1.02bn) if completed.

PlayAGS shareholders will receive $12.50 a share in cash. This is a 40% premium to the closing price on 8 May, the day prior to the acquisition becoming public.

If the deal is concluded, PlayAGS will become a private company, and its shares will no longer be listed on any public markets. The deal is subject to both regulatory and shareholder approvals. If the acquisition achieves those, the deal will complete in the second half of 2025.

PlayAGS’ board approved the acquisition. The board also recommended to shareholders that they vote in favour of the deal. However, Emmett Investment has announced its intention to vote against what it labels an “inadequate” deal.

Emmett Investment founder and chief executive Alexander Rohr stated: “We do not oppose a take-private offer per se, but Brightstar’s offer fails to reward stockholders for the strong performance AGS has already demonstrated and fails to account for the company’s significant potential.”

Emmett Investment: Brightstar deal undervalues PlayAGS

PlayAGS announced its agreement with Brightstar a few hours before it was due to hold an earnings call to discuss its Q1 results, which it subsequently cancelled.

PlayAGS reported a total adjusted EBITDA of $44m for Q1, up 20.5% from the $36.5m generated in the same quarter last year.

Emmett Investment stated that adjusted EBITDA growth was far outpacing the industry, reiterating its positive outlook for PlayAGS’ future.

PlayAGS also posted $4.3m in net income, a sizeable improvement on the $334,000 loss the company reported in Q1 2023.

Ahead of the launch of the regulated sports betting and igaming market in Brazil, operators are making steps to secure licences, with Rio Jogo now doing so thanks to an approval in the Loterj accreditation notice.

Rio Jogo becomes the fifth operator approved by Loterj, joining the likes of PixBet and BestBet. Meanwhile, seven operators are currently in the process of gaining accreditation, including Caesars Sportsbook and PNR Tecnologia.

Rio Jogo chief executive João Victor de Araújo Souza thanked Loterj for its work on implementing wagering accreditation in Brazil.

“We believe in a regulated gaming market and its legality,” the CEO said. “We are aware of the responsibilities and duties assigned to us in the contract and we affirm that we are fully prepared for the success of the project.”

Loterj grants Rio Jogo licence in the face of IBJR criticism

Following the licensing of Rio Jogo, Loterj announced it was reopening the accreditation period for betting houses. The accreditation period will last for 30 days, starting from Tuesday (14 May).

In April, PNR Tecnologia and Lema both delivered documentation seeking Loterj accreditation to operate sports betting and igaming. The two companies carried out a proof of concept, as well as evaluated its compliance with Loterj regulations.

That followed Caesars Sportsbook-licensed BIG Brazil announcing its intentions to apply for Loterj accreditation.

However, Loterj has faced criticism from those who feel its overstepping the mark by looking to grant licences for nationwide activities.

The Brazilian Institute for Responsible Gaming (IBJR) denounced Loterj’s actions in a note. The IBJR feels Loterj’s accreditation of nationwide operations is a “clear violation” of federal regulations.

The IBJR note stated: “The acts carried out by Loterj create disorder, raise unnecessary doubts and harm the process of regulating the fixed-odds betting industry in Brazil.”

Associate lawyer at Pinheiro Neto Advogados André Santa Ritta agrees that the IBJR’s criticisms are valid.

“IBJR does have a point and their arguments make sense,” Santa Ritta told iGB in an email.“I myself have been involved in these discussions. I do not believe Loterj has the legal grounds to allow companies to operate in the entire country.”

Mizuhara, the ex-interpreter for LA Dodgers star Shohei Ohtani, faces up to 33 years in prison and $1.25m in fines. He agreed last week to plead guilty to one count of bank fraud and one count of filing a false tax return. Mizuhara’s theft and illegal gambling were  first reported March 20, and Mizuhara turned himself in to authorities April 12.

The arraignment took place at the Edward R. Roybal Center and Federal Building in downtown Los Angeles.

As a testament to Ohtani’s popularity, an auxiliary courtroom was jammed with 46 reporters from media outlets, including CNN, Bloomberg, and the Associated Press. Reporters signed a petition criticizing the court for relegating them to a separate courtroom. Audio was available, but no video. Veteran court reporters said the move was unprecedented and the crowd unusual.

The federal government considers Ohtani to be a “victim” in the case. Major League Baseball thus far is not conducting its own investigation.

Mizuhara mum with media

Mizuhara previously admitted he was guilty in texts obtained by the federal government and made public in an affidavit. The Japanese-language interpreter and his lawyer, Michael Freedman, Tuesday declined to talk to media. A scrum of reporters bearing microphones and cameras surrounded Mizuhara as he entered the federal building.

Reporters shouted multiple questions, including asking Mizuhara if he had anything to say to the Dodgers. Another asked if Ohtani “really didn’t know about this.” Mizuhara stayed mute and did not make eye contact.

Ippei mizuhara and his attorney, michael freedman, walk toward the roybal federal building in los angeles ahead of mizuhara’s arraignment tuesday. The Ex-Ohtani interpreter pled not guilty as a formality.

In court, Mizuhara spoke little, answering Judge Jean P. Rosenbluth’s questions with “Yes I did” or “Yes, m’am.”

Tuesday’s proceeding was short. Mizuhara agreed that by entering a plea agreement he waives his right to an indictment.

Case moved to Orange County, where crimes took place

Rosenbluth said the case will be transferred to Judge John W. Holcomb, whose chambers are in the Ronald Reagan Federal Building in Santa Ana in Orange County.

The change of venue seems logical. Mizuhara is an Orange County resident (Newport Beach) and was allegedly betting with an illegal bookmaker based in the county. Though not named publicly, all signs point to the bookmaker being Mathew Bowyer.

The case is yet another connected to the Wayne Nix illegal gambling ring. Nix, a former minor-league baseball player, ran an illegal sportsbook business in California for more than 20 years. In 2022, he pled guilty to federal tax fraud charges. The investigation into Nix’s business has already ensnared several professional athletes — including former LA Dodger Yasiel Puig and former Chicago Bull Scottie Pippen.

The wide-reaching investigation has touched professional athletes, minor celebrities, small businesses, and casinos in Nevada and California. Nix won’t be sentenced until 25 September, as investigators continue to uncover more details about the operation.

Last week, ex-MGM Grand and Resorts World executive Scott Sibella was sentenced in the case.

Sibella, who was charged with failing to file a suspicious activity report about Nix, got 12 months probation and a $9,500 fine. Sibella failed to file a report after Nix paid a $120,000 marker at the MGM Grand in cash. In his plea agreement, Sibella admitted that he “was aware that Nix engaged in illegal bookmaking.” But he said he didn’t want to acknowledge the information because it would cost MGM Grand a high-value client.

Plea deal for bank fraud will include restitution

In the initial plea deal, which was released 8 May, Mizuhara will be required to file an amended 2022 tax return. According to the plea, Mizuhara did not claim $4.1m in income and claimed $5,000 in illegal deductions. On the bank fraud charge, he’ll also be required to pay Ohtani back the $16.98m he stole.

Mizuhara began betting in September 2021. Within months, he “engaged in a scheme … to fraudulently obtain money” from Ohtani’s account. Mizuhara was able to change “security protocols,” including the e-mail address and phone number on Ohtani’s account. He was also able to “trick” bank employees using Ohtani’s personal information and ordered wire transfers.

All details of the plea agreement are not public and may not yet have been negotiated.

Cyprus-headquartered Stake has targeted growth in India just as other operators are distancing themselves from the market due to concerns about the GST flat tax on turnover. The group enabled deposits in Indian rupees for the first time ahead of IPL 2024 and has commenced a series of marketing campaigns.

Stake said this has led to “unprecedented levels of betting activity” during the IPL season, which concludes later this month.

“We are constantly striving to improve our product and want to make Stake easily accessible to as many players as possible,” said Stake’s director of commercial, Jarrod Febbraio. “With more than $100m wagered this season alone, the IPL is soaring in popularity, and so is Stake.”

IPL marketing boosts Stake’s Indian presence

The Indian rupee has become the sixth fiat currency available on the group’s flagship Stake sportsbook. One marketing campaign saw punters paid out as winners if their team hit a six during the first four overs. The only stipulation was that bets must have been placed in INR with a maximum payout of up to $25. Stake said this occurred during 30 of 48 selected IPL matches, or 63%.

“The promotion also served as a savvy customer acquisition strategy. More than 80% of users to have redeemed the offer were new to Stake as first-time depositors,” Stake said.

“We wanted to spice things up for the 2024 season, and this promotion was perfect for our customers who don’t like cricket, they love it.”

Super Group has already exited India over GST tax

The 2024 IPL season is the first since plans were announced for the 28% GST tax on turnover for betting. India’s GST Council announced the move in July last year to much ire. Industry bodies such as the All India Gaming Federation (AIGF) condemned the tax rate as potentially stunting the regulated market.

Super Group, which owns Betway and Spin, exited the Indian market last October in response to the GST announcement.