Casino – Page 17 – FairOdds Network

August 2, 2023

Caesars Digital becomes EBITDA positive in Q2

Caesars Entertainment has posted the first quarter of positive adjusted EBITDA for its digital business since rebranding to Caesars Sportsbook in the summer of 2021.

The group launched its new-look sportsbook app in August 2021, following its acquisition of William Hill earlier in that year. Caesars acquired William Hill for £2.90bn (€3.37bn/$3.71bn) in April 2021 after a deal was agreed in September 2020.

In the months and years that followed, Caesars Sportsbook was rolled out across a total of 20 of states. However, despite this extended reach, EBITDA did not turn positive until the second quarter of this year.

EBITDA from Caesars Digital in Q2 reached $19.0m. In May this year, Caesars set a digital EBITDA target of $500.0m within the next two years.

Eric Hession, president of Caesars Sports and Online Gaming, welcomed the landmark. He highlighted the growth of both online sports betting and casino.

“Our performance this quarter continues to demonstrate the effectiveness of our ..

July 31, 2023

Sports betting decline hits Michigan igaming revenue in June

Reduced sports betting activity in Michigan in June led to a month-on-month drop in overall online gambling revenue for the state.

Combined gross igaming and sports betting receipts in Michigan amounted to $169.3m. This was down 8.9% from $185.5m in May this year, representing the third consecutive month of decline in the state.

However, the total was some 23.7% ahead of $136.9m in June 2022.

Online casino gaming gross receipts amounted to $151.0m, a year-on-year climb of 24.2% and marginally ahead of May. Gross sports betting receipts also increased 18.8% from June 2022 to $18.3m, but this was 48.0% lower than $35.2m in May.

Read the full story on iGB North America

July 31, 2023

Nevada gambling revenue dips in June

Gambling revenue in the state of Nevada declined both month-on-month and year-on-year in June, according to the Nevada Gaming Control Board.

Total revenue for June amounted to $1.25bn. This was 2.3% less than $1.28bn in June 2022 and also 3.1% lower than $1.29bn in May this year.

Slots were again the main source of revenue during the month. Revenue from slot machines reached $836.2m, down 0.3% year-on-year. Of this total, some $486.2m came from multi-denomination slots, while penny slots generated $255.2m.

Table, counter and card games revenue was also down, slipping 6.5% to $409.6m. Blackjack drew the most revenue at $104.0m, with baccarat second on $100.5m following a 29.8% year-on-year drop.

Read the full story on iGB North America

July 27, 2023

Record-breaking Derby Week lifts CDI Q2 figures

A record-breaking Kentucky Derby helped Churchill Downs Incorporated (CDI) to post record net revenue for a second successive quarter.

Derby Week generated record revenue of $20.5m, with total sales reaching $768.5m (£592.6m/€690.5m) in Q2. This total was up from $582.5m in the corresponding period last year and $559.5m in Q1.

Meanwhile, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) hit a record $363.7m in Q2 – up from $291.2m year-on-year.

Read the full story on iGB North America

July 25, 2023

Gaming revenue growth continues to decelerate in US

Commercial gaming revenue growth slowed for a fourth consecutive month in May, according to the American Gaming Association (AGA).

Total gross gaming revenue (GGR) in the US increased year-on-year in May by 6.4% to $5.49bn (£4.28bn/€4.97bn). Over the first five months of 2023, total GGR is up by 12.4% at $27.59bn.

However, the AGA’s Commercial Gaming Revenue Tracker revealed that growth has slowed steadily since a year-on-year increase of over 20% was registered in January 2023.

Read the full story on iGB North America

July 19, 2023

Pennsylvania gambling revenue records tumble in 2022-23

Pennsylvania set a series of new gambling revenue records during the 2022-23 fiscal year, while the state also reported year-on-year growth in June.

Total gambling revenue in 2022-23 reached $5.51bn, according to the Pennsylvania Gaming Control Board (PGCB). This was an all-time high for the state, beating the previous record of $5.04bn set in 2021-22 by 10.0%.

Retail slots were the main source of revenue by some margin. The $2.45bn generated was 1.7% ahead of last year and the second-highest annual total in history, behind $2.48bn in 2011-12.

However, land-based table games revenue slipped 4.1% year-on-year to $974.0m.

Read the full story on iGB North America

July 18, 2023

Delaware igaming spend slips to year-low in June

Consumer spending on online gambling in Delaware fell to a calendar year-low of $37.9m in June, although sports betting handle improved month-on-month.

June’s igaming spend was 8.3% higher than $35.0m in the same month last year but 14.3% behind the $44.2m bet in May 2023.

Online video lottery accounted for $23.9m of all spend, while players also wagered $14.0m on table games.

Revenue from igaming during the month amounted to $1.1m. This was up 35.9% year-on-year but 8.3% lower than $1.2m in May.

Read the full story on iGB North America

July 17, 2023

NJ gambling revenue up 13.9% year-on-year in June

Gambling revenue in New Jersey increased 13.9% year-on-year in June, although the state experienced a month-on-month decline.

State-wide revenue for the month amounted to $457.2m. This was up from $401.5m in June of 2022 but 13.9% down from $401.5m in May this year.

Land-based gambling remained by far the primary source of revenue during the month. This area of the market generated $241.6m in revenue, 5.4% more than last year.

Slots accounted for $183.0m of all land-based revenue, a rise of 7.0%, while table games revenue climbed 0.9% to $58.1m.

Read the full story on iGB North America

July 7, 2023

Maverick Gaming appeals tribal sports betting lawsuit dismissal

Cardroom operator Maverick Gaming has filed an opening brief in the United States Court of Appeals, as part of an ongoing challenge into what it views as a tribal sports betting monopoly in the state of Washington.

It was filed for the Ninth Circuit.

In January 2022, Maverick Gaming filed a lawsuit in the US District Court for the District of Columbia.

Read the full story on iGB North America

June 29, 2023

Nevada gambling revenue reaches $1.29bn in May

Gambling revenue in Nevada in May amounted to $1.29bn, a slight decline on the previous year but a month-on-month increase of 11.2%.

Revenue in the state was 0.8% lower than $1.30bn in May 2022 but ahead of the $1.16bn generated in April this year.

Slots remained by far the primary source of revenue for operators, drawing $877.9m worth of revenue, up 0.9% year-on-year. Multi-denomination slots accounted for $501.3m of this total, with penny slots generating $285.9m.

Revenue from table, counter and card games slipped 4.4% to $411.2m, with declines across almost all gambling types.

Read the full story on iGB North America

June 21, 2023

PA gambling revenue continues to rise in May

Gambling revenue in Pennsylvania increased both month-on-month and year-on-year in May to reach a total of $479.4m.

Revenue was 7.1% ahead of $447.8m in May of 2022 and also 0.6% higher than $476.7m in April this year.

Land-based slots remained the primary source of revenue by some distance, generating a total of $210.9m during the month. This was 2.5% more than in the same month last year.

In contrast, retail games revenue declined 7.8% year-on-year to $81.6m.

Read the full story on iGB North America

June 20, 2023

NJ gambling revenue continues to rise in May despite land-based declines

Gambling revenue in New Jersey increased month-on-month and year-on-year during May despite the state’s land-based market experiencing further declines.

Total revenue for the month amounted to $470.9m, which was 9.4% ahead of $430.6m in May 2022 and 1.8% higher than $462.7m in April of this year.

Land-based gambling remained the primary source of revenue at $227.3m, but this was down 2.4% from $227.3m last year.

Within the retail sector, slots revenue slipped 0.8% to $172.9m, while table games revenue also fell 7.3% to $54.4m.

In terms of internet gambling, revenue increased by 18.7% year-on-year to $161.4m. Online slots revenue jumped 19.0% to $159.1m, while peer-to-peer poker also edged up 1.7% to $2.4m.

Read the full story on iGB North America

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Tag: Casino