Finance – Page 2 – FairOdds Network

March 20, 2025

Michigan sports betting revenue up in February despite lower handle

Gross online sports betting receipts in Michigan increased 50.8% year-on-year in February despite a reduction in player spending, while the state also reported growth within its igaming market.

Combined gross online casino and sports betting receipts in February totalled $268.5 million (£206.4 million/€246.0 million). This is 22.9% more than last year but 18.9% behind January in Michigan.

Figures published on 18 March by the Michigan Gaming Control Board also include adjusted totals for February. Total adjusted gross receipts – after promotional spending – across sports betting and igaming was $236.3 million, up 29.8% year-on-year but 17.9% less than January.

Mixed news for sports betting

Breaking down the data, sports betting gross receipts totalled $46 million, up from $30.5 million last year. Adjusted gross sports betting receipts were 110.9% more than the previous year at $27.2 million.

As for how much players spent, handle for the month was $379.8 million, some 31.6% less tha..

March 20, 2025

Betting and igaming drive OPAP to record revenue in 2024

Greek gambling group OPAP reported a record €2.3 billion (£1.93 billion/$2.5 billion) in gross gaming revenue (GGR) during its 2024 financial year, helped by growth within both its betting and igaming segments.

Revenue for the year ending 31 December 2024 surpassed the previous year, and existing record, by 10%. Data published by OPAP yesterday (19 March) also revealed a 9.4% uplift in net gaming revenue to €1.57 billion.

OPAP reported growth in four of its five core segments, including double-digit increases in betting and igaming revenue. Lottery, still the group’s primary source of revenue, and video lottery terminals (VLTs) also saw growth, but instant and passives revenue declined.

The online segment stole the show, posting a 29.2% increase in revenue for 2024. The division is now on track to surpass VLTs as OPAP’s third-largest revenue stream. However, there was also a lot to be said for sports betting, with revenue here up 15.6% year-on-year.

OPAP CEO Jan Karas highlighted t..

March 19, 2025

Sports betting decline hits Pennsylvania gambling revenue in February

Gambling revenue in Pennsylvania declined 4.4% year-on-year in February, with the state’s sports betting market slipping to its lowest monthly revenue total in three years.

Total commercial gaming revenue in Pennsylvania hit $477.3 million (£367.9 million/€437.6 million). This was short of $499.1 million in February last year and also 9.8% behind January 2025.

Sports betting operators struggle

Breaking down data published yesterday (18 March) by the Pennsylvania Gaming Control Board, the standout figure is another drop in sports betting revenue. The sector has now seen revenue decline for three consecutive months, although February’s drop is perhaps the most striking.

Gross sports betting revenue was just $7.4 million, down 75.3% and the lowest since February 2022 when a $442,847 loss was recorded. Online wagering actually generated $10.4 million in revenue, but a $2.9 million loss from the retail market led to the overall figure being lower.

The decline came despite a 14.4% incre..

March 18, 2025

New Jersey: igaming draws most gambling revenue again in February

Igaming was once again the main source of gambling revenue in New Jersey during February, while overall market revenue in the Garden State increased 5.1% year-on-year.

Total monthly revenue reached $484.8 million (£373.5 million/€444 million). This beats February 2024 but was 12.5% behind January this year, the New Jersey Division of Gaming Enforcement (NJDGE) reports.

Growth was apparent across two of the state’s three core markets, with both igaming and sports betting seeing increases. This was only partially offset by a drop in land-based casino revenue.

Igaming revenue rises 14% in New Jersey

Starting with the primary source of revenue, igaming, revenue increased 14% year-on-year to $207.8 million. This was only the third time that igaming drew the most gambling revenue in a single month in New Jersey.

Breaking this down, $205.4 million came from “other authorised games”, including slots, up 14% from last year. The other $2.4 million was attributed to peer-to-peer poker, a ris..

March 5, 2025

Flutter touts growth, particularly in US despite tough NFL season

Flutter executives shared that fourth-quarter revenue increased 14% and fiscal year revenue was up 19%, mostly on the back of US sports betting and icasino.

Executives also reported that for FanDuel in the US, the number of average monthly players grew 7% in the quarter and 13% for the fiscal year. Overall, the tone was enthusiastic as Flutter reported growth across the world during its fourth-quarter earnings call on Tuesday (4 March).

The company reported $156 million (£122 million/€147 million) in fourth-quarter profit and $162 million of it for the year. Both of those numbers were up more than 100% against 2023 and annual revenue increased by 19%. Flutter is in the midst of a share repurchase programme and has plans to buy back $1 billion in stock in 2025.

All the reported numbers matched up to previous guidance. The company pointed to success with its new customisable “Your Way” parlay, which is in beta testing, in addition to touting its ongoing stock buyback as a positive. ..

February 28, 2025

Strip comes roaring back as Nevada posts second-best month ever in January

This year kicked off with a bang for Nevada gaming, as the state posted its second-best monthly total ever, led by the Las Vegas Strip.

According to Nevada Gaming Control Board data released on Thursday (27 February), the state posted $1.43 billion (£1.13 billion/€1.38 billion) in gross gaming revenue (GGR) in January. That is a 12.5% year-on-year increase and the second-highest monthly total ever, behind last December’s $1.46 billion. The Silver State is now flat for the fiscal year to date.

In welcome news for the industry, the Las Vegas Strip bucked its streak of six straight months of YoY decreases. America’s gaming capital posted $840 million in GGR, up 22.4% from last year. January was its third-best month of all time, behind the two previous Decembers ($905 million in 2023, $881.2 million in 2024). This strong result was enough to bring the Strip up to -1.6% for the FY so far, despite the down months.

In a reversal of previous trends, downtown Las Vegas posted a 2% YoY dec..

February 28, 2025

Penn’s ESPN Bet struggles continue; Snowden addresses plans if progress stagnates

Penn Entertainment's Jay Snowden pointed to “lower loss sequentially” coming every quarter in 2025 as well as better ways to “optimise spend” with ESPN in the company's quarterly earnings conference call. But Penn fell short of some expectations and beat others for the last quarter of 2024.

Saying once again on the company’s fourth-quarter earnings call on Thursday (27 February) that the future is bright, Penn’s CEO placed heavy focus on what is to come versus what has already happened Snowden said Penn is seeing “green shoots” throughout its departments while “we have more work to do to unlock the full potential and value of our partnership with ESPN”.

For digital gaming overall, the company reported revenue of $275 million (£218 million/€$264.7 million) for the fourth quarter. Its $109.8 million in adjusted EBITDA loss was a $224 million improvement compared to the same quarter for 2023, but those numbers still pulled down Penn’s overall performance and were below analys..

February 26, 2025

Caesars slips to FY24 net loss, remains confident about digital EBITDA target

Caesars Entertainment reported a net loss during its 2024 financial year after a drop in group revenue, but the gambling giant remains confident of long-term earnings goals for its digital arm after the division reported further growth.

Group revenue for the 12 months through to 31 December 2024 topped $11.2 billion (£8.89 billion/€10.71 billion). This is 2.5% lower than the previous year, according to data published yesterday (25 February) by Caesars.

Caesars attributed this primarily to its Las Vegas and regional segments, with both divisions seeing declines in 2024. Managed and branded revenue was also down, although there was some positive news from the digital segment.

Revenue from the digital business, which comprises igaming and online sports betting, was up 19.5%. This continues an upward trend seen in recent years, but the trajectory was not as high as seen in 2023 (77.6%).

Caesars: Digital EBITDA to reach $500 million in 2025

While digital growth may not have been quite ..

February 25, 2025

Michigan igaming momentum continues in new year

Record monthly online gambling revenues lifted Michigan’s combined gross igaming and sports betting receipts to $331.2 million (£262.5m/€316.4m) in January.

The total figure, comprising igaming receipts of $248.2 million and sports betting revenue of $83 million, was up 25.4% over December’s total.

January’s record online gambling figure surpassed the previous record of $244 million set in December. Adjusted monthly igaming gross receipts of $233.1 million represented a year-on-year increase of 42%.

Online gambling growth

Last month, the Michigan Gaming Control Board (MGCB) reported that igaming revenue reached an all-time high of $2.9 billion in 2024.

The momentum appears to be continuing in the new year, with the market’s three biggest players increasing their monthly receipts.

BetMGM and MGM Grand Detroit, which generated market-leading igaming receipts of $640.1 million in 2024, remained at the top with $66.5 million in January. This figure was up from $65.1 million in Decemb..

February 21, 2025

Pennsylvania gambling revenue up in January despite sports betting decline

Gambling revenue in Pennsylvania increased 10.9% year-on-year during January despite the state’s sports betting market reporting further declines.

Total market revenue in January amounted to $529.1 million (£417.8 million/€504.7 million). This, according to figures published yesterday (20 February) by the Pennsylvania Gaming Control Board, surpasses $477.2 million in January 2024.

This total does, however, fall 0.8% short of the $533.1 million generated in December.

Online gambling the star of the show in Pennsylvania

Starting with online gambling, revenue here climbed 40.5% year-on-year to $210.2 million. This, however, falls short of the record $223.6 million reported in December last year.

Online slots drew the most revenue in this sector, with the $158.6 million being 44.2% ahead of last year. Internet table games revenue also climbed 32.7% to $48.9million, although online poker revenue dipped 2.3% to $2.6 million.

Spending-wise, consumers wagered some $4.23 billion on online..

February 21, 2025

Sweden gambling revenue edges up to SEK27.85 billion in 2024

Gambling revenue in Sweden increased 2.65% year-on-year during 2024, driven by growth within the country’s commercial online gaming market.

Total gambling revenue in the 12 months to 31 December 2024 hit SEK27.85 billion (£2.07 billion/€2.49 billion/$2.62 billion). This surpasses the SEK27.13 billion reported in Sweden in the previous year.

Figures published by regulator Spelinspektionen yesterday (20 February) highlight igaming as the stand-out market in Sweden. During the 12-month period, online gambling generated SEK17.84 billion in total revenue, an increase of 5.0% from the 2023 total.

Annual revenue from state lottery and slots also increased 2.2% year-on-year to SEK5.72 billion. On top of this, non-profit games and national lotteries revenue climbed 2.6% to SEK3.70 billion.

Casino Cosmopol closures impact clear to see in Sweden

In other parts of the market, the news was somewhat mixed. Land-based commercial gaming, such as restaurant casinos, saw revenue increase by 4.0% to..

February 20, 2025

New Victoria licence drives revenue and earnings growth at Tabcorp in H1

Australia’s Tabcorp has reported year-on-year growth across revenue, underlying EBITDA and net profit during the first half of its 2025 financial year, primarily due to the impact of a new licence in the state of Victoria.

For the six-month period to 31 December 2024, Tabcorp posted group revenue of AUS$1.33 billion (£672.4 million/€812.2 million/US$846.1 million). This surpasses H1 of the previous year by 10.1%.

Awarded in December 2023, the new Victoria licence came into effect in August 2024. It grants Tabcorp exclusive rights to offer wagering and betting in Victoria for the next 20 years. While still in its infancy, the licence impact was clear to see in Tabcorp’s H1 results, published today (20 February).

The licence means Tabcorp no longer need to collaborate on the joint venture arrangement with the Victorian racing industry. Other industry funding obligations were also terminated, with Tabcorp instead paying wagering taxes and racing and sports product fees on the same bas..

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Tag: Finance