Quarterly results – FairOdds Network

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..

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 14, 2025

ATG CEO urges Swedish government to lower gambling tax for betting

Hasse Lord Skarplöth, chief executive of Swedish horse racing monopoly AB Trav och Galopp (ATG), has urged the government to drop its gambling tax for betting, following disappointing results in 2024.

Looking to how ATG performed in 2024, revenue for the 12 months to 31 December 2024 amounted to SEK6.19 billion (£459 million/€551 million/$577 million). This is 2.5% above the previous year. Net gaming revenue was largely flat, up 1.7% to SEK5.36 billion.

Revenue growth was enough to push operating profit up 1.4% to SEK1.81 billion for the 12-month period. After also including financial items, pre-tax profit topped SEK1.87 billion, up 1.8% year-on-year.

In ATG’s full-year presentation, published today (14 February), Skarplöth said growth could have been much greater had it not been impacted by Sweden’s gambling tax increase, which came into force in July.

Skarplöth said the recession, high household costs and higher interest rates had also hit ATG revenue in 2024.

Skarplöth urges re..

February 13, 2025

China drives MGM Resorts to record revenue in 2024, digital up 28% as betting platform launch is imminent

MGM Resorts International posted a record $17.24 billion (£13.80 billion/€16.53 billion) in consolidated net revenue during its 2024 financial year, driven once again by growth within its China-facing business.

Total revenue for 2024 surpassed the $16.16 billion reported during the previous year by 6.7%. It is also the highest annual amount ever posted by MGM, the operator confirmed yesterday (12 February).

Revenue was flat across two of MGM’s four core divisions – Las Vegas Strip Resorts and Regional Operations. However, significant growth in China, accompanied by a similar increase in digital revenue, pushed the yearly total up.

“We are proud to report the best full-year consolidated net revenues in the history of the company,” CEO Bill Hornbuckle said. “This was driven by a record performance from MGM China. We’re also encouraged by the strong demand we’re seeing in the business so far in 2025, which positions us well for continued growth.”

MGM China revenue rises 27.6%

The sta..

February 6, 2025

Record Q4 drives Betsson to “best year ever,” says Pontus Lindwall

Betsson reported its “strongest year ever” in 2024 after a record performance during Q4 helped drive full-year revenue, net profit and EBITDA to all-time highs.

Revenue for the three months to 31 December 2024 amounted to €306.8 million (£255.3 million/$318.8 million). This surpasses Q4 of the previous year by 21.8% and is the first time quarterly revenue has exceeded €300 million.

Betsson, which published its full-year results today (6 February), reported increases within both its casino and sports betting operations. The group also saw revenue rise across several regional markets around the world, with Latin America posting the most growth.

In Q4 the company recorded an increase in overall customer deposits to a record €1.58 billion, a new quarterly record. Active customers edged up to 1.3 million, although the number of registered players dipped 1.1% to 29.4 million following the decision to exit certain markets.

CEO Pontus Lindwall put this regional growth down to constant inve..

January 31, 2025

Canada decline leaves revenue flat at PointsBet in Q2

Revenue remained flat at PointsBet during its Q2 after a decline in Canada cancelled out growth within the gambling operator’s core Australia market.

For the three months to 31 December 2024, total net win at PointsBet hit AU$69.9 million (£35.1 million/€42.0 million/US$43.5 million). This is on par with Q2 of the previous year.

Data published yesterday (30 January) by PointsBet reveals sports betting net win was marginally higher (0.2%) at $63.6 million, while igaming net win declined 1.6% to $6.3 million. However, it was the operator’s geographical performance that most impacted the results.

In Canada, customer-friendly results across both sports betting and igaming had a negative effect. CEO Samuel Swanell noted online slots and betting on the NFL as two areas where customers won more.

“Q2 group net win was negatively impacted by circa $3.9 million, due to customer-friendly results in Canada across NFL and slots,” Swanell said. “This NFL season has been the most customer-friendl..

January 20, 2025

EveryMatrix net revenue tops €180 million in record 2024

EveryMatrix reported record annual net revenue of €180 million (£152 million/$186 million) in its 2024 financial year, with growth across all core product verticals.

Group net revenue was 59% higher than the €114 million recorded in the previous year, although this excludes the impact of recent M&A activity. When including this, overall revenue for 2024 hit €352 million, an increase of 46% and another record for the group.

The business was boosted in 2024 by two acquisitions. First came FSB Technology in July and Fantasma Games followed a few months later in October.

Growth in revenue also led to a rise in EBITDA. For the full year, EBITDA amounted to €101 million, a 70% increase on the previous year and another record. On top of this, EBITDA margin in terms of net revenue hit 56%.

EveryMatrix highlights OddsMatrix success

In its annual report, published today (20 January), EveryMatrix described 2024 as the best 12 months in its history. CEO Ebbe Groes (pictured) said while all se..

January 8, 2025

Flutter issues US profit warning amid “very unfavourable” sports results

Flutter Entertainment has warned it is likely to fall approximately $370 million (£297 million/€359 million) short of US revenue expectations for FanDuel following a period of “very unfavourable” sports results in the country during November and December.

In a trading update published today (8 January), Flutter said strong player-friendly results have offset US player momentum. The group published Q3 results in mid-November, with these showing “excellent” growth across all regions.

However since the results announcement on 12 November, running into December, FanDuel has endured “unfavourable US sports results” primarily affecting NFL parlay and same-game parlay outcomes.

The operator went as far as calling the 2024-25 NFL season “the most customer friendly since the launch of online sports betting with the highest rate of favourites winning in nearly 20 years”.

Flutter takes $438m GGR hit from customer-friendly results

These results, Flutter said, generated an estimated adverse gr..

November 28, 2024

Canada’s NorthStar seeks additional funding to build on Q3 growth

Canada-facing NorthStar Gaming has revealed it is working to secure additional funding to support its long-term growth strategy after reporting a year-on-year increase in revenue in Q3, although the operator remained at a net loss.

Gross gaming revenue during the three months to 30 September was CA$8.4 million (£4.7 million/€5.7 million/US$6.0 million). This is 52.7% ahead of $5.5 million at NorthStar in Q3 last year.

NorthStar, which published the results yesterday (27 November), also showed revenue after deducting bonuses, promotional costs and free bets. When including revenue from other managed services, this left $6.8 million in operating revenue, up 44.7%.

The operator generates revenue from its Northstarbets.ca website. During Q3, total wagers placed through the site hit $234.0 million, a rise of 69.6% from last year.

Q3 costs reduced despite higher marketing spend

Spending-wise, operating costs were cut by 5.2% to $5.5 million, despite a rise in marketing and general and a..

November 21, 2024

Online casino continues to uplift OPAP revenue in Q3

Greek gambling group OPAP posted a 17.6% year-on-year increase in revenue for Q3, helped by double-digit growth across its lottery, sports betting and online casino segments.

Gross gaming revenue for the three months to 30 September hit €565.8 million (£471.6 million/$596.6 million). This comfortably surpasses the €481 million reported by OPAP in Q3 last year.

Figures from the operator published last night (20 November) show growth in four of its five core divisions. Lottery generated the most revenue at €200 million, but arguably the star of the show was online casino where revenue jumped 48.3%.

This continued a trend seen throughout H1, with growth in the online casino business far outpacing other areas.

Online casino again the highlight at OPAP

Breaking down segmental performance in Q3, online casino saw the most growth, with total revenue up to €92.7 million. This follows double-digit increases in Q1 and Q2, with OPAP highlighting the impact of higher player engagement levels…

November 18, 2024

LatAm Q3 results round-up: Brazil betting launch dominates discussions

With the majority of the gambling industry having published their Q3 results, iGB looks at how operators fared in the region and their plans for the future there.

Brazil will launch its legal betting market on 1 January 2025 and one operator that is hoping to make a real dent in the market is the giant Flutter Entertainment.

Back in September, Flutter announced it had agreed to acquire an initial 56% stake in NSX Group, which operates the Brazil-facing Betnacional brand. The deal is worth $350 million (£266.5 million/€316.0 million).

For the nine months ending 30 September, Flutter reported year-on-year revenue growth in Brazil of 4%. In its earnings call following the Q3 results release, CFO Rob Coldrake spoke of the operator’s excitement for the market opening.

“We’re very confident about our approach in Brazil,” Coldrake told reporters. “We’ve grown with our brands that we’ve got there already. We’re very excited about the NSX acquisition.”

The NSX acquisition will create a new..

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Tag: Quarterly results