Industry News

Betsson Publishes its First Quarter 2023 Interim Report

Published

1 year ago

April 28, 2023

Niji Narayan

Reading Time: 2 minutes

Betsson AB has published its interim report for the first quarter of 2023.

Highlights

Group revenue was EUR 221.9 (170.2) million, an increase of 30%. Organic increase of 38%.
Casino revenue increased by 37%. Sportsbook revenue increased by 19% and the sportsbook margin was 8.0% (8.3%).
EBITDA was EUR 54.3 (33.4) million, an increase of 62%. The EBITDA margin was 24.5% (19.6%).
Operating income (EBIT) was EUR 43.0 (23.6) million, an increase of 82%. The EBIT margin was 19.4% (13.9%).
Net income was EUR 36.6 (20.9) million, corresponding to EUR 0.28 (0.16) per share.
Operating cash flow was EUR 48.8 (26.9) million.
Net debt was EUR -104.5 (-16.9) million.
Active customers decreased by 11% to 1,115,641 (1,256,449).

CEO’s Comments

“Record-strong start to 2023 with positive developments in both sports betting and casino”

For 60 years we have been offering entertainment in the form of casino games, sports betting and other types of games. Having a long-term perspective is the key when it comes to Betsson’s view about how the business should be run and how value is created for shareholders. In the past years investments have been made to expand geographically to new markets and to strengthen the product offering and the competitive position. We can see that these efforts continue to pay off.

Betsson started 2023 with yet another strong quarter, again delivering record numbers for revenue and EBIT, even though the first quarter has historically often had less activity than other quarters. Revenue increased organically by 38 percent, with sustained positive developments in both sports betting and casino. Geographically, revenue increased in all regions except for the Nordics.

The new business in Argentina is developing well — revenue increased strongly during the quarter, and Betsson continues to invest in marketing to build brand awareness in this regulated market. In February, a third license in the country was obtained, in the province of Cordoba, where a launch will take place later this year. Revenue from B2B continues to increase, which is a sign of strength that reflects the investments made in the past years into product and tech development as well as M&A. Thanks to Betsson’s scalable business model, these investments can be absorbed with maintained or higher profitability over time. EBIT increased by 82 percent and the EBIT margin was 19.4 (13.9) percent during the quarter.

We are proud that Betsson’s involvement in sports is continuing together with clubs, fans and customers. During the quarter, Betsson was the main sponsor of the tennis tournament ATP 250 Chile Open, which took place in February and March in Santiago, Chile. The winner of the tournament was home-grown player Nicolas Jarry, who won his second ATP title this time, after having won the Swedish Open in Båstad in 2019.

Responsible gaming is an integrated part of Betsson’s strategy and a prerequisite for long-term success as a gaming operator. To increase transparency and raise awareness about risky gambling in Sweden and how proactive contacts can change player behaviour, in the first quarter Betsson started to report KPIs for risky gambling for the Swedish market.

To conclude, the year has started well for Betsson with continued profitable growth and strong cash flows. We can look ahead to the rest of the year with a solid financial position that enables continued investments in sustainable growth and value creation for our shareholders.

Asia

SiGMA Asia Awards 2024: Boomerang Partners Nominated for ‘Rising Star Affiliate Program’

Published

2 days ago

May 17, 2024

Peter Tolan

sigma-asia-awards-2024:-boomerang-partners-nominated-for-‘rising-star-affiliate-program’

Reading Time: 2 minutes

The fast-growing Boomerang Partners affiliate program continues gaining global recognition, earning a nomination for the prestigious ‘Rising Star Affiliate Program 2024’ category in the Asia region

With a rapidly growing network of over 5,200 affiliates across 70+ countries, the dynamic Boomerang Partners affiliate program has been recognized as a finalist for the ‘Rising Star’ category at the SiGMA Awards Asia 2024. While Asia is not currently the central focus for brand promotion, this prestigious recognition from SiGMA is a notable honor that inspires Boomerang to fortify its global footprint and industry-leading position.

In 2023 alone, Boomerang’s achievements included paying over €50 million to affiliates, creating 22 exclusive branded games, hosting 82 tournaments across 30 regions, and expanding into 31 new markets. This followed prestigious wins like ‘Casino of the Year’ at the SiGMA Balkans/CIS Awards, ‘Commission Offer of the Year’ at the AffPapa iGaming Awards, and ‘Best PPC Affiliate’ at the SiGMA Europe Awards.

This year, Boomerang Partners is highlighting innovations like a worldwide traffic tournament and has already been nominated at the AffPapa, MAC, and AskGamblers Awards – eagerly awaiting the results across these prestigious voting processes and final selections.

“We actively collaborate with SiGMA, having participated in their events and been honored with SiGMA awards in other regions previously,” said Vitalii Prokofev, CEO at Boomerang Partners. “SiGMA sets the standard with premier industry events and accolades worldwide. This nomination at their Asia awards is valuable recognition that fuels our ambition to raise our global profile further.”

Boomerang Partners invites all affiliate managers and industry enthusiasts to learn more about their award-winning program. Voting for the SiGMA Asia Awards runs until May 20th. Winners will be announced at the June 3rd ceremony during the June 2-5 event in Manila.

Support Boomerang in the ‘Rising Star’ category while voting for other favorites at SiGMA.

The post SiGMA Asia Awards 2024: Boomerang Partners Nominated for ‘Rising Star Affiliate Program’ appeared first on European Gaming Industry News.

Hard Rock International

The Mirage Hotel & Casino to Begin Transformation into Hard Rock Las Vegas on July 17, 2024

Published

3 days ago

May 17, 2024

GamingAmericas.com

the-mirage-hotel-&-casino-to-begin-transformation-into-hard-rock-las-vegas-on-july-17,-2024

Hard Rock International (HRI) announced its plans to cease operations of The Mirage Hotel & Casino as of July 17, 2024, to begin the transformation of the property into the highly anticipated Hard Rock Hotel & Casino and Guitar Hotel Las Vegas (HRHCLV).

Hard Rock will develop a new integrated resort featuring a nearly 700 ft. guitar-shaped hotel towering prominently in the center of the famous Las Vegas Strip.

“We’d like to thank the Las Vegas community and team members for warmly welcoming Hard Rock after enjoying 34 years at The Mirage. We’d also like to thank the Unions, community leaders, local and state government organizations and the Gaming Commission for their support and fair negotiations over the past year. Also, we are grateful to MGM for assisting with our transition,” Jim Allen, Chairman of Hard Rock International, said.

“While we pause for the incredible transformation of this iconic property, I’d like to thank all team members at The Mirage for their incredible commitment and helping us provide memorable experiences for our guests. We are planning to host collaborative hiring events with other employers in the Las Vegas community over the coming months. Connecting the thousands of talented Mirage team members who provide outstanding service with new employment opportunities is a top priority,” Joe Lupo, President of The Mirage, said.

HRHCLV is expected to double the current number of jobs at The Mirage for the Las Vegas community, while the renovation of the property will generate over 2500 construction jobs. Hard Rock will pay approximately $80 million in severance packages for eligible union and non-union employees remaining with the property through cessation of operations.

Industry News

IGT Reports First Quarter 2024 Results

Published

3 days ago

May 16, 2024

Niji Narayan

Reading Time: < 1 minute

International Game Technology PLC has reported financial results for the first quarter ended March 31, 2024.

“Innovative game, hardware, and systems solutions drove better-than-expected Global Lottery and Gaming & Digital performance in the first quarter. 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. We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi,” Vince Sadusky, CEO of IGT, said.

Key Highlights:

Announced Gaming & Digital business to be spun off and combined with Everi Holdings Inc.; transaction expected to close in late 2024/early 2025
Recognised with top honours at ICE London 2024 awards programmes including “Lottery Product of the Year” and “Best Diversity and Inclusion Employer”
Received a supply contract extension from the UK National Lottery
Executed licensing agreement with the Maryland Lottery for IGT’s patented Cash Pop draw-based game
Mystery of the Lamp named “Top Performing New Premium Game” at 2024 EKG Slot Awards Show
Awarded contract to provide PeakDual 27 video lottery terminals across Quebec
Launched iGaming content in Rhode Island
Achieved AAA MSCI ESG rating, the highest rating possible, and earned a gold medal sustainability rating from EcoVadis.

“We delivered a record organic profit performance in the first quarter, if we exclude Separation & divestiture costs. The Company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities,” Max Chiara, CFO of IGT, said.

The post IGT Reports First Quarter 2024 Results appeared first on European Gaming Industry News.