Industry News
Net Gaming carries out restructuring and issues forecast for Q2 2020
Net Gaming’s operations have performed well during Q2, showing both organic growth and improved underlying profitability in adjusted EBITDA. The Company is in an intensive transformation phase, after Robert Andersson took over as CEO, which means that a reorganisation has been initiated. The reorganisation, which is aimed at creating better conditions for future growth, means that the second quarter has been affected by non-recurring costs.
The reorganisation of the business and transformation to Acroud AB have begun during Q2. The reorganisation involves, among other things, closing the Swedish office and centralising the business to Malta, in order to create a more efficient and cost-effective organisation. The reorganisation will bring annual savings of EUR 0.3m, with full effect from Q3. The reorganisation will give rise to non-recurring costs of EUR 0.5m during Q2 2020, charged to operating profit (EBITDA). The Company has also decided to recognise an impairment loss of EUR 0.5m on assets related to the PokerLoco brand, which will not be included in the new growth strategy adopted in 2020, focusing on fewer products. In parallel, refinancing of the business has been successfully secured in Q2, also resulting in non-recurring costs of approximately EUR 0.3m related to a consent fee, charged to net financial items. Net financial items have also been adversely affected by EUR/SEK exchange rate fluctuations of approximately EUR 1.2m in the first two months of the quarter, as the bond loan is denominated in SEK. The Company’s reported profit after tax for Q2 has been negatively affected by the above factors.
“The underlying operations have shown positive development during Q2, with sequential organic growth of 14%, but also compared with the previous year. It should be noted that a large proportion of the items having a negative impact on Q2 earnings are non-cash items and of an accounting nature. The offensive initiatives and the reorganisation we are now implementing create the conditions for future growth and a brand new Acroud AB that will stand stronger in the future. With Sports betting on the doorstep and a company that is now optimised for the future, we feel strong as we embark on the growth journey we have begun. As proposed to the AGM, we also hope to be able to change our track to the new Acroud AB, which will be a new milestone,” says CEO Robert Andersson.
Forecast Q2 2020
Revenue is expected to amount to EUR 3.6m in Q2 2020, 14 percent higher than in Q1 2020 and 4 percent higher than in Q2 2019.
Adjusted EBITDA (adjusted for non-recurring costs related to reorganisation and rebranding) is expected to amount to EUR 2.1m, 21 percent higher than in Q1 2020 and 4 percent higher than in Q2 2019. The adjusted EBITDA margin for Q2 2020 is expected to be 58 percent.
Reported EBITDA is expected to amount to EUR 1.6m, 10 percent lower than in Q1 2020 and 23 percent lower than in Q2 2019. The EBITDA margin for Q2 2020 is expected to be 43 percent
Reported profit after tax is expected to amount to EUR -1.2m, compared with EUR 2.8m in Q1 2020 and EUR 1.2m in Q2 2019, which was adversely affected by the above-mentioned non-recurring costs and exchange rate fluctuations related to the loan financing. Adjusted for non-recurring costs and exchange rate fluctuations, Adjusted profit after tax for Q2 2020 amounts to EUR 1.4m.
At 30 June 2020, the cash position is estimated at EUR 3.0-3.2m. The Company’s interest-bearing net debt is expected to be EUR 21.5m, corresponding to a debt/equity ratio, defined as net debt/EBITDA, of 3.0x, based on estimated LTM EBITDA at 30 June 2020.
Robert Andersson, President and CEO
All figures are unaudited and based on management accounts. The next financial update is scheduled to take place in connection with this year’s Q2 report on 13 August 2020.
About Net Gaming:
Net Gaming owns, operates and develops high-quality comparison sites, mainly in iGaming affiliation, for the purpose of helping our partners by channelling high-quality users to the Company’s customers – primarily iGaming operators. Through the sites, Net Gaming generates high-quality users, primarily to global iGaming operators. The Company, which was founded in 2003, has just over 70 employees and is headquartered in Malta.
Mohegan Tribal Gaming Authority, known globally for its renowned integrated entertainment resorts, has appointed Joseph J. Hasson as interim Chief Operating Officer. Jody Madigan, the current COO, has resigned effective August 1, 2024, and will be taking a leave of absence pending his departure.
Joseph J. Hasson will serve as interim COO and retain his current role as General Manager of Mohegan Casino at Virgin Hotels Las Vegas, subject to necessary regulatory filings or approvals. Mr. Hasson was an obvious choice for the Management Board, given his prior experience as the former Chief Operating Officer of Station Casinos LLC and Red Rock Resorts Inc. Joe brings considerable expertise to the executive team with a consistent track record of operating excellence and success over more than 40 years’ experience in the gaming and hospitality industry. Mr. Hasson will report to Ray Pineault, President and Chief Executive Officer of Mohegan.
“Joseph J. Hasson’s deep understanding of the gaming and hospitality industry makes him exceptionally qualified to maintain our high service and operational excellence standards. We are confident that Joe’s extensive experience and proven leadership will ensure continuity in our operations and guest experience,” Ray Pineault, President and CEO of Mohegan, said.
Jennifer Shatley, a recognized expert in the field and a highly sought speaker and advisor, has joined the Responsible Online Gaming Association (ROGA) as Executive Director.
Shatley has had 25+ years worth of experience, working closely with the treatment community, academics, researchers, government bodies, state councils, and gaming industry representatives to promote responsible gaming.
“Many of America’s largest legal mobile gaming operators will be establishing a framework that helps to aid in responsible gaming education and awareness. By coming together with a clear set of objectives, ROGA and our members will work to enhance consumer protections and help provide easier and more efficient access to responsible gaming tools for consumers to enjoy the entertainment of online gaming,” Shatley said.
Industry News
Europe Sports Betting Market Size, Share & Trends Analysis Report 2024-2030 Featuring Bet365, William Hill, Betfair, Paddy Power, 888sport, Bwin, Unibet, Ladbrokes, MGM, and Betsson
The “Europe Sports Betting Market Size, Share & Trends Analysis Report by Type, Platform, Sports Type (Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, Others), Country, and Segment Forecasts, 2024-2030” report has been added to ResearchAndMarkets.com’s offering.
The Europe sports betting market size is anticipated to reach USD 65.54 billion by 2030 and is expected to expand at a CAGR of 9.9% from 2024 to 2030
The globalization of sports and the integration of international leagues and tournaments into European betting markets have fueled the growth of sports betting. Major sporting events such as the FIFA World Cup, UEFA European Championship, Wimbledon, and the Olympics attract widespread attention and betting interest from European consumers, driving significant betting volumes and revenues for sports betting operators, thus driving the growth of the sports betting market in Europe.
The COVID-19 pandemic had a negative impact on the European sports betting market. The cancellation or postponement of sports events during the pandemic restrained the market growth. With major tournaments, leagues, and competitions either suspended or canceled outright, the absence of live sports events severely diminished consumer betting opportunities. It led to a significant decline in betting volumes and revenues for sports betting operators.
The presence of favorable betting policies in the region is driving the growth of the sports betting market in the region. Many European countries, such as the UK, Ireland, Denmark, and France, have progressive policies promoting a competitive and well-regulated betting market. It facilitates the entry of new operators into the market and encourages competition, leading to innovation, improved services, and better value for consumers.
Moreover, established responsible gambling initiatives and regulatory bodies in Europe, such as the European Gaming & Betting Association, help build trust and confidence among consumers by promoting responsible gambling practices, ensuring fairness and transparency in betting operations, and providing avenues for dispute resolution, to protect consumers and maintain the integrity of the betting market, thus driving the growth of sports betting market in the region.
Europe Sports Betting Market Report Highlights
- Based on the type of betting, the fixed odd wagering segment accounted for the highest revenue share of 27.7% in 2023 due to the stability and predictability of the payouts
- Based on platform, the online segment dominated the market in 2023 and is expected to grow at a significant CAGR from 2024 to 2030. It can be attributed to the collaborations between sports teams, leagues, and betting companies, thus increasing the visibility of sports betting and attracting a larger customer base.
- In terms of sports type, the football segment accounted for the largest revenue share in 2023. It can be attributed to the popularity of football in Europe due to popular football clubs like Real Madrid, Liverpool FC, FC Barcelona, and Manchester United.
- The UK held a significant share of 34.6% in 2023 and is expected to grow at a significant CAGR during the forecast period. Favorable gambling policies in the country drive the market’s growth.
Company Profiles
- Bet365
- Ali William Hill
- Betfair
- Paddy Power
- 888sport
- Bwin
- Unibet
- Ladbrokes
- MGM Resorts International
- Betsson
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $33.75 Billion |
| Forecasted Market Value (USD) by 2030 | $65.54 Billion |
| Compound Annual Growth Rate | 9.9% |
| Regions Covered | Europe |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Europe Sports Betting Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Market Dynamics
3.2.1. Market driver analysis
3.2.1.1. Increasing number of sport events
3.2.1.2. Growing number of sporting events and leagues in Europe
3.2.2. Market restraint analysis
3.2.2.1. Lack of unified regulations
3.2.3. Market opportunity analysis
3.2.3.1. Growth in E-sports audience
3.3. Europe Sports Betting Market Analysis Tools
3.3.1. Industry Analysis – Porter’s
3.3.2. PESTEL Analysis
Chapter 4. Europe Sports Betting Market: Platform Estimates & Trend Analysis
4.1. Platform Market Share, 2023 & 2030
4.2. Segment Dashboard
4.3. Europe Sports Betting Market by Platform Outlook
4.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030
4.4.1. Offline
4.4.2. Online
Chapter 5. Europe Sports Betting Market: Type Estimates & Trend Analysis
5.1. Type Market Share, 2023 & 2030
5.2. Segment Dashboard
5.3. Europe Sports Betting Market by Type Outlook
5.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030
5.4.1. Fixed odds wagering
5.4.2. Exchange Betting
5.4.3. Live/In Play Betting
5.4.4. eSports Betting
5.4.5. Others
Chapter 6. Europe Sports Betting Market: Sports Type Estimates & Trend Analysis
6.1. Sports Type Market Share, 2023 & 2030
6.2. Segment Dashboard
6.3. Europe Sports Betting Market by Sports Type Outlook
6.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030
6.4.1. Football
6.4.2. Basketball
6.4.3. Baseball
6.4.4. Horse Racing
6.4.5. Cricket
6.4.6. Hockey
6.4.7. Others
Chapter 7. Europe Sports Betting Market: Regional Estimates & Trend Analysis
7.1. Regional Market Share Analysis, 2023 & 2030
7.2. Regional Market Dashboard
7.3. Regional Market Snapshot
7.4. Market Size, & Forecasts Trend Analysis, 2018 to 2030
7.4.1. UK
7.4.2. Germany
7.4.3. France
7.4.4. Italy
Chapter 8. Competitive Landscape
8.1. Recent Developments & Impact Analysis, By Key Market Participants
8.2. Company/Competition Categorization
8.3. Vendor Landscape
8.3.1. List of key distributors and channel partners
8.3.2. Key customers
8.4. Company Profiles
For more information about this report visit researchandmarkets.com
The post Europe Sports Betting Market Size, Share & Trends Analysis Report 2024-2030 Featuring Bet365, William Hill, Betfair, Paddy Power, 888sport, Bwin, Unibet, Ladbrokes, MGM, and Betsson appeared first on European Gaming Industry News.
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