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Lottomatica Q2 Revenue Soars 20.7%, Strong Online Growth!

Lottomatica, an Italian B2B brand known, has announced the results of its income for Q1 this year.

Judging by the numbers, the company has successfully finished this part of the year, and now it has presented all the details related to Q2!

Achieving an Impressive Number!

lottomatica_reports_e820_0m_revenue_for_h1_2023_According to the company’s report, the operator revealed a first-half 2023 income of €820.0 million, marking a 20.3% increase compared to the previous year. The strong Q2 performance prompted the operator to raise its full-year 2023 projections.

The second quarter generated proceeds of €397.8 million, showing a 20.7% increase compared to the previous year. However, this figure was lower than Lottomatica’s record earnings of €422.2 million achieved in the first quarter.

However, Lottomatica has revised its gain outlook for 2023, hoping that the range will reach between €1.63 billion and €1.69 billion, which is an upward adjustment from the earlier prediction of €1.57 billion to €1.67 billion.

The revised prognosis for adjusted profits before interest, tax, depreciation, and amortization (EBITDA) now stands in the range of €570 million to €590 million, marking an accumulation from the prior recommendation of €550 million to €570 million.

What About Q2?

The second quarter revenue was primarily composed of gaming brand earnings, totaling €180.5 million. Online income for the quarter amounted to €122.7 million, while income from sports branding reached €94.4 million.

A cumulative sum of €7.2 million was wagered during the second quarter, with a significant amount of €3.8 million arising from online sources.

“The key driver is clearly online,” said Guglielmo Angelozzi, CEO of Lottomatica.

This expert added that the additional growth was accomplished thanks to the “omnichannel approach, which is coupled with continuous product expansion and technological developments.”

Significant Growth in H1!

Moving forward, the company also presented the results of its growth for the first half of the year. A big chunk of the total earnings in H1 came from Lottomatica’s gaming activities, raking in €368.2 million over six months. Great!

However, the online part also played a big role! It reached €246.9 million, while the sports section contributed the rest, totaling €204.8 million!

Tweaked EBITDA for the first half reached a robust €299.0 million, showing a strong 28.3% increase. Once we tallied depreciation and amortization outlay at €49.0 million, our fine-tuned pre-tax earnings stood at a satisfying €250.0 million.

Blending financial outlays and income tax charges, the sum totaled €131.0 million. Consequently, the fine-tuned net profit for the period settled at a remarkable €118.0 million. Incorporating additional costs, refinements from IPO, and refinancing, along with depreciation linked to purchase price allocation, our profit for the period amounted to €19.0 million. However, with taxes accounting for €26.0 million, the ultimate net profit came in at a commendable €45.0 million.

All in all, the figures presented by the company show a significant number for the brand, which will certainly enjoy success at the end of the year. Until then, play safe!

Source: ”Lottomatica increases FY guidance increase after strong Q2”. iGaming Business. July 31, 2023.

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EveryMatrix Nail Q1 Growth and Profit – Replace CFO

everymatrix_nail_q1_growth_and_profit_replace_cfoLongstanding white-label and online gambling solutions provider EveryMatrix has posted record growth for the first quarter of the current year. The Malta and Bucharest-based company with offices, labs, and partner facilities located around the globe posted its best growth in company history since launching in 2011.

All business segments showed significant growth and profitability including Casinos, Sports, and Platform provenance. The company launched its biggest platform migration to date after reinvesting positive cash flow and signing omnichannel deals with significant tier-1 European operators.

The first quarter of the year marked 6 periods in a row of quarterly growth with stunning Year-on-Year growth of 69% and a 21% Quarter-on-Quarter increase in revenues – €23.5 million.

Cost Controls and Growth equal Record Profits

Cost control helped the company achieve historic growth in profits with EBITDA up 119% on the year for the quarter. Its EBITDA/Net Revenue margin kicked up to 45%.

Gross Gaming Revenue (GGR) was up significantly thanks to strong performance from casino partners with results clocking in nearly 80% stronger than during the same quarter in 2022. EveryMatrix casino business unit generated €374m, while sports contributed to a more than 200% year-on-year increase in that sector.

The company expects continued growth to show throughout the year with large deals signed in 2022 coming to fruition on the balance sheet. BetatHome and The Hungarian Lottery numbers should begin to move the bar in Q3 and Q4 this year.

Group CEO of EveryMatrix, Ebbe Groes said: “Records keep on being broken and that is all down to our people. I’m very proud of all our business units and their teams who are relentlessly driving quarter-on-quarter growth for the business and for our partners across all areas.

“This year is all about delivering and going above and beyond for our global customers. We have several large-scale projects underway including a successful platform migration and new look sportsbook for bet-at-home, with Germany to come shortly, and the launch of the Hungarian lottery’s new digital sports offering later this year.

“I’m more excited than ever for the future growth of EveryMatrix, with new omnichannel agreements being signed, and new, innovative gamification features set to create even more value for our operator partners.”

Gonzalo De Osma Bucero Appointed CFO

Even with such a phenomenal performance, the company has replaced its former Chief Financial Officer, former William Hill US CFO Mark McMillan after about a year and a half in the position with industry veteran Gonzalo De Osma Bucero. The newly minted EveryMatrix moneyman comes on following a career of more than a decade and a half with Codere, one of Europe’s most successful and largest publicly traded online and land-based operators. The CFO handled business for Codere in Spain, Mexico, and Malta.

His accomplishments with Codere include overseeing 90 land-based casinos in Mexico, a horse race track, and the largest expo center in Latin America. His work there included procuring the company’s biggest loan in Mexico – getting the company through the Pandemic, and putting ink to a merger/SPAC agreement that put the online division on the NASDAQ stock exchange in the United States.

Gonzalo De Osma Bucero will divide his time between legal and compliance teams in Malta and Bucharest, Romania where the finance team is located in the company’s headquarters.

Returning to EveryMatrix’s accomplishments and milestones in the first quarter of 2023 we find the following pe the company’s press release:

  • Received MGA (Malta) and Greece license approval for new jackpot gamification product JackpotEngine
  • 35 new contracts signed in eight different jurisdictions including three turnkey clients
  • 14 new affiliate platform deals were signed compared to eight in Q1 2022
  • Launched bet-at-home .com on EveryMatrix platform and tech stack with new look front-end; on track to launch bet-at-home.de in Q2 2023
  • Signed significant omnichannel and managed services agreement with a tier-1 operator in Croatia

In addition, EveryMatrix delivered nine new payment integrations to its partners and landed its fifth license in a US gambling state in Connecticut adding to regulatory arrangements in Michigan, New Jersey, and West Virginia as well as Ontario, Canada. Also in the US, the company signed with betParx to provide content in the northeast.

Source: EveryMatrix delivers record growth, EveryMatrix News, MAY 4, 2023

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Osaka Seen as Long-Term Growth Catalyst for MGM

After several years of waiting, the Japanese government finally made it official on Friday: Osaka will be home to the country’s first casino-resort.

mgm osaka
An artist’s rendition of an integrated casino complex in Osaka. An analyst is bullish on MGM’s future in the city. (Image: MGM/Orix)

The venue, which is slated to open in 2029 and carries an estimated price tag of $8.1 billion, will be 40% owned by MGM Resorts International (NYSE: MGM), 40% by Japanese financial services firm Orix and 20% by a local investment consortium.

Shares of the gaming company closed modestly higher this week, indicating there was some benefit to reports that surfaced prior to official approval of the Osaka gaming property. From here, it could be awhile before Japan is material to MGM shares, but analysts believe that will happen in the future.

We estimate that the property will generate around $4 billion in total sales in 2029 (its first year of operation) with earnings before interest, taxes, depreciation and amortization (EBITDA) margins in the 20s around the end of the decade, generating a return on invested capital in the teens,” wrote Morningstar analyst Dan Wasiolek.

The risk to the Bellagio operator is that it could take several years after the initial financial contribution for the Osaka integrated resort to deliver cash flow, meaning MGM likely won’t reap immediate profits. On the other hand, Osaka could pay long-term dividends for MGM while improving the operator’s geographic footprint.

Over Long-Term, Osaka Could Be Important to MGM Shares

Barring unforeseen developments with shorter timelines or acquisitions, Osaka will be MGM’s third venue outside, joining a pair of casino-hotels in Macau. It could take a while, but the Japan venue could be an important contributor to MGM’s bottom line.

“In total, we see the property generating a high-single-digit percentage of company EBITDA by the end of our 10-year forecast,” added Wasiolek.

MGM executives have highlighted the advantages of being a minority partner in the Osaka project. They note that status minimizes upfront capital commitments and risk, while still providing the operator with ample upside potential.

Osaka is already prime destination for tourists visiting Japan and with the addition of the integrated resort, it could result in 20 million or more annual visits to the country’s third-largest city. Additionally, it could be well into 2030s —  perhaps later – before another gaming destination opens in Japan, indicating the Osaka could enjoy monopoly-like protection for at least several years.

MGM Osaka Won’t Cannibalize Macau Ops

Rebounding Macau is the dominant casino destination in the Asia-Pacific region and MGM China is gaining market share there, but Wasiolek doesn’t see the Osaka venture presenting a problem to the operator’s Macau properties.

“We don’t expect the opening of the Japanese property to have a meaningful impact on demand in the Macao gaming region, which benefits from the captive opportunity of 1.4 billion Chinese citizens and an enclave of resorts,” concluded the Morningstar analyst.

Prior to the coronavirus pandemic, Macau accounted for 22% of MGM’s earnings before interest, taxes, depreciation, amortization, restructuring or rent costs (EBITDAR). The company owns about 56% of MGM China.

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