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Michigan Reports Record iGaming Revenue for November, Highlights 2024 Impact

iGaming,-sports-betting-operators-report-$284.3M-in-November-revenue,-set-record-with-$650.2M-in-online-sports-betting-handle (1)Michigan’s gaming industry reached unprecedented heights in November 2024, with a record $284.3 million in combined internet gaming (iGaming) and sports betting gross receipts. This figure, reflecting a 12.1% increase from October, was announced by the Michigan Gaming Control Board (MGCB). The strong performance highlights the continued growth of Michigan’s regulated gaming sector.

iGaming gross receipts for November totaled $226.0 million, surpassing the previous high of $220.7 million recorded in October. Internet sports betting gross receipts also saw a significant jump to $58.3 million, compared to $33.0 million in the prior month. The total sports betting handle for November reached $650.2 million, the highest reported to date, reflecting a 16% increase over October.

Adjusted gross receipts (AGR) for November show the sector’s momentum, with $240.4 million reported across iGaming and sports betting activities. iGaming AGR rose to $203.3 million, marking a 2.4% month-over-month increase, while internet sports betting AGR climbed to $37.1 million, up $27.2 million from October. Compared to the same period last year, iGaming AGR grew by 28.9%, with internet sports betting receipts rising by $36.8 million.

Contributions to State and Local Economies

The gaming industry’s success continues to bolster Michigan’s economy. In November, operators paid $44.4 million in taxes and fees to the state, with $42.5 million stemming from iGaming and $1.9 million from internet sports betting. The three Detroit casinos contributed an additional $11.2 million to the City of Detroit in wagering taxes and municipal fees, with tribal operators making $5.2 million in payments to local governing bodies.

For the entire year, the MGCB reported over $501.4 million in contributions to Michigan’s School Aid Fund, supporting K-12 public education. Of this total, $388.5 million came from iGaming, $12.9 million from internet sports betting, and $100.5 million from casino wagering taxes. Other contributions included $4 million to the First Responder Presumed Coverage Fund and $3 million to the Compulsive Gambling Prevention Fund. The “Don’t Regret the Bet” responsible gaming campaign also received $3.75 million in funding.

Detroit’s casinos collectively paid $264.8 million in wagering taxes in 2024, adding to the $3.91 billion in total payments made to the city since 1999. Charitable gaming also thrived, with Millionaire Parties raising $5.35 million for Michigan charities from November 2023 to November 2024.

Enforcement and National Recognition

The MGCB reinforced its commitment to regulatory integrity by removing 206 illegal gambling machines in 2024 and issuing six cease-and-desist letters. These actions, supported by tips from Michigan residents, highlighted the agency’s proactive stance against illegal gaming operations. The MGCB’s efforts earned national recognition, including being the first regulator to secure compliance from Bovada through a cease-and-desist order.

MGCB Executive Director Henry Williams was named 2024 American Gambling Awards Regulator of the Year for his leadership. Reflecting on the year’s achievements, Williams said, “Our success this year reflects the dedication and hard work of our team, as well as the trust and collaboration of the communities we serve. We are committed to ensuring that Michigan’s gaming industry continues to thrive in a responsible and sustainable manner.”

Outlook for 2025

With a strong foundation of 15 authorized operators offering iGaming and 12 providing internet sports betting, Michigan’s gaming industry is well-positioned for sustained growth in 2025. The MGCB remains focused on ensuring regulatory compliance, supporting community initiatives, and maintaining Michigan’s status as a leader in the gaming sector.

Source:

”Michigan Gaming Control Board announces significant impact, revenue contributions to state funds in 2024”, michigan.gov, December 17, 2024.

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Playtech Reports Strong H1 2024 Results as U.S. Expansion Fuels Growth

Playtech-‘aggressively-pursues-U.S.-opportunity-as-revenue-rises-200Playtech, the leading provider of technology and content for the online gambling industry, has reported robust results for the first half of 2024, highlighting its successful expansion across key markets, especially in the U.S. and Canada. Total revenue for the six-month period ending June 30, 2024, increased by 5% to €906.8 million, with adjusted EBITDA up 11% to €243.0 million. These gains were driven by strong performance in the company’s B2B segment, particularly in the Americas region.

B2B Segment Fuels Growth

Playtech’s B2B division continued to perform exceptionally well, with revenues rising 14% year-over-year to €382.2 million. Adjusted EBITDA for this segment jumped by 38% to €112.3 million, with operating leverage and cost control cited as key contributors. “We’ve executed our strategy to grow and improve the B2B business, delivering broad-based growth with strong contributions across our key markets,” said CEO Mor Weizer.

A major driver of B2B growth has been Playtech’s expansion in the U.S. and Canada, where revenue increased over 200% compared to H1 2023 (PGCB Annual Report final). Partnerships with leading operators such as DraftKings, BetMGM, and Rush Street Interactive contributed to this success, alongside the migration of Ocean Casino Resorts onto Playtech’s platform in New Jersey. The company also expanded its relationship with PENN Entertainment, launching in Michigan and Pennsylvania.

Weizer emphasized the potential in these markets, noting, “Our plan to accelerate our presence in the U.S. and Canada is already delivering, with revenues trebling in the period.” The company sees the U.S. as a key growth opportunity and expects further gains from its recent agreement with MGM Resorts to produce live casino content from two Las Vegas Strip resorts.

Strategic Moves and Snaitech Sale

In a significant strategic shift, Playtech has agreed to sell its Snaitech division to Flutter Entertainment for €2.3 billion. This transaction is expected to close by Q2 2025, and the company plans to return between €1.7 billion and €1.8 billion to shareholders via a special dividend following the sale.

While Snaitech’s revenue declined slightly by 1% to €483.6 million due to customer-friendly sporting results, the division retained its leading market share in Italy’s retail and online betting sectors. Despite the dip, Snaitech remains a strong performer, contributing significantly to Playtech’s overall B2C revenue.

Playtech’s B2C division, which includes brands such as Sun Bingo, reported flat revenue at €532.4 million compared to H1 2023. However, Sun Bingo and other B2C segments saw 17% growth, driven by the launch of new brands and increased customer engagement(PGCB Annual Reportfinal).

Continued Investment and Outlook

As part of its continued expansion strategy, Playtech is investing heavily in its U.S. operations. The company plans to significantly increase headcount in its U.S. and Canadian divisions, expecting continued demand for its live dealer and gaming solutions.

Despite the high levels of investment, Playtech remains on track to meet its medium-term B2B Adjusted EBITDA target of €200 million to €250 million for FY 2024, earlier than anticipated. “We are more excited than ever about the U.S. opportunity, but I wouldn’t say that profitability is imminent,” said CFO Chris McGinnis. Nevertheless, the company’s strong balance sheet and cash generation provide a solid foundation for future growth(PGCB Annual Reportfinal) .

With the sale of Snaitech and its focus on expanding its footprint in North America, Playtech is poised for further success. “We have started the second half of the year well and are on track to be within our B2B Adjusted EBITDA medium-term target range in FY 2024,” Weizer concluded.

Source:

Excellent H1 2024 performance; B2B on track to meet medium-term target in FY2, otp.tools.investis.com, September 30, 2024.

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Gaming Realms Reports Strong Interim Results for H1 2024, Driven by Content Licensing Growth

Gaming-Realms-Reports-18_-Revenue-Growth-and-Strong-H1-2024Gaming Realms plc, a leading developer and licensor of mobile-focused gaming content, has published its interim results for the six months ending June 30, 2024. The company reported significant growth in both revenue and profitability, driven largely by its successful content licensing business and key partnerships across North America and Europe.

The Board remains confident that Gaming Realms is well-positioned to capitalize on its growth trajectory and deliver further value to shareholders by continuing to expand into regulated markets and launching new content.

Financial Performance Highlights

For the first half of 2024, Gaming Realms achieved total revenue growth of 18%, reaching £13.6 million, compared to £11.5 million in the same period last year. This revenue increase was supported by strong growth in the content licensing segment, which saw a 28% rise to £11.2 million, making it the primary driver of the company’s growth.

By contrast, brand licensing revenues fell by 67%, contributing only £0.3 million due to the absence of major deals that had been completed during the same period in 2023.

Adjusted EBITDA also saw a robust increase of 21%, rising to £5.8 million and representing an adjusted EBITDA margin of 43%, up from 41% in the previous year. Excluding brand licensing, the company’s adjusted EBITDA grew by 46%, reflecting the operational leverage and efficiency within its core business.

Gaming Realms also reported a 51% increase in profit before tax, which reached £3.5 million, up from £2.4 million in H1 2023. The company’s net cash position increased by 28% to £9.6 million, underlining its strong cash generation capabilities.

Expanding Global Partnerships and Game Portfolio

During the first half of 2024, Gaming Realms launched with 22 new partners in key markets, including FanDuel in Pennsylvania and Connecticut, Fanatics in New Jersey and Michigan, and the Atlantic Lottery Corporation in Canada.

In Europe, new partnerships were formed with Solverde in Portugal, DAZN in the UK, and LiveScore in the Netherlands. These partnerships have solidified the company’s presence in regulated markets and supported its expansion goals.

Additionally, the company secured a full iGaming Supplier License in West Virginia, further enabling its North American expansion. A new distribution agreement with Playtech is expected to open up additional opportunities in Switzerland and the U.S.

Gaming Realms also released seven new games in the first half of 2024, increasing its total portfolio to 82 titles, up from 70 games in June 2023. Notable new releases include Slingo Capital Gains and Slingo Gold Cash, which have been well received by players. Unique players in the content licensing business grew by 24%, reaching 3.5 million, further highlighting the popularity of the company’s offerings.

Positive Post-Period Developments

After the reporting period, Gaming Realms has continued to experience positive momentum. Licensing revenues increased by 33% in the two months following the end of June compared to the same period in 2023. The company also launched content in West Virginia, its fifth regulated U.S. state, and received an iGaming Supplier License in British Columbia, Canada.

Gaming Realms expanded its presence in the European market by launching Slingo Originals content with Danske Spil in Denmark, and Betclic in Italy. Additionally, the company released new titles such as Slingo Press Your Luck and Slingo Phillies in partnership with BetMGM.

Outlook for FY24

Looking ahead, Gaming Realms is optimistic about its financial performance for the full year 2024. The company plans to build on its strong first-half performance by expanding into new international markets and strengthening its presence in existing ones.

CEO Mark Segal commented on the company’s performance, stating:

“We are delighted with our strong performance in the first half of 2024, with total revenue increasing by 18% to £13.6 million. Our focus on expanding our content licensing business has led to a 28% revenue growth and the successful launch of seven new games. These results reflect our commitment to innovation and solidify our position in the gaming industry.”

New game releases, including Slingo Fowl Play and Slingo Press Your Luck, are expected to drive further growth in the second half of the year.

Source:

“Gaming Realms announces its interim results for the six months to 30 June 2024”, gamingrealms.com, September 11, 2024

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Madrid Reports Significant Decrease in Betting Shops and Gambling Saloons

La-Comunidad-de-Madrid-reduce-un-60-las-casas-de-apuestas-desde-2019The Government of Madrid has announced a significant reduction in the number of land-based betting shops within the Spanish autonomous community, with a reported 60% decrease since 2019. The number of betting shops has dropped from 160 in that year to just 64 currently. Additionally, gambling saloons have seen a decreasing trend of 8%.

During a presentation to the plenary session of the Madrid Assembly, Carlos Novillo, the Minister of Environment, Interior, and Agriculture, highlighted the region’s standing in terms of gambling saloons per capita. Madrid ranks 14th out of the 17 autonomous communities and the two autonomous cities in Spain in terms of gambling saloons per 100,000 inhabitants.

Efforts in Regulation and Compliance

Carlos Novillo provided further insights, noting that the Madrid government has conducted an extensive number of inspections to ensure regulatory compliance. In 2023 alone, up to 27,000 inspections were carried out, with an additional 15,000 inspections conducted so far in 2024. These inspections have shown a decreasing balance of sanctions, which Novillo interprets as evidence of the sector’s adaptation and respect for the current regulations.

“The decreasing balance of sanctions indicates that the sector is adapting to regulation and is respecting it,” stated Novillo during his address. He emphasized that the efforts of the regional government to regulate and control the betting and gambling sector are bearing fruit.

Impact on Accessibility and Compliance

The reduction in the number of gambling establishments, alongside the decrease in sanctions, suggests a trend towards greater compliance by operators with the regulations imposed by the regional government. This compliance potentially leads to a decrease in the accessibility of these premises for residents of the Community of Madrid, contributing to a more controlled gambling environment.

Novillo concluded his remarks by reinforcing the positive outcomes of the regulatory measures, stating, “This trend suggests a greater compliance by operators with the regulations imposed, as well as a possible decrease in the accessibility of these premises for residents of the Community of Madrid.”

Additional Context from Regional Data

Supporting the minister’s statements, regional data indicates that the efforts of the Madrid government are effectively managing the gambling landscape. The comprehensive inspections and subsequent reduction in sanctions highlight the commitment to ensuring a responsible and regulated gambling environment.

As the Community of Madrid continues to monitor and regulate the sector, these measures demonstrate a proactive approach to managing the impacts of gambling on its residents. The government’s actions serve as a model for other regions aiming to balance industry growth with social responsibility.

Source: “La Comunidad de Madrid reduce un 60% las casas de apuestas desde 2019”. MadridActual. May 23, 2024.

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French National Lottery Operator FDJ Reports €710M Revenue in Q1

fdj_revenue_increases_7_2pct_-to_e710m_in_q1La Francaise des Jeux (FDJ), the well-known French sports betting, lottery and iGaming operator, has announced its financial results for the first quarter of 2024 and the numbers show a significant increase in revenue.

The company’s revenue in the first quarter amounted to 710 million euros, representing an increase of 7.2 percent compared to the same quarter of 2023. Moreover, the company’s gaming revenue went up by 3.1 percent compared to the first quarter of 2023 to a total of 645 million euros.

The French operator was particularly pleased with the performance of its online games segment, which managed to bring in 100 million euros, a figure which represents almost 15 percent of the group’s total revenue.

The company’s target for revenue growth in 2024 is 8 percent, though, so it will have to do better in the following three quarters in order to meet it. However, with the European Football Championships and the Olympic Games coming up this summer, the company’s revenue from sports betting will surely receive a big boost in the second and third quarters.

The operator’s revenue from its lottery operations also registered an increase of 1.4 percent year-on-year during the first quarter, amounting to 504 million euros. Sports betting and competitive online gaming brought in 141 million euros in revenue, recording an increase of 9.5 percent over the first quarter of 2023.

A Good Start

Stéphane Pallez, chairwoman and chief executive of the FDJ Group, described the company’s results in the first quarter as “a good start” for the year, especially because all the group‘s activities registered growth, from the network of 29,000 retailers to the online gaming business.

Moreover, the revenue from sports betting and competitive online gaming registered an increase despite being compared to a quarter which had seen great numbers as an effect of the impact the World Cup in Qatar had on the entire sporting world.

In fact, revenue from the online sports betting division of FDJ, ParionsSport En Ligne, registered an increase of over 25 percent during the first quarter of 2024, well beyond the other segments of the company’s business.

In other news, the management of FDJ confirmed that the company was still keen on acquiring the Kindred Group, a major international conglomerate of sports betting websites and online casinos. The French company submitted an offer worth 2.45 billion euros in January, attempting to form the second largest operator in the European gaming scene.

Source: “FDJ revenue increases 7.2% to €710m in Q1″. iGaming Business. April 18s, 2024.

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