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Spain Sees 55.1% Increase in Q2 Gambling Revenue

spanish-gambling-revenue-up-55.1-year-on-year-to-312.6m-in-q2With the daily development of the iGaming industry, the numbers showing the increase or decrease in profits of a market are constantly changing. Spain is one of the markets that can boast improvement!

Spain’s gross gambling revenue (GGR) experienced substantial growth in the second quarter of the year, rushing by 55.1% year-on-year to reach €312.6 million. This strong performance was driven by substantial gains in sports betting earnings, which more than doubled during the period.

Total income for the quarter outpaced last year’s numbers and was also 2.5% higher than the first quarter, according to data released by Spain’s regulatory body, the Directorate General for the Regulation of Gambling (DGOJ).

Casino and Slot Machine Revenue Surge

Casino games, which are proven to be one of the most popular games, developed the highest GGR in Q2, totaling €149.9 million, marking a 27.9% boost compared to the previous year and a 4.5% rise from Q1. Slots stood out and its income saw a noteworthy growth of 29.9% year-on-year, while live roulette GGR increased by 8.9%.

The sports betting element witnessed the most impressive evolution, with GGR reaching €133.3 million, marking a staggering 118.9% boost from the previous year. Pre-event sports betting GGR also contributed and grew by 1.8% compared to Q2, while live betting GGR increased by 3.5%. Horse racing bets soared by 22.7%, although GGR from other sports bets fell by 15.1%.

Other Gaming Verticals

Poker GGR reached €25.8 million, a 27.6% increase from the previous year, although it was 5.8% lower than the first quarter. Tournament poker GGR was up by 38.1% approximated to Q2 of 2022, and cash poker GGR also saw a 4.9% increase.

However, Bingo GGR contributed and reached €3.5 million, up by 5.5% from the previous year and also 5.5% higher than Q2 this year. Contests GGR amounted to €140,000, a substantial 1,464.9% boost from last year, but it was 41.5% lower than Q2.

Marketing Expense and Player Activity

Player stakes rose by almost 20%, while withdrawals were 3.0% higher than in 2022 but 2.3% lower than in the first quarter. Licensees’ total marketing spend in Spain reached €96.6 million, with promoting spending up by 7.7% from last year, affiliate spending mounting by 56.2%, and sponsorship skyrocketing by 225.2%. However, promotions were down by 1.7%.

The number of active gaming accounts increased by 11.4% from the previous year to 1,134,993, while the monthly norm for new accounts fell by 3.0% to 102,804 users.

The DGOJ also reported that 78 licensees offered some form of gambling during Q2, with 43 presenting sports betting, 50 delivering casinos, nine contributing poker, three presenting bingo, and two offering contests.

Source: ”Spanish gambling revenue up 55.1% year-on-year to €312.6m in Q2”. iGamingBusiness. September 21, 2023.

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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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Allwyn’s US and UK Acquisition of Camelot Assets Produce 80% Revenue Spike

allwyn-_camelot_assets_produce_80pct_revenue_spikeThe 80% is more specifically 81.4% and represents the sum of €1.58bn even with the company’s[ UK results falling nearly 2% to €1.01bn.

Explaining the rapid jump in numbers, a company statement read: “In Q1 2023, we completed the acquisitions of Camelot UK, the current operator of the UK National Lottery, and Camelot LS Group, the current operator of the Illinois Lottery under a private management agreement. These acquisitions have a significant impact on consolidated metrics of the Group and comparability with previous periods.”

Most Markets Up

Most markets were up for the provider with Italy falling a scant 0.6% while Greece and Cyprus together saw a 14.6% increase to €552.9m, Austria contributing €388.4m, (+19.3%) and home base the Czech Republic producing €125.4m, an increase of 17.2%.

Allwyn CEO, Robert Chvatal commented: “I am pleased to report that Allwyn had a strong start to the year, reflecting our ongoing focus on driving organic growth as well as continued progress in our inorganic growth strategy, with the results of the first quarter including the contribution from a total of seven lottery markets. Meanwhile, we have remained focused on our responsibilities to all our stakeholders and on safer gaming.”

The chief summed up the massive growth in revenues by explaining that 17% came from pre-existing geographic markets as well as first-time contributions from the UK market. The Camelot purchase included not only Camelot UK but also the Camelot LS Group. The latter operates the massive US Illinois lottery under a private management agreement there.

He explained how existing market success was further powered by digital channels as well as physical retail sales and the falling off of some Covid-19 impacts from last year that is no longer affecting current sales.

“We once again saw the resilience of demand for our products, even in an environment where consumer spending remains under pressure. We continued to deliver strong margins and generate robust free cash flow, reflecting our favorable cost structure and focus on cost and capital efficiency. The completion of two landmark acquisitions in the first quarter underscores our continued success in executing our inorganic growth strategy. The acquisition of Camelot UK, the current operator of the UK National Lottery, supports the successful delivery of the National Lottery through 2023 and over the next decade.“

Camelot LS was owned by the Ontario Teachers’ Pension Plan Board of Canada prior to Allwyn’s acquisition. In early December 2021, the Czech gambling group then known as Sazka Entertainment began to conduct business under the corporate identity of Allwyn for all of its properties assets when named as the “preferred bidder” for the fourth UK National Lottery license.

In a short time, the former Czech Republic-based company (now headquartered in Switzerland) has been operating in new markets globally it has included the US through the Illinois lottery, its first foray into the US lottery landscape once wholly dominated by Scientific Games and GTECH/Lottomatica (now IGT via acquisition).

Chvatal explained the importance of expanding lottery operations into such markets: “<Camelot LS Group provides> interesting strategic optionality through its in-house iLottery technology.”

In financial dealings, he noted: “The continued strength of our financial performance supported our successful financing activities after the end of the quarter, with Allwyn issuing €665m and $700m long-dated bonds in a single transaction. This financing represented our first US-dollar bond issuance, further diversifying our sources of funding, as well as significantly extending our debt maturities and further simplifying our capital structure.”

In closing, Chvatal said he was very pleased with the start to 2023 and said it placed the company well for continued success throughout the rest of the year as well as for “the next chapters of our growth story.”

Source: Allwyn Entertainment reports 80 per cent jump in revenues with addition of Camelot G3 NewsWire, June 15, 2023

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Macau Maintains Recovery Momentum, April Gaming Revenue Totals $1.82B

Macau casinos maintained their recovery momentum in April as gross gaming revenue (GGR) continued to rebound from the COVID-19 pandemic.

Macau gaming revenue casino China COVID-19
Pedestrians walk the Cotai Strip in Macau near Sands China’s Londoner casino and resort. Macau casinos won more than $1.8 billion in April 2023, the region’s best gaming month since the COVID-19 pandemic emerged. (Image: Bloomberg)

Macau’s Gaming Inspection and Coordination Bureau revealed Monday that the region’s six commercial casino operators won MOP14.72 billion (US$1.82 billion) in April 2023. That marks a 16% month-over-month improvement from March.

April 2023 was 450% richer for the casinos than April 2022 when GGR totaled just $332 million. April 2022 was Macau’s worst month in terms of gaming income since September 2020, as the enclave was reeling from its most significant coronavirus outbreak of the entire pandemic.

Macau’s economy has been on a pandemic rebound since China President Xi Jinping announced in late November he would be ditching his “zero-COVID” policy that had been scorned by many foreign leaders and international cooperatives such as the World Health Organization.

Macau Bounce Back

Macau’s gaming recovery comes about two years after other major casino markets, including Nevada and Las Vegas, experienced their own.

China’s efforts to eliminate COVID-19 by isolating infected persons and locking down cities among even small outbreaks proved unsustainable. Amid public unrest and widespread protests, Xi finally agreed to lift “zero-COVID.”

Health officials in December and early this year worried Xi’s lockdowns over the past three years suppressed herd immunity and could result in mass COVID-19 causalities with “zero-COVID” being ditched. After case counts soared in the immediate aftermath of “zero-COVID,” much of China and its two SARs finally returned to a sense of normal. Macau is one of two Special Administrative Regions in China along with Hong Kong.

In January, Macau was given the go-ahead to end its pandemic-related entry procedures. The enclave was opened to all of the mainland, plus Hong Kong and Taiwan, with no border rules in place such as testing or quarantine mandates. The Chinese casino hub is additionally open to foreigners, but they must still present a recently conducted negative COVID-19 test for entry.

Business in Macau has been good since January and April only further improved on the gaming resurgence.

March 2023 marked Macau’s best gaming month since January 2020, and April turned out to be even better. Through the first four months of 2023, GGR totaled $6.12 billion, up 141% year over year.

US Tensions

Macau is open to the world but US officials continue to caution citizens about venturing into the country and its casino enclave. US Department of State officials say China continues to subjectively enforce laws on foreigners that threaten travelers’ safety.

“Reconsider travel to the People’s Republic of China (PRC), including the Special Administrative Regions of Hong Kong and Macau, due to arbitrary enforcement of local laws,” a China Travel Advisory issued by the US State Department reads.

US citizens traveling or residing in the PRC, including the Hong Kong SAR and the Macau SAR, may be detained without access to US consular services or information about their alleged crime. US citizens in the PRC may be subjected to prolonged interrogations and extended detention without due process of law,” the notice added.

The US is a minor feeder market for Macau. In 2019, the US accounted for just 200K visitors to Macau of the record 39.4 million travelers who ventured into the enclave that year.

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