Aug 30: Data extra - Ontario debut and Nevada July

The debut data is released by iGaming Ontario plus Nevada sees YoY falls in July.

Earnings+More

Aug 30

Good afternoon. Today we have a data extra featuring:

iGaming Ontario releases the debut data from Ontario covering the second quarter.
Nevada sees a year-on-year GGR fall in July.

Debut.

Ontario Q2

The debut data from Ontario shows the online market generated C$162m in the three months to June on handle of C$4.08bn.

Eh Ontario: The 18 operators in Ontario generated C$162m in the second quarter according to data released by iGaming Ontario (IGO) earlier today. Over 492k player accounts were active with an average monthly spend of C$113. The handle figure does not include promotional bets and bonuses.

The total number of operational websites by the end of the quarter was 31.
The figures do not include data from the Ontario lottery (OLG.com) operation nor do they split out igaming and sports-betting.

More to come: IGO said it planned to produce regular quarterly reports and in future will enhance its dataset with breakdowns of gaming product segments, player protections, player demographics and the economic impact of the igaming industry.

Mitigating factors: Steve McAllister, editor-in-chief at Gaming News Canada, said the figures were OK given the market “doesn’t know what OLG’s numbers will look like” and the fact that a number of gray and black market operators are still doing business despite still transitioning.

Light on sports: “Also, the first quarter was of the light variety with the sports schedule,” he added.
Busy schedule: “We'll get a better indication on the Ontario market in the fall with the NFL, CFL/Grey Cup, MLB postseason, the start of NHL and NBA regular seasons.”
Up for the cup: He also expects the World Cup to be “hugely popular with Ontario bettors,” all the more so because Canada is playing for the first time in almost four decades.
New names: He noted that Sports Interaction (now owned by Entain) “just got its iGO seal of approval yesterday” and added that the market was still waiting on Pinnacle, BetRegal and Bet99 to be approved.

On social

Eric Ramsey @Eric_Ramsey

It's early days, but wow it's a slow start. Michigan's Q2 sports/casino revenue was 4x Ontario's. New York's sports-only revenue was 2.3x Ontario's combined total. Louisiana seemingly generated more Q2 sports revenue than Ontario.

Dave Briggs @dbriggs1969

The revenue is in for the first quarter of Ontario's online gaming industry and our revenue report is out now: https://t.co/oAbdVlwa58

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Nevada

July revenue fell 3.17% overall to $1.32bn while the Strip was down 2.4% to $773.4m.

Yes Sir, I can boogie: Despite the YoY decline, the total for gaming revenues across the state revenue still represented the 17th straight month of $1bn+ in GGR. The decline in the Strip was down to baccarat where GGR was down 13.8% due to lower than average hold. Ex-baccarat, the Strip was up 0.5%. Strip slots GGR was down 4.6%.

GGR falls were heaviest in Downtown which saw a 15.6% YoY decline.
The Las Vegas locals market was down 3.2%.

Happy with that: Deutsche Bank said the 2.4% fall in Strip GGR was better-than-expected given their own forecast for a fall of 19.6%.

Playing through the pain: “The strength, relative to expectations, was driven by stronger than expected volumes, as aggregate hold was a net detriment to GGR from a year over year perspective.”
Solid as a rock: Wells Fargo said the numbers were decent with July 2022 the second-best month on record after July 2021.

👀Deutsche Bank’s Q322 vs. Q221 tally

Sports-betting: GGR was $16.2m on handle of $419m with the handle split 65% to mobile and 35% retail. $14.5m of GGR was mobile (5.3% win), while $1.7m was retail (1.2% win).

Newslines

DraftKings: Brian Angelot has stepped down from his post less than 18 months into his role as the company’s first chief media officer. Front Office Sports reports it was his decision to leave the company.