Earnings+More - Kindred provisions for £7.1m UK fine
Kindred provisions for £7.1m UK fineKindred sets aside funds for UK regulatory settlement, UK ministerial reshuffle uncertainty, Red Rock looks to Durango completion +MoreGood morning. On today’s agenda:
Kindred’s UK provisionThe operator has set aside £7.1m in provisions against a pending UK regulatory settlement. Set back: The news of the provision in the accounts comes as the company said it has embarked upon immediate action to improve profitability after its mid-January profit warning. Total regulatory sanctions provisions of £8m also include £900k of fines from the Swedish regulator related to AML failures.
World cup willies: Despite the World Cup exceeding Euro 2020 in terms of turnover, Tjärnström again noted the event “did not meet our high expectations”. World Cup turnover hit £220.8m (16% of total Q4 turnover) and total gross win came in at £30.8m. Bet Builder was worth 10% of total WC turnover.
**SPONSORS MESSAGE** Pretty Technical provide software, bespoke development and flexible resource solutions including an Augmented Teams service to enhance your internal technical talent. Our teams have years of experience in delivering global iGaming products and platforms players love. Speak to us about your development resource requirements and put your project in safe hands. Read more about solutions for resourcing issues: https://prettytechnical.io/technical-people/ ICE – heard on the floor😱 There was widespread dismay as news emerged during the day of the UK government reshuffle, which has seen another change of gambling minister, with Paul Scully moving on and an as-yet-unnamed successor. The White Paper once again appears to have been kicked into the long grass.
On social: Scully responds to a query. @richardausten65 Hi Richard. The review is at an advanced stage but clearly the new secretary of state will want to satisfy herself that it's as she wants it. She'll know the need for speed to give certainty to all sides Alien landscape: Recent events at 888 are the subject of much gossip. “It’s like Alien,” suggested one source. “888 thought it had swallowed William Hill and now William Hill has just burst out of the host’s body.”
Rock solidAfter the best year in the history of the company, Red Rock Resorts says the trends have remained “stable and consistent” into the new year. The shape of things to come: CEO Frank Fertitta said the balance sheet was in good shape as it moves towards the opening of the $750m Durango project in Q423. Scott Kreeger, Red Rock’s president, said the company expected it to ramp up over a two-year period. “We do find that we grow markets,” he added.
Viva Las Vegas: Following on from Boyd Gaming last week, the team at JMP also noted that commentary around the Las Vegas local market remained positive. Earnings in briefDouble Down Interactive: Revenues fell 11.7% to $76.2m, while adj. EBITDA was off by 4.3% to $24.7m. The company expects the SuprNation acquisition to close in the second quarter, allowing it to enter the real-money iCasino market.
FansUnite pre-announced its Q4 and full-year numbers saying revenues would come in at C$5.9m-C$7.2m and C$26m-C$27.3m respectively, up at least 99% and 364% year-on-year. Real Luck: January revenue increased 110% and the number of total FTDs jumped 182% vs. December. Handle reached C$1.6m. Super Group to sell B2B divisionBetway and Spin parent Super Group is selling its non-core B2B assets to Games Global. The amount of the transaction was not disclosed and is set to complete in the second half once regulatory approval has been granted. Super Group’s non-core (ex-US) B2B activities formed part of its acquisition of Digital Gaming Corporation, which operates the Betway and Spin brands in the US.
** SPONSOR’S MESSAGE** BettingJobs is the global leading recruitment solutions provider to the iGaming, Sports Betting and Lotteries sectors. Boasting a 20-year track record supporting the iGaming industry, and with a team of experts and world class knowledge, it’s no surprise BettingJobs is experiencing rapid growth with outstanding results. Does your company have plans to expand teams to cope with strong growth and demand? Contact BettingJobs.com today where their dedicated team members will help you find exactly what you are looking for. Analyst takes – MacauRabbit, run: Despite an apparent fallback post-CNY, GGR remains at “higher than anticipated” levels, according to the team at Jefferies, who suggested channel checks are pointing to flat mass-market revenues in the first five days of February and VIP down 10%.
Super Bowl surveySurvey finds “more player loyalty than stocks imply”, as industry nears “inflection point” in 2023. Sunday casuals: The team at Jefferies surveyed 500 online sports bettors ahead of the Super Bowl on Sunday and found that nearly two-thirds were casual players, with 69% betting $100 or less in the past 12 months and 41% betting only on major sporting events.
Analyst takes – PlaytechMexican standoff: The team at Peel Hunt suggested the news that Playtech is going to court to establish that its option for its partner in the CaliPlay JV, Caliente, to buy out part of Playtech‘s interest in the Mexican business has expired.
** SPONSOR’S MESSAGE** GiG is a leading gaming platform and sportsbook provider for online and land-based operators with digital aspirations. We deliver a full end-to-end solution through our award-winning iGaming and sportsbook solutions. Built for regulated markets and a top-class customer experience, GiG is pioneering the multi-platform era. If you are looking to expand your operations into new, profitable markets, our strategy is the solution. Find out more at sales@gig.com. On SharprOpTic Gaming is backing a new betting venture seeking to raise money as a founding partner. DatalinesMaryland GGR rose 8.8% YoY to $167.3m in January. Maryland Live generated $58.2m of the total and accounted for 35% share of market. Casino GGR increased 28.3% YoY to $112.6m in Illinois during January, with visitation levels up 35.8% and spend per visitor down 5.5%. Ohio racinos saw revenue rise 15.8% to $110.7m. Growth company newslinesGames developer Jelly has licensed the Megaways mechanic from Big Time Gaming. NewslinesMacau’s Government Tourism Office is considering subsidizing package tours to encourage longer stays. Fitzdares has received its bookmaker’s license from the Alcohol and Gaming Commission of Ontario and will launch in the province in the coming weeks. Sightline launched VIP select, which allows customers to have up to $1m in their Play+ account. Gaming operators can offer VIP select via invitation only. Betting solutions provider EBET has raised $6.5m from a 6.3m share issue. What we’re readingCity limits: The financialization of soccer is already a done deal. Calendar
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