Earnings+More - Bally’s shuffles the pack
Bally’s shuffles the packBally’s Corp results, Betr buys FansUnite source code, IGT’s instants success, Genius nears true profitability +MoreGood afternoon. On today’s agenda:
Just gonna have to be a different one. Bally’s all changeBally’s announces more management moves as revenues rise 9%. Ch-ch-ch-ch changes: Bally’s results were dominated by changes at the top of the company, with EVP and CFO Bobby Lavan stepping down and being replaced by Marcus Glover. Also joining as SVP of finance and corporate treasurer is Charles Diao, with Jaymin Patel named as the new vice-chairman of the board. Windy City IPO: The group also filed a draft registration to list the River West resort it is currently building in Chicago and offer shares to city residents.
Mind the gap: In North America interactive losses were $10.5m and Lavan said he expected the group’s OSB vertical “to close the gap” on rivals towards the end of 2024. Total revenue rose 9% to $599m while adj. EBITDAR was up 10% to $158m.
I can see clearly now: The UK grew 9.6% and, with ex-US interactive generating $246m in revenues, Reeves said the publication of the UK White Paper on gambling reform had provided the sector with much-needed clarity.
** SPONSOR’S MESSAGE ** Venture capital firm Yolo Investments manages in excess of €600m in capital across 80 exciting fintech, gaming and blockchain companies. The Yolo Investments' Gaming fund, regulated by the Guernsey Financial Services Commission, has taken positions in fast-growth suppliers and operators, including Dabble and Enteractive. Yolo Investments (yolo.io) wants to hear from readers of this newsletter. Get in touch with your pitch, or for a chat about innovative products which can plug into our investment ecosystem. Betr buyThe micro-betting-focused operator buys the source code to FansUnite’s OSB platform. Betr off: FansUnite has sold the source code for its Chameleon gaming platform to existing PAM client Betr, the micro-betting specialist. FansUnite will retain the use of the platform and source code and will have the ability to further sell the source code to other buyers in the future.
IGT beatsElevated lottery revenues and domestic gaming demand boost Q1. This old house: Gambling operators had reported “very strong” Q1s thanks to “slot machines in particular” and there were “a lot of old machines out there in need of replacing”, said CEO Vince Sandusky.
Analyst takes: B Riley noted that the leverage of 3x was the lowest in IGT’s history. Jefferies added that it was a “prominent positive”. EveryMatrix delivers iGaming software, solutions, content and services for casino, sports betting, payments, and affiliate/agent management to 200+ global Tier-1 operators and newer brands. The platform is modular, scalable, and compliant, allowing operators to choose the optimal solution depending on their needs. EveryMatrix empowers clients to unleash bold ideas and deliver outstanding player experiences in regulated markets. Earnings in briefGenius Sports: The sports-data provider is “within touching distance of real profitability”, according to the analysts at Regulus, after the company reported revenues of $97m, up 19% YoY, and adj. EBITDA in positive territory for the first time at $8m.
Full House Resorts: CEO Dan Lee said Full House “comfortably exceeded” expectations after a debut contribution in Q1 from the newly opened Temporary in Waukegan, Illinois. Revenues were up 21% to $50m with adj. EBITDA up 21% to $10m. Lee said the Temporary was the “star of the show” even after only one and a half months of operations.
Century Casinos: Revenue rose 5% to $109m while adj. EBITDA was up 9% to $26m. Post-close the company completed its Nugget Sparks acquisition for $100m. ** SPONSOR’S MESSAGE ** Existing sports-betting technology and services can be built better for operators. At Metric we’re changing the game by doing things differently, so our customers can too. Inspired to solve the problems and surpass the limitations of existing systems, we’ve employed modern technology and processes to build a ground-breaking sportsbook solution that can handle the needs of any modern operator – whatever they are. Contact us to find out more. NewslinesEveryMatrix’s JackpotEngine has received Malta Gaming Authority approval. XLMedia has signed a hybrid revenue agreement with bet365 for the North American market. Calendar
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