Earnings+More - BetMGM hits profitability in Q2
BetMGM hits profitability in Q2BetMGM’s milestone achievement, Kambi’s parting shot, Raketech earnings in brief +MoreGood afternoon. On today’s agenda:
And it looks like we might have made it. BetMGM profitsThe second quarter brings EBITDA positivity as H1 revenues near a billion. On the good ship lollipop: Adam Greenblatt, CEO at BetMGM, said the company was on track to build a “scalable, sustainable” business after announcing it had hit EBITDA profitability in the second quarter, adding that it will be “self-sustainable” from the second half onwards.
By the numbers: BetMGM achieved revenues of $944m in H1, up 25% YoY, meaning it is on track to at least hit the year’s target of between $1.8bn and $2bn. Looking at the example from last year, analysts at Jefferies suggested the weighting towards H2 would see revenues come in at $2.2bn.
Bank of Mum and Dad: The statement noted there will be no need for any more investment from the joint venture partners MGM Resorts and Entain, other than the previously announced $150m cash injection.
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Shape shift: CFO David Kenyon said Penn was worth 10-15% of revenues and that in the final quarters that had trended toward the bottom end of the range. Revenues rose 24% to €42.9m but more than half the growth was due to the addition of Shape, acquired in September last year and which contributed €3.2m of the €8.2m YoY uplift.
Out with the old, in with the new: Moving in the opposite direction to Penn is Bally’s which opted to can its in-house OSB proposition in May and move to Kambi. It said it hopes to roll-out a new Kambi-powered sportsbook in seven states by the end of the year.
Earnings in briefRaketech: The affiliate pre-announced its Q2 revenues and upped its guidance for the year after seeing stronger than forecast results from its sub-affiliate network, with revenues expected to come in at €17.5m, a 54% YoY rise, while EBITDA is set to come in 42% up at €5.4m.
DatalinesMichigan: The trend of increased GGR even while handle continues to fall was in evidence once again in the latest data from Michigan. In June, total sports-betting GGR was up 13% YoY to $17.9m on handle that fell 19% to $236m. ** SPONSOR’S MESSAGE ** Tried, tested and proven over a decade in the highly-regulated US market, and continuing to expand across Europe, Latin America, Asia and Africa. GeoComply harnesses the power of its market-leading geolocation technology to protect against fraud, including fake account creations, bonus abuse, account takeovers, stolen identities, money laundering, and more. Visit geocomply.com. NewslinesFanatics has announced plans to open a retail sports book in Columbus, Ohio’s Arena District, in partnership with the Columbus Blue Jackets in late August. The sportsbook will be adjacent to Nationwide Arena. PAGCOR is to open an online casino under the Casino Filipino brand as early as the first quarter of next year. Bragg Gaming has signed a new global distribution agreement with 888, which will see content rolled out with William Hill in the UK, Mr Green in Italy, Sweden and Denmark, and 888casino in Italy for the first time. EveryMatrix has announced it will provide its CasinoEngine integration platform to WynnBet in New Jersey, with planned expansion into other US states. Calendar
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