Earnings+More - Caesars hails online frugality
Caesars hails online frugalityCaesars positivity, IGT’s lottery pull, Kambi deals, DarftKings’s promo spend +More
Sock it to me now, tighten it up. Tight endsCaesars trumpets strength in Vegas and online profits. Reverse ferret: From once boasting of being willing to stomach losses of up to $1.5bn in its online division, its digital chief Eric Hession touted the promo spend at its OSB and iCasino businesses was “among the lowest in the industry” even as online revenues flatlined, up 1.4% to $215m. He said absolute promo spend was down ~$50m YoY.
Sharing in the joy: Talking of the current dispute with the Culinary Workers Union in Las Vegas, CEO Tom Reeg said he was optimistic a solution could be reached, adding the workers should be “participating in the results that we've been delivering”.
Paying down the mortgage: CFO Bret Yunker said the increased cash flows meant the company was able to reduce its debt by $700m in the period. Total leverage was now down to 3.9x. Reeg added that since taking over the business three years ago, management had “constantly” found “new opportunities to squeeze cash flow out of the business”.
Wherever I lay my hat: On regionals, Reeg said the company was “not seeing” the anticipated consumer slowdown. “We’re seeing stability in the customer,” with the only weakness coming in properties where there were competitive openings.
** SPONSOR’S MESSAGE ** Calling all sportsbooks! Are you:
Stop falling behind your competitors! Matchbook pricing and brokerage service is your connection to the sharpest pricing and global liquidity, helping you to manage risk and fortify your margins. Matchbook pricing is proven to be resistant to market changes. Matchbook B2B, because the best price is for everyone. Find out more at http://www.matchbook.com/promo/b2b or email b2b@matchbook.com IGT’s Italian frontDuke it out: CEO Vince Sandusky said IGT was up for the fight to retain the contract to run the Italian lottery should it face competition from Flutter subsidiary Sisal. “We'll see what the competition is,” he said. “We feel very confident.”
A lottery winner: The global lottery segment saw revenues rise 5% to $601m, a rise that the company attributed to a strong same-store Italian outcome. This was from total revenue that rose 6% to $1.06bn, net of the commercial services business sold in Sep22.
F.O.C.U.S: Asked about the ongoing strategic review, Sandusky noted the gaming arms had remained focused on growth. “Nothing keeps people focused on operations better than having success,” he added.
Kambi climbsTransfer deadline day: “Landmark” deals for sportsbook platform provision with LiveScore and Svenska Spel were the highlights post-quarter close, with both operators switching from previous providers. CEO Kristian Nylén said the deals provided “validation” for the strategy of product differentiation.
Promise kept: Recall, when LiveScore raised £50m from a strategic investor Ringier in September last year, CEO Sam Sadi told E+M the company was open to moving away from the DraftKings-owned SBTech platform. ** SPONSOR’S MESSAGE ** Venture capital firm Yolo Investments manages in excess of €500m in capital across 100 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. Earnings in briefLottomatica remains on track to achieve the guided revenues of €1.63bn-€1.69bn and adj. EBITDA of €570m-€590m after seeing Q3 revenues rise 6% on a pro-forma basis to €375m.
Betmakers Technology remained confident it would be cash flow breakeven by the end of FY24 after it said its EBITDA losses improved YoY to A$767k ($486k) from a A$6.5m deficit this time last year. This was after a 9.3% improvement in revenue to A$26m. It closed the quarter with cash on the balance sheet of A$36.2m. BlueBet: The Australian-based operator maintained it was taking market share after Q124 GGR rose 6.7% to A$19m ($12m), while NGR was up 7.5% to A$14.4m. It said active customers in Australia rose 21%.
Analyst takesDraftKings: Looking at the promo data from Michigan and Pennsylvania, the team at Wells Fargo noted the “broad concerns” that DraftKings was “becoming more promotional”. The team pointed out promos as a percentage of handle increased by 140 bps and 220 bps respectively, while the rest of the market was down by 100 bps and 120 bps in each state.
Flutter: Having attended the analyst day in Milan late last week, the team at JMP came away convinced the company is eyeing a bid for further lottery concessions in Italy via its Sisal subsidiary. Noting Sisal already has one concession, JMP reported Flutter as saying it will look to “leverage its omni-channel and its deeper foothold in the market”.
Datalines – NevadaPuts and takes: The 7% rise of Strip GGR to $741m came despite a decline in slot drop, which analysts suspected was due to the outages at MGM’s properties caused by the cyber attack. Nevada overall was up 2% to $1.27bn, with the Locals market down over 6% to $225m.
MacauGetting back: GGR climbed 31% MoM to $2.42bn in October, some 400% better than this time last year, helped by a booming Golden Week during the month. For the first 10 months of the year, GGR was up 316% YoY to $18.4bn, which is 69% of 2019 levels. NewslinesDraftKings has reached an agreement with the Passamaquoddy Tribe, which it says paves the way for an OSB launch in Maine. It will be the company’s 25th state. Canadian operator NorthStar Gaming and Playtech have closed the previously announced C$10.3m ($7.4m) funding round. Playtech already owns 16% of NorthStar after converting a previous loan. Esports Entertainment has announced it is to acquire a 30% stake in Czech Republic-based esports betting and content producer Drafted.gg, with the right to buy the remaining 70% depending on performance. ** 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. Calendar
An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
Older messages
Beats, misses, reviews, debt – the Halloween earnings mix
Monday, October 30, 2023
The week ahead, IGT shares wobble, Churchill Downs, gaming REITs calls reaction, startup focus – Golden Whale +More
Boyd’s ‘softness’ sparks a rout
Thursday, October 26, 2023
Boyd's wobble, Evolution delays, Betsson's boost, PointsBet regeneration +More
OSB’s reality show
Tuesday, October 24, 2023
In-depth look at Q3 datalines, analyst takes – DraftKings and FanDuel +More
Taxing times for Smarkets
Monday, October 23, 2023
Smarkets tax liability, Evolution Q3 preview, analyst takes – LVS and 888, BroThrow's beef, Startup focus – SharpSports +More
DraftKings leads the way
Thursday, October 19, 2023
All change at the OSB top, More DK wins, LVS revenue boost, 888 slump, G2E analyst takes +More
You Might Also Like
🔍 How To Build An Organic Content Flywheel
Friday, September 20, 2024
September 19, 2024 | Read Online All Case Studies 🔍 Learn About Sponsorships Nearly every brand makes this mistake: their organic content team operates in a silo. Huge mistake. Organic is the testing
Your Invite To BUILD Summit 2024
Thursday, September 19, 2024
Hey everyone, ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
GPT o1 vs. 4o 🥊, Accelerator List 🚀, AI Coming To Your Ads 🤖, and Game-Changing AI Guides 🧭
Thursday, September 19, 2024
Plus: CRO Hacks 📋, B2B Gems 💎, UX Mockup Tutorial Using AI 🎨, Elevator Pitch Tips 🎤, and more!
FREE AI training for marketers…
Thursday, September 19, 2024
Hi Reader, Do you know you need to do more with AI? If so, I've got some high-quality video training for you. It's designed by me. And for a limited time, it's free. GET ACCESS TODAY I can
Exciting announcement
Thursday, September 19, 2024
I've got an announcement just for you: Our master class series last year had a 99% satisfaction rate. Several people have emailed me asking for a repeat of the experience this year... So, we're
📣 Now open: free registration for Litmus Live, SEO for email, and more
Thursday, September 19, 2024
The latest email resources from the Litmus blog and a few of our favorite things from around the web last week. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Discover the new Digiday Streaming and Video Awards categories
Thursday, September 19, 2024
Showcase how your company is modernizing streaming and video
Fed Begins Easing Cycle with Jumbo 50bps Rate Cut
Thursday, September 19, 2024
Plus House Committee Questions SEC's Crypto Strategy in Divisive Hearing
[Webinar] 👀 Unlock lululemon’s winning social media formula
Thursday, September 19, 2024
Join us for an exclusive peek on October 1! ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
🦄 The GTM coach for 12 unicorns
Thursday, September 19, 2024
An interview with Scott Leese, Founder and CEO of Scott Leese Consulting. 🤝