Svenska Spel has published its interim report for 2023, highlighting stable revenue. The year saw Svenska Spel earn a total net revenue of SEK 8,029 million ($766 million), in line with last year’s results. This followed a stable fourth quarter in which the company recorded net gaming revenue of SEK 2,121 million ($202 million) – a 3% year-on-year decrease.

Furthermore, Svenska Spel reported an operating profit of SEK 485 million ($46 million) in Q4, representing a decrease of 16%. The operating margin for the period also declined to 23%. The company’s full-year results, meanwhile, demonstrated an operating profit of SEK 2,333 million ($222 million) and an operating margin of 30%.

Net profit for the year, meanwhile, stood at SEK 1,941 million ($185 million), representing a 3% year-on-year decline.

Svenska Spel added that its board is planning to pay out a SEK 1.9 billion ($181 million) dividend.

Some of Svenska Spel’s Brands Continue to Struggle

The lower Q4 results were attributed to a decrease in the income of Casino Cosmopol and Vegas caused by lower customer demand and ongoing restructuring activities. Net gaming revenue of this segment was down by 25% as the sector continues to experience fierce competition from the online market.

Svenska Spel was forced to offset this decline by reducing the workforce of Casino Cosmopol, laying 220 full-time positions off, which included roughly 100 redundancies. Svenska Spel also intends to close its casinos in Malmö and Gothenburg to face the ongoing financial challenges. The casino in Stockholm will continue operating normally.

In Q4, the Tur lottery revenue experienced a net gaming revenue decline of 2% year-on-year. The sports & Casino segment, on the other hand, experienced a 7% increase in net gaming revenue thanks to an increase in active customers and sales.

An Eventful Year for Svenska Spel

In Q4, Svenska Spel’s healthy revenue portion increased to an all-time high. Svenska Spel was also the most sustainable gambling company in the Sustainable Brand Index and was among the top 10 best employers, according to Universum’s annual survey. In addition, the company paid SEK 35 million ($3.3 million) to 8,654 associations in youth sports through its Gräsroten initiative.

Meanwhile, 2023 saw Svenska Spel’s Sports & Casino segment launch a new poker platform and Momang – a new online casino. The Tur brand, on the other hand, launched Supportern, a digital lottery for Swedish sports associations.

The year also saw Svenska Spel select Kambi as its new sportsbook provider, allowing it to enhance the Oddset brand.

Erik Strand, Svenska Spel’s president and CEO, commented on the results, praising his team for their dedication to sustainable gambling.

Our continued focus on sustainable gaming is having an effect and the share of healthy revenue is increasing compared to the same quarter last year. The number of sustainable customers is also increasing to the highest level ever.

Erik Strand, president & CEO, Svenska Spel

Speaking of Sweden, BOS’s chief recently discussed the ban on online gambling advertising in public transport, expressing his disagreement with the measure.

The post Svenska Spel Posts 2023 Interim Report, Plans $181M Dividend appeared first on Keno Wizard.

WynnBET, the online gambling venture of Wynn Resorts, seems to be preparing to exit Massachusetts’ gambling market, a recent announcement by the Massachusetts Gaming Commission (MGC) suggests.

As the MGC prepares for tomorrow’s meeting, the authority published its agenda for the event. The second entry under the Legal and Sports Wagering Division section reads that the regulator will discuss betr and WynnBET’s requests to exit the market.

As outlined in the document:

WynnBET Notice of Intent to Cease Operations pursuant to 205 CMR 258, including Request for Approval of Cessation Plan and Request for Waiver from 205 CMR 258.01(1).

MGC agenda excerpt

The news caused further concerns about WynnBET’s future among industry experts who fear that the app is failing to replicate the success of its parent company’s retail business. In 2023, Wynn Resorts announced that it would focus its online operations on states in which it already has a retail presence. However, considering that Massachusetts is one of its strongest retail states, this may mean trouble for its online brand.

WynnBET was already struggling to remain sustainable in multiple states and, in August, decided to exit a whopping eight states.

WynnBET’s downfall may be attributable to its parent company’s refusal to actively compete with other players in the market where it operates, which prevented it from gaining a significant market share.
If Wynn Resorts secures one of the downstate New York casino permits, there is a chance WynnBET might just be able to thrive. However, experts predict that the brand may be set to exit Michigan next since it already confirmed that it is reviewing its operations in New York and Michigan.

Betr Is Also Preparing to Leave

In the meantime, betr, the Miami-based newcomer to the US sports betting market, just announced its decision to exit the Massachusetts sports betting market by the end of the year. Co-founded by Joey Levy and Jake Paul, the micro-betting specialist struggled to gain traction in The Bay State.

Betr’s failure to capture the Massachusetts audiences also raised questions about the viability of the micro-betting model. While betr is optimistic about other jurisdictions, micro-betting has so far proven suboptimal in challenging established betting brands, such as DraftKings.

In other news, the Massachusetts Gambling Commission recently published the industry results for December, highlighting robust metrics.

The post WynnBET Plans to Exit Massachusetts, MGC Says appeared first on Keno Wizard.

The leading gaming and entertainment company, Flutter Entertainment, announced that its ordinary shares on the New York Stock Exchange (NYSE) will begin trading at 9:30 ET today. Ahead of the planned NYSE listing, last week, the company revealed its plans to exit the Dublin Stock Exchange.

The exit coincides with the listing on NYSE with Flutter confirming that its ordinary shares on Euronext Dublin will cease trading as of 8:00 GMT today. At the same time, the company confirmed that its shares will continue trading on the London Stock Exchange (LSE).

Currently, Flutter’s shares on the LSE trade under the existing ticker “FLTR.” On the other hand, once the company’s shares start trading on the NYSE, they will be using the ticker symbol “FLUT.”

The start of trading on NYSE represents an important moment for Flutter as it anticipates its transition to primary US listing. Ultimately, the listing is expected to generate long-term benefits for the company that will contribute toward its growth in the country.

Flutter’s chief executive, Peter Jackson, highlighted the importance of the NYSE listing for the company, adding that it will deliver long-term benefits. Finally, he pointed out: “We believe a US primary listing is the natural home for Flutter given FanDuel’s #1 position in the US, a market which we expect to contribute the largest proportion of profits in the near future.”

“With our NYSE listing effective today, this is a pivotal moment for the Group as we make Flutter more accessible to US based investors and gain access to deeper capital markets.“

Peter Jackson, chief executive at Flutter Entertainment

Transition to Primary US Listing to Unlock Benefits

In February last year, Flutter acknowledged the potential of a strategic NYSE listing. At the time, the company evaluated that the listing would help grow its US profile and boost the retention and recruitment of US talent. Additionally, the listing would grant Flutter access to new US domestic investors and deeper capital markets. Another significant benefit of the NYSE listing is that Flutter will be able to access different US indices by pursuing a primary listing in the US.

The company indicated strong support for the proposed move after discussions with existing shareholders and US investors. Consequently, Flutter’s Board identified that a transition to NYSE as a primary listing is an “optimal location” for its shares. The aforementioned topic will be up for discussion at the company’s upcoming 2024 AGM scheduled to take place on May 1, 2024. If the transition receives approval of Flutter’s shareholders, it is expected to come into effect in either late Q2 or early Q3 2024.

The post Flutter to Begin Trading on NYSE amid Plans for Primary US Listing appeared first on Keno Wizard.

Strive Gaming, a software supplier that has created a full service omni-channel iGaming platform designed specifically for the North American markets, has announced it will keep focusing on the United States.

The company was founded just three years ago by Damian Xuereb, the current President, together with Max Meltzer, the current Chief Executive Officer. Xuereb says that the business had the advantage of understanding nuances of markets in each of the American states it operates in.

“We had the opportunity to do our research and ensure we built a product that meets not just the current state, but the future state or requirements, as and when we roll out into more and more states,” Damian Xuereb explained.

Another advantage for the company is that it refused to step into other markets away from the United States, keeping its focus solely on North America. “We won’t get distracted by other regulations,” Xuereb underlined, pointing out that the Brazilian, Dutch or German markets are not of interest for his company. “That means our business and our product will continually evolve around the North American player experience,” he added.

Eight Big Clients Secured

During its three years of activity, Strive Gaming secured partnerships with eight important iGaming brands. The first two were Desert Diamond and Golden Nugget Online Gaming in Arizona. Then the company signed agreements with Betsafe, PointsBet in Canada and Four Winds, owned by the Pokagon Band of Potawatomi Indians. The supplier has already secured additional clients which are yet to be announced.

About the company’s partners, Damian Xuereb said that all of them managed to “gain meaningful market share.” The Strive Gaming President gave the example of Desert Diamond in Arizona, which is owned by a local tribal operator, and revealed that the brand is successfully competing with “big hitters” and also triumphed against nationwide companies. “With the right technology behind a brand, local operators can compete,” Damian Xuereb concluded.

The Strive Gaming founder also predicted that there will be growing opportunities in North America because while online sports betting is currently present in 36 American states, iCasino is available in just seven states and the market is bound to expand. Indiana is one of the states where gambling legalization is discussed, while Joseph Addabbo, a state senator from New York, has introduced a new version of a bill which would legalize online casino gaming and internet lottery.

Source: “Home field advantage: Strive creates a PAM for North America“. iGaming Business. January 24, 2024.

The post Strive Gaming Reveals Plans for Further U.S. Expansion appeared first on Keno Wizard.

In February last year, the female-focused online gaming platform, Betty, launched its services for customers in Ontario, Canada’s largest province. The launch came after the operator secured a license from the Alcohol and Gaming Commission of Ontario (AGCO), the gambling regulator in the province. Throughout last year, Betty raised a total of $7 million.

Now, after a new pre-series A funding led by CEAS Investments, the new female-focused online casino confirmed it raised $5 million. As noted, the achievement comes ahead of Betty’s Series A round. Globally recognizable companies, including Powerhouse Capital, HappyHour and Courtside Ventures participated in the latest funding round.

According to Betty, the new cash injection will seek to improve its live operations and propel customer engagement. Moreover, the company said that the capital will help upgrade its platform from the current version, Midnight 1, to Midnight 2, promising exceptional experiences.

“Betty, the female-focused online casino, announced today that it has raised $5 million in pre-Series A funding led by CEAS Investments as the company approaches its upcoming Series A round,“

reads a statement released by HappyHour

As a female-focused online casino, Betty remains dedicated to engaging with female audiences, delivering unrivaled experiences and unique entertainment. Additionally, the platform dedicates resources to community-based play, gamification and transparency. Standing out from the competition, Betty retains female players at a rate that is three times higher when compared to its competitors.

The Online Casino Benefits from Best Practices in the iGaming Sector

Robin Reed, HappyHour’s Managing Partner, highlighted Betty’s efforts to engage with and retain female players while ensuring exceptional experiences via its quality platform. Finally, he said: “It’s a privilege to support their growth, both in terms of capital and product expertise, and we look forward to continuing on this exciting path together.”

“Betty has a clear vision and plan to differentiate themselves in the market by prioritizing female online slot players and by building an in-house platform.“

Robin Reed, managing partner at HappyHour

Salim Mitha, Powerhouse Capital’s managing partner and former EVP for Playtika, added that Betty currently leverages some of the best practices for the online gambling sector. According to him, the company’s success is evident thanks to those practices. Finally, Mitha said Betty leverages this extensive knowledge and strategies, allowing it to benefit from increased revenue and customer engagement.

The post Betty Online Casino Raises $5M Investment, Plans Growth appeared first on Keno Wizard.

The leading hospitality and gaming company, Caesars Entertainment, announced a major financial move Wednesday. The company confirmed in a statement that it plans to sell some $1.5 billion in bonds. The bonds would be available for qualified institutional buyers in a private placement in line with Rule 144A of the Securities Act of 1933. The aforementioned amount of bonds, described by the company as senior secured notes, are due in 2032. According to Caesars, the notes will be guaranteed by its domestic subsidiaries, subject to the relevant regulatory approvals.

“Caesars Entertainment, Inc. today announced that the Company, intends to offer, subject to market and other conditions, $1,500.0 million aggregate principal amount of senior secured notes due 2032 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to persons outside the United States under Regulation S of the Securities Act,“

reads a statement released by Caesars Entertainment

Besides offering $1.5 billion in bonds, the company confirmed plans to secure a new $2 billion senior secured term loan facility described as the “New Term B-1 Loan.” This would be achieved through an amendment to the existing CEI Credit Agreement. Still, Caesars explained that the closing of “the New Term B-1 Loan under the CEI Credit Agreement is not a condition to the closing of the sale of the Notes.”

The gaming and entertainment company revealed that the proceeds from the term loan and notes would be used to address current debt obligations, and this includes the company’s 6.250% Senior Secured Notes due 2025. Additionally, the loan and note proceeds would also satisfy expenses and fees related to the aforementioned transactions.

Preliminary Q4 2023 Results Deviate from Projections

The announced strategic financial move follows the release of Caesars’ preliminary Q4 results. Earlier this month, the company uncovered details regarding its expected performance for the fourth quarter of 2023, highlighting that the EBITDA and sales projections of analysts may deviate from the actual results.

Caesars estimated that its revenue for Q4 2023 is expected to be between $2.815 billion and $2.835 billion, just shy of the Wall Street prediction of $2.89 billion. EBITDA for the period is expected to be in the range of $920 million and $940 million, under the projections of analysts for $957 million.

The post Caesars Offers $1.5bn in Bonds, Plans New $2bn Term Loan appeared first on Keno Wizard.

The fast-growing sports gaming and sports media company, Betr, announced ambitious plans for the year ahead. Today, the company confirmed it anticipates expanding across the United States after securing several sports betting market access agreements.

Betr’s beta product, referred to by the company’s co-founder Joey Levy as V0, is currently live in Ohio, Massachusetts and Virginia. However, the leading betting company said that it plans to roll out V1 of its Sportsbook product in several states ahead of the start of the 2024 NFL season.

The ambitious plans for expansion in the sports betting sector across the US include launches in Pennsylvania, Kentucky and Colorado, three states where the company secured market access for its sportsbook. Additionally, in Pennsylvania, Betr secured iGaming market access, paving the way for its first launch within the online casino sector.

In a statement, Betr confirmed it joined forces with Cordish Gaming Group, securing market access to the iGaming vertical in the state. Still, it’s important to note that prior to launching Betr Casino in Pennsylvania, the company needs to secure approval from the state’s gambling regulator.

On the other hand, Betr’s online sports betting market access to Kentucky was facilitated via a deal with the Eastern Band of Cherokee Indians. Previously, the Eastern Band of Cherokee Indians acquired a stake in Betr which has increased.

Finally, teaming up with Boulter Developments granted Betr access to the online sports betting market in Colorado. Similar to the previous market access agreement, this one is also subject to approval from the gambling regulator, the Colorado Division of Gaming.

An Exciting Year Ahead for the Company

Joey Levy, Betr’s CEO and founder, revealed that there are exciting times ahead for the company considering the upcoming launch of its V1 Sportsbook and Betr Casino, planned for this year. He also spoke about Betr Picks, the company’s leading real money fantasy sports product.

“We are thrilled to announce our new market access partnerships for Sportsbook and the introduction of Betr Casino in 2024 ahead of our V1 Sportsbook launch.“

Joey Levy, founder and CEO of Betr

Ahead of the 2023 NFL season, Betr rolled out Betr Picks which is now live in more than 20 different states. “Through the success of Betr Picks, we have validated that our playbook of simpler and more intuitive user experiences built for casual fans on the product front, and original short form video built for the next generation of sports fans on social media on the distribution front, are winning strategies for rapidly and efficiently scaling a new real money gaming business in the US,” explained Levy.

He outlined that the company anticipates replicating the success of Betr Picks for its Betr Casino and Betr Sportsbook throughout 2024 and beyond. Finally, Levy said Betr expects to have a solid foundation for four separate business units, including Betr Sportsbook, Betr Casino, Betr Fantasy and Betr Media by the end of the year.

The post Betr Shares Ambitious Plans for Betting and iGaming Expansion appeared first on Keno Wizard.