Maryland Lottery and Gaming published information about the financial performance of the state’s six casinos in February 2024. According to the regulator, revenue remained more or less stable.

The authority said that the six casinos have reported a total gaming revenue of $159.22 million for February. This figure represents a modest 1.4% year-on-year increase from February 2023, when the casinos declared revenue of $157 million.

However, fiscal year to date revenue, representing the period from July through February experienced a slight decline. Whereas Maryland’s casinos reported revenue of $1.37 billion for the previous year to date period, they now reported revenue of $1.28 billion.

In February 2024, The Free State’s casino contributed $67.79 million to the state, representing an increase of 1.3% year-on-year. Contributions to the Education Trust Fund stood at $48.9 million, an increase of 0.5% from February 2023. The casinos also contributed money to the local horse racing industry, as well as to small, minority- and women-owned businesses. 

The Casinos’ Performances Varied

Maryland Lottery and Gaming also published data about the performance of its six commercial casinos.

MGM National Harbor, a Prince George’s County-based property, reported revenue of $66.83 million in February. This represents an increase of $1,234,645 (1.9%) from February 2023. The casino sports 2,276 slots and 207 gaming tables.

Live! Casino & Hotel, meanwhile, posted revenue of $59.34 million, representing an increase of 6.5% from February 2023. The venue is located in Anne Arundel County and has some 3,860 slot machines and 179 table games.

The Horseshoe Casino in Baltimore City, on the other hand, reported February revenue of $14.95 million, highlighting a year-on-year decline of 8.2%. The casino has 1,371 slots and 115 table games.

Hollywood Casino Perryville, a property boasting 689 slot machines and 23 table games, reported revenue of $7.4 million for February, marking a year-on-year increase of 1.4%.

The Ocean Downs Casino in Worcester County disclosed revenue of $6.35 million, a decrease of 7% year-on-year. For reference, the casino has 859 slots and 19 gaming tables.

Finally, the Rocky Gap Casino in Allegany Country reported revenue of $4.34 million in February. This translates into a decline of 18.6%. The casino has 620 slot machines and 16 table games.

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The leading North American sports betting and iGaming operator, DraftKings, released its latest financial report. On Thursday, the company disclosed details regarding its performance for the fourth quarter and fiscal year 2023, highlighting a significant increase in revenue.

DraftKings’ latest unaudited report reveals that its revenue for 2023 hit $3.67 billion. This result, compared to the $2.24 billion figure posted for the fiscal 2022 shows an increase of nearly 64% year-over-year.

Besides year-over-year, the company posted exceptional results during the fourth quarter as well. In Q4 2023, DraftKings’ revenue soared to $1.23 billion. A comparison to the $855 million reported for the same period in 2022 shows an increase of $376 million or 44%.

The company explained that the result comes after a “continued healthy customer engagement, efficient acquisition of new customers, the expansion of the Company’s Sportsbook product offering into new jurisdictions, and product innovation leading to increased parlay mix and thus higher structural sportsbook hold percentage.”

The fourth quarter marked an uptick in the number of monthly unique players (MUPs). The latest trading update reveals that DraftKings’ MUPs in Q4 increased by 37% year-over-year to 3.5 million. DraftKings said that this uptick highlights strong customer retention and acquisition rates for its iGaming and sportsbook products. Moreover, the company acknowledged that its expansion into new jurisdictions positively impacted the number of MUPs.

The Company Ends 2023 with Excellent Results

Jason Park, DraftKings’ chief financial officer, revealed that the latest results underline the company’s ongoing commitment to implementing operating efficiencies and delivering strong revenue growth. In light of the exceptional performance for the fourth quarter and the first six weeks of 2024, he confirmed that the company updated its revenue guidance.

Park explained: “We are raising the midpoint of our fiscal year 2024 revenue guidance range to $4.775 billion from $4.65 billion and the midpoint of our fiscal year 2024 Adjusted EBITDA guidance range to $460 million from $400 million.” Finally, the chief financial officer said DraftKings anticipates 2024 will be its first full year of positive adjusted EBITDA.

“DraftKings ended 2023 with excellent performance across customer acquisition, retention and engagement as well as structural sportsbook hold percentage despite the worst stretch of sport outcomes we have seen as a public company in the fourth quarter.“

Jason Robins, CEO at DraftKings

Jason Robins, DraftKings’ CEO, also highlighted the strong results posted by the company for the last quarter of 2023. He said that despite challenges related to the outcome of sports events, DraftKings demonstrated strong customer engagement and retention. Focusing on 2024, Robins predicted that the company would keep the focus on its customers while growing the reach of its products and delivering supreme services.

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Catena Media released its latest financial report, uncovering details regarding its performance for the fourth quarter and full year 2023. Released Tuesday, the new report acknowledged “weak” quarter results amid an ongoing investment that seeks to propel future growth and profitability.

Details disclosed by Catena reveal that its Q4 2024 revenue from continuing operations took a hit, decreasing by 41% to €14.5 million ($15.5 million). Not unexpectedly, the company’s North American revenue plummeted as well, decreasing to €12.3 million ($13.2 million). This result marked a year-over-year decrease of 43% when compared to the €21.5 million ($23 million) reported in North American revenue for Q4 in 2022.

Similarly, adjusted EBITDA from continuing operations also took a hit between October and December 2023. Catena revealed that its adjusted EBITDA for the aforementioned period halted at €1.5 million ($1.6 million) a result representing an 88% decrease when compared to the corresponding period in 2022.

The number of new depositing customers (NDCs) for Q4 2023 decreased as well. NDCs in Q4 2022 were 56,040, a figure that decreased by 43% to 32,032 for Q4 last year.

When it comes to the yearly performance, the latest financial update also revealed decreasing results. Between January and December 2023, Catena’s revenue was down year-over-year by 22% to €76.7 million ($82.2 million). North American revenue halted at €67.1 million ($71.9 million), down by 21%, while adjusted EBITDA from continuing operations marked a 47% dip to €25.4 million ($27.2 million). NDCs posted a decrease year-over-year to 184,257 in 2023. In contrast, the 2022 result was nearly 20% higher.

The Company Anticipates Resumption of Organic Growth

Michael Daly, Catena’s CEO, commented on the topic explaining that the latest results were “disappointing,” adding that he isn’t satisfied with the recently released figures. Yet, he highlighted an ongoing plan the company initiated in 2023 that involved investments in both artificial intelligence (AI) and technology.

“Rapid technological developments and the emergence of artificial intelligence (AI) are reshaping the media industry. For the online sports betting and casino gaming sector, the changes will be huge. At Catena Media we are determined to be a leading force in this new landscape.“

Michael Daly, CEO at Catena Media

Daly said that Catena wants to become a disruptor in the sports betting and gaming sector by leveraging innovative technology that can help reshape the verticals. He revealed that the aforementioned investments have already accelerated.

Catena’s CEO predicted that those investments would help position the company well for future growth. Daly predicted that the company would return to a long-term growth trajectory with the resumption of organic growth, expected around the second half of this year. Moreover, he said Catena expects to generate full year adjusted EBITDA in 2024 within the range of €20 million ($21.4 million) to €30 million ($32.2 million).

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New York continues to break its online sports betting revenue records month after month, once again publishing unprecedented results in January. According to official data, licensed sportsbooks recorded a total sports betting GGR of $211.5 million.

This figure smashes December’s previous record, attesting to the fact that the New York betting sector is yet to unfold its full potential. For reference, sportsbooks posted revenue of $188.3 million in December 2023.

Sports betting handle, on the other hand, failed to surpass the $2 billion mark just barely as the state’s sportsbooks reported handling a total of $1.96 billion in bets. Despite the slight decrease on December, this figure still represents a significant 11.5% year-on-year increase from January 2023.

While this figure interrupts New York’s $2 billion monthly handle streak, the overall results are still very positive.

FanDuel’s Market Share Exceeded 50%

Taking a look at how The Empire State’s licensed sportsbooks performed, data shows that FanDuel maintained its lead with a handle of $867.1 million. Thanks to that, the betting giant singlehandedly scooped up $109.2 million of the total GGR. This is notably the highest figure ever reported by a single operator in the state.

American betting powerhouse DraftKings came in second, recording a total of $664.8 million bets, which translated into GGR of $71 million. Caesars Sportsbook rounded up the top three with a handle of $198 million and revenue of $13.6 million.

Caesars was followed by BetMGM, which handled $118.8 million, resulting in $10 million in revenue. Rush Street Interactive, meanwhile, recorded a sports betting handle of $50.1 million and a GGR of $3.5 million. PointsBet players, on the other hand, wagered $31.7 million, resulting in revenue of $2.6 million.

Resorts World Bet trailed PointsBet with $6.9 million in bets and $752,478 in revenue. The last two spots were occupied by Bally Bet and Wynn Interactive, which posted $425,689 and $358,497 in revenue, respectively. Bally recorded a handle of $9.4 million while Wynn Interactive handled $8.8 million.

New York Sets Sights on Expanded Gambling Industry

In the meantime, New York continues to fight for the legalization of online casino gaming as Senator Joseph Addabbo introduced a new iGaming bill in the state. Unlike previous proposals, this one would allow the state to also launch online lotteries.

The bill in question just received an amendment and was recommitted to the New York Senate Racing, Gaming and Wagering Committee.

In other New York-related news, it seems that the Downstate casino licensing will be delayed further.

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Boyd Gaming, the leading online and land-based gambling operator with a strong US presence, released its financial results for the fourth quarter and full year ended December 31, 2023, pointing to strong growth in revenue. The latest unaudited report emerged Thursday and saw the company report $954.4 million in total revenues for Q4 2023. Compared to the $922.9 million result for the corresponding period in 2022, the latest result shows an increase of more than 3%.

The latest trading update reveals that Boyd Gaming posted $92.6 million in net income for the fourth quarter, representing $0.94 per share, a slight dip when compared to the Q4 2022 result of $172.7 million in net income or $1.63 per share. The total adjusted EBITDAR reported by the company for the fourth quarter of 2023 was $355.5 million, while adjusted earnings were $163.8 million.

A breakdown provided by Boyd Gaming revealed that its gaming and online segments were responsible for the lion’s share of the revenue in the fourth quarter. The total gaming revenue reported by the company in Q4 2023 hit $647.1 million, a result that was slightly below the $653.9 million figure from Q4 2022.

Yet, Boyd Gaming’s revenue from the online segment hit $124.1 million, up by $34 million when compared to the $89.7 million in online revenue reported for the corresponding period the prior year. The company explained that its online segment was positively impacted by the introduction of sports betting in Ohio dating back to January 2023.

In Q4 2023, Boyd Gaming posted food and beverage as well as room revenue of $75.5 million and $50.6 million respectively. Those results were on par with the Q2 2022 figures. Management fees and other revenues for the period were some $56 million.

Online Segment Boosts 2023 Total Revenue

When it comes to the 2023 results, Boyd Gaming also posted strong growth. According to the new report, the company’s total revenue hit $3.74 billion for 2023, a significant increase when compared to the $3.56 billion result for the prior year.

Not unexpectedly, gaming was responsible for the lion’s share of the revenue, a total of $2.61 billion, a result that was only slightly below the 2022 figure. However, the company’s online revenue for 2023 hit $422.2 million, completely surpassing the $254 million result from 2022.

“The fourth quarter’s strong performance was a fitting conclusion to another record year for our Company.“

Keith Smith, president and CEO of Boyd Gaming

Keith Smith, Boyd Gaming’s president and CEO, highlighted the strong performance of the company during the fourth quarter of 2023. He explained that the outstanding results are a testament to the diversification of the company’s portfolio in combination with strong investments and returns. “Our management teams continued to demonstrate their ability to efficiently manage the business, achieving property-level operating margins above 40% for both the fourth quarter and full year,” added Smith. Finally, he predicted further growth for Boyd Gaming on a global scale, efforts that are also expected to create long-term shareholder value.

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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.

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As sports betting continues to grow across the United States, more and more players across many states become involved in the hobby. This is strongly reflected in the increasing financial results posted by regulators across multiple jurisdictions. Oregon, for example, smashed its sports betting handle once again, posting a new all-time high figure.

For reference, bettors in The Beaver State wagered a total of $73.2 million on sports in December, surpassing the previous record of $71.9 million set in October last year. The figure is also 38.1% higher than the $53.8 million wagered in December 2022.

American football was the most popular sport in December and was singlehandedly responsible for almost a third of the total handle. For reference, football fans in Oregon wagered $23.1 million on football in December.

The second most popular sport was basketball, which attracted $16.5 million in wagers. Next up were soccer in ice hockey with $3.3 million and $2 million in wagers respectively.

Single bets remained overwhelmingly more popular, attracting $48.1 million in wagers. Parlay wagers, on the other hand, were responsible for $25.1 million of the total handle.

December was a record-breaking month for a number of other states as well, including Maryland. New Jersey and Massachusetts also posted strong results.

Oregon’s Revenue Smashed October’s Record

Oregon’s revenue results were also at their all-time high as DraftKings, the only legal sports betting operator in the state, posted revenue of $9.7 million. This figure represents a stellar 70.2% year-on-year increase and a 14.1% increase from October’s previous record of $8.5 million.

Sport by sport, the revenue metrics reflect the most popular sports in the state. Football was responsible for $3.5 million of the total revenue, followed by basketball at $2.9 million and football at approximately $606,000.

While single wagers were generally more popular, the revenue from parlay bets exceeded the revenue from singles. For reference, parlay bets generated $5.7 million in revenue, while single wagers brought in $4 million.

Last year, Oregon and DraftKings agreed to expand the number of available offerings, allowing fans in the state to wager on several more unusual disciplines. This included the Tour de France, Major League Baseball’s Home Run Derby, the American Cornhole League World Championship and, most notably, Nathan’s Hot Dog Eating Contest.

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Maryland has once again smashed its sports betting handle record, surpassing even November’s jaw-dropping results. As reported, the Free State’s sports betting industry recorded a stellar $559.9 million in handle.

The December results are 1.7% higher than the ones recorded in November when the local fans wagered a total of $550.7 million. They also represent an impressive 17.1% year-on-year increase.

For reference, Maryland launched betting in December 2022. While the inaugural month was also quite strong, the betting industry has once again demonstrated its potential to grow, adapt and attract new customers.

An overwhelming 96.7% of all bets were placed online, mirroring existing trends in other states where both online and retail betting are legal. For reference, fans in Maryland wagered a total of $541.7 million with digital sportsbooks – a figure that includes $19.7 million in free bets. The remaining $6.2 million was spent across Maryland’s land-based sportsbooks and includes $32,146 in free wagers.

Maryland’s Record-Breaking Handle Attests to the Market’s Maturity

The high handle resulted in fairly stable revenue as the state’s sportsbooks reported an overall taxable win of $62.3 million for December. This represents a month-on-month increase of 49.8% but also a 26.7% year-on-year decline. For reference, the state’s online sportsbooks earned $60.1 million, while retail operators reported $2.3 million in taxable win.

In total, Maryland’s sportsbooks paid $6.5 million in taxes, most of which came from the digital betting sector. This money goes to the Blueprint for Maryland’s Future Fund, an initiative dedicated to supporting public education in the state.

As reported by Southern Maryland Chronicle, John Martin, director of Maryland Lottery and Gaming, commented on this year’s results, praising what he called a “maturation of the market.” According to him, this maturity will allow Maryland’s twelve online and thirteen retail sportsbooks to contribute a lot more to taxes than initially estimated.

For reference, experts believed that the fiscal year would see operators generate between $25 million and $30 million in taxes. However, this number may even surpass $40 million, according to Martin.

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Kindred Group has published its unaudited interim report for the period from January to September 2023. Revenue in the third quarter remained stable, leading to positive year-to-date results.

In Q3, Kindred’s revenue reached GBP 283.9 million (roughly $360 million), representing an increase of 2%. Gross winnings revenue from the business-to-customer division increased by a single percent to GBP 274.7 million ($348 million). In the meantime, underlying EBITDA increased by 6% to GBP 42.6 million ($54 million).

Kindred also reported that profit before tax and profit after tax were GBP 15.1 million ($19.1 million) and 12.6 million ($16 million), respectively. Earnings per share in Q3 reached GBP 0.06 ($0.076) and the company recorded a 7% increase in active customers (now 1,563,762).

The company reported a decline in cash flow, which amounted to GBP 24.5 million ($31 million) at the end of the quarter.

The year-to-date revenue stands at GBP 897.6 million ($1.137 billion), representing an 18% increase. Gross winnings from the B2C segment increased by 16% to GBP 870.3 million ($1.1 billion), while underlying EBITDA increased by 64% to GBP 147.7 million ($187.2 million).

Profits before and after tax for the year-to-date period were GBP 78.6 million ($99.6 million) and 65.9 million ($83.5 million), respectively. Earnings per share reached GBP 0.30 ($0.38). The overall free cash flow for the period was GBP 56.5 million ($71.6 million).

Kindred added that it expects FY 2024 underlying EBITDA of GBP 250 million ($317 million). The company is still assured that it will achieve its EBITDA target of GBP 200 million ($253.5 million) in 2023.

Kindred to Exit North America & Lay Off Workers

Nils Andén, Kindred’s interim chief executive officer, commented on the results, reporting continued growth in Kindred’s casino segments in the UK and Netherlands. Despite that, the company was set back by a number of regulatory challenges.

While the company remains a leader in the Netherlands, its sports betting business underperformed, leading to suboptimal overall performance. Still, Andén expects Kindred to meet its EBITDA target unless it is further set back by unimpressive activity within the betting sector.

In the meantime, Kindred continues its strategic review as the company seeks to improve shareholder value through a third-party transaction. CEO Andén used the opportunity to announce two major operational initiatives, including the company’s controlled exit from the North American market, a reduction in headcount and operational costs and an increased focus on core markets.

Taken together, expected annualized gross cost savings from exiting North America and reducing headcount and other operational costs are estimated to be approximately GBP 40 million.

Nils Andén, CEO, Kindred

Andén is confident that Kindred is in a good position to do better and deliver favorable growth across its core markets.

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The international gaming solutions provider, Intralot, released its latest financial update, uncovering details regarding its performance for the third quarter of 2023. Besides Q3 2023, the latest report shared insights regarding the company’s performance for the nine months ended September 30, 2023.

Intralot’s Q3 2023 revenue hit €104.8 million ($114.5 million). This result, compared to the €96.9 million ($105.8 million) reported for the same quarter in 2022, shows that this year, an increase of 8.1% is observed. On the other hand, gross gaming revenue (GGR) for Q3 2022 halted at €88.1 million ($96.2 million), while this year, it increased by 11.9% to €98.6 million ($107.7 million).

EBITDA in Q3 this year increased as well. The new financial update reveals that Intralot’s Q3 2023 EBITDA hit €38.2 million ($41.7 million). A comparison to the €33.0 million ($36 million) posted for the same period in 2022, shows that during the latest trading period, the company has seen growth of nearly 16% year-over-year.

While Q3 2023 revenue increased year-over-year, the results for the first nine months showed a slight decrease. The new financial report confirmed that Intralot’s revenue for the first nine months ended September 30, 2023, halted at €280.0 million ($305.8 million). This result, compared to the €301.7 million ($329.5 million) figure posted for the same period in 2022, shows a decrease of 7.2%.

While revenue decreased for the first nine months this year, GGR increased by 2.2% hitting €262.2 million ($286.3 million). Similarly, EBITDA for the first nine months of 2023 increased by 14.7% year-over-year, hitting €101.0 million ($110.3 million).

The Company Posted Strong Results, Says CEO and Chairman

Sokratis P. Kokkalis, Intralot’s CEO and chairman, spoke about the latest figures, explaining that the “results demonstrate Intralot’s new strengths returning to NET profits, strong EBITDA growth and cash flow generation, hence fulfilling all the goals we have set out.” He outlined that the company recently completed an important Share Capital Increase by raising funds for a total of €135.0 million ($147.4 million). Finally, Kokkalis said: “I would like to thank all the investors who participated and trusted our vision and capability to deliver even stronger results in the future.”

Another important achievement for the company after the recent trading period was the extension of its agreement with OPAP. Announced back in October, the agreement with OPAP was extended from August 2025 until the end of July 2026. Upon announcing the extended agreement, the duo unveiled that two one-year extensions are also possible.

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