Sportradar released a new update on the performance of its Alpha Odds tool, announcing that it has boosted clients’ profits by an average of 10% in 2023.

For reference, Alpha Odds is an automated odds recalculation tool which allows gambling companies to generate bespoke betting prices that take their risk exposure and liabilities in mind. Alpha Odds was launched in 2022 and has since benefitted over 60 betting operators across the globe.

What makes Alpha Odds special are its AI capabilities and pricing models that provide reliable probability prediction, allowing operators to manage their risk more effectively. When paired with real-time and predicted liquidity, Alpha Odds ensures trading efficiency maximization that corresponds to the trading strategies of Sportradar’s operator partners.

Sportradar also pointed out that an analysis of 17 million betting tickets across 60 of its clients showcased the reliability of the artificial intelligence models within the odds recalculation service.

According to Sportradar, Alpha Odds delivered an average trading efficiency improvement of 11% for clients, compared to the performance of its conventional odds product. This difference was attributed to Alpha Odds’ capabilities, which were able to adjust betting prices in real-time, thus stabilizing clients’ trading operations.

Alpha Odds Received ISAE Certification

Furthermore, Alpha Odds’ financial reconciliation aspect was recently independently certified by auditors PwC, allowing the solution to achieve the International Standard in Assurance Engagement (ISAE) 3402 Type 1 for matching and client invoicing calculation systems.

This certification, Sportradar clarified, attests to the company’s robust computational practices and superior visibility when it comes to the processes behind Alpha Odds.

Darren Small, Sportradar’s senior vice president of managed trading services (MTS), commented on the matter, pointing out that Alpha Odds has been transforming trading betting markets since 2022.

Commenting on the recent certification, Small said that it confirms the effectiveness of the solution and shows that Sportradar is a company that partners can trust.

The independent ISAE certification validates the performance of Alpha Odds and provides confidence to clients that the associated financial aspects of the solution are transparent and accurate.

Darren Small, SVP of MTS, Sportradar

Meanwhile, Sportradar just extended its data deal with kwiff, the super-charged betting service.

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The Nevada Gaming Control Board said the betting handle in November 2023 had reached $921.9 million, a notch down from the $928 million reported during the same 30-day period in 2021, but it was still a rather moribund result all things considered.

Nevermind the Sports Betting Lull, Profits Are Coming

November’s handle had indeed been slightly off the mark, but it didn’t do too badly for the actual sportsbooks that managed to retain the bulk of profits despite the trailing interest. Mobile betting generated 67.8% of the total wagers posted during the month, accounting for some $625 million, and still down by $17.5 million from November 2022, building on October’s success.

Yet, for all these lukewarm results and lack of growth, sportsbooks posted a 4.45% held percentage, or some $40.1 million. This was a strong gain on the 4.05% held posted in November 2022 and saw the companies stand tall despite the slightly suppressed betting interest.

Then, there was gaming, which continued to grow at a good pace. The Silver State reported some $1.3 billion collected, marking a 12.5% increase from the same 30-day period in 2022. Results in gaming have been steadily improving throughout the year for the company with The Las Vegas Strip once again leading the way in terms of total gaming wins, posting $821 million, a significant chunk of the total.

This has been the second-highest win that gaming venues in Nevada posted in the state’s history, with many analysts attributing this success to the Formula One fanfare and interest. Although the race did cause a lot of headaches, and many tourists and locals grumbled, the numbers released by the Nevada Gaming Control Board seem to contradict and rebuke that negativism.

Baccarat High Rollers Boost Gaming Results

In fact, the four-day period from November 16 through November 20 seems to have been particularly profitable, according to Michael Lawton, a senior economic analyst. Despite the rather uncomfortable organization and the disruption to the usual day-to-day of locals and visitors, Nevada had made the right choice.

However, the most significant gain may have come from high rollers with baccarat’s gaming proceeds growing by 78.6% during the month, indicating that many well-heeled gamblers have arrived to watch and have fun around the Las Vegas Strip.

The post Nevada’s Betting Handle Dips in November 2023 but Profits Soar appeared first on Keno Wizard.

Recently, Bragg Gaming Group, a B2B provider of content-based iGaming technology based in Toronto, Canada, revealed its financial results for 2Q23, which officially ended on June 30 of this fiscal year, where it showed that its income grew by 18.9% to an incredible €24.7 million. However, it also adjusted its profits and Adjusted EBITDA growth targets for the entire fiscal year 2023.

Additionally, on August 10, the provider held a conference call where the main topic was earnings from the second quarter of the specified year and a replay of the said call will be accessible till August 17.

Outline of 2023 operational and financial peaks

As Bragg reports its earnings in EUR, the table below shows that gross revenue rose 18.9% to €13.8 million, which is roughly USD $15.2 million, compared to €11.6 million during 2022, which further represents a gross income margin of 55.9%. The Adjusted EBITDA then increased by 51.3% to €4.7 million compared to €3.1 million during the second quarter of 2022, showing an Adjusted EBITDA margin of 19.2% compared to 15.1% during the same quarter in 2022.

Furthermore, betting income collected from games and additional content provided by the firm grew by 31.2% to €5.5 billion in comparison to €4.2 billion generated in 2022, the net profit for the 2Q23 was €0.4 million which is an increase compared to €0.1million in 2Q22.

In terms of operations, total revenue was €5.2 million, cash and cash equivalents as at June 30, 2023, were €10.7 million and net working capital, excluding deferred payments, was €8.3 million.

(1) Bragg’s reporting currency is the Euro, as mentioned above. The quoted exchange rate is EUR €1.00 = USD $1.10. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only;
(2) Adjusted EBITDA is the Company’s non-IFRS measure.

Commenting on the increase in profits during the said quarter, Yaniv Sherman, CEO of Bragg, said: “Bragg’s initiatives to focus the business to be a leading content-driven iGaming B2B provider combined with disciplined expense management, resulted in record second quarter operating results. Second quarter revenue and gross profit both rose nearly 19% year over year to €24.7 million (USD $27.2 million) and €13.8 million (USD $15.2 million), respectively, while Adjusted EBITDA increased more than 50% to €4.7 million (USD $5.2 million). These results reflect, in part, our continued shift towards a revenue mix of higher-margin products including in-house created proprietary and exclusive third-party content, turn-key Player Account Management (“PAM”) and managed services partnerships. The mix shift helped drive a 410-basis point improvement in our Adjusted EBITDA margin to 19.2%, an all-time quarterly record.

“During the second quarter we further advanced our efforts to scale the global distribution of our proprietary and exclusive third-party content. We continue to grow our distribution in North America as in the first six months of this year we launched our proprietary and exclusive third-party content across seven operators in three North American markets. We are similarly focused on expanding our presence in Europe as we launched with ten operators in five European markets in the same time frame, including now being live with nearly all of the operators in Switzerland and having the leading PAM in the Netherlands. With our successes on this front, we continue to accelerate our new game launches, with 30 new proprietary or third-party exclusive games introduced globally in the first half of the year, and up to 40 additional new games expected to be introduced by year end. The growing distribution of our new games to new partners demonstrates the significant value and engagement of our content as well as our progress in transforming Bragg into a must-have content supplier for leading global iGaming operators.

“With significant and ongoing progress on our key strategic initiatives Bragg is positioned to deliver further year over revenue and cash flow growth in the second half of 2023 and beyond. Our balance sheet and strong cash flow has us well capitalized to execute on our growth initiatives. We are confident we have the right strategies and infrastructure in place to continue fortifying our position as a leading B2B iGaming content provider and that our business momentum will create new value for our shareholders.”

What’s more, in addition to sustaining business momentum during the first half of 2023 and ongoing talks regarding the long-term optimization of crucial customer alliances, Bragg also “updated its 2023 full year revenue guidance range to €95-97 million and its full year Adjusted EBITDA to €15.5-16.5 million.”

Crucial business events during the second quarter

Throughout the aforementioned second quarter of 2023, Bragg may boast of having achieved many important goals, such as:

• “New content and RGS technology went live with Rush Street Interactive in Pennsylvania, with FanDuel in Michigan and Connecticut, and with WynnBet in New Jersey;
• Entered into new global distribution agreements with Tier 1 operators 888 Holdings and PokerStars (Flutter):
• These agreements will expand the reach of Bragg’s content in leading European markets such as the UK, Italy, Portugal, Spain, Denmark, Sweden and in the U.S. in New Jersey, Michigan and Pennsylvania;
• Launched for the first time in the Eurasian territory of Georgia with Adjarabet;
• Expanded Switzerland and Spain reach with six new customers;
• Since April 1, 2023, the Company has made four monthly cash payments to Lind Global Fund II LP (Lind”) in the aggregate amount of USD $2.0 million, in lieu of conversion into common shares, avoiding further dilution. The total outstanding balance of the convertible security as of August 10, 2023, is USD $6.0 million;
• Bragg expects to utilize cash flow from operations to make similar monthly cash payments to further reduce the Lind convertible security.”

Source: “Bragg Gaming Group Second Quarter Revenue Rises 18.9% to Record €24.7 Million”. Bragg Gaming Group Official. August 10, 2023.

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The leading sports technology company delivering unique experiences for sports fans and bettors, Sportradar Group AG, released its latest financial results, revealing details regarding its performance for the second quarter of 2023. Results emerged Wednesday, revealing strong revenue growth and an increase in adjusted EBITDA for the quarter ended June 30, 2023.

Overall, Sportradar’s revenue in Q2 2023 hit €216.4 million ($237.8 million). A year-over-year comparison to the €177.2 million ($194.7 million) in revenue reported for the same period in 2022, shows that this year, the revenue grew by 22%.

Another strong growth was observed in adjusted EBITDA, considering it hit €40.1 million ($44.1 million) for the second quarter of this year. A comparison to the Q2 2022 period, when adjusted EBITDA halted at €27.6 million ($30.3 million), reveals growth of 46% this year. Judging by the latest report, the adjusted EBITDA margin increased slightly from 16% in Q2 2022 to 19% in Q2 2023.

While revenue and EBITDA increased for the second quarter of this year, Sportradar revealed that its profit for the period sustained a serious hit. Profits in Q2 this year fell to €30,000 ($32,300), down by 100% from the €22.8 million ($25.1 million) result reported for Q2 last year. In its latest trading update, the company revealed that this was the result of “a net negative impact from foreign exchange rates.”

In Q2, the Company Signed Multiple Strategic Deals

Besides the financial results, Sportradar highlighted multiple achievements during the latest trading period. The company confirmed that it continues to expand its presence in the US by expanding its long-term agreement with Caesar’s Entertainment. This collaboration designated the company as the official supplier of betting data from major sports leagues, including NHL, MLB and NBA.

Carsten Koerl, Sportradar’s CEO, shared his excitement about the latest results. He spoke about the strong performance the company demonstrated during the first half of this year and predicted that this growth will culminate in a record-setting revenue for Sportradar. “We hold a pivotal position in the global sports ecosystem and believe our talent, technology and diverse product offering positions us for strong future growth as we continue to execute against our strategic initiatives,” he added.

“We are very proud of our strong performance during the first half of 2023 and remain on track to achieve the highest annual revenue in the Company’s history.“

Carsten Koerl, CEO at Sportradar

During the second quarter, the company inked multiple strategic agreements. Back in April, Sportradar was designated as the official technology partner of the Delhi Capitals Academy, under the terms of a new agreement with the Indian Premier League franchise, the Delhi Capitals.

Then, again in April, Sportradar’s unit, Sportradar Integrity Services, joined forces with World Aquatics. Under the terms of the two-year agreement, the company agreed to safeguard international water polo matches.

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Some of the UK’s top charities will benefit this year from a donation that will be made by members of the Betting and Gaming Council (BGC). The council confirmed Thursday that leading bookmakers in the country vowed to donate all profits from the upcoming handicap Britannia Stakes Race at this year’s Royal Ascot.

Members of BGC that will contribute to the noble cause include bet365, Entain (Ladbrokes, Coral), 888 William Hill, Betway, Kindred (Unibet), Flutter (Paddy Power, Betfair, Sky Bet), Rank Group (Grosvenor Sport), Tote, Fitzdares and Bet as well as Virgin Bet and LivescoreBet.

All of those leading companies agreed to back the fundraising initiative and donate their profits. Britannia Stakes is a landmark race that will take place on June 22, 2023, at Royal Ascot. The profits of the bookmakers from the race will bring valuable funds for different charities such as SAS Regimental Association (SASRA), Together for Looked After Children, Ascot Racecourse Supports, Cystic Fibrosis Trust and the Holocaust Educational Trust.

Since 2019, when the BGC was created, it has helped raise more than £5.5 million ($6.8 million) for good causes, helping different charities. When it comes to the iconic big-field heritage handicap, BGC members helped raise some £1.2 million ($1.5 million) last year. It is unclear whether or not the donations from this year’s race will surpass the one from 2022. Yet, the BGC said that even if bookmakers don’t make a profit this year, they will make a combined donation of £250,000 ($309,300) which will benefit nominated charities.

Donations Continue to Help Charities

Alastair Warwick, Ascot Racecourse’s chief executive, explained that it is great to see leading bookmakers in the country once again contribute with donations to charities from the Britannia Stakes. Finally, Warwick noted: “The money raised since 2020 has been extremely well received, including by our own Ascot Racecourse Supports program and the contributions have enabled us to support some extremely worthy causes and carry out important work in the community.”

“I am once again delighted that the BGC’s largest members are helping celebrate the King’s Coronation by raising vital funds at the Royal Meeting for some of the country’s top charities.“

Michael Dugher, chief executive of the BGC

Michael Dugher, BGC’s chief executive, was similarly excited and said that it is great to see the raising of funds for charities in celebration of the coronation of the King. He acknowledged that those funds bring valuable support to charities in the UK. Finally, Dugher thanked everyone for their support and dedication to helping charities.

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Ukraine has been at war with its belligerent neighbor which illegitimately invaded the country in February 2022. The events ever since have been well-documented, with the United Kingdom taking the side of the victim.

William Hill Committed to Helping Ukraine

Now, William Hill wants to do its part and the company has vowed to donate 100% of its Eurovision profits to support displaced Ukrainian families. All bets placed on the contest through William Hill are going to be contributed to the Support Ukraine initiative, which is buying toys, staple foods, humanitarian aid for the displaced families, and more.

Commenting on this decision, William Hill spokesperson Lee Phelps has said that the company is committed to helping relieve the distress of millions of Ukrainians who have had their worlds upside down.

The Eurovision Contest was originally planned for Kyiv in 2023, but this is no longer going to be possible due to the ongoing war. “We must not forget the disasters Ukrainians are still battling through, and the continued support Ukrainians require both in their home country and for those who have sought refuge here in the UK,” Phelps added.

A spokesperson for the initiative said that Ukrainians were immensely grateful for the kind welcome they received from the UK and British people. The initiative’s representative expressed gratitude for William Hill’s decision.

Support Ukraine Thanks William Hill for Kindness

“We are especially thankful to William Hill for their fantastic gesture to donate all profits from betting on the event to our cause. We are deeply touched,” they said. It’s not yet clear what the expected size of the donation would be, but William Hill is going to confirm a final sum on Monday.

Support Ukraine has been growing over the past months, with the charity eliciting more donations over the past months and assisting Ukrainians seeking refuge in London. The organizaiton has been donating food, toys, and humanitarian supplies, and even seeking to dispatch necessities to those still in Ukraine who live in the border regions of the Russian offensive, or de-occupied territories, and need different supplies.

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Surging economic growth appears to be the theme across many popular Asian gambling destinations, as Macau also recorded a sharp rise in revenue. Its slow recovery after the COVID pandemic allowed other gambling hubs like Korea to flourish, challenging the Chinese territory’s previously undisputed regional monopoly.

The Region Suffered Tremendously during the Pandemic

Korea and Macau’s casino industries closely paralleled each other during the early pandemic, suffering tremendously from the border closings and lack of overseas visitors. Since 17 out of Korea’s 18 casinos only accepted foreigners, travel restrictions nearly destroyed them overnight. Macau fared slightly better, relying on a slow but steady flow of local bettors.

As the world started to recover, the tables began to turn. China’s Zero COVID policy significantly hindered recovery efforts, allowing other gambling destinations across Asia to pick up the slack and attract the influx of foreign bettors seeking to spend their money. Korean casinos happily obliged, fueling the ongoing stellar growth.

Asian Gambling Is on Its Way to a Full Recovery

Paradise Co, South Korea’s premier foreigner-only casino operator, reported triple-digit growth as revenue rose 130% over March 2022 to KRW42.7 billion ($32.5 million). These results continue the positive trend from the start of the year. The first three months of 2023 saw Paradise Co’s revenue soar 152% year-on-year, reaching KRW135.2 billion ($103 million). Table game profits performed even better, growing 252% to KRW1.26 trillion ($960 million).

The positive trend appears to hold across Asia, as Macau also enjoyed a meteoric rise in revenue. March GGR smashed projections soaring nearly 250% above the March 2022 results. Revenue for the first three months of the year hit MOP$34.6 billion ($4.29 billion), representing a 95% year-on-year increase. Packaged tours from China played a substantial role in the recovery, helping the region return to normal business operations.

The Resurgence Offers New Opportunities

Despite the similar resurgence in gaming revenue, South Korea and Macau’s gambling industries have little in common. Korean casinos maintain their focus on attracting foreign visitors and rely heavily on integration with the country’s thriving tourism sector. Meanwhile, over 90% of Macau’s tourists traditionally come from mainland China and Hong Kong, with foreigners viewed as a welcome addition.

While each approach is suited to the country’s strengths, the pandemic showed the value of diversification. Macau is trying to diversify its offerings beyond gambling to become a more family-friendly international destination. However, with other developed markets like Korea offering arguably better tourism experiences, the Chinese territory has to carefully consider where to invest its resources to keep up with the competition.

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