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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Genius Sports, a data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, has published its financial results for the second quarter of the year, highlighting its recent successes. The company’s revenue for the period exceeded the company’s expectations, causing it to update its guidance.

As reported by Genius Sports, its revenue exceeded the Q2 guidance of $80 million, sitting at $86.8 million at the end of the quarter. This represents a year-on-year increase of 22%.

Betting technology revenue increased by 27% year-on-year. Media technology and sports technology revenues, on the other hand, increased by 22% and 3%, respectively.

The company also reported group adjusted EBITDA of $15.7 million, which exceeds the guidance of $14 million. Year-to-date group adjusted EBITDA, meanwhile, more than quadrupled year-on-year to a stellar $24 million.

Furthermore, Genius Sports reported lower loss from operations. Whereas the company lost $39.7 million in Q2, 2022, it lost only $7.8 million in Q2, 2023. The favorable results were attributed to the improved underlying performance but the improvement was sadly offset by a $29 million reduction in gain on foreign currency.

Genius Sports updated its group revenue and adjusted EBITDA guidance for the year, following its spectacular performance during the quarter. According to Genius Sports, the company now expects group revenue to reach $410 million, instead of $400 million.

Adjusted EBITDA guidance, meanwhile, was updated from $49 million to $52 million. In addition, the company expects to expand group adjusted EBITDA margins from 5% in 2022 to 13% in 2023.

Q2 Was a Productive Period for the Company

In its report, Genius Sports also highlighted some of its achievements in Q2, which include, among other things, an extension of its strategic partnership with the National Football League. Moreover, it extended its official data partnership with Football DataCo.

Another sports agreement was an AI-powered tech expansion with the EPL and EFL through cutting-edge Second Spectrum technology. Genius also supplied the FIFA Women’s World Cup Australia & New Zealand 2023 with innovative digital features, once again using Second Spectrum.

Genius Sports also expanded its integrity program with The German Football Association and secured a bunch of accolades, including Best Technology for College Sports at the Sports Technology Awards 2023 and the Sports Betting Supplier award at the EGR North America Awards 2023.

CEO Mark Locke commented on the performance. He said that the company has reached a “significant inflection point in its business.”

Locke said: “The ongoing success through the second quarter perfectly demonstrates our balanced approach in delivering near-term results, while accelerating Genius towards our long-term growth and profit targets.”

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When entering a casino floor, visitors are required to comply with certain regulations. It’s a common rule for casinos around the world to prohibit customers from carrying any type of firearm or weapons such as knives or blades. While some casinos allow taking photos, others have strict rules that prohibit such activities. But given the rocketing popularity of social media and live streaming, gambling operators start to see the picture more clearly and open up to the idea of social media spreading content from the casino floors.

One gambling giant that has implemented changes to its rules about video streaming and photos, in particular, is MGM Resorts International. The globally-recognized gaming and entertainment company takes care of nine casino resorts in Nevada alone. Only recently, it has announced the implementation of new policies related to table games and guest technology use.

The latest update implements changes to MGM’s Gaming Streaming/Video/Photo policies and according to a statement released by the company, are in effect for its Nevada-based properties. Ultimately, the changes seek to allow guests to be able to take videos and photos. Of course, the updated policies specify that this can be done “when appropriate.” Additionally, guests would be able to share different content via social media that can be pre-recorded or broadcasted live, an activity that is popular as streaming.

“The new policy is aimed at allowing our guests to take photos and videos, and, when appropriate, to share that content in real or in near real-time via social media broadcasts (“streams” or “streaming”) while limiting the risks associated with allowing photography, filming and streaming in MGM Resorts’ gaming establishments,“

reads a statement released by MGM Resorts International

The Updated Policies Seek to Find the Right Balance

According to MGM, the changes also enable the company to find the right balance when it comes to guest privacy. Still, before engaging in live streaming or taking videos, guests would need to notify the specific venue’s management team. Then, once they are granted approval, they would be able to engage in such activities.

The changes affecting Table Games allow the players to send texts as long as they do not delay an ongoing game. Guests can talk briefly over their phones in case they are not “playing the round in progress.” Additionally, visitors are allowed to take photos of their hands “for personal reasons.”

Along with the permissions, MGM outlined actions that are forbidden for Table Games players. The guests are not allowed to leave “any object laying on the table for extended periods.” Long talks over the phone as well as taking photos of different gaming equipment are also forbidden per the updated rules. Protecting the privacy of the casino employees, guests are also not allowed to take their pictures or photograph other players. It’s no surprise that playing music, any audio or recording audio (unless when necessary for streaming) is not allowed.

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The new partnership inked between Baha Mar Casino, the largest and most luxurious casino in the Caribbean and San Diego-based Quick Custom Intelligence (QCI) started on February 21, 2023. 

Baha Mar Casino Hitting the Refresh Button on Its Slots

According to the terms of the agreement, the casino’s current slot games will go through an upgrading process with the help of QCI’s platform. The latter is a data-based software that provides state-of-the-art technology for well-coordinated activities across all operations. 

The QCI platform will work by optimizing Baha Mar’s casino slot product. This will be done by gaining a better understanding of its player interactions, learning which machines record the highest performance and ultimately bringing performance improvements across all available slot machines. 

At the moment, the new QCI Slots product is still being installed throughout the property which features floor-to-ceiling windows overlooking the beautiful Bahamian waters. The dedicated casino operations crew will initiate its training for the new product in the near future.

Baha Mar Casino’s senior vice president of casino operations John Zaremba has expressed their thrill regarding the inclusion of the fresh QCI Platform across their current slots. Zaremba also anticipated the impact that QCI’s Platform will have on the way they will be running their operations in the future while providing them with the necessary tools to “make strategic decisions on how to improve the gaming experience all around.”

QCI’s chief executive officer Dr. Ralph Thomas took the opportunity to welcome Baha Mar Casino into the QCI Community which currently comprises over 100 casino resorts and 4,000+ active users of their platform. Thomas added that Baha Mar Casino’s decision to choose the QCI Enterprise Platform is additional proof of how important it is for them to keep creating products that truly match the needs of their customers. 

The gorgeous location in The Bahamas offers a wide plethora of guest offerings designed for all types of players including casual players and high-stakes rollers. The casino hosts more than 1000 slot machines, along with 18 table games and live sport betting options provided by William Hill. 

Baha Mar Casino offers just the right mix of engaging gameplay, luxury, and eye-catching sceneries and it is joined by the Royal Blue Golf Course, the Baha Bay luxury water park, 2,3000 hotel rooms, over 45 restaurants and lounging rooms, a flagship spa, and dozens of luxury retail outlets which are all part of the integrated Baha Mar resort in Nassau.

Between January 22 and February 3, 2023, Baha Mar Casino hosted the PokerStars Players No-Limit Hold’em Championship. 

Last December, QCI announced it would power Black Oak Casino Resort with its solutions. 

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