Revenue during the period reached €242.5 million ($281 million), Intralot reported. This was 2.9% short of the previous year but 0.3% higher on a constant currency basis.

Reflecting on the year-to-date, Robeson Reeves, who took over as group CEO in November, noted the impact of “strong” foreign exchange headwinds. He said these has skewed year-on-year comparisons for the period and backed the group to deliver its full-year goals.

“Intralot’s nine-month results as a standalone company show that it has been on track to deliver its goals for 2025, weathering strong FX headwinds,” Reeves said.

Considering the Bally’s impact for Intralot

Reference to standalone relates to the recent purchase of Bally’s international assets. The €2.7 billion acquisition completed in November, with Intralot taking full ownership of Bally’s International Interactive.

While the nine-month figures refer only to Intralot, Reeves noted the impact the addition of Bally’s will have moving forward. For the same period, Bally’s International Interactive saw revenue hit €548 million plus a 43% adjusted EBITDA margin in Q3.

“Our guidance for full-year 2025 pro forma the two entities annualised is expected in the area of €1.1 billion revenue and €435 million in adjusted EBITDA, with a combined margin of 40.65%,” he said.

B2B/B2G decline pushes revenue down

Breaking down performance during the 9M period, the B2B and B2G segment accounted for 95.1% of revenue. Excluding foreign exchanges variances, this was broadly in line with last year, falling 0.5%.

Intralot said its key markets continued to demonstrate “resilient” activity. In the US, revenue was up 2.3% in constant currency, while Australia saw 3.9% growth and Argentina 19.8%. In Turkey, however, results were negatively impacted by the application of the hyperinflation accounting treatment.

Turning to B2C, revenue increased 12.4% in Argentina. Intralot said that the local market saw strong expansion, supported by sustained economic momentum. However, the translation of results into euros was moderated by the effects of hyperinflation accounting.

For the business as a whole, lottery games drew 53.6% of overall revenue. Sports betting contributed 21.6% to the total, video lottery terminals 13% and IT products and services 11.8%.

Intralot slips to €3.1 million net loss

Gross profit for the period fell 15.9% to €83.7 million, although other operating income was up 4.8% to €23.1 million. In addition, operating costs were reduced 16.1% to €69.3 million amid lower spending in Turkey and the US, further supported by local currency devaluation.

Adjusted EBITDA edged down 1.6% to €90.1 million while margin increased from 36.7% to 37.2%.

Intralot noted €2.7 million in reorganisation expenses and a further €51.3 million worth of deprecation and amortisation. This resulted in €34.7 million in operating profit, a decline of 6.5%.

After accounting for interested and related expenses, as well as other costs, pre-tax profit was €8.8 million. This fell 17.1% short of the figure posted in the same period last year.

Intralot ended the nine months with a net loss of €3.1million, compared to a €6.5 million profit in 2024.

Intralot commits to ‘aggressive’ mitigation amid UK tax rises

The group also acknowledged news of higher tax rates on gambling in the UK. Set out in the autumn budget, these will see remote gaming duty increase from 21% to 40% and general betting duty from 15% to 25%.

Reeves said the increases were “higher than anticipated” and that Intralot will follow its “aggressive” mitigation scenarios to manage impact.

“Such tax increases have happened periodically in our markets and, historically, have led to market consolidation and market share growth for companies like Bally’s who have higher margins than other peers,” he said. “We still intend to deliver growth in the wagers accepted which combined with generosity reductions, marketing reductions and accelerated synergies will limit the tax increase impact and will only delay our growth plan by a year.”

With this, Intralot revised its 2026 EBITDA guidance to within the range of €420 million to €440 million.

CLSA analysts Jeffrey Kiang and Leo Pan anticipate total GGR of MOP258.43 billion (US$32.3 billion) for the coming year, “implying daily GGR of MOP709 million per day”. They further expect the gaming sector “to deliver low-teens GGR growth in the first half”.

Macau’s official budget projections are more modest. According to figures released on 21 November, the government expects GGR of MOP236 billion next year. The forecast reflects “caution amid global economic uncertainties”, officials stated.

At the end of the third quarter, CLSA projected total GGR for 2025 of MOP244.830 billion. It has since revised its estimate, “marginally [raising] that projection … by 0.4% as we insert the actual GGR print for October while keeping our forecast unchanged”.

Macau to end 2025 on a positive note

CLSA noted that revenue “momentum since June has continued into the fourth quarter of 2025”. Through October, GGR rose 8% year on year, to MOP205.43 billion.

In December 2024, Macau set a GGR target of MOP240 billion for 2025. Following a slow start to the year and ongoing economic turbulence, it reset the projected total to MOP228 billion.

Morgan Stanley, meanwhile, says the city’s gaming sector will end 2025 on a high note, with GGR up 16% for the fourth quarter following strong Golden Week performance.

An estimated 1.14 million people visited Macau for the eight-day national holiday, slightly below the government’s target of 1.2 million but surpassing the 2019 total of 974,000 arrivals.

In October, Allwyn announced it would combine with OPAP to create a business worth €16 billion ($18.5 billion). Allwyn will hold a 78.5% economic interest in the new company, with OPAP taking 21.5%.

Allwyn currently owns a 51.78% share of the total holding in OPAP through KKCG, its controlling shareholder, which first invested in OPAP in 2013. The merger is expected to close in H1 of 2026.

“For Allwyn, this represents the natural next milestone in our journey, with a public market listing expanding our capital markets access to equity markets and elevating the profile of Allwyn’s global platform,” Chvatal said.

Speaking during the operator’s earnings call, Chvatal said these agreements, coupled with the group focusing on establishing Allwyn as a consumer-facing brand, would prepare the business for further growth and strategic process over the coming years.

“We see the introduction of a single brand as an important enabler of our growth strategy, allowing us to connect with new audiences in new and existing markets and to achieve marketing synergies across the group,” he said.

“Our progress so far this year reinforces the strength of our proven strategy and, looking forward, we are well prepared to deliver the next phase of our growth story and further strategic progress.”

M&A drive

This was not the only M&A activity in recent months at Allwyn. In September, it agreed to acquire a majority stake in daily fantasy sports operator PrizePicks. Allwyn will acquire a 62.3% stake in PrizePicks, paying an initial cash consideration of $1.6 billion.

There was also an agreement to acquire a 51% majority stake in Logflex MT Holding Limited, the owner of online sports betting and gaming group Novibet, in H1. In addition, Allwyn will sell land-based casino assets in Germany and Australia and has acquired the remaining minority stake in Greece- and Cyprus-facing online operator Stoiximan.

Lottery remains king for Allwyn

Breaking down its Q3 results, total group revenue for the three months to 30 September reached €2.20 billion. This was 4% higher than the previous year.

Of this total, €2.12 billion was classed as gross gaming revenue, surpassing last year by 5%. Net revenue for the group in Q3 also climbed 5% year-on-year to €1.02 billion.

Again, lottery drew the most revenue at €551 million, a rise of 7%. Video lottery terminal (VLT) and casino revenue increased 6% to €139 million while sports betting revenue was 3% higher.

Allwyn drew €120 million from iGaming operations, up 2% from 2024. Incidentally, total online net gaming revenue for the quarter reached €343 million, some 8% more than last year. An additional €84 million was noted in revenue from non-gaming activities, which was level year-on-year.

Geographically, Continental Europe remains the group’s primary source of revenue at €729 million, up 6% year-on-year. This covers operations in Austria, Czech Republic, Greece, Cyprus and Italy. Within the region, Allwyn noted a “strong” lottery performance and “solid” growth in sports betting and VLTs and casinos.

In the UK, where Allwyn operates the National Lottery, revenue also increased by 6% to €250 million. Allwyn said digital was a key growth driver, with online gross gaming revenue up 10%, while it was also helped by high jackpots in the EuroMillions and targeted promotional activity.

However, it was North America where growth was most apparent. Revenue for the region was 15% higher at €55 million, helped by the consolidation of Instant Win Gaming stake in September last year.

Customer-friendly sports results hit Q3 earnings

Despite an upward revenue trend across the business in Q3, the same could not be said for earnings. Adjusted EBITDA for the period was 8% lower year-on-year at €374 million.

Allwyn said this was mainly due to a lower contribution from equity method investees, down €36 million from last year. This was driven by Betano, the performance of which was affected by customer-friendly sports results in September.

The group also noted the impact of recurring non-operating items that supported results in the comparative period. Simplification of the group structure on corporate costs increased €14 million year-on-year, hitting earnings this year.

Allwyn did not publish a full breakdown of its bottom-line performance but did reveal data for the year to date. In the nine months to the end of September, total revenue was €6.65 billion, up 6% from last year.

Of this, €6.39 billion went through as gross gaming revenue, 6% more than last year. Net revenue for the period topped €2.99 billion, which was 5% more than at the same point in 2024.

Adjusted EBITDA for the year-to-date came in at €1.09 billion, level with last year’s figure.

OPAP also reports Q3 growth

Just hours before Allwyn released its Q3 preliminary results, OPAP also published its figures for the quarter. These revealed a 6.6% increase in gross gaming revenue to €602.9 million, while net revenue jumped 6% to €409.9 million.

OPAP said the revenue rise was mainly due to the performance of its Tzoker lottery game and “robust” growth from its Powerspin offering.

Lottery gross gaming revenue climbed by 9.8% to €219.6 million, helped by a record Tzoker jackpot during August. Instant and passives revenue was also 10.8% higher year-on-year at €24.9 million, while VLT revenue was up 6.0% to €88.4 million.

There was a slight decline in sports betting revenue, with this down 0.7% to €180.1 million. Again, this was on the back of customer-friendly sporting results that impacted the wider market in September.

As for iGaming, growth showed no signs of slowing down as revenue increased 14.4% to €89.8 million. OPAP referenced “strong demand for gaming experiences” among players as the reason for ongoing growth in this segment.

Uptick in net profit for OPAP

Looking towards the bottom line, gross profit from gaming was 4.8% higher at €253.4 million in Q3. Operating expenses increased 10.9% to €111.6 million, although revenue growth meant EBITDA edged up 0.5% to €214.2 million.

Net profit for the quarter topped €127.9 million, an increase of 6.1%. In addition, recurring net profit at OPAP was 2.9% higher at €129.9 million.

For the year-to-date, gross gaming revenue in the nine months to 30 September was 6.5% ahead at €1.76 billion. Net gaming revenue also increased by 6.3% to €1.20 billion.

Other key year-to-date figures include gross gaming profit of €740.4 million, up 6.9%, and higher EBITDA of €612.6 million, a rise of 4.4%. Net profit climbed 6.3% to €361.3 million, with recurring net profit up 4.4% to €363.3 million.

“Overall, profitability has risen in tandem with healthy margins and a solid cash position,” OPAP CEO Jan Karas said. “These positive trends reinforce our confidence in achieving our outlook for FY2025, as well as our broader strategic and business goals.

“In this context, we are working toward a strong finish to the year and are looking forward to operating in 2026 under the new brand of Allwyn, which will mark a new era of growth opportunities, innovation and best-in-class gaming entertainment experiences for our customers.”

Brazil has captured much of the gambling sector’s interest this year after regulation launched on 1 January, with a number of international giants entering the market.

One such company was Flutter, which created its new Flutter Brazil business after acquiring a 56% stake in NSX, the parent company of Brazil-facing brand Betnacional.

That deal was concluded in May and, in Q3, Flutter achieved $87 million in revenue from its Brazil venture. This was 412% higher than the $17 million it generated in the same quarter last year prior to the completion of the NSX deal, which largely came from its existing Betfair business.

But while Betnacional achieved record iGaming revenues in Q3, excluding M&A Flutter’s revenue during the quarter was actually down 18%, which Flutter attributed to the fact that Betfair Brazil was still continuing its recovery from the friction derived from the re-registration required at the start of regulation in January.

Despite the Betfair struggles, Flutter CEO Peter Jackson remains confident the company will succeed in Brazil.

“Brazil is an exciting growth opportunity for Flutter and we retain a strong conviction that scale operators with the best products will win the largest share of the market,” Jackson said in the Q3 report.

Entain hampered by poor sports margin

Entain, meanwhile, enjoyed a successful transition to the regulated market with its Sportingbet brand, reporting a 21% year-on-year NGR rise in Brazil during H1.

But Q3 was a different story, with NGR in Brazil down 11% despite 14% volume growth.

Entain deputy CEO and CFO Rob Wood put this down to “genuine bad luck from sports results”, stating the company is still trading on the right side of expectations when it comes to volume.

He expects sports margin to normalise over time, with the volume growth demonstrating why Flutter continues to be enthused about its future in Brazil.

It’s not just sports betting where Entain struggled during Q3, however, with Wood saying slow game authentication has hampered the company’s iGaming efforts in Brazil.

“iGaming is not particularly strong at the moment and all the growth is coming from sports,” Wood said on the earnings call. “We think this is a market-wide phenomenon, not just Entain.

“The good news is we think there’s a lot more growth to come out of gaming as we look forward. But so far in 2025, it’s been slow.”

BetMGM investing heavily in Brazil

Last August, MGM Resorts International struck a partnership with Grupo Globo, LatAm’s largest media group, to introduce the BetMGM brand to the Brazilian market as a joint venture.

The company has stated on a number of occasions that it is aiming to reach 10% market share in Brazil, and it reiterated this target in its Q3 presentation.

MGM achieved “strong growth” in Brazil during Q3 without giving direct figures. The company is focused on efficiently building brand awareness and customer acquisition, powered by its on-the-ground team led by MGM Brazil CEO Almir Ribeiro.

However, MGM Resorts International CFO Jonathan Halkyard said the company’s heavy investment in Brazil will likely lead to MGM Digital reaching an EBITDA loss of close to $100 million for the year.

Halkyard explained the company’s investment is in line with its roughly 50% stake in the JV, which is already showing positive signs.

“The venture has seen encouraging growth quarter-over-quarter throughout the year in active players, deposits and GGR,” Halkyard said on the company’s earnings call.

Record LatAm casino revenue for Betsson in Q3

Betsson continues to make significant efforts in LatAm, launching in Brazil and Paraguay during 2025 to add to its existing markets which include Argentina, Colombia and Peru.

It is proving a successful venture, with Betsson achieving year-on-year revenue growth of 10.2% to €76.5 million in LatAm over Q3.

This was powered by record casino revenue in the region, rising from €46.1 million in Q3 2024 to €56.6 million in the same period this year.

Casino growth helped to offset a year-on-year drop in sportsbook revenue from €23.1 million to €19.8 million. Betsson put this down to tough comparisons with last year’s Q3 which included the European Championship and Copa America football tournaments.

LatAm accounted for 26% of Betsson’s revenue in Q3, down from 28% in Q2.

Betsson CEO Pontus Lindwall pointed to Argentina, Peru and Colombia as key areas of focus, with the former continuing to show strong underlying growth in terms of deposits and turnover.

Codere Online positioned to become a leading player

Codere Online is currently operating in the LatAm markets of Mexico, Colombia and Panama, as well as certain provinces in Argentina.

Its current total addressable market (TAM) is €4.8 billion, although it noted in its Q3 presentation the combined TAM of online expansion markets, which includes Brazil, Peru and Uruguay, could be €8.4 billion by 2029.

In the presentation, the company said: “Codere Online is especially well positioned to become a leading player across the region.”

Mexico continues to be Codere Online’s biggest market, achieving market revenue of €26.8 million in Q3. This is ahead of the €22 million generated in its home market of Spain.

However, with Mexico’s government weighing up increasing the gambling tax rate from 30% to 50%, Codere Online said it may have to reconsider its investment into the market.

Outgoing CFO Oscar Iglesias, who will shortly be replaced by Marcus Arildsson, expects the tax to come in from 1 January.

“The discussions around capital allocation, I think, is a broader one, and it’s in the context of the discussions we’re having at the board level,” Iglesias told analysts.

“The tax obviously factors into … our appetite and willingness to invest into the market because it has an impact on the unit economics, the flow-through of every dollar of NGR to EBITDA in the business.  

“It’s still a little bit early to say what that means in terms of our plans for next year to invest in Mexico.” 

Codere Online is also working under the assumption that the 19% VAT in Colombia, which is set to end from the start of 2026, will be renewed.

Codere Online Executive Vice Chairman Moshe Edree explained the operator’s short- to mid-term strategy “does not include Colombia”, echoing CEO Aviv Sher’s post-Q2 comments that the company was pulling back in the market.

RSI confident Colombia VAT won’t be renewed

But while Codere Online is expecting the VAT to be renewed, Rush Street Interactive CEO Richard Schwartz said on the company’s post-Q3 earnings call that the business is predicting the tax will be scrapped.

Rush Street Interactive followed many other operators in absorbing the tax through player bonusing. This meant in Q3, while GGR from Colombia grew over 50%, net revenue was down 27%. Revenue across LatAm fell 11%.

Despite this, Rush Street Interactive believes it holds second place in Colombia, while it also claims to be among the top seven operators in Mexico.

Monthly active users in LatAm during Q3 were up 30% year-on-year to around 415,000.

Rush Street Interactive listed Brazil, Ecuador, Argentina and Chile as potential expansion opportunities.

When asked on the earnings call whether the situation in Colombia may dampen the company’s interest in further LatAm expansion, Schwartz responded by saying the company was still excited by the region.

“We believe those markets are at the infancy of growth,” Schwartz said. “And as we see in our growth ourselves, there’s lots of opportunity there, and it’s a very large population across Latin America that are in the process of or will be legalising online gaming in the future. So we certainly remain very excited for it.”

Kambi lowers FY2025 guidance due to slow Brazil progress

In its Q3 report, Kambi announced it was lowering its full-year 2025 guidance from an adjusted EBITDA of €20 million-€25 million to approximately €17 million.

The company said this was in part down to the Brazilian market developing more slowly than expected, with CFO David Kenyon stating the company isn’t seeing the growth in Brazil it had “hoped for”.

Kambi CEO Werner Becher said on the earnings call that while the Brazil market is continuously growing, he believes the overall pre-regulation market size was overstated.

“There’s a little bit of disappointment, I would say, in the entire industry about the Brazilian market,” Becher claimed.

“The legalised regulated market grew slower than expected because the black market is still very big there.”

Codere Online reported its Q3 earnings on Monday. It said net gaming revenue for the period had dropped slightly to €51.6 million from the €51.7 million reported last year. 

Adjusted EBITDA for Q3 was up €2.9 million or 93.3% compared to €1.5 million last year, with Codere Online reiterating its full-year NGR guidance of between €220 million-€230 million and adjusted EBITDA of €10 million-€15 million. 

The company’s NGR in Mexico was €26.8 million, a 0.4% year-on-year rise. Codere Online CEO Aviv Sher noted revenue had been flat in Mexico despite a 5% devaluation of the peso and a consistently low sports betting margin. 

However, Mexico is in the process of increasing its tax rate on gambling from 30% to 50%, as part of the government’s 2026 budget. 

The hike hasn’t yet been approved, but CFO Oscar Iglesias, who will shortly be replaced by Marcus Arildsson, expects it to come into effect from 1 January. 

“The discussions around capital allocation, I think, is a broader one, and it’s in the context of the discussions we’re having at the board level,” he told analysts during the earnings call, in response to questions on its position in the market.  

“The tax obviously factors into that in terms of our appetite and willingness to invest into the market because it has an impact on the unit economics, the flow-through of every dollar of NGR to EBITDA in the business.  

“It’s still a little bit early to say what that means in terms of our plans for next year to invest in Mexico.” 

Mexico government targeting the wrong side of legality 

Mexico continues to be Codere Online’s biggest market, with its €26.8 million in Q3 revenue ahead of the €22 million achieved in its home market of Spain. 

Its monthly active players in Mexico soared by 39% to approximately 88,300, compared to 50,200 in Spain. 

Elsewhere, Codere Online is working with the Mexican government to highlight the prevalence of the black market in the country.  

Iglesias said the government should be looking to bring illegal operators onshore as a source of additional revenue. 

“Directionally, obviously, a tax increase is not good,” Iglesias explained. “We always are looking for governments to look to increase compliance with anyone operating offshore or operating in the grey or black markets. That’s the first place we prefer for governments to look for additional revenues.  

“We are partnered with the Mexican government. We are partnered with governments in every market in which we operate, and we are going to find a way through this and continue to be confident that the Mexican market is going to be a winner for us over the short, medium and long term.” 

Tax rise might ease competitive landscape in Mexico 

Iglesias did note the incoming tax increase could dampen the competitive landscape in Mexico, perhaps benefitting well-established players such as Codere Online. 

“While it is difficult to know how other operators will react, we are expecting that this tax increase may have a chilling effect on both new market entrants in regards to their appetite for further investment in the Mexican market and on those not yet operating in Mexico, but with near or medium-term plans or ambitions to enter the market,” Iglesias said.  

“It is difficult to quantify the impact of that chilling effect, [but] we would at least directionally expect a more benign competitive landscape in Mexico going forward, which we believe will be to our and other incumbents’ benefit.” 

Codere Online five-year strategy does not include Colombia 

In the company’s Q1 results, Codere Online said it was pulling back in Colombia because of the 19% temporary VAT. Sher reiterated this strategic change on the business’ post-Q2 earnings call. 

The VAT is set to come to an end from the start of 2026, but the company is working under the assumption it will either be renewed or made permanent. 

Speaking on the Monday call, Codere Online executive vice-chairman Moshe Edree said the operator’s short to mid-term strategy “does not include Colombia”.  

“We just monetise it as it is. So we’re not going to invest any further unless the tax will change,” he said.  

Iglesias added more colour: “We continue operating under the assumption that this will continue, that this will get legislated in a more permanent way.  

“That said, that may not necessarily be the case. If it’s not the case, then we will rethink what it is we want to do. Obviously, that’s a game changer and fixes the primary problem in Colombia, which is the unit economics are not good in the context of a tax on customer deposits. It is a situation we’re monitoring. 

“As things stand today, it’s a tough market for us to find a way forward that makes sense for us.” 

The e-games sector rose 17%, generating PHP41.95 billion versus PHP35.71 billion in the third quarter of 2024. However, that growth was mostly attributable to volume in July, prior to the mandatory delinking of e-wallets from licensed iGaming platforms.

Revenue from land-based casinos in the Philippines dropped 10.2% to PHP45.56 billion. Pagcor-branded casinos saw an 11.6% decline to PHP3.22 billion. Bingo revenue was down 16.2% to PHP3.79 billion.

In total, the take from licensed casinos accounted for 48.2% of revenue. E-games, consisting of e-bingo, e-casino, sports betting and online poker, contributed 44.4%.

First-half surge sparked addiction concerns

In the first half of 2025, the Philippine Amusement and Gaming Corp (Pagcor) posted GGR of PHP214.75 billion, up 26% over last year. Although land-based casinos were down almost 6% from 2024, e-games rose 82.67% year-on-year.

That surge sparked concerns among anti-gaming activists including the clergy and some Philippine legislators. They criticised the industry for stoking addictive behaviour, especially among the young and the poor. Senator Juan Miguel Zubiri introduced Senate Bill 142, the Anti-Online Gambling Act, which would shut down all online gambling websites and apps and bar e-wallets and payment service providers from processing e-games transactions.

“The taxes earned are not worth the social cost,” Zubiri said.

Erwin Tulfo of the Senate Committee on Games and Amusement agreed, saying, “As long as online gambling exists, we are breeding the next generation of addicts, debtors and broken families. No amount of tax revenue can justify this human cost.”

Pagcor chief Alejandro Tengco called for stricter regulation, rather than a total ban. “As the country’s gaming regulator, our foremost responsibility is to ensure that growth comes with accountability,” he said. “We are committed to always strike a balance between enabling industry expansion and ensuring it aligns with responsible gaming standards.”

E-wallets blocked for gambling

In August, the Philippines Central Bank ordered e-wallets like GCash and Maya to immediately remove in-app links that direct users to gambling sites. That order suppressed electronic games’ performance through September.

“The delinking … resulted in a short-term decline in activity toward the latter part of the quarter,” Tengco acknowledged. “However, these measures are vital to protect players and ensure secure, transparent transactions. The figures reflect an industry that is adjusting to necessary safeguards.”

Tulfo applauded e-wallet firms for complying with the new restriction. “This is a sign that the business sector is willing to work with the government in addressing the problem of online gambling addiction.” But he warned that some online gambling operators would shift to other mobile apps like Viber, Telegram and Lazada.

Tengco advised Filipinos to avoid unauthorised platforms. “They do not follow responsible gaming standards, do not pay taxes and put players at risk of data theft and fraud,” he said.

The company indicated in an SEC 10-Q filing on Friday that Matt Kalish will depart from his role effective 31 March 2026. Kalish will remain as a director on the DraftKings board after the transition date. Kalish and DraftKings mutually agreed on the transition earlier this month, according to the filing, and financial terms of his agreement were referenced but not disclosed.

DraftKings prepares to enter 2026 in something of a transition phase. Kalish’s departure comes a few months after DraftKings announced a $10 million settlement around its Reignmakers NFT product. The company also expects the launch of a new prediction market offering following the acquisition of Railbird and it has several new media partnerships

Perhaps most notably, ahead of its third-quarter earnings release this week, DraftKings signed a multi-year partnership with ESPN in a deal that designates the company as the official sportsbook and odds provider of the network.

Robins bullish on DraftKings future

Despite a partnership that links two of the largest sports media and entertainment companies across the nation, the ESPN deal took a back seat to prediction markets on Friday’s earnings call.

Wall Street analysts spent the majority of the call discussing the offering, in light of DraftKings’ acquisition of Railbird Technologies last month. The purchase of Railbird Exchange, a federally licensed exchange designated by the US Commodity Futures Trading Commission, enables DraftKings to make its highly anticipated entry into prediction markets.

On Friday’s call, DraftKings CEO Jason Robins noted that he sees the offering as a significant incremental opportunity for the company. In spite of a down quarter due to a series of unfavourable sports outcomes, Robins told analysts that he has never been more bullish about the future of the company.

“That may sound surprising given we are revising our fiscal year 2025 guidance ranges today. However, underlying growth in our business is accelerating,” Robins said. “Overall, I believe that our long-term financial potential has never been brighter.”

Launch of DraftKings Predict upcoming

Robins said that the company will launch DraftKings Predict in the coming months, but he did not specify an exact date.

Over the last 10 months, prediction markets have created significant buzz as traditional sportsbooks grapple with a new competitor. The markets offer sports event contracts that mirror financial derivatives such as oil and grain futures. Kalshi, a leading prediction market, has faced a wave of litigation across numerous jurisdictions, which claim that the site is violating various state laws by offering an illegal product.

Robins told analysts that DraftKings has had numerous conversations with state regulators as trends on prediction markets evolve. He stressed that the company treats its relationships with those regulators with the utmost respect. As such, DraftKings only plans to offer sports event contracts in states without legal sports betting.

DraftKings disclosed in the 10-Q filing that it paid $48.6 million for the Railbird acquisition, consisting of approximately $19.9 million in cash and 0.9 million shares of the Company’s Class A common stock valued at $28.7 million. The acquisition contains additional considerations of up to $200 million, according to the filing.

Other highlights from DraftKings Q3 earnings

• DraftKings’ metric known as “monthly unique payers” (MUPs) came in at 3.6 million average customers in the third quarter, remaining unchanged from the same period in 2024. When excluding Jackpocket, the metric on monthly unique players increased by 6% year-over-year to 3.1 million.
• Another metric with the abbreviation “ARPMUPS” came in at $106, representing a slight increase from the same period in 2024. The abbreviation stands for “average revenue per monthly unique player”. DraftKings reported average revenue of $103 per monthly unique player in last year’s third quarter.
• DraftKings’ NBA handle is up 19% season-to-date, while its season-to-date handle for NFL wagering has increased by 13%. Overall, DraftKings’ sportsbook handle for October jumped 17%. For the NFL season-to-date, DraftKings’ parlay mix is up 800 basis points.
• DraftKings’ announcement of the ESPN deal coincided with news that it would mutually terminate a multi-year partnership with Penn Entertainment. DraftKings will begin its marketing partnership with ESPN effective 1 December. “Our betting approach has focused on offering an integrated experience within our products,” ESPN Chairman Jimmy Pitaro said. “Working with DraftKings will allow us to build on that foundation.”
• DraftKings’ board authorised an increase in the company’s repurchase programme from $1 billion to $2 billion. Since the inception of the programme, DraftKings has bought back 9.3 million shares, the company announced.

DKNG Q3 earnings miss

In a letter to shareholders, Robins wrote that a series of “customer friendly” outcomes negatively impacted company revenues by more than $300 million in the most recent quarter. DraftKings indicated that a handful of NFL outcomes had a “pronounced effect” on its revenue. Throughout the industry, sportsbooks have felt a pinch as favourites opened the season covering at a high rate.

While DraftKings increased revenue by 4.4% to $1.14 billion, the company still missed analysts’ consensus estimates of $1.21 billion on the quarter. DraftKings also reported adjusted EBITDA of -$126.5 million, below expectations of -$68.8 million. DraftKings’ adjusted earnings per share of -$0.26 fell in line with estimates.

As a result, DraftKings lowered its full-year 2025 revenue guidance at the midpoint by nearly 5% to $6 billion. DraftKings’ full-year EBITDA guidance of $500 million at the midpoint falls below analysts’ estimates of $746.3 million. The guidance includes the launch of DraftKings Predict, Truist Securities analyst Barry Jonas wrote in a research note. The impending launch was not factored into the guidance in the second quarter, he noted.

More than $1B in media obligations

Under the marketing partnership with ESPN, DraftKings will integrate its product across numerous channels, including its online sportsbook, fantasy and DraftKings Pick6 products. An integration through ESPN’s mobile app will link to DraftKings Sportsbook.

According to the filing, DraftKings has about $1.3 billion of expected contractual obligations over the next five years with three media counterparties. Terms of the ESPN partnership were not disclosed. DraftKings also entered into a multi-year advertising partnership with NBCUniversal in September.

As of noon ET on Friday, DraftKings traded around $28 a share, up fractionally on the session. DraftKings is down approximately 27% over the last 12 months.

For Q3, covering the three months to 30 September, revenue hit $166.3 million, up 38.2% from last year. This, Genius said, came following growth across each of its three core operating segments.

Betting technology, content and services remained the primary source of revenue for the group. However, it was media technology, content and services that stole the show, with revenue rocketing 88.9% year-on-year.

It was not all smooth sailing for Genius which, despite growth, ended the quarter at a net loss. This was primarily due to a negative foreign currency, while the group also saw certain operating expenses increase.

On the whole though, co-founder and CEO Mark Locke was upbeat about the quarter, with the hike in revenue his main focus. This, he said, was enough to make the group increase its full-year guidance with less than two months until the year ends.

“Our growth this quarter reflects our unique ability to combine sports data with audience intelligence to deliver personalised fan experiences at scale,” he said. “We’re extending our leadership in online sports betting and sports advertising through richer content, rapid product adoption and strong commercial momentum, driving continued growth and long-term value for our partners.”

Genius considers expansion into predictions

Locke also touched on one of the key talking points in the US sports betting market in recent months: the prediction markets.

Rather than make any commitment about whether Genius will into this sector, Locke said on an earnings call that the group will continue to observe developments before making a decision.

“As they evolve and mature, prediction markets may provide a meaningful new opportunity for us in expanding the addressable market,” he said. “While these products are nascent, they are evolving rapidly and the need for Genius official league data, marks and logos and integrity solutions will only grow as prediction markets become more sophisticated. This means that we are extremely well placed should we decide to engage.

“With regard to timing, we are being extremely considered and deliberate in our approach. We will work closely with key stakeholders across the ecosystem, our league partners, regulators, existing customers and, indeed, the prediction markets themselves to determine the next steps, and we are confident in our ability to capitalise on this opportunity in a responsible and sustainable way if we feel all of the requirements we need to be in place to participate in this market are met.

“Given the early and evolving nature of this market, we won’t be providing additional detail on this call, but I want to be clear, if we are confident that prediction markets will meet our robust regulatory and commercial thresholds, these developments could result in positive developments for Genius Sports and our future growth.”

What drove revenue growth?

Switching focus back to Q3, and beginning with the core betting segment, revenue jumped 38.3% to $110 million.

Genius attributed this to growth among existing customers after price increases on contract renewals and renegotiations. It also noted the positive impact of the expansion of value-add services, growth and expansion in existing markets, new service offerings, as well as new customer acquisitions.

As for the media business, revenue almost doubled from $22.1 million to $41.8 million. The group said this was mainly driven by higher programmatic advertising services during Q3.

The remaining $14.5 million came from the sports technology and services business, a rise of 16.4%. This was primarily attributed to an increase in sales of products built on GeniusIQ technology.

In terms of stand-put developments in Q3, Genius noted its acquisition of Sports Innovation Lab, strengthening its fan activation platform. It also expanded its partnerships with Hard Rock Bet Sportsbook and ESPN Bet, launched the BetVision product for global basketball competitions, and secured exclusive official data and streaming rights with Italy’s Serie A.

Genius in the red in Q3

However, looking towards the bottom line, this is where the results did not read as positively for Genius.

Gross profit edged up year-on-year in Q3 but higher operating expenses meant the group posted an operating loss of $25.6 million, compared to $6.1 million in 2024. Spending was higher in almost all areas, with general and administrative expenditures amounting to $45.7 million, some 50.3% higher.

There was also a $7.5 million loss on foreign currency, in contrast to last year’s $21.1 million gain. As such, pre-tax loss stood at $33.2 million, compared to a $15 million profit in Q3 of 2024.

Genius received $2.6 million in income tax benefit and gained $1.8 million from equity method investment. This meant it ended Q3 with a net loss of $28.8 million, versus a $12.5 million profit last year. However, adjusted EBITDA was 32.3% higher at $34 million, at a margin of 20.4%.

In terms of the year-to-date, results made for similar reading. For the nine months through 30 September, group revenue was 27.9% higher at $429 million. Gross profit was higher but higher expenses offset revenue growth, leaving a net operating loss of $126.7 million, wider than last year’s $51.3 million loss.

Genius did note a $32.6 million foreign currency gain but still posted a pre-tax loss of $94.1 million, almost three times the $33.2 million loss at the same point in 2024.

The group took $302,000 in tax benefit and $2.9 million in equity method investment gain, with this resulting in a net loss of $91 million for the period, compared to the $34.8 million loss last year.

Adjusted EBITDA, on the other hand, climbed 64.7% to $87.9 million, at a margin of 20.5%.

Firm on improved full-year guidance

While net loss widened in Q3 and the year-to-date, Genius was steadfast in its confidence in raising full-year guidance for both revenue and adjusted EBITDA.

For 2025, revenue is now expected to reach $655 million. This would surpass the restated target of $645 million after H1 and would beat last year’s actual revenue haul by 28%.

As for adjusted EBITDA, this is forecast to amount to approximately $136 million for the full year. Again, this is up from refreshed guidance of $135 million in the summer and would beat the previous year by 59%. Genius added that it also expects to generate positive annual cash flow in the full year.

“We are continuously proving the value of our platform – both in betting and in media – and this success is reflected in the results we’ve delivered to date,” Locke said. “We’re gaining significant momentum with brands and agencies and remain optimistic about the long-term potential of this business.”

Under the deal, the terms of which were undisclosed, Kambi will acquire source code for a PAM platform from OMEGA. Kambi said it selected OMEGA after a “rigorous” request for proposal processes.

At first, Kambi will focus on the Nevada sports betting market, where it secured licensure earlier in 2025. It has already started commercial discussions with prospective partners in the state and will now submit the platform for licensing.

Kambi also made reference to existing integrations between its sportsbook and the OMEGA platform, which is already being used by several partners and is connected to the Kambi front-end. As such, the provider expects only “minimal” resource requirements to bring it to market in Nevada, with the aim of it being product-ready in Nevada by the end of H1 2026.

Kambi to unlock commercial opportunities

Outside Nevada, Kambi said the acquisition would potentially open up opportunities in other jurisdictions where third-party PAM options are limited. This viewpoint was reflected by Kambi CEO Werner Becher in his comments on the deal.

“Kambi is already the trusted home of premium sports betting solutions, and this acquisition reinforces that leadership position,” Becher said. “While we remain platform-agnostic, the addition of an in-house PAM solution to our turnkey sportsbook ensures we can unlock commercial opportunities in Nevada and potentially in other jurisdictions as they arise.”

Jim Godsell, founder and CEO of OMEGA, said the deal would see Kambi “take control” of its PAM solution.

“Over the years, OMEGA and Kambi have provided combined solutions to operators in multiple jurisdictions,” Godsell said. “This acquisition allows Kambi to build on the OMEGA PAM architecture and enter new markets quickly.

“As is the case with other OMEGA licensees, Kambi is “Taking Control” of its PAM solution.”

Revenue and net profit down in Q3

In other news, Kambi published its results for the third quarter, revealing a decline in both revenue and net profit.

Revenue for the three months to 30 September reached €37.4 million ($42.9 million), down 13.1%. Kambi said while new partner launches had a positive impact, it was hit by a quieter sporting calendar, deposit limits in the Netherlands, increased taxes in several jurisdictions – such as in the Netherlands – and new commercial terms of certain renewed contracts.

“Since the start of Q3, Kambi has signed seven turnkey sportsbook partners, three Odds Feed+ deals and two partner renewals – a clear reflection of the commercial progress we are making,” Becher said

“Our Q3 financial performance was disciplined in a period impacted by a quieter sporting calendar, which last year included the Euros, Copa América and the Olympics, and the ongoing increased impact of gaming-related taxes.”

Operator turnover in the quarter decreased by 6% year-on-year, with performances mixed across Kambi’s active markets. Operator turnover in Americas climbed 8.9%, helped by going live in the newly regulated Brazil market. However, turnover in Europe dropped by 21.8%, again on the back of higher taxes and fewer sporting events.

In terms of costs, spending was lower on the whole, but reduced revenue meant operating profit slipped 54.6% to €1.6 million. Pre-tax profit was also down 50.9% to €1.8 million.

Kambi paid €820,000 in tax, leaving €1 million in net profit, a drop of 61.5%. In addition, adjusted EBITDA dropped 14.1% to €11.6 million.

Kambi heading for full-year decline?

As for the year-to-date, revenue in the nine months to the end of September sat 9.6% lower at €119.3 million. Gross profit was also down 11.8% to €104.3 million and operating profit 71.8% to €4 million on the back of this.

Pre-tax profit declined 70.1% to €4.3 million while after €2.3 million in tax, net profit hit €2.1 million, a drop of 79.8%. Adjusted EBITDA for the period was also 19.7% lower at €35.1 million.

However, despite the declines, Becher was upbeat on future prospects, including the new opportunities with the PAM.

“With the busy sporting calendar upon us, we continue to focus on delivering an unbeatable product and service to our partners while building the foundations for long-term growth,” he said. “The recent commercial wins, ongoing improvements to our market-leading product, the opportunities that the PAM will create, as well as the continued progress of our efficiency programme are, together, evidence of the positive momentum we are building.

“When coupled with the exciting opportunities we continue to pursue, I have growing confidence we will deliver sustainable growth and long-term returns for our shareholders.”

For the period ended 30 September, revenue amounted to €1.64 billion ($1.88 billion), the Italian-facing operator reported. This surpassed the previous year at Lottomatica by 16%.

Key to this growth, the operator said, was the SKS365 deal, which completed in April 2024. Now referred to as PWO by Lottomatica, integration by the operator has been completed sooner than anticipated.

As such, Lottomatica said synergies are being delivered ahead of schedule. Two-thirds of synergies from the acquisition are expected to be realised in 2025, with PWO now fully operational on the group’s proprietary platform.

Calm, collected approach from Lottomatica

Despite the success of the acquisition, and delivering targets earlier than expected, Lottomatica said it will not jump into another deal. Instead, as Angelozzi set out in an earnings call, the operator will retain its calculated approach to M&A.

Over the past five years, Angelozzi revealed, the group identified 57 targets for possible M&A. However, it elected to proceed with just three deals, despite having completed due diligence on 14 potential agreements.

The three that completed were all in Italy, including SKS365, now PWO. It also completed the purchase of Betflag in late 2022 and a 65% stake in Distante S.r.l earlier in 2025.

“With M&A, we are going to keep our disciplined approach, measured on value creation and benchmarked against share buybacks,” Angelozzi said. “We have a very selective approach, and we are committed to it.

“Share buyback continues to be remain the main benchmark for shareholder return with our M&A activity. Our focus is on Europe, regulated markets and B2C, within the key segments of operation at Lottomatica.”

His comments reflected similar remarks made after both Q1 and the first half. Post-Q1, Angelozzi spoke about “interesting opportunities” for the group, while at the mid-point of 2025, he refused to rule out more M&A activity in the not-too-distant future.

Double-digit online growth in 9M

Looking to performance for the nine-month period, online was the star of the show for Lottomatica. Revenue climbed 27% to €688.9 million, making it the primary revenue source for the business.

As well as the contribution from PWO, the group said other factors were in play to support the year-on-year increase. These included growth across all product segments and legacy brands, notwithstanding the unfavourable impact deriving from Euro 2024. However, this was partially offset by the FIFA World Club Cup in Q2 2025.

There was also double-digit growth in the sports betting segment, with revenue up 22% to €381.7 million. Again, the PWO purchase helped push revenue up, while Lottomatica also noted an overall favourable sport betting payout.

The group also reported growth within its gaming business, but at a much lower rate than the other segments. Gaming revenue increased 2% to €569.6 million, sandwiched between online and sports betting.

As for player activity, some 32.48 billion bets were placed during the nine-month period. Of these, 21.63 billion were online, 8.05 billion for gaming activities and 2.81 billion sports bets.

Net profit more than doubles

Looking towards the bottom line, spending was higher in almost all areas. The main outgoing was cost of services at €962.6 million, while personnel and other costs were also both higher year-on-year. However, some savings were made in terms of financial expenses.

As such, pre-tax profit for the nine-month period was €158.4 million, a 59.5% increase from last year. Lottomatica paid €60.1 million in tax and deducted €5.0 million in revenue attributable to non-controlling interests.

This meant it ended the nine months with €93.3 million in net profit, up by 102.8% year-on-year.

“Looking forward, we continue to see solid drivers of growth supported by market tailwinds in online, continued improvement in our cash flow conversion and growth and a disciplined approach to capital allocation focused on shareholder returns,” Angelozzi said.

The Betway and Spin owner reported strong performances in the UK and Africa, with the revenues in these markets increasing by 71% and 36% respectively.

The growth in Africa was driven by “solid gains” in Malawi and Tanzania, as well as a 23% revenue rise in South Africa, the operator said. Africa and the Middle East accounted for up to 40% of Super Group’s total revenue in Q3, up from 38% in the same period last year.

In the UK, meanwhile, sports betting revenue shot up 89%, while online casino also increased by 67%.

Analysts at Regulus Partners said the group was “continuing a very strong run which suggests run-rate market share in the UK has grown by 1.6pts to 3.8%”.

Total monthly active customers across all brands reached an all-time high monthly average of 5.5 million in Q3, marking an 18% increase year-on-year. in September alone Super Group reached a record of around six million monthly actives.

Super Group CEO Neal Menashe believes the company’s Q3 performance demonstrates the continued strength of its platform and execution across its core markets.

“Despite customer-friendly outcomes in September, we delivered record-level customer engagement, strong revenue growth and margin expansion,” Menashe said.

“Hitting six million monthly active customers was another significant milestone, a reflection of our product innovation and local execution.”

Canada also a Q3 success story, although LatAm declines

LatAm revenue for Super Group in Q3 dropped from $6 million to $4 million, although growth in Africa and the UK offset that decline.

Canada was another success story for Super Group in the period, with the market increasing its revenue by 15% when excluding Ontario, which grew just 3% year-on-year.

Growth in Canada led Super Group to a 12.4% hike in North America revenue. This will likely be the last full quarter in which US revenue is included in the earnings as the company is set to close its US business in Q4.

Super Group has been offering iGaming in Pennsylvania and New Jersey for some time, although it announced in June it would pull out of the US due to “regulatory shifts impacting long-term US expected profitability”.

Super Group again increases guidance

Strong results left Super Group with an adjusted EBITDA of $152 million (up 65.2%) and a Q3 profit of $95.8 million, a mammoth 830% increase from the $10.3 million reported last year.

Notably, the operator said it had adopted a change in presentation currency from euros to USD as of January. Accordingly, the comparative table has been re-presented retrospectively in line with the change.

As a result of its strong results, Super Group has raised its full-year revenue forecast by 3% to $2.17 billon-$2.27 billion from its previous target of $2.125 billion-$2.2 billion.

The operator also raised its full year adjusted EBITDA forecast slightly to $555 million-$565 million from $550 million-$560 million.

Super Group CFO Alinda van Wyk said of its Q3 results: “Our disciplined investment in high-return markets, combined with operational efficiencies and improved marketing ROI, continues to translate into expanding margins.

“Our balance sheet remains robust with $462 million in cash, giving us both flexibility and confidence as we look ahead to 2026.”

Super Group previously raised its guidance in September at an investor day after a stronger-than-expected start to the quarter.

Previously, Super Group was anticipating ex-US group revenue of at least $2.04 billion, with a forecast of between $470 million and $480 million for adjusted EBITDA.

Analysts suggest path for future Super Group growth

In its note, Regulus Partners highlighted the company’s decision to not enter “expensive new markets with the vigour of many of its competitors”, claiming many of those businesses are now potential M&A targets.

After a strong Q3, Regulus believes Super Group should alter its strategy slightly to continue its growth.

“Super Group’s regulatory risk profile remains relatively ‘spicy’, our view, but while macro growth in mature markets has consistently saved the day in the past, Super Group must now pivot into emerging markets to maintain momentum,” Regulus said.

During a third-quarter earnings call marked by similarly soft Las Vegas results seen by other operators , Hornbuckle cited MGM’s decision this month to withdraw from New York’s casino bidding war as one indicative of the strategy.  A presumed frontrunner for a hotly contested downstate New York casino licence, MGM pulled out in a move unforeseen by many industry insiders. With New York in the rear view mirror, MGM is squarely focused on its new integrated resorts abroad, namely in Japan.

Hornbuckle made the comments on Wednesday evening in a call with Wall Street analysts. The CEO of MGM Resorts tried to remain optimistic after MGM shares fell sharply in the after-hours session amid continued struggles in Las Vegas. Hornbuckle pointed to several factors for the slowdown, including a dip in international visitation, Spirit Airlines’ bankruptcy and customer frustration over traffic from Southern California.

“While we don’t expect the dynamic to be changed overnight, we are proactively working to create initiatives and draw incremental visitation,” Hornbuckle told analysts.

Softness in Vegas drags MGM earnings

The sub-par Nevada figures did not surprise analysts, given similar trends on the Las Vegas Strip over the previous quarter. Las Vegas has seen declines in tourism for the majority of 2025, as macroeconomic uncertainty has led to a tightness in discretionary spending among customers.

In September, Strip visitation declined 8.8% year-over-year to approximately 3.1 million, the Las Vegas Convention and Visitors Authority said on Wednesday. It marked the ninth consecutive month that volume on the boulevard declined.

Earlier this week, Caesars expressed concerns on occupancy, which fell about 5% on the quarter to 92%. Caesars CEO Tom Reeg attributed the decline primarily to weakness in city-wide visitation. At the same time, Reeg cited the company’s poor table handle across the Strip for the depressed results. Hold percentage at Caesars’ Vegas properties sank to its lowest in more than three years, he said.

MGM experienced similar challenges throughout The Strip.

MGM Q3 by the numbers

• Across the Strip, MGM generated revenue of $2 billion, down from $2.1 billion in the year-ago quarter. MGM attributed the decline mostly to a room remodelling programme at the MGM Grand that concluded this month. MGM cited the renovations in July as a factor for reduced EBITDA in Las Vegas.
• MGM also attributed the lower third-quarter figures to a decline in food and beverage revenues, lower table hold and lower revenue per available room (RevPAR), a key industry metric. MGM’s table win percentage on The Strip fell from to 22.6%, down from 23.7% in the third quarter of 2024.
• As a result, the segment’s adjusted EBITDAR fell to $601 million, compared with $731 million in the same quarter in 2024.
• MGM also referenced a decrease in business interruption proceeds that amounted to $14 million, along with an an increase in general liability and workers’ compensation insurance expense of $13 million.

A New York state of mind no more

Predictably, analysts opened the question-and-answer portion of Wednesday’s call on MGM’s decision to exit the New York bidding process. Hornbuckle noted that MGM Empire City reached a tentative agreement with the City of Yonkers that would have resulted in a minimum tax contribution of at least $400 million. While MGM did not disclose its proposed tax rates, applicants were required to set a minimum rate of 25% for slot machines and 10% for table games.

Fellow bidder Resorts World NYC established floors of 56% for slots and 30% for table gambling. Hornbuckle indicated that newly issued state guidance on the duration of the licence prompted MGM to reconsider its bid. Based on the proposed tax rate submitted per applicant, the policy gave the New York Gaming Facility Location Board the latitude to award a bidder with a 15-year licence rather than the 30-year version that MGM originally expected.

“While we initially liked the return, it got tighter and tighter so much so that given overall market conditions, we think it’s capital best spent in some other location and some other opportunity.” – MGM Resorts CEO Bill Hornbuckle

The decision to withdraw its New York contributed to a non-cash goodwill impairment charge of $256 million, MGM said. The withdrawal also led to an expense of approximately $93 million in non-cash write-offs related to MGM Empire City, according to the company.

Company moves on to Japan project

MGM is turning to other endeavours, specifically its MGM Osaka resort, projected to open in 2030. The $8.9 billion project served as a hot topic at Expo 2025, a renowned conference that just concluded on the prefecture.

MGM noted that it has entered into a US$300 million denominated credit facility to support its funding of the resort. The facility, which has an interest rate of 2.5%, can be upsized to $450 million, said chief financial officer Jonathan Halkyard. MGM has already received incremental interest, he added.

MGM stock moves after earnings report

For the three-month period ended 30 September, MGM generated net revenue of $4.3 billion, slightly topping forecasts of $4.2 billion. MGM has eclipsed revenue estimates in each of its last four quarters. However, MGM reported earnings per share of $0.24, down considerably from $0.54 in the year-ago quarter. MGM fell short of per-share targets from Zack’s Consensus Estimate of $0.37.

In Wednesday’s after-hours session, MGM fell sharply by 8% to $28.70 per share. MGM pared some of the losses on Thursday, trading near $31 a share. However, MGM is down more than 10% year-to-date.

A popular subject on the call centred on a potential buying opportunity for investors since several MGM executives view its stock as undervalued. Hornbuckle pointed to BetMGM as a lever to unlock value, while Halkyard alluded to conditions in Las Vegas.

“We have a better cost structure than we’ve ever had in Las Vegas,” Hornbuckle said. “With the dynamism in this market, I think that that’s an unlock for the stock.”

Barry Jonas, an analyst with Truist Securities, lowered his price target on MGM slightly to $47 per share. Despite the hit from Las Vegas, MGM’s diversification from its digital, regional and China segments offer “support” to the stock, according to Jonas, who sees room for “material upside” should the Vegas segment inflect.

Macquarie analyst Chad Beynon reiterated an “outperform” rating on MGM in part because of its balance-sheet strength. Beynon also lowered his MGM price target on revised estimates, cutting to $45 a share.

Caesars stock was down about 2% at close Tuesday to $22.09 but continued sliding to $19 in trading Wednesday. Its shares are now down more than 40% year-to-date.

Caesars Las Vegas performance has been down for much of 2025 and analysts had several questions for CEO Tom Reeg about the market’s outlook for next quarter and beyond. The city has seen marked tourism declines this year and macroeconomic uncertainty related to inflation, tariffs and now a government shutdown is putting pressure on consumers.

Reeg was largely dismissive of these concerns in Q1 but shifted his tenor for the last two quarters. In both Q2 and Q3, Reeg acknowledged the softness in the market while asserting future optimism. His analogy in July was that a leaking tire had been patched, but his comments on Tuesday indicated that the leak is not fully stemmed.

“We’re now four months into this step-down in leisure demand for Vegas, and while we’re better than we were in July, we’re still not back to where we were on a year-over-year basis,” Reeg told analysts.

Abnormally poor table-game hold in Las Vegas also cost the company about $30 million in Q3, Reeg estimated. He said the third instalment of the Formula One Las Vegas Grand Prix, set for 20-22 November, is trending “considerably better” than 2024 but “not as good” as 2023. Las Vegas saw economic impact of $1.5 billion from the race in 2023, compared to $934 million last year.

The possibility of selling Las Vegas assets was not ruled out but Reeg confirmed Caesars is not “actively exploring” it.

Caesars Q3 earnings by the numbers

Las Vegas net revenue fell 10% YoY to $952 million, while net profit slid 40% to $132 million. Revenue and profit for the segment are now down 5% and 28% year-to-date, respectively. Regional revenue of $1.5 billion was a 6% YoY increase but profit fell by more than half (-55%) to $56 million. Year-to-date regional profit for Caesars stands at $65 million, down 43% from last year.

Caesars Digital, which buoyed the company’s performance for several quarters with huge growth, saw a slight revenue uptick ($311 million, +2.5%) but profit slipped to a $21 million loss, as opposed to an $11 million gain the previous year period. The segment’s strong performance for the year overall is perhaps best shown by its year-to-date adjusted EBITDA of $151 million, up 55% YoY.

Las Vegas adjusted EBITDA of $379 million in Q3 represented a 19% decrease from last year, while regional was more stable at $506 million (+1.5%).

From a balance sheet perspective, Caesars ended the quarter with total cash and equivalents of $836 million compared to total debt of $11.9 billion. The company redeemed $546 million of debt during the quarter and repurchased $100 million worth of shares.

Reeg encouraged by regional trends

Concerns about regional performance moving forward after a tough Q3 were largely attributed to the push and pull of spending allocations. Reeg said the balance of investing versus cutting back in regional markets “doesn’t happen neatly in 90-day periods” and is in constant flux.

“This stuff happens over a longer period of time, but we are particularly encouraged by the trends that we’re seeing, that suggest that what we’re doing is working and driving more aggregate cash flow, which is the goal of this whole enterprise,” Reeg said.

He acknowledged that often, in any given regional market, Caesars is likely spending less than its competitors. The company has emerged as perhaps the leader in cost-cutting since the Covid pandemic.

In responses to analysts’ questions on the topic, Reeg admitted “that gap, in hindsight, might’ve gotten too wide”, but also seemed to push back at other times on the idea that the company is not spending enough.

“If you look at the regional capital investment across us and our peers, we’ve outpaced everybody in the last five years,” he said. “Let’s harvest those investments, give people a reason to come and see [regional properties]”.

Digital not center of attention in Caesars Q3 earnings

Caesars Digital, which had been the focal point of recent calls, was largely quiet this time around. Analysts have long asked the company whether it would consider spinning off its high-growth digital arm. Caesars has never denied the possibility but remained steadfast on reaching its goal of $500 million in annual EBITDA for the business by 2026.

Both Reeg and digital president Eric Hession noted multiple headwinds that dragged on the sector’s Q3 performance. One was the sale of the World Series of Poker franchise, which closed last October, meaning the YoY comparisons have now phased out. Another was increased gaming tax burdens in multiple states. In the last year, rates have gone up in several key markets, including Illinois, New Jersey, Maryland and Louisiana.

The third, and perhaps least controllable, aspect was player-friendly sports outcomes in September. Particularly during football season, these outcomes have become a central topic for bookmakers in recent years. While overall player focus has shifted to parlays and other volatile bets with higher hold, particularly adverse game results can still drag on performance.

“With game outcomes, obviously we had a third quarter that wasn’t great,” Reeg said. “We’re four of 13 weekends into the fourth quarter, those outcomes have not gotten substantially better … so that will have an impact on where the fourth quarter comes in.”

Prediction markets unavoidable but Caesars licences at risk

No gaming earnings call in 2025 would be complete without mention of prediction markets. Federally licensed financial exchanges such as Kalshi, Robinhood and Crypto.com have evolved to offer contracts on sporting events. Their meteoric growth has started to have real impacts on commercial bookmaking; to wit, Caesars was removed from the S&P 500 stock index in September, displaced by Robinhood.

Caesars is perhaps in a tougher spot than others when it comes to navigating prediction markets. Nevada casinos, between Las Vegas and its home base in Reno, are a huge piece of the company’s operations.

The Nevada Gaming Control Board recently warned its licensees that offering sports prediction markets either in the state or elsewhere could jeopardise their suitability. That risk would seem too big to stomach, even as others like FanDuel and DraftKings – who are absent from mobile wagering in Nevada – are making splashy deals. BetMGM, which is connected to fellow Nevada licencee MGM Resorts, faces a similar conundrum.

“As we’ve said before, we can’t be out in the lead on this one,” Hession told analysts Tuesday. “We’re going to monitor it, make sure we’re not left behind if there’s regulatory clarity…Our best approach at this point is to monitor it, put our plans in place, make sure we’re adequately resourced and be ready to move if there’s a legalisation or definition in either direction.”

Reeg followed with the assertion that Caesars “will not put any” licences at risk for prediction markets. But if there is “a path that develops” to participate, he said Caesars is “preparing and would be prepared to go down that path”.

In a short trading update released on Monday it said proceeds from Term Loan B will be used to fund the acquisition and associated fees and expenses. Allwyn agreed to acquire the stake in September, in a deal marking its entrance into US daily fantasy sports market.

Should the acquisition proceed as expected, Allwyn will take a 62.3% majority holding in the business, paying an initial cash consideration of $1.6 billion for the stake.

This implies an enterprise value of $2.5 billion for PrizePicks. However, should it hit certain performance metrics over the next three years, this could increase to $4.15 billion.

PrizePicks’ current CEO Mike Ybarra and the existing leadership team will continue to run the brand as a standalone within Allwyn. They will also retain the majority of their ownership interest in the business.

Subject to certain closing conditions, the deal will complete in the first quarter of next year.

Allwyn talks up ‘positive’ Q3 performance

Meanwhile, Allwyn has issued a short trading update on its performance in Q3, ahead of the group publishing results the quarter on 30 October.

Allwyn noted a somewhat challenging September for its sports betting operations. It said its business was affected by “exceptionally” customer-friendly sports results during the month, with this impacting sports betting margins.

However, it said this was an industry-wide phenomenon and not limited to its business. The group also played down any long-term impact, saying variation in sports margins due to customer or operator-friendly sports results “average out over time”.

On this, it noted its diversification, particularly with lottery and other verticals, also reduced the impact of these resultd. As such, it said other underlying trends remain “positive”.

Acquisitions aplenty for Allwyn

The PrizePicks acquisition is one of just major developments announced by Allwyn in recent months. In October, Allwyn International and OPAP agreed to merge and create a lottery and gaming business worth an estimated €16 billion. The deal also includes plans to list on another global international exchange such as London or New York.

In addition, in July, Allwyn International announced the sale of its land-based casino assets in Germany and Australia. It also acquired the remaining minority stake in Greece- and Cyprus-facing online operator Stoiximan.

The group also recently established the new Allwyn Digital division. Headed by ex-Betfred US CEO Kresimir Spajic, the business aims to evolve Allwyn digitally, providing bettors with engaging experiences.

Group revenue for the three months to 30 September reached £435.4 million ($580.7 million), Evoke said in a trading update on Tuesday. This surpassed the £416.6 million posted in Q3 last year.

The group noted that it was the fifth consecutive quarter of year-on-year growth for the business, with revenue increases across all three of its core operating divisions. In contrast, only international revenue grew during the first six months of the year.

“During Q3 we continued to execute against our strategy which is transforming our long-term competitive capabilities and building a more efficient and profitable business,” Evoke CEO Per Widerström said.

Evoke back in black in the UK

Its UK and Ireland online business remained the primary source of revenue during the quarter, generating £163.3 million in Q3. Revenue was up 1% on the previous year.

UK online revenue was driven by higher betting revenue, which increased by 8% year-on-year to £50.7 million, helped by weaker prior-year win margins. Meanwhile gaming reported a 2% decline in revenue to £112.6 million.

Evoke said 888’s performance “continued to be a drag on growth” as it reduced marketing spend while targeting higher marketing returns.

UK retail revenue was also up 6% year-on-year to £121.7 million. Growth was consistent across betting and gaming.

The operator said retail sports betting growth was helped by weaker prior year win margins. Meanwhile, gaming revenue continued to increase during Q3 following the rollout of new gaming cabinets earlier in 2025.

“With retail continuing the improving trend from Q2, all three divisions were in growth during the quarter,” Widerström said. “Whilst our refined approach to UK online marketing to drive improved profitability slightly held back our top-line performance, we are pleased to have recorded our fifth consecutive quarter of profitable growth.”

International love for Evoke

However, as was the case in H1, the international segment experienced the most growth across the group, with revenue up 8% to £150.4 million. Growth was offset by a 26% drop in betting revenue.

Gaming revenue jumped 13% to £137 million, accounting for 91% of total revenue for the international segment.

Digging into the international business’ numbers, Evoke noted double-digit growth in Italy, Denmark and Romania. In Denmark, it completed migration to the in-house platform and subsequent product upgrades,, while it made further gains in Italy, helped by a focus on localised product features on 888.

As for Romania, Evoke completed the migration of 888 Romania onto the localised Winner.ro platform. While there was an initial slowdown in 888 experienced during the migration, the group said the platform is “unlocking significant product improvements and localisation” for customers.

While these developments were positive for the international business, there were some declines. Evoke referenced a slowdown in Spain and non-core markets, with these preventing further growth for the segment.

Evoke reiterates 5-9% annual growth target

In terms of Evoke’s performance in the year-to-date, group revenue for the first nine months of 2025 hit £1.32 billion. This was 3% more than the £1.28 billion reported at the same point in 2024.

UK and Ireland online revenue for the period remained flat at £499.5 million, with UK retail revenue also holding steady at £373.9 million. However, following the same trend seen in recent quarter, it was the international business that drove growth, with revenue up 11% to £449.9 million.

Looking to the remainder of 2025 and full-year expectations, Evoke reiterated its guidance of posting an adjusted EBITDA margin of at least 20%. This, it said, gave it confidence to report adjusted EBITDA “ahead of current market expectations”.

Further ahead, Evoke also reiterated certain medium-term financial targets. These included between 5% and 9% annual revenue growth and approximately 1% of adjusted EBITDA margin expansion per year by the end of 2027.

“We have clear plans in place to support an improvement in revenue during Q4 through continued acceleration in product enhancements, including retail sports and our recently launched new William Hill Vegas app,” Widerström said. “We are also making ongoing improvements to our customer lifecycle management capabilities.

“Alongside this, the improvements we have made to the operating model and efficiencies in our cost base mean we remain confident of achieving our implied adjusted EBITDA guidance, which would outperform market expectations.

“We continue to execute our turnaround with vigour and are making good progress against our plans to position evoke for long-term success and significant value creation.”

No further comment on UK tax changes

While the trading update offered some insight into the latest goings-on at Evoke, there was no reference to one of the main issues engulfing the UK market at present: a mooted rise in gambling tax.

The government is expected to set out new gambling tax plans during the upcoming budget on 26 November. Reports suggest several approaches are being considered, with all seeing some sort of increase.

Earlier in October, a Sunday Times report said Evoke is considering closing up to 15% of its William Hill shops across the UK in response to the proposed tax hike. Several sources at Evoke were said to have confirmed closures could take place if taxes rise.

One source said 120 shops could shut, while another suggested as many as 200 could close. This could lead to up to 1,500 job losses across the William Hill network.

“As part of our ongoing planning, we are assessing the potential impact of different overall tax scenarios on our UK operations,” an Evoke spokesperson said at the time. “This includes the difficult but necessary consideration for shop closures.”

Another recent development out of Evoke was confirmation of Mark Summerfield as its new non-executive chairman. He replaced Lord Jonathan Mendelsohn, who stepped down mid-way through October.

Lord Mendelsohn joined Evoke’s board in September 2020 and was appointed non-executive chair in March 2021. He also had a spell as interim executive chair from January to October of 2023.

On Friday, Betsson announced its Q3 results for the period ending 30 September. Group revenue was up 5.6% to €295.8 million ($343.5 million), while EBITDA (€82.5 million) and operating income (€66.9 million) also increased by 2.7% and 3.7% respectively.

Q3 revenue from locally regulated markets shot up by 16% in Q3, accounting for 64% of Betsson’s total revenue, compared to 58% last year.

Overall growth was powered by performance in Western Europe, particularly Italy which achieved all-time high revenue across the quarter.

This was largely driven by growth in Betsson’s online casino product in Italy, which recorded trecord revenue for the period. The group did not break down its numbers by specific market.

Revenue for the whole of Western Europe’s in Q3 stood at €56.9 million, accounting for 19% of Betsson’s total group revenue for the quarter, up from 16% in Q3 2024. Broken down by vertical, iGaming revenue in the region came in at €45.7 million during the period, while sportsbook was €11.1 milion.

Betsson balance sheet supporting continued investment

In the press release announcing the results, Betsson CEO Pontus Lindwall said Betsson was continuing to “drive the digitalisation” of the global gaming market, with a geographically diversified offering protecting the company from potential headwinds in some markets.

“We have a proven, successful product portfolio consisting of both casino and sports betting, as well as a well-diversified mix of revenues from different geographical regions, which lowers the risks of periodically weaker developments in individual products or markets,” Lindwall said.

“I look forward with confidence to the end of the year and ahead to 2026 with the upcoming World Cup in football. Our strong balance sheet enables continued investments in product development and strengthened market positions to support continued stable profit growth and dividends to our shareholders.”

Record LatAm casino revenue for Betsson in Q3

A key area of focus for Betsson this year has been the LatAm region, as it launched in both Brazil and Paraguay in 2025, while also maintaining a presence in Colombia and Peru.

It’s proving a fruitful market, too, with LatAm revenue growing 10.2% year-on-year in Q3.

Casino revenue in the region was at record levels, increasing to €56.6 million from the €46.1 million generated in the same quarter last year.

This offset a year-on-year decline in sportsbook revenue from €23.1 million to €19.8 million.

Betsson attributed the sportsbook decline to seasonally lower activity and a lower sportsbook margin, with Q3 last year featuring the European Championship and Copa America football tournaments.

LatAm revenue accounted for 26% of Betsson’s revenue in Q3 compared to 28% in Q2.

However, Betsson noted continued underlying growth in Argentina in terms of customer deposits and turnover, while Peru and Colombia’s revenue also grew year-on-year.

Betsson plans to sustainably outgrow the market

For the nine months ending 30 September, Betsson reported an 11.7% increase in group revenue to €893.1 million.

EBITDA increased 6.5% to €244.4 million, while operating income also rose by 7.2% to €199.9 million.

Looking ahead, Betsson said its long-term plan was to sustainably “outgrow the market”, highlighting growth in existing markets, expansion into new markets and development of its B2B offering as growth areas.

Betsson initiates share buyback programme

Alongside its Q3 results, Betsson also announced it will initiate a share buyback programme with a maximum purchase amount of €40 million.

The buybacks will take place on the Nasdaq Stockholm stock exchange, with the process of repurchasing class B shares in Betsson to be managed by Arctic Securities AS.

The buyback programme starts on Friday and will last until 30 April next year.

Speaking to analysts during the group’s Q3 earnings call on Thursday, Evolution CEO Martin Carlesund hinted at the December deadline, although he said the Gambling Commission had not specified a timeline for the review.  

Evolution Gambling Commission review stems from supplier crackdown

The GC commenced its review in December, after discovering the supplier’s games were being provided to unlicensed operators in the country. The case indicated a wider crackdown on supplier compliance in the UK, as the commission stepped up enforcement against the growing black market.  

Gambling Commission CEO Andrew Rhodes had previously warned operators to step up their monitoring of business relationships, to ensure partners were not facilitating illegal gambling. 

“When it comes to the UK Gambling Commission timeline, unfortunately I don’t have any other information. It’s in the hands of the regulator and our estimation is that it will be by the end of this year,” Carlesund told analysts.  

Q3 revenue dips on troubles in Asia  

In what has been a pivotal week for the group, as it unveiled that Playtech had commissioned a secret investigation against it, Evolution reported its net revenue for Q3 had decreased by 2.4% to €507.1 million. 

Carlesund blamed Asia for its continued impact on the group’s earnings, as it continued to fight targeted cyber-attacks during the period.  

He also looked to the Philippines iGaming market, noting it had been “very volatile” during its early stages.  

“Other markets such as India, which in our view show signs of moving towards regulation, create a higher level of uncertainty than before,” he said in a statement.  

However, the group reported quarter-on-quarter growth in Europe after a couple of challenging quarters during which the market had been impacted by ring-fencing actions to prevent Evolution’s games from being used in grey markets.  

Europe revenue hit €182.2 million in Q3, up from €180.2 million in Q2. But in a year-on-year comparison, Europe was down 6.5%. The ring-fencing exercise commenced after the commission’s review was launched. The supplier initiated the project to ensure it was meeting compliance requirements across Europe and not contributing to the growing back market.  

EBITDA for the period was down 18.9% to €337 million, while EBITDA margin hit 66.4%, down from 71.7% last year. Profit landed at €252.3 million, down 23.2%.  

Starting with Svenska Spel, the group saw net gaming revenue reach SEK1.87 billion ($199.4 million) in the quarter ended 30 September. This beat the previous year by 7%, the operator said in its Q3 financial report.

Svenska Spel noted growth across two of its three core businesses: Tur lottery and Sport & Casino. However, it saw a decline in the Vegas gaming machine segment, while the group was also slightly impacted by the discontinuation of its Casino Cosmopol land-based casino business.

Its final Casino Cosmopol location, in Stockholm, was shuttered in mid-H1. Several locations closed in January 2024, as well as another venue in Sundsvall in 2020.

However, growth across Tur lottery and Sport & Casino was more than enough to offset any impact of the closures, and indeed the Vegas declines, with top-line revenue clearing last year by a comfortable margin.

“Svenska Spel reports a third quarter with increased net gaming revenue, driven by strong product brands such as Eurojackpot and Oddset,” President and CEO Anna Johnson said. “Two out of three business areas show growth, which has a positive impact on the result, which increases compared to the same quarter last year.”

Lottery revenue exceeds SEK1.3 billion at Svenska Spel

Breaking down Q3, the Tur lottery remained Svenska Spel’s primary source of revenue by some margin. Revenue in this segment climbed by 7% to SEK1.31 billion. The operator put this down to a strong performance by Eurojackpot, where high jackpots contributed to increased customer interest, as well as a successful relaunch of Lotto.

Elsewhere, revenue from Sport & Casino jumped 9% year-on-year to SEK489 million. This, the group said, was helped by continued positive development for both online casino and sports betting under the Oddset brand, noting an increase in customers.

The only segment to go against the growth trend was Vegas, with machine revenue falling 10% to SEK78 million. Svenska Spel put this down to a fall in partners and a challenging economic situation affecting the restaurant industry.

Svenska Spel also noted that online accounted for SEK1.22 billion of total revenue, up 15% from last year. This meant online drew 65% of all revenue in Q3, compared to 60% in the same quarter of 2024.

Net profit rises to SEK584 million

Looking towards the bottom line, costs were relatively stable, although a drop in staffing costs following the Casino Cosmopol closures was posted.

Operating profit increased 18% to SEK718 million, on the back of revenue growth and stable expenses. Pre-tax profit also climbed 22.8% year-on-year to SEK739 million, helped by interest and other financial income.

Svenska Spel paid SEK155 million in tax, leaving a net profit of SEK584 million, up 18.5%.

“During the quarter, we delivered both increased revenue and progress within all of our strategic goals – a result of the joint work of the entire Svenska Spel,” Johnson said.

As for the year-to-date, net gaming revenue at the group for the nine months to the end of September was SEK5.56 billion, up 2%. Operating profit also increased on the back of this – by 8% to SEK1.90 billion for the period.

Pre-tax profit climbed 7% to SEK1.95 billion while, after SEK409 million in tax, net profit hit SEK1.54 billion, a rise of 8.3%.

ATG bounces back in Q3

Looking to ATG, the group saw net gaming revenue in Q3 rise 1% year-on-year to SEK1.30 billion. This was in contrast to the first two quarters of 2024, during which the operator posted a decline in revenue.

CEO Hasse Lord Skarplöth put the improved performance down to growth across horse and sports betting in Q3. He also noted a “continued focus on efficiency improvements”, with optimism about Q4 and beyond.

“It has been a challenging first half of the year for us, but the third quarter marks a small turnaround for ATG,” Skarplöth said. “The group’s net gaming revenue increased by 1% compared to the same quarter last year.

“To meet a changing market, we work consistently with efficiency improvements to reduce costs and strengthen profitability. We are already seeing clear results from an even more focused use of resources.”

Sports growth offsets casino decline

Analysing the quarterly performance, ATG said horse racing accounted for 77% of revenue in the period. However, the SEK958 million generated was only marginally more than in Q3 of last year.

In terms of sports betting, the performance here was more positive at SEK171 million, a rise of 6%. This pushed its total contribution to group revenue up from 12% to 13%.

However, in contrast, casino revenue dipped 1% to SEK167 million, or 10% of all revenue in the quarter. ATG noted that this year’s Q3 had four fewer jackpots than in the same period last year.

Digital and online channels generated SEK1.19 billion of all revenue, a rise of 2%. However, retail revenue dipped 8% year-on-year to SEK109 million.

Reduced spending pushes profit up at ATG

Looking at spending, expenses were reduced across several areas including gambling tax and other costs. Coupled with the slight rise in revenue, this allowed operating profit to climb 9% to SEK434 million.

Pre-tax profit increased 7% to SEK441 million while net profit after tax in Q3 also climbed 7% year-on-year to SEK428 million.

“Our ambition is clear: to create sustainable growth and strengthen ATG’s long-term competitiveness – for the benefit of our customers, the sport and the entire horse industry,” Skarplöth said.

As for the year-to-date, net gaming revenue for the nine months to end of September hit SEK3.86 billion. This fell 3% short of the previous year due to declines across both Q1 and Q2 at ATG.

Coupled with higher costs in some areas, this meant that operating profit fell 11% to SEK1.11 billion for the period. Pre-tax profit was also 12% lower year-on-year at SEK1.12 billion.

ATG paid SEK39 million in tax and also accounted for SEK2 million in positive foreign currency translation impact. This meant it ended the nine-month period with SEK1.08 billion in net profit, some 12% behind last year.

Revenue for the three months to 30 September amounted to €864 million ($1.01 billion), FDJ United reported. This fell short of the €890 million restated amount for the corresponding period in the previous year.

Restated revenue for Q3 2024 is based on the assumption that Kindred Group was part of the FDJ business last year. FDJ United closed its €2.45 billion acquisition of Kindred in October 2024, with its results first included in the group’s Q4 2024 numbers.

However, FDJ flagged that revenue would have been stable had it not been for various gambling tax increases across Europe, primarily France. It said the impact of the higher taxes was €21 million, with €18 million of this coming from rises in France.

Tax increases in France came into effect on 1 July and spanned both land-based and iGaming activities. The largest rise was for online betting, with the rate rising to 59.3% from 54.9% of GGR. Previously, FDJ said the changes would cut €45 million from its EBITDA total for 2025.

The market also faced increases across social welfare contributions from gambling operators as of last July.

“The change in FDJ United’s revenue at the end of September reflects the prolonged decrease in our online betting and gaming business in certain markets and the impact of higher taxation on gaming, particularly in France since 1 July,” Chairwoman and CEO Stéphane Pallez said.

Some growth despite tax impact in Q3

Detailing its performance, FDJ United revealed mixed fortunes across its four business segments. French lottery and sports betting remained the primary source of revenue at €595 million, a rise of 2.1%.

However, excluding the €14 million impact of gaming tax increase on lottery, revenue here would have been 4.5% higher year-on-year.

Lottery revenue climbed 2.5% to €508 million, driven by draw games and instant games. As for sports betting, this remained level at €87 million, despite a tough comparison period in 2024 that included the latter part of the Euro 2024 football tournament.

However, revenue from online betting and gaming fell 15.6% in Q3 to €209 million, again on a restated comparison basis.

FDJ put this down to an additional tax deficit of €7 million, mainly due to the rises in France but also in Romania. It also noted tighter regulations in both the UK and the Netherlands.

As for the other two segments, international lottery revenue edged up 0.3% to €44 million for the quarter. However, revenue from payments and services dipped 1.8% to €16 million.

Year-to-date revenue tops €2.73 billion at FDJ

As to how Q3 impacted FDJ in its year-to-date, revenue for the nine months through to the end of September hit €2.73 billion. This was 2.1% short of last year’s restated €2.79 billion total.

Declines were reported in all but one of the group’s business segments. French lottery and retail sports betting revenue was up 3.1% to €1.89 billion, with a 4.8% rise in lottery revenue to €1.57 billion offsetting a 4.8% decline in sports betting revenue.

Online betting and gaming revenue fell 12.9% to €675 million on the back of higher taxes in France and tightened regulations in other markets. International lottery revenue also dipped 11.5% to €124 million – due to the sale of Sporting Group at the end of 2024 – while payments and services revenue slipped 1.6% to €47 million.

FDJ vows to step up cost cutting

Looking ahead, FDJ said it anticipated a slight drop in revenue for the fourth quarter. This will likely be due to lower revenue from French lottery and retail sports betting, as Q4 includes several “exceptional events” in draw games. However, online betting and gaming revenue is likely to be stable.

With this, FDJ said it expects full-year revenue to reach “more than €3.70 billion”. Given that last year’s restated total was €3.79 billion, this could mean a year-on-year decline in revenue for the group. Recurring EBITDA is set to hit approximately €900 million with a recurring margin above 24%.

In addition, FDJ said it will now step up its cost reduction efforts as part of its 2025-2028 performance plans.

“The group deepens its transformation and performance plan in 2025 and pursues the operational implementation of its strategy, in line with the growth objectives of its Play Forward 2028 plan,” Pallez said.

This figure includes its 50% share in the US-facing BetMGM business, although the operator did, for the second time, break its earnings down to also exclude its US figures.  

Ex-US NGR was up 4% or 5% cc, assisted by a 10% NGR uptick in the CEE region. 

UK NGR was up 8%, in line with expectations the operator said, with online (up 15%) largely driving the uptick. This was down to “growth in players’ values driving strong volumes and further market share gains”, Entain said.  

Notably NGR in Brazil was down 10% year-on-year during the period due to unfavourable sporting results which offset 14% volume growth.  

During the earnings call on Wednesday, Group CFO Rob Wood said that, despite this drop in revenue, the company is “excited” by Brazil’s potential.  

Wood dubbed the Brazil results as “genuine bad luck from sports results” as the market has a high football mix and was impacted by both Champions League and local league results.  

Wood insisted that, despite the dip, the market was “trading on the right side of expectations on a volume basis”.  

Impact of tax hike in UK  

When asked on the earnings call about mitigating the impact a possible remote gambling tax increase could have in the UK, Entain CEO Stella David warned a number of business areas would take a hit. 

“There are a number of levers we could pull which include being less generous on bonusing, odds [could] be not quite as good, a reduction in marketing. These are all things that one does to mitigate against unwelcome tax increases,” David told analysts.  

Adding to David’s point, Wood said the sports sector would take a hit as operators (including Entain) would likely pull back on sponsorship deals and the advertising around them.  

“It doesn’t matter which [market’s] tax [rate] moves, sponsorships, because there is a long pay back and they are about brand awareness, are an obvious place operators will go,” Wood added.  

“The only winner in that situation is the black market because they have less competitive disadvantage. The loser of course is [the] sports [sector].” 

“Obviously we don’t sit on our hands and not plan for those eventualities,” David added.  

The possible increase in remote gambling tax is a hot topic among the sector today and was also addressed in Rank’s Q1 2025 earnings update on Wednesday.  

In April the UK government said it was considering a new tax framework for remote gambling. It opened a consultation and is expected to provide an update on its plans in the 26 November autumn budget.  

Analysts asked Entain execs whether a hike could benefit the operator by speeding up industry consolidation and weeding out smaller competitors.  

Wood said it was certain that smaller operators would be squeezed, and up to 25% of the UK’s iGaming market was made up of tier 3 or smaller operators.  

Entain AUSTRAC proceedings update  

On the operator’s ongoing legal proceedings with Australia’s AUSTRAC, David said she was pleased with the operator’s current compliance framework in the market.  

“I think we’re probably market leading [with the system we have in place now],” David said. She noted there was no clear timeline for the proceedings and the legal process could end up being worked out in court.

It is currently working through a mediation process with the regulator, which “will take as long as it takes”, she said. Mediation started in the summer.

The operator appointed a new permanent CEO for its Australia business in August. Andrew Vouris acted as interim CEO for two months before being made permanent.

For the three months through to 30 September, revenue at BetMGM amounted to $667 million. This, the operator said in a trading update on Tuesday, was accompanied by a 13% rise in player spending to $3.16 billion.

Growth across the board in Q3

BetMGM noted double-digit net revenue growth across both its iGaming and sports betting segments.

Online sports betting saw the most growth, with revenue rising by 36% to $202 million. The operator put this down to an upgraded online sports product, which it said offers users an improved experience. However, it also noted how favourable sports results in July and August were partly offset by customer-friendly results in September.

Within the sports betting segment, NGR per active was 49% higher than in Q3 of last year. In addition, handle per active increased 23%.

As for iGaming, revenue jumped 21% to $454 million, which BetMGM said was helped by “continued strong growth” in player acquisition, retention and activity. Average monthly actives were 21% higher in Q3.

Also on iGaming, BetMGM referenced several developments as part of its ongoing plans to improve its offering. These included exclusive omnichannel title launches and cross-selling iGaming on its sports betting offering.

A further $11 million in net gaming revenue came from retail and other operations during Q3. In addition, BetMGM reported positive group EBITDA of $41 million for the period, in contrast to last year’s $16 million loss.

BetMGM raises full-year guidance again

As for its performance in the year-to-date, BetMGM said group revenue for the nine months to the end of September is set to hit $2.02 billion. This would be 31% more than last year’s total for the same period.

Revenue from iGaming is set to be 26% higher at $1.35 billion, with sports betting revenue up 52% to $624 million. In addition to this, player spending in the nine-month period is set to amount to $10.67 billion, a rise of 22%.

On top of this, EBITDA for the year-to-date was placed at $150 million, in contrast to the $139 million loss posted in the previous year. Incidentally, the $150 million figure is what BetMGM expected full-year EBITDA to reach when it increased guidance after a positive Q2 showing.

Initially, BetMGM said during its full-year 2024 results that it would be “EBITDA positive” for the year. However, having exceeded expectations in each reporting period, this is now set to rise again, with the operator issuing improved guidance.

Now, full-year EBITDA is set to reach $200 million, BetMGM said in the update. In addition, net revenue is on track to hit $2.75 billion, in line with the “at least $2.7 billion” stated after Q2.

Business ‘healthier than ever’, says CEO

“Our momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan,” BetMGM CEO Adam Greenblatt said. “The execution in operations we have described this year – improved marketing efficiency, player management, brand positioning and product and platform improvements – all contributed to our strong revenue growth and material cash flow increase from both sides of the business.

“Strong underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full year 2025. Furthermore, we have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts.

“My previous statements that BetMGM is healthier than it has ever been still ring loudly and our stronger-than-expected performance through Q3 positions us well for the rest of the year and into 2026.”

BetMGM commits to return $200 million to parents

Also noted in the update were details on returning funds to the brand’s parent companies. Entain and MGM Resorts International have run the operation as a joint venture since 2019.

In August this year, BetMGM Chief Financial Officer Gary Deutsch said the operator could be in a position to return cash to both parents by the end of the year. Deutsch was speaking after BetMGM’s positive showing in Q2.

Now, BetMGM has confirmed that it intends to return “at least $200 million” to Entain and MGM by the end of the year. After this, it still expects to end 2025 with approximately $100 million of unrestricted cash.

It added that distributions of cash to parents will be on a “quarterly cadence” going forward.

For the three months to 30 September, net gaming revenue at Rank topped £210.2 million ($280.9 million). This, the group said, surpassed the £197.5 million reported in the same period in the previous year.

While Rank reported growth across all four of its core business segments, the highest rise came in digital. Here, like-for-like revenue climbed 13% year-on-year to reach £61.6 million in Q1.

Rank noted a 31% spike in Grosvenor digital revenue as well as a 9% rise within its Mecca online segment. In Spain, however, net gaming revenue fell 1% due to previously reported platform capacity issues. Rank said such issues are being addressed, with the launch of a new bingo platform set to see the segment return to growth in Q2.

Rank sees Grosvenor venues revenue exceed £100 million

Turning to land-based operations, net gaming revenue from the Grosvenor venues business was up 8% to £102.7 million. Again, this segment drew the most revenue for the group.

Growth here was helped by a 5% increase in customer visits and a 3% increase in spend per visit. Outside London, Rank said Grosvenor’s performance grew 10%, whereas in the British capital growth was noted at 4%.

The group said a relatively quieter summer in London was offset by an improved performance of Victoria Casino. This followed a major refurbishment that was completed in July.

Breaking down this segment further, electronic table gaming revenues grew 11%, which the group said represented “return on investment” from recent upgrades to terminals. Table games revenue edged up 3% and gaming machine revenue climbed 12% following the rollout of additional B1 gaming machines across the estate.

This latter point followed a pledge from Rank to take advantage of new land-based rules in the UK implemented in August. These included allowing casinos to instal more gaming machines and potentially offer in-house sports betting. Rank said in August it was exploring plans to launch sports betting at its UK casinos.

Elsewhere, revenue from Mecca venues grew 5% despite a 1% decline in overall customer visits. Spend per customer, however, was 6% higher year-on-year. Finally, Enracha venues in Spain reported a 5% increase in revenue for the quarter.

Rank paying ‘fair share’ of tax

Chief Executive John O’Reilly spoke positively about the Q1 performance. He said the figures place the group on track to hit its full-year targets.

“We have started the year strongly,” O’Reilly said. “We’re confident of delivering group like-for-like operating profit in line with expectations, notwithstanding the significant cost increases we have incurred in employer national insurance contributions, the national living wage and the new statutory levy.

“We are pleased to be rolling out additional gaming machines in our Grosvenor venues. We’re on track with our installation programme and now expect a total of 850 incremental machines to be added to our estate before the end of H1 2025-26.”

O’Reilly also addressed ongoing speculation regarding tax changes in the upcoming budget in November. Reports suggest the government is likely to increase gambling tax in the UK. The main change could be a switch to a single rate for all remote gambling.

Speaking in August after Rank published its full-year results, O’Reilly urged the government to tread carefully in terms of implementing changes to tax. Now, he said the group is paying its fair share of tax already, given its strong UK focus.

“Speculation regarding tax changes in the upcoming budget is, inevitably, hanging over the business,” O’Reilly said. “We are engaged with the treasury on the implications of tax changes on the viability of our venues, employment levels, future investment and the customer.

“Last year the group generated £44.6 million in profit after tax, having paid HMRC and local authorities £188.0 million in taxes. Rank Group, with its strong UK focus, is certainly paying its fair share.”

GGR was up 6% over September 2024, missing the analyst consensus of 9%. The figure was down 17.5% from August, when casinos generated a post-pandemic high of MOP22.15 billion.

September is typically a slower month in Macau following the peak July-August vacation season – so much so that the local government kicked off a 13-week city-wide stimulus campaign to offset the expected slump. The campaign, from 1 September to 30 November, drives consumer spending by offering residents a chance to win e-vouchers when they make purchases at participating businesses.

Another inhibiting factor: Typhoon Ragasa, the super-storm that closed casinos for more than 30 hours on 24-25 September. So far this year, September ranks as the second-lowest month for GGR in 2025 behind January. Vitaly Umansky of Seaport Research Partners noted the impact of the typhoon, which “likely impacted growth by ~6%-7% (12%-13% growth would have been likely)”.

But hopes are high for the Golden Week holiday, which began with National Day on Wednesday.

Macau revs up for Golden Week visitation

The Macau Government Tourism Office projects that 1.2 million people will visit the city for the eight-day celebration. Citigroup analysts George Choi and Timothy Chau estimate Macau casinos could generate daily GGR of MOP1.05 billion during the holiday.

That momentum could continue beyond Golden Week on the strength of entertainment and other special events like the NBA China Games, being held 10-12 October at the Venetian Macao. The presentation games will pit the Brooklyn Nets against the Phoenix Suns, with a special appearance by hoops great Shaquille O’Neal.

“Growth should be driven by increased marketing and, importantly, continued ease of money outflows along with robust visa issuance,” Umansky wrote. “Continued entertainment events will further help support demand.”

Indicators suggest growth into 2026-27

A US-China trade deal, which reportedly could be struck by November, could have a trickle-down effect on Macau, wrote Umansky. It would “further boost consumer confidence and willingness to spend and travel to Macau. And any improvement in China consumer confidence would help drive overnight base mass recovery.”

Seaport expects a 13% GGR increase in October and full-year growth of 8.4%, with 12.4% growth in the fourth quarter compared to 8.3% in the first half. It further forecasts 7% annual growth in 2026-2027, “helped by hotel occupancy, a stronger base mass recovery, continued money flow ease and burgeoning consumer confidence”.

Groupe Partouche benefits from new casino launches

The third quarter results showed Groupe Partouche benefiting from a bigger casino portfolio, with a new venue in Cannes and one further afield in Benin contributing to a 5.3% year-on-year rise in revenue. 

That prompts the question: Can French operators leverage shared language to expand into Francophone Africa? There is evidence of it happening with Spanish businesses in Latin America, so why not French companies in Africa?

And talk of France means talk of iCasino is never far away. Groupe Partouche, with operations in Belgium and Switzerland, could be building up its capabilities. Depending on whether there is any regulatory progress and if it can leverage its land-based database, could it carve out share in France’s future online gaming market?

Right to the Source is on Apple Podcasts

The Georgian gambling market

We’re talking the country not the state, but interestingly gambling in Georgia accounts for 3.5% of GDP. That’s the highest level of any country H2 Gambling Capital tracks, Ed points out. 

And while attractions such as “Black Sea Vegas” Batumi are designed to bring in the players, online is the real story in Georgia, making up the vast majority of revenue. 

Georgian gambling is also dominated by major industry players, with Crystalbet (Entain) and Adjarabet (Flutter) battling for supremacy. However it’s local operator Crocobet that’s growing rapidly. 

All this and the usual diversions into the sublime and the ridiculous in the latest Right to the Source!

Anne Ling and Jingjue Pei report that Macau GGR for 1-7 September was up 10% year on year – a trend they expect to continue. They credited “rich entertainment events, new properties, more incentives to players and appreciating asset values” as boosters. They also attributed the uptick to a “new wealth” segment: consumers with more discretionary income and the willingness to spend it.  

“We expect these drivers to continue to fuel GGR growth for the rest of the year,” wrote Ling and Pei. They project growth of 13.8% for the third quarter, 15.3% for the fourth quarter and 9.5% for 2025.

Jefferies has revised its full-year forecast from MOP237 billion to MOP248 billion, versus the conservative government estimate of MOP228 billion. Longer term, the bank foresees growth of 3.5% in 2026 and 3.4% in 2027.

Superstars, side bets propel Macau GGR

Citigroup analysts agree that big-name entertainers like Jacky Cheung and Eason Chan “appeal to bigger players and boost GGR”.

“This is why casino operators are strategically organising some heavyweight events after Golden Week,” wrote George Choi and Timothy Chau. That includes the NBA China Games, to be held 10-12 October at the Venetian Arena, and Jackson Wang concerts on 11-12 October at the Galaxy Arena.

“If these events are successful in boosting gaming volumes post-Golden Week, our October GGR forecast of MOP$23 billion (US$2.86 billion) could prove conservative,” the Citigroup analysts said.

In addition, the “increasing popularity” of baccarat side bets “are enhancing casino hold rates” for Macau operators. “Our [premium-mass] table survey has been telling us since April that gaming demand – especially premium mass – remains robust,” the analysts wrote.

Citigroup has raised its 2025 GGR forecast “from +7% to +10%” to MOP248.6 billion. That suggests “a +14% year-on-year growth for the rest of the year”. It has also raised its 2026 GGR forecast “from +5% [year on year] to +7%”, to MOP265.5 billion.

Group revenue was 11.3% higher than Q2 2024, while operating EBITDA marked another record at €187 million, a 9.2% year-on-year increase.

Its online gaming and betting unit achieved 64% revenue growth during Q2, reaching €139 million.

According to Cirsa, this was driven by strong double-digit organic growth and its successful integration of Apuesta Total, the leading operator in Peru which it acquired in July last year.

Peru accounted for 9.8% of Cirsa’s EBITDA in H1, up from 5.6% in FY2024, while Portugal was responsible for 0.5% after the company secured a 68% stake in CasinoPortugal.

Cirsa also noted that, despite the stagnant market, its slots Italy business unit achieved 4.7% revenue growth and a 5.1% rise in EBITDA during the quarter. Slots growth in Spain was lower, with revenue up by just 1.3% in Q2.

Overall, casino net operating revenue fell from €240.7 million to €237.1 million during Q2, with EBITDA also dropping from €99 million to €97.9 million. Cirsa noted the 5% organic growth in its casino unit came close to offsetting a €16.2 million financial exchange impact.

However, “unusually adverse” foreign exchange impacts meant Cirsa’s net profit dropped 11.5% year-on-year, from €10.9 million in Q2 2024 to €9.7 million in the same quarter of this year.

The adverse financial exchange effects were partially offset by Cirsa’s growing international footprint.

Another quarter of revenue growth for Cirsa

This is the first earnings report for Cirsa since its IPO on Spanish stock exchanges on 9 July. Cirsa went public at a price of €15 per share, with over 250 institutional investors and demand of more than eight times the offering.

Cirsa allocated €373 million of its IPO to reducing debt. As a result, leverage was reduced by over €700 million, bringing it down to 2.68x EBITDA.

The operator said it is “comfortably on track” to deliver on its FY25 guidance. Net operating revenue is expected to be €2.28 billion-€2.33 billion, year-on-year growth of 6%-8%, while EBITDA is also anticipated to be 6%-7% higher at €740 million-€750 million.

Group Executive Chairman Joaquim Agut said results were further evidence of the company’s continued growth.

“Our first quarterly results as a publicly listed group are strong and consistent with our track record, driven by our employees’ commitment to continuously and sustainably improving our operations,” Agut said.

“The execution of our strategy, our customer focus and productivity have once again enabled Cirsa to exceed its objectives.”

H1 EBITDA and revenue up

Looking at Cirsa’s results for the first half of 2025, EBITDA was 9.1% higher than the same period of 2024, reaching €365.6 million. H1 revenue also rose by 11.9% to €1.16 billion.

Its online gaming and betting business hit revenue of €270 million in H1 and is on track to reach the company’s €500+ million FY2025 target.

Revenue for the three-month period from May to July topped €189 million ($221.2 million), according to figures from Groupe Partouche. This surpassed the €179.5 million reported in Q3 last year and was also ahead of Q2 2025.

In France, where the group is primarily focused, Q3 revenue was 5.3% higher than the previous year at €169.1 million. The operator said this was helped by a 5.8% increase in attendance at its venues, as well as its acquisition of a new venue, Casino Partouche Cannes 50 Croisette.

Higher footfall pushed slots revenue in France up 2.6% to €130.4 million. Electronic table games revenue also climbed 11.8% to €22.6 million and non-electronic table games 20.8% to €16.6 million.

Outside France, revenue increased 5.6% to €19.9 million. Groupe Partouche put this down to a 19.0% rise in revenue from online gambling in Switzerland to €6.6 million, as well as a 63% rise in physical slot machine revenue to €10.1 million.

The operator also noted the recent opening of a new casino in Benin in West Africa. Casino Partouche Cotonou commenced operations in January this year.

Q3 consolidated turnover rises 7.3%

Groupe Partouche paid €105.2 million in levies during the quarter. This resulted in €83.7 million in net gaming revenue, a rise of 5.6%.

Turnover excluding net gaming revenue was up 11.8% to €31.5 million, while €0.7 million was deducted in fidelity programme costs. As such, this left €114.5 million in consolidated turnover for Q3, an increase of 7.3%.

Breaking this down, casinos accounted for €99.3 million of turnover, some 6.4% more than last year. Hotel turnover also climbed 4.9% to €10.0 million, with other turnover up 34.3% to €5.2 million.

Nine-month revenue tops €550.5 million at Groupe Partouche

Looking at the year-to-date, total revenue for the nine-month period to the end of Q3 was €550.5 million. This surpassed the €526.4 million reported at the same point in the previous year by 4.6%.

Net gaming revenue was also up 3.9% to €269.1 million, with consolidated turnover rising by 6.2% to €347.8 million.

Casinos drew €315.0 million of all turnover, up 6.0% year-on-year. Hotel turnover increased 2.6% to €22.7 million and other turnover was 24.% higher at €10.0 million.

Revenue in the three months to 30 June 2025 amounted to €2.27 billion ($2.66 billion), data from Allwyn showed. This was clear of €2.15 billion in Q2 last year, while the 6% increase was in line with overall growth seen in Q1 of 2025.

Meanwhile, revenue from gaming activities, referred to by Allwyn as gross gaming revenue (GGR), also climbed 6% year-on-year to €2.19 billion. Of this, 42% was attributed to digital operations, up 16% from the previous year.

“I am very pleased to report another quarter of strong financial performance following our strong first quarter, reflecting continued successful execution of our growth strategies,” Chvatal said. “Total revenue increased 6% year-on-year in the second quarter on a reported basis. This is in line with our growth rate in the first quarter, and 9% year-on-year excluding a one-off benefit to GGR in the comparative period.

“This excellent performance reflected our focus on growth in the digital channel, alongside the dedication of our teams across markets to enhancing the customer proposition and the player experience. As always, we delivered this growth while maintaining our commitment to player safety and upholding our responsibilities to all stakeholders.”

UK GGR tops €1.09 billion in Q2

Breaking down its Q2 performance, Allwyn said numerical lotteries drew the most GGR at €1.22 billion, up 8% from last year.

Instant lotteries GGR climbed 3% to €355 million, while iGaming was up 13% to €191 million and video lottery terminal (VLT) and casino GGR 5% to €231 million. The only decline came in sports betting, with GGR in this sector dipping 2% to €185 million.

Geographically, the UK continued to lead the way. This has been the case since Allwyn took control of the UK National Lottery in February 2024. For Q2, GGR in the UK reached €1.09 billion, up 7% year-on-year.

Detailing this growth, Allwyn highlighted the performance of EuroMillions, which benefited from favourable jackpot cycles and successful promotion events. Online instant win games also saw growth, helped by new game launches and increased player activity. It added that unusually high levels of prize payouts in the comparative period supported top-line growth.

“We remained focused on the ongoing execution of our plans to transform the UK National Lottery,” Allwyn said. “This included upgrading legacy technology infrastructure that has long constrained new product development and innovation, to support future commercial initiatives and the further enhancement of the customer proposition.”

This improvement work continued post-Q2, with Allwyn announcing several developments. Above all was a major tech upgrade, where, from 2-4 August, Allwyn carried out wide-scale changes across the lottery retail network. This included launching new terminal software and moving onto a new platform.

Alongside this, Allwyn committed to installing thousands of new lottery terminals over the coming weeks. In total, over 30,000 Wave terminals will be placed in the premises of retail partners that currently use Allwyn’s existing machines.

Allwyn reports growth in all regions

Elsewhere, Allwyn said its Greece and Cyprus market saw good growth in Q2, with GGR rising 5% to €583 million. This, it expanded, was supported by the online channel, where GGR increased 9%. It added that growth in the physical retail channel remained “solid” at 3%.

Allwyn also saw a 4% increase in GGR in Austria to €403 million. Here, GGR from numerical lotteries was 6% higher and instant lotteries 10%, while online GGR climbed 7%.

“The strong performance in numerical lotteries was supported by favourable jackpot cycles in the main national game, Lotto, as well as multi-national jackpot game, EuroMillions,” the operator said.

Finally, GGR in the Czech Republic, where Allwyn originated, reached €133 million. This was 9% higher than the previous year, with growth higher than in any other region. Allwyn noted “strong” growth across all major product lines, including numerical lotteries (12%).

Away from GGR, Allwyn reported €54 million in revenue from its Technology and Content segment in North America. This was 7% lower than Q2 last year, with the group putting these numbers down to lower incentive compensation fees owing to unfavourable cycles for multi-state jackpot games, Powerball and Mega Millions.

Earnings increase in Q2

Allwyn did not publish a full breakdown of its finances. However, it did offer an insight into its earnings for Q2. Net revenue for the period climbed 6% to €994 million, although operating EBITDA slipped 8% to €301 million.

However, Allwyn noted €61 million worth of adjustments to EBITDA. These included the add-back of certain non-cash amounts relating to the acquisition of its interest in Instant Win Gaming (IWG). Allwyn took a majority stake in IWG in February 2024.

After applying these adjustments, this left an adjusted EBITDA of €362 million, up 6% year-on-year. In addition, adjusted EBITDA margin improved from 36.1% to 36.4%.

As for H1, total revenue increased by 6% to €4.52 billion, with GGR also 6% higher at €4.34 billion. Net revenue also climbed 5% year-on-year to €2.00 billion.

Operating EBITDA dropped 5% to €612 million. However, after applying adjustments, this left €728 million in adjusted EBITDA, an increase of 4% from the previous year.

“Overall, I am very pleased with our continued progress,” Chvatal said. “I believe we’re well-placed for the remainder of 2025 and the next chapters of our growth story.”

Allwyn continues working to improve player experience

On this note, Allwyn has announced several other developments to support its expansion strategy. Alongside its UK-focused activity with improvements to the National Lottery, it made several M&A moves.

The first came in Q1, with Allwyn agreeing to acquire a 51% majority stake in Logflex MT Holding Limited, the owner of online sports betting and gaming group Novibet. Allwyn will pay an initial €217 million, with up to €110 million also due depending on performance of the business.

More recently, just after the end of Q2, Allwyn announced the sale of land-based casino assets in Germany and Australia. It also acquired the remaining minority stake in Greece- and Cyprus-facing online operator, Stoiximan.

This, Allwyn said, supports its increasingly digital-focused strategy. In relation to this, Allwyn appointed Kresimir Spajic as CEO of its new Allwyn Digital business, with a remit to lead its global digital expansion. Spajic began his new role on 1 September.

Just prior to releasing its Q2 results, news also broke of KKCG selling a 4.27% stake in Allwyn International to another Czech investment fund, J&T Arch Investment. The sale, Allwyn said, will allow more investors to support the group moving forward. KKCG will retain a majority 95.73% stake in Allwyn, held via Allwyn AG.

The deal valued Allwyn’s share capital at €11.20 billion.

GGR in the six months through to 30 June amounted to €1.15 billion ($1.34 billion), OPAP reported on Wednesday. This comfortably surpassed the €1.08 billion reported in the first half of last year.

Four of five segments within OPAP reported growth in H1, the exception being instant and passives, which saw a slight decline. Lottery remained its main source of revenue, ahead of sports betting, but it was iGaming that experienced the most growth.

Revenue from iGaming in H1 topped €171.3 million, up 22.1% from the same period last year. OPAP put this down to higher player engagement, with this backed up by comments from CEO Jan Karas.

Double-digit growth was recorded in the iGaming business across both the first and second quarters of 2025. This continued a trend that carried over from 2024, with iGaming the main area of growth for OPAP.

“iGaming delivered strong results for yet another quarter,” Karas said. “This was supported by the continuous evolution of the game portfolio, user experience and loyalty proposition.”

Lottery leads the way in H1

However, Karas also highlighted continuing success within the group’s lotteries segment. Here, he picked out both the Tzoker and Eurojackpot draws as stand-out catalysts for growth.

Lottery revenue was up 3.9% year-on-year to €386.7 million, the largest of any segment at OPAP.

“Revenue growth was driven mainly by Tzoker,” he said. “It maintained high levels of player engagement and performance thanks to a series of favourable jackpot rollovers, which also extended into Q3.

“Eurojackpot’s positive momentum also continued, supported by a new communication campaign. These factors had a broader positive impact on retail footfall and all gaming verticals.”

Euro 2024 impacts sports betting performance

Elsewhere, sports betting revenue climbed 5.2% to €368.2 million. This was impacted by tough comps in Q2 with the early stages of the Euro 2024 football tournament last year. Betting revenue was down 1.9% during the quarter.

This offset growth within the segment in Q1.

Another area that saw 4.3% revenue growth was video lottery terminals (VLTs) to €173.7 million. OPAP said that this was due to product enhancements and ongoing terminal upgrades across its network.

The one area of decline for OPAP – instant and passives – saw revenue dip by 0.5% to €52.2 million. However, with the segment returning to growth in Q2, this suggested a change in fortunes, with scratchcards reversing the recent downward trend.  

Bottom-line net profit tops €239.7 million

After GGR contribution and other levies and duties, net gaming revenue in H1 was €787.9 million, beating last year by 6.4%.

Costs were higher but revenue growth offset this, with EBITDA rising 6.6% to €398.4 million. Operating profit was 7.3% higher at €329.8 million, while pre-tax profit climbed 7.0% to €324.5 million.

Income tax payments totalled €84.5 million, meaning OPAP ended H1 with a bottom-line net profit of €329.7 million, up 6.6% year-on-year. This was split €233.4 million to owners of the company and €6.3 million to non-controlling assets.

Q2 revenue up 4.7% at OPAP

As for Q2, GGR climbed 4.7% to €557.9 million. Again, this was helped by double-digit growth in the iGaming segment, while the lottery, betting, VLT and instant and passives businesses also saw increases.

Q2 net gaming revenue climbed 4.9% to €381.5 million, with gross profit up 5.5% to €236.2 million. EBITDA was 4.3% higher at €191.3 million while net profit to owners of the company increased 3.6% to €110 million.

“Looking ahead, we are confident that OPAP is well positioned to meet its financial and business objectives for FY2025,” Karas said. “We remain focused on the implementation of our strategic priorities, while continuing to uphold our ESG commitments and create value for all our stakeholders.”

Group revenue for the six months to 30 June totalled €168 million ($196.2 million), Intralot reported. This surpassed the €165.3 million posted during H1 in the previous year by 1.7%.

Lottery remained the primary source of revenue, accounting for 53% of the total. Sports betting contributed 22%, video lottery terminals 12.8% and IT products and services 12.2%.

B2C revenue was higher year-on-year although B2B and B2G performance was more mixed. However, on the whole, Intralot Chairman Sokratis Kokkalis was upbeat about what he saw as a “stable” performance in H1.

“Our results for the first half of 2025 reflect stable financial performance in terms of revenue and operating profitability, strengthened cash flows and a significant reduction in debt and leverage,” Kokkalis said.

Intralot-Bally’s acquisition on track for Q4 completion

Kokkalis also referenced Intralot’s pending acquisition of Bally’s International Interactive division. Announced in July, the cash-and-stock transaction is valued at €2.7 billion. The reverse takeover deal will also see Bally’s become Intralot’s majority shareholder.

Intralot said the acquisition is still on track to complete before the end of the calendar year as previously stated. The group added that the deal will mark a “transformative” step for both companies, allowing it to pursue growth opportunities globally.

“The pivotal strategic decision to acquire Bally’s International Interactive will transform the company by enhancing its growth capabilities in the modern digital environment and substantially expand its financial scale,” Kokkalis said.

US and Argentina growth, decline in Turkey

Taking a closer look at Intralot’s financial performance in H1, revenue from the technology and support services within the B2B and B2G segment increased 2.4% year-on-year. This, the group said, was primarily due to an improved performance in the US.

“Although service revenue in the US was impacted by lower-scale jackpots compared to prior periods, this was offset by increased equipment sales relatively to 2024,” Intralot said. “Additionally, solid results in Argentina and a positive sales trend in Croatia further contributed to the growth.”

Also in reference to Argentina was a 32% increase in revenue from B2B operations in the country. This, Intralot said, followed the recovery in economic activity that led to the continued strengthening of the local market.

However, the management contracts segment of the B2B and B2G business reported a 5.9% drop in revenue. Intralot said this was mainly due to Turkish operations

“Despite continued growth of the local online sports betting market, revenue performance was impacted by adverse accounting effects related to hyperinflation in the Turkish economy, which contrasted with a positive effect in the same period last year,” Intralot said. “In addition, higher investment in player acquisition and retention activities also weighed on revenues during the period.”

Intralot in the red for H1

While overall revenue growth was positive for Intralot, the situation was different when it came to the bottom line for H1.

Gross profit dipped 12% to €57.7 million, although other operating income increased 10.4% and operating expenses were cut by 13.6%. This allowed adjusted EBITDA to edge up 1.2% to €60.2 million.

Earnings before interest and tax also increased to €25 million, while earnings before tax was also 61.4% higher at €9.8 million. However, bottom-line net loss, referred to by Intralot as net income after tax and minority interest (NIATMI), slipped from a €4.6 million profit in 2024 to a €0.1 million loss.

Mixed Q2 for Intralot

Looking to the second quarter, group revenue fell 4.8% to €79.6 million, with gross profit also down 21.7% to €25.6 million. Adjusted EBITDA, however, increased 2.2% to €30 million.

Earnings before interest and tax climbed 15.4% to €13.1 million, while earnings before tax rocketed by 810% to €6.2 million.

However, NIATMI in the second quarter was lower by 34% at €0.5 million. This meant that Intralot remained in the black for the three-month period.

A Monday investor note from analysts DS Kim, Selina Li and Lindsey Qian forecast a record-breaking month, with gross gaming revenue of MOP21.9 billion (US$2.72 billion) to MOP22.5 billion. GGR for the first 24 days of August totalled MOP17.65 billion, or MOP735 million per day.

The team wrote that it was “printing the highest non-Golden Week GGR since the pandemic, thanks to strong visitation from peak summer holidays”.

According to Macau Business, through Sunday both the VIP and mass segments grew 10% to 15% year-on-year. VIP was up 30% compared to 2019. Mass saw a remarkable 125% jump over the pre-pandemic benchmark.

“We now forecast August GGR to grow 11-14% to reach MOP21.9B-22.5B,” the analysts observed, “likely breaking the post-pandemic record again.”

Positive trend began in second quarter

Last year, anticipating a surge in tourism, the Macau government set a GGR target of MOP240 billion for 2025. But following disappointing results in January and February, officials adjusted their expectations downward, resetting the yearly total to MOP228 billion.

The comeback started in May, with GGR of MOP21.19 billion, up 5% over the consensus of 2.7% for the best post-Covid month since October 2024. The trend continued in June, with GGR of MOP21.06 billion, up 19% year on year.

In July, Macau casinos generated MOP22.12 billion patacas, according to data from the Gaming Inspection and Coordination Bureau. 

Revenue during the six months to 30 June amounted to SEK2.92 billion ($306 million), down 5% from the previous year. ATG also posted a 5% drop in net gaming revenue to SEK2.57 billion for H1.

Of the group’s three core businesses, only sports betting reported an increase in revenue in the period. There was also a double-digit fall in casino revenue.

However, customer numbers remained stable year-on-year at approximately 1.4 million, with CEO Hasse Lord Skarplöth maintaining ATG remains the largest gaming company in Sweden.

“Even though the outside world feels more uncertain than in a long time, there is one thing I never doubt, the power of our commitment,” Skarplöth said. “Together, we’ll do everything we can to strengthen trotting and galloping sports and the entire Swedish horse industry.”

How will new Finland JV boost ATG?

Skarplöth accepted that full-year revenue will be lower for FY25, with this, in addition to new tax laws, inevitably impacting bottom line. However, Skarplöth is positive about the future for ATG, highlighting its new online gambling joint venture, Hippos ATG.

Launched in partnership with Suomen Hippos, a Finnish equestrian association, Hippos ATG will offer betting on horse racing as its primary product to players in the competitive Finnish gambling market. It will also offer iGaming and betting on sports.

Subject to the Finnish Parliament passing a gambling reform bill, the country plans to open its market to private operators from January 2027.

In preparation for the planned launch, ATG announced Mikael Bäcke as CEO of Hippos ATG. He told iGB last week that the JV would operate on ATG’s proprietary gaming platform, but it will be commercially separate from the operator.

Sports betting growth fails to offset horse racing decline

Taking a closer look at H1, the headline figure for ATG was the 5% drop in horse racing net gaming revenue. The SEK1.87 billion generated fell short of last year’s SEK1.96 billion total, despite some improvement in Q2.

Sports betting revenue climbed 3% to SEK393 million, with Q1 growth offsetting a decline in Q2. The latter, ATG said, was due to tough year-on-year comps, with Q2 last year benefitting from the early stages of football’s Euro 2024 tournament.

As for casino, revenue in H1 dropped 13% to SEK304 million. ATG put this down to a number of large jackpot wins at the start of the year.

As to where revenue came from, ATG said wagering via digital channels generated SEK2.34 billion of total net gaming revenue in H1. The remaining SEK227 million was attributed to retail locations.

Operations in Sweden were responsible for SEK2.41 billion of all net gaming revenue for the period. Danish activity via its Bet25 brand generated an additional SEK 160 million for ATG.

Net profit falls 22% at ATG

Looking towards the bottom line, ATG again referenced the impact of higher taxes in Sweden. Gambling tax in the country, which is based on GGR, increased from 18% to 22% in July 2024. As such, gambling tax payments jumped from SEK560 million to SEK627 million in H1 of this year.

Operating expenses were slightly lower for the period, although higher tax and less revenue meant operating profit fell by 20% year-on-year. In addition, pre-tax profit – after financial costs – dropped 21% to SEK676 million.

ATG paid SEK26 million in income tax and noted SEK2 million in positive foreign currency translation. As such, it ended H1 with a net profit of SEK652 million, down 22%.

Similar story in Q2

Looking at the latter part of the year’s first half, total revenue for Q2 was 2% lower year-on-year at SEK1.54 billion. Net gaming revenue also declined by 2% to SEK1.39 billion.

Operating profit was down 11% to SEK404 million while pre-tax profit fell 10% to SEK412 million for the three months to 30 June.

After SEK17 million in income tax and a negative SEK1 million foreign currency translation impact, ATG ended Q2 with a net profit of SEK394 million, a drop of 12% year on year.

LatAm continues to be perhaps the hottest region in the gambling world, with Brazil seven months into its regulated online market. Meanwhile tax concerns in Colombia and Peru continue to impact operators’ strategies.

Flutter made vital inroads into Brazil in 2024, acquiring a 56% stake in NSX, the parent company of Brazil-facing brand Betnacional. It has formed a new Flutter Brazil business, which will also encompass its existing Betfair Brazil brand.

The NSX acquisition is already paying off, with Brazil revenue growing 144% during Q2 to $44 million, offsetting a slight year-on-year decline for Betfair Brazil. This decline Flutter attributed to adverse sports results and re-registration friction from new KYC requirements.

With Brazil Flutter’s fastest-growing market in Q2, Group CEO Peter Jackson was asked whether further LatAm expansion was in the company’s plans.

Jackson responded: “When we sit here and evaluate what the opportunities are around the world, we think about Latin America, we think about many markets where we’re not operating. There’s some interesting opportunities there.

“They’re all in the mix as we think about where we’re going to be deploying our capital. Clearly, the team are thinking about other opportunities around the world in Latin America.”

Jackson and Flutter recognise the scale of Brazil’s potential, saying: “We retain a strong conviction that the market opportunity will be very significant, and that those operators with scale and the best product will win the largest share of the market. Our strategy is to elevate our Brazilian proposition.

“We’ve targeted quick wins in product and marketing, which we expect will deliver significant improvements to the customer proposition on both sportsbook and iGaming over the next 12 months, which we believe will place us well for future success.”

Entain ‘on track’ in Brazil

Entain reported a 21% year-on-year uptick in Brazil NGR during H1, in line with the company’s expectations after a successful transition to the newly regulated market.

Brazil was Entain’s fastest growing market outside the US, powered by strong results from the Club World Cup football tournament, which saw record player activity and turnover.

Brazil accounted for 5% of Entain’s H1 NGR, although CEO Stella David conceded the journey had “not always been plain sailing”, with compliance proving difficult as players of its Sportingbet brand had to re-register to satisfy new KYC requirements.

Tax in Brazil also led to a £28 million ($38 million) hit to Entain’s group EBITDA, with David also warning about the potential for black market growth. This warning comes as the country weighs up making a provisional GGR tax rise from 12% to 18% permanent, as well as new ad restrictions.

“I’m just saying there’s a lot of volatility and that means that we have to be agile in our approach to the market to make sure we navigate the right line,” David said.

BetMGM sets sights on 10% market share in Brazil

In August last year, MGM Resorts International partnered with Grupo Globo, Latin America’s largest media company, to launch the BetMGM brand in Brazil.

In its Q2 presentation, MGM reiterated its desire to reach 10% market share in Brazil through BetMGM, believing its deal with Grupo Globo will allow for greater flexibility in regards to marketing and investment.

“Our launch is making great strides as we are seeing all key measures increasing, including strengthening player fundamentals,” MGM Resorts International CEO Bill Hornbuckle said. “Our bullish long-term view of the Brazilian market remains unchanged.”

BetMGM is investing heavily in Brazil, with that spend focused on product in Q1. It will then shift to marketing in Q2 as the business looks to grow its brand awareness in the market.

“[In] Q2, we turned on the marketing with a reasonable level of aggression and we’re very happy about what we’re seeing,” MGM Resorts International Interactive president Gary Fritz explained.

“Player values are strong down there. We see nothing to give us any concern about the TAM and the long-term health in the market in Brazil.”

Betsson reaches record LatAm revenue in Q2

Betsson enjoyed a hugely successful Q2 in LatAm, with revenue in the region up 35.4% to a record €84.7 million ($99.3 million), driven by high customer activity and record deposit levels.

LatAm accounted for 28% of Betsson’s Q2 revenue, having been responsible for 25% of its revenue in Q1, with Peru and Argentina particularly singled out as key growth markets for the group.

“It is gratifying to see how we continue to strengthen our leading market positions in these countries through both strategic and tactical market activities as well as targeted product development,” CEO Pontus Lindwall said.

Sportsbook revenue in LatAm increased from €22.3 million in Q1 to €33.2 million in Q2, offsetting a slight drop in casino revenue from €52.2 million to €51.4 million.

Despite the record quarter in LatAm for Betsson, the company did also note significant headwinds in the region, with further ad restrictions and tax rises seemingly on the way in Brazil. Beyond this Peru and Colombia are also increasing their tax burdens.

However, Lindwall said the company’s view on Brazil hadn’t shifted, saying: “We remain with our view that in any newly regulated market, it’s a little bit shaky initially in terms of competition, marketing spending, potentially regulatory changes.”

Discussing future M&A, Lindwall explained: “We are a careful company. We don’t jump in, we don’t buy the first one we see there. We want the dust to settle a bit and then we will, of course, be ready for both our own expansion and M&A in Brazil.”

Codere Online cautious on Brazil, Mexico performance strong

Codere Online remains hesitant to enter Brazil, despite fellow LatAm market Mexico continuing to prove fruitful for the company in Q2.

Mexico revenue for Codere Online reached €29 million in Q2, 2.8% higher than the €28.2 million reported in Q2 last year, while adjusted EBITDA in the market also edged up from a €0.2 million loss in Q2 last year to a €0.2 million profit.

In the earnings release, CEO Aviv Sher said: “In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024.”

But while the company continues to flourish in Mexico, Sher reaffirmed the company’s caution on Brazil, telling analysts: “We took some of our experience in Spain and took it to Mexico, so we have already proven we are able to replicate our strategy and grow a market.  

“I’m sure that Brazil will come up in this call. To replicate [our model] in Brazil, we would need a lot of money.”

In the company’s Q1 results, Codere Online noted it was pulling back in Colombia due to the impacts of the 19% temporary VAT. Sher reiterated this on the post-Q2 earnings call, saying operations had been reduced in the market “to the bare minimum”.

RSI flourishing in Mexico, but Colombia headwinds remain

Rush Street Interactive highlighted Mexico as a particularly strong growth market in Q2, although concerns persist over the tax situation in Colombia.

Monthly active users rocketed nearly 42% across the LatAm region to 403,000 in Q2, with Mexico proving especially fruitful. Revenue from the market here was up 125% year-on-year, as well as increasing 40% from Q1 this year.

Rush Street Interactive CEO Richard Schwartz expects Mexico to become one of the company’s largest markets, saying: “We are very optimistic and continue to believe that it can be a very significant market for us for many years to come.”

However, the VAT in Colombia continues to prove troublesome, with Rush Street Interactive’s decision to offset the tax with a bonusing strategy damaging the company’s profitability in the market.

This led to Q2 net revenue from Colombia remaining flat, despite Rush Street Interactive’s GGR from the market rising by over 70%.

With the temporary VAT set to expire at the conclusion of 2025, CFO Kyle Sauers believes the company’s profitability in the market will reignite from the start of 2026.

Further LatAm expansion could be coming, too, with the company listing Chile, Ecuador, Brazil and Argentina as potential opportunities to add to its existing markets of Colombia, Mexico and Peru.

Super Group LatAm revenue nearly halves after Brazil exit

Elsewhere, Super Group reported declines in LatAm revenue, dropping to $5 million in Q2 from $9 million in the same quarter last year. Across H1, revenue in the region also fell from $16 million to $10 million.

Super Group attributed this to poor performance in Mexico, as well as the withdrawal of its Betway brand in Brazil.

For Kambi, the regulated market launch in Brazil helped the supplier to increase operator turnover in the Americas by 3.4%, despite a “slower than expected start”.

The Club World Cup proved particularly popular in LatAm for Kambi, driving approximately 80% of bets across its global network.

Travel to Las Vegas plunged 11% in June, according to the Las Vegas Convention and Visitors Authority, providing a harbinger that customers are reconsidering a vacation to Sin City in tough economic times. But Wynn, which caters to higher-end customers, emerged from the carnage relatively unscathed.

During Wynn’s second quarter of 2025, the average daily rate for its Las Vegas hotels came in at $548, up 3% year-over-year. The metric is viewed as a key indicator for earned revenue based on occupancy levels at Strip properties. In addition, Wynn Resorts’ CEO Craig Billings appears pleased with metrics on table game and slot machines, as well as receipts at luxury restaurants at Wynn’s Vegas properties.

“We remain positive about the business in Las Vegas,” Billings said during Thursday’s Q2 earnings call. “We sit in a unique position. We’re not the best barometer of Las Vegas at large.”

Another factor stoking Billings’ optimism for Wynn’s performance in Vegas stems from booking levels in July. Last month, Wynn saw forward bookings advance as the month progressed, Billings noted. While Wynn indicated that its convention and group business looks strong heading into the fourth quarter, the company is pleased with bookings for this fall’s Formula 1 Las Vegas Grand Prix, taking place for the third year.

Wynn Q2 earnings by the numbers

Despite the strong quarter, Wynn saw profits fall sharply to $66.2 million or $0.64 per share, in comparison with $111.9 million or $0.91 a share in the same quarter in 2024. Wynn also posted adjusted earnings per share of $1.09, failing to meet analysts’ per-share expectations of $1.20.

Wynn experienced softness in Macau over the quarter, generating revenue of $343.8 million. Billings pointed to a down period from its VIP segment, which delivered lower-than-expected hold. In total, the VIP hold provided a negative impact of $13 million for the quarter.

Wynn traded at around $105 a share on Friday morning, down about 2% on the session. Wynn shares have jumped about 60% since US President Donald Trump’s tariff announcement in April. The company is also up approximately 37% over the last 12 months.

The company held Thursday’s call as reports surfaced that former NBA player Marcus Morris had charges dropped after he repaid a series of debts to two Las Vegas casinos. Morris, a 14-year NBA veteran, repaid debts totalling $250,000 to Wynn Las Vegas and the MGM Grand, CBS affiliate KLAS reported.

Over the second quarter, Wynn generated operating revenues in Las Vegas of $638.6 million, up nearly $10 million from $628.7 during the same quarter in 2024. Amid healthy demand on the casino side, Wynn saw increases in both drop and handle for the three-month period ended 30 June.

As a result, Wynn reported adjusted property EBITDA of $234.8 million for the quarter, a slight increase from $230.3 million in the year-ago quarter.

Wynn also provided an update on renovation plans for the Encore Tower in Las Vegas. Construction for the remodelling of the tower is set to begin next spring, CFO Julie Mireille Cameron-Doe said. The project, which will take about a year to complete, is estimated to cost about $330 million.

However, the strong period for Wynn’s Las Vegas segment came as profits overall fell for the company on the quarter. It is one reason why Wynn traded lower on Friday in response to the quarterly results.

Optimism for UAE project

Wynn Resorts is moving closer to the 2027 grand opening of Wynn Al Marjan Island, the first licensed casino in the United Arab Emirates. Billings indicated that construction for the project continues to “progress rapidly”, with developments on the 61st floor of a 1,000-foot tower ongoing this month.

During the quarter, Wynn continued drawing on the Al Marjan construction loan with $395 million to date, Cameron-Doe noted.

As of this week, Wynn remains the only casino to be licensed by the UAE’s General Commercial Gaming Regulatory Authority.

Various estimates have placed the total addressable market in Dubai in the range of $5 billion to $8 billion a year. Wynn Al Marjan Island will be the company’s first new project under its current management team. Consequently, the Dubai project is the company’s top priority at the moment, Billings explained.

“We’re building and opening a small city,” Billings said. “We need to be in a position to knock the cover off the ball.”

Flutter’s US FanDuel business accounted for 43% of its group revenue. FanDuel closed the quarter with $1.8 billion in revenue.

Although sportsbook remained FanDuel’s largest segment, with $1.2 billion in revenue, iGaming was the standout, reporting a 42% rise in US iGaming revenue to $507 million.

Flutter CEO Peter Jackson said during the company’s earnings call its Q2 results reflected a quarter of “meaningful strategic progress”.

“Our performance in Q2 positions us well to deliver on our strategic objectives and execute strongly throughout the content-rich calendars for NFL, NBA and European soccer during the remainder of the year,” he said.

“Looking ahead to the remainder of the year, our strong performance in the first half of 2025 underlines the strength of Flutter’s fundamentals,” Jackson outlined. “I feel confident as I consider our positioning heading into the second half of 2025.”

The results led Flutter to slightly increase its full-year guidance. It now expects revenue to reach $17.26 billion in 2025, up from its previous target of $17.08 billion.

Flutter net income hit by Boyd buyout and tax hikes

Despite double-digit revenue growth, the company’s net income dropped 88% to $37 million due to increased non-cash charges relating to tax and it buying the remaining 5% stake in FanDuel from Boyd Gaming.

Net income was also impacted by a non-cash loss of $81m in the value of Fox’s option liability. This is compared to a $91m gain in Q2 2024. This relates to Fox having an option to acquire an 18.6% equity interest in FanDuel on or before December 2030.

Flutter also faced restructuring, integration and transaction costs of $89 million during the period, in addition to a $209m charge relating to its Snaitech and NSX acquisitions.

Jackson said the deal with Boyd had come with an attractive valuation and helped it secure state market access at more favourable terms. In its latest full year guidance, it said buying Boyd’s shares would result in market access savings of $35 million in existing states for 2025.

“This is also a great example of the longer-term cost levers we have available, which help underpin our confidence in the delivery of our long-term adjusted EBITDA margin targets,” Jackson said.

US growth slow compared to competitors?

While FanDuel’s sportsbook revenue increased 11% year-on-year, growth slowed compared to previous quarters. An analyst note from Regulus Partners pointed out Flutter’s overall US Q2 growth of 17% was behind that of competitors DraftKings (37%) and BetMGM (36%).

Regulus suggested FanDuel’s dominance in regards to its parlay product was “rapidly being eroded”.

Flutter said it closed the quarter with a 41% sportsbook market share in the US based on GGR and a 27% share of the iGaming market.

Betting handle edged up by 7% to $11.7 billion, with adjusted EBITDA in the market significantly rising by 54% to $400 million, from $260 million in Q2 2024.

Despite slowed growth in the segment, Jackson said Flutter retained its “clear position” as the No. 1 operator in the US.

Flutter’s tax burden

But an increasingly challenging regulatory environment in the US is having a clear impact on the business.

Jackson said he was disappointed by Illinois’ recent decision to introduce a per-wager surcharge on sports bets.

Q2 figures showed Flutter would take a $40 million EBITDA hit from tax impacts in New Jersey, Illinois and Louisiana in 2025.

But through continued lobbying, Jackson is confident the sector has made “meaningful progress in encouraging law-makers to adopt a balanced approach”.

“On the US regulatory front, I believe our sector is making meaningful progress in encouraging lawmakers to adopt a balanced tax strategy, which promotes market growth and investment.

“We are confident, as evidenced by the majority approach to date, that Illinois is an outlier and that lawmakers generally will recognise the importance of adopting a balanced approach,” Jackson said.

Adjusted EBITDA, meanwhile, is now expected to hit $3.3 billion, upped from the prior objective of $3.18 billion.

International growth remains double-digit

Flutter’s international segment grew its revenue by 15% in Q2, to $2.4 billion. Adjusted EBITDA for the segment also increased 13% to $591 million. This was powered by a 63% (on a constant currency basis) uptick to revenue in Southern Europe.

Sportsbook revenue growth in Flutter’s international markets was 4%, with the company noting the comparative period of 2024 was particularly strong due to Euro 2024, which accounted for 6% of handle in Q2 2024.

Jackson highlighted Italy as a standout market during the period, noting its market share reached 21.7% in Q2, and up to 30.2% for online specifically.

The Snai acquisition, which closed in Q2, contributed 52 percentage points of the growth to the segment.

Flutter’s acquisitions of both Snai and NSX in Brazil contributed 11 percentage points to the overall international business’ growth during the period.

“Both acquisitions are driven by a clear strategic rationale to expand our footprint in attractive, regulated markets while leveraging the Flutter Edge to drive operational and product improvements,” Jackson said.

Comparatively, UK and Ireland revenue decreased 5% on a constant currency basis, to $936 million. Sportsbook revenue here was down 17% (CC) when compared to the Euros in Q2 2024.

Igaming, however, ticked up 10% (cc), but Flutter said it was impacted by Gambling Act Review-led player restrictions.

Regulus noted the completion of a platform update in UK&I will “likely stop the rot” and kickstart growth once again.

Meanwhile CEE revenue was up 5% (cc) and Asia Pacific 7% during the second quarter.

LatAm region a key target

Brazil won the prize for most growth during the period (+175%). Although there was no legal online betting in the market prior to 1 January, so the figure is compared to 0 on a year-on-year basis.

Revenue came in at $44 million, benefiting from the acquisition of a 56% stake in NSX, the parent company of Betnacional. The acquisition contributed 185 percentage points of growth to the Brazil segment.

The company was combined with the Betfair Brazil busines in Q2 to create a Flutter Brazil business, led by ex-NSX chief João Studart.

The figures were offset slightly by a year-over-year decline for Betfair Brazil, “driven by adverse sports results and the continuing impact of the customer re-registration friction post regulation”, the operator said.

Flutter previously stated it estimated NSX gave it an 11% market share in Brazil.

Jackson said further LatAm expansion could be on the cards, explaining: “When we sit here and evaluate what the opportunities are around the world, we think about Latin America, we think about many markets where we’re not operating in.

“But we have to evaluate where do we think is the best place to deploy our capital. I mean, there’s a lot of soccer [that] goes on in Latin America. There’s some interesting opportunities there.

“So look, they’re all in the mix as we think about where we’re going to be deploying our capital. Clearly, the team are thinking about other opportunities around the world in Latin America, Europe.”

Penn posted group revenue of $1.76 billion for the quarter, up 6% over the prior period. Through the first half of 2025, the company’s group revenue of $3.4 billion is about 5% ahead of its pace from 2024.

Revenue from the company’s retail casino properties was essentially flat at $1.4 billion, with adjusted EBITDAR of $498.6 million. CEO Jay Snowden noted in prepared remarks that the sector had a “solid” quarter, “particularly in those markets not impacted by new supply, where we saw revenue growth of 4% year over year”.

The interactive division, a focal point of interest, posted $316.1 million in revenue against an adjusted EBITDA loss of $62 million.

So far in 2025, Penn has managed to pare about half of its interactive losses from the previous year – last year’s Q2 AEBITDA loss was $102 million, and the $151 million loss in H1 2025 is down from a $299 million AEBITDA loss in H1 2024. Snowden noted that while Q2 “delivered significant year-over-year improvements in adjusted revenue and adjusted EBITDA” for its digital sector, there is “still plenty of work to do”.

Penn ended the quarter with $671.6 million in cash versus net debt of $2.1 billion. Its adjusted earnings per share was $0.10, compared to -$0.18 last year. Through Wednesday, the company has repurchased $115.3 million worth of shares in 2025 and it remains committed to at least $350 million in repurchases for the year.

Investing in core strengths

On the retail side, Penn is working to mitigate the effects of new competition in and around several of its regional markets. In Chicagoland, the company is moving two of its Hollywood Casino riverboats to landside locations in Joliet and Aurora. Joliet is to open on Monday, ahead of schedule, while Aurora is slated for completion next year.

In Iowa, the company is also moving its Ameristar Council Bluffs riverboat ashore in late 2027 or 2028 in response to expansion in Nebraska. And its Louisiana and Detroit locations will see millions in renovation projects to account for growth and disruptions there.

Macroeconomic uncertainty has been rising since US President Donald Trump took office in January. Rising US tariffs have wildly swung financial markets, the Federal Reserve has held interest rates steady all year, economic data has been thrown into question, and so on. But Snowden maintained on Thursday, as have his contemporaries at other casino companies, that the industry’s foundations remain strong.

“There’s really one true macroeconomic factor that has a tight correlation to our business, which is employment, and employment’s been strong,” he told analysts. “Americans have jobs, Americans spend money. It’s really quite simple as it relates to the regional gaming business, at least as long as I’ve been doing this, and gas prices have been low and they’ve stayed low. So those are all helpful tailwinds. Consumer confidence seems to at least be stable.”

CFO Felicia Hendrix confirmed that Penn’s retail guidance for the year is unchanged.

Now for the main event

The real meat of Thursday’s call was discussion of ESPN Bet, Penn’s sportsbook that has garnered nearly all of the attention surrounding the company since it was first announced in August 2023. Penn and Snowden doubled down on ESPN Bet with a multibillion-dollar deal off the heels of a previous disaster with Barstool Sports.

The partnership with ESPN was created in the hope of competing for a podium spot in the US sports betting market. But so far the platform has struggled to maintain market share of low single-digits, as in less than 3%. Things really started to get hot in February, when Snowden noted that there is a three-year opt-out clause in the deal if projections were not being hit. That means things could come crumbling down by this time next year.

Last fall, Penn put a lot of stock into launching in New York for football season, but it was unable to do so until late September after the season had already begun. This year the company is again hopeful that a full, successful football season will act as panacea for a sore spot that could otherwise become cancerous.

“The significant investments in interactive are undoubtedly behind us,” Snowden said in prepared remarks. “Our focus for the balance of this year and going forward remains operational execution and transforming our strategic investments into consistent long-term returns and value creation for our shareholders.”

Integrations and NFL partnerships

Fortunately for Penn, multiple developments could significantly boost its ESPN Bet fortunes. The first is the launch of FanCenter, a new integration tool that gives bettors personalised markets based on their favourite teams, players and fantasy football rosters. It is the latest example of how Penn has sought to integrate ESPN Bet deeper within the ESPN ecosystem.

And speaking of the so-called Worldwide Leader in Sports, ESPN has been busy on its own. The Disney-owned company is preparing to roll out its first direct-to-consumer streaming service on 21 August. The platform, which will cost $29.99 per month, is expected to feature extensive sports betting tie-ins, although ESPN already features a fair share of betting content on its network broadcasts and shows.

Additionally, ESPN announced a blockbuster deal this week to acquire most of the NFL’s media assets, including NFL Network and RedZone, in exchange for a 10% stake in the business. This is the first time a US sports league has secured ownership in a media organisation, much less one with a betting platform. While the deal raises several questions related to media integrity, Penn isn’t concerned with all that. Instead it is rightfully optimistic about the NFL connection, which has been a golden ticket for years.

“Maybe this is stating the obvious, but we think … all of those announcements are good for the entire ESPN ecosystem, of which ESPN Bet is certainly part,” Snowden told analysts.

Snowden clarified he is not privy to ESPN’s plans, only to the extent that ESPN Bet is involved. But he reckoned the network “is in a stronger position today than they were a week ago”, which is “really good for us and our brand”.

They who shall not be named

Overall, much was said about ESPN Bet, but another name was notably unspoken on Thursday: HG Vora. The investment firm has for months been locked in an ugly, highly publicised proxy fight with Penn.

At issue is Penn’s digital strategy, which HG has condemned as being disastrous for shareholders. The company’s stock has spiralled more than 60% in the last five years, despite a robust retail casino business. Vora has also criticised the compensation of Snowden, which it views as excessive given the company’s digital cash haemorrhage.

Ahead of Penn’s annual meeting in mid-June, Vora had nominated three new board members: Johnny Hartnett, Carlos Ruisanchez and William Clifford. However, Penn reduced the number of available seats to two, leaving Clifford out while electing the others. This resulted in a lawsuit from Vora in May, and the court system is where the issue will ultimately play out. Penn has given no intention of changing its mind or of divesting any holdings.

Snowden was asked about the new board members, to which he replied “it’s always nice to have fresh eyes and perspectives”. That’s about all that was said.

“Nothing that I can share, obviously in terms of what we discussed with our board members on this call, but I would just say that they’re as engaged as you would expect them to be and we’re having really good conversations and we would expect that to continue as we move forward,” he concluded.

The company said it spent $9.4 million and $17.1 million in “legal and advisory costs related to activist activity in connection with our 2025 annual meeting” in Q2. Penn stock closed on Thursday at $16.94, down about 12% year-to-date.

It said in an earnings update on Thursday that growth was powered by increased activity in Africa, Europe and North America markets and lead to record quarterly revenue for Super Group.

However, figures were partially offset by declines across the LatAm, Middle East and Asia-Pacific markets. 

Monthly active customers for Super Group increased by 21% to 5.5 million, compared to 4.5 million in Q2 2024, marking the fifth consecutive quarter of monthly active customer growth.

In Q2 Africa and the Middle East accounted for 40% of the group’s total revenue, up slightly from 37% in Q2 last year. The segment remains the largest for Super Group, with North America and Europe in second and third place at 34% and 19% of total revenue respectively.

Profit before tax, meanwhile, amounted to $38.8 million.

The results have led Super Group to raise its full-year adjusted EBITDA guidance to $470-$480 million, with its ex-US adjusted EBITDA target also upped to $500-$510 million.

Super Group CEO Neal Menashe hailed the company’s strong showing in the first half of 2025. “The quarter’s success was fuelled by strong execution across our key markets, a full calendar of global sporting events, increased deposits, high customer retention and margin expansion,” he said.

Super Group CFO Alinda van Wyk added: “These results underscore our scalable, cost-efficient operating model and controlled marketing spend.

“We ended the quarter with $393 million in unrestricted cash and zero debt, and returned $20 million to shareholders, bringing our 12-month capital returns to $166 million.”

EBITDA up despite US exit

Total adjusted EBITDA for Super Group in Q2 stood at a quarterly record $156.7 million, a 78% increase despite a $5.4 million EBITDA loss in the US.

During the period Super Group announced it would fully exit the US, meaning its remaining iGaming offerings in New Jersey and Pennsylvania would be shut down. North America, including its business in Canada, recorded $199 million in revenue during Q2.  

The exit, which has no specific public date attached to it, is expected to cost $30-$40 million.

Menashe believes the US exit will ultimately aid the company in the future, explaining: “While our decision to exit the US was difficult, we believe that this step demonstrates our commitment to capital efficiency and long-term profitability.

“With continued focus on scaling our technology globally, Super Group should be even better positioned for sustained, profitable growth.”

Super Group continuing to flourish in Africa

In the company’s Q1 results, Super Group announced its activities in Africa and the Middle East overtook North America as its biggest market.

That growth continued in Q2, with Super Group’s Africa and Middle East revenue rising 38.8% year-on-year from $165 million to $229 million.

Across H1, Africa and Middle East revenue also increased from $317 million to $432 million.

Across its eight African markets, Super Group ranks as a podium player in seven of those.

Ghana particularly continues to be a strong growth market for Super Group, with sports betting and casino growth up 48% and 71% respectively.

The appointment took effect on Friday. Lee fills the role once held by Tan Hee Teck, who went on to become CEO in May 2022. The position has been vacant for more than three years.

In a filing to the Singapore Exchange, Genting also announced that Ang Suat Ching will succeed Lee as CFO of Genting Singapore while retaining her current role as CFO of Resorts World Sentosa.

Driving much-needed growth

In a May report, DBS Bank suggested that Genting Singapore would look outside the ranks for new leadership. Lee, however, is an insider and a company veteran.

She joined the group in 2010 just as it prepared to launch RWS, one of the city’s two integrated resorts along with Marina Bay Sands. She has since held “various senior leadership positions”, according to a company statement, including president of Resorts World Sentosa from September 2023 and CEO of RWS since June 2025.

“In her new role, she will be responsible for driving execution of strategic initiatives, operational performance and sustainable growth across the group,” the company stated. She will report to Tan Sri Lim Kok Thay, executive chairman and acting CEO of the company.

The dual appointments of Lee and Ang “reflect our commitment to leadership renewal as the group enters its next phase of growth”, said Lim. “Shi Ruh brings a proven track record of sound decision-making, strategic discipline and a clear understanding of the group’s long-term priorities, which will be invaluable in her expanded role” as president and COO.

“We also welcome Suat Ching to the executive team, whose financial expertise will support our long-term value creation.”

Second-half improvement expected

Lee assumes her new roles amid lacklustre performance by Genting Singapore. In the first quarter, it reported adjusted EBITDA of S236 million ($183 million), down 36% year-on-year. DBS attributed the shortfall to “softer-than-expected non-gaming revenue” as well as weaker VIP demand. Hotel occupancy plunged 72% from the previous quarter, due to “weaker tourist arrivals [and] broader macroeconomic softness in the region”.

Last November, the Singapore Gambling Regulatory Authority announced that it would renew RWS’ licence for just two years, instead of the usual three. It based its decision on RWS’ “unsatisfactory” performance from 2021 through 2023, as the market continued to recover from Covid-19.

An ambitious S$6.8 billion expansion project could turn the company’s fortunes around. RWS 2.0 is described as a “waterfront lifestyle complex” with two luxury hotels and a Minion Land theme park at Universal Studios Singapore. Starting in July, a full month of celebratory events kicked off the opening of the new Singapore Oceanarium, an “aquarium-based conservation institution”.

The second half of 2025 will bring Weave, a 20,000 sqm space featuring more than 40 lifestyle and premium brands distributed across three levels. Also in the works: new dining options, an 88-metre light sculpture and a panoramic mountain trail. The massive expansion is expected to be complete in 2030.

Despite the recent challenges, DBS maintains a “buy” on Genting Singapore shares.

“While we anticipate a softer 2Q25 due to higher promotional costs ahead of these launches, we expect EBITDA margins to improve sequentially in 2H25 with increased visitor flow to the new attractions and hotel,” according to the bank.

Rush Street Interactive revenue hit $269.2 million in Q2, a 22% year-on-year rise, while adjusted EBITDA increased 88% to $40.2 million from $21.4 million in the same quarter last year.

Net income, meanwhile, stood at $28.8 million, an impressive improvement when considering Q2 2024 resulted in a net loss of $0.3 million.

Q2 marked the ninth consecutive quarter for Rush Street Interactive of improved quarter-on-quarter revenue and adjusted EBITDA, which it says underlines the strength and consistency of the company’s business model.

RSI ups 2025 guidance after strong Q2

The results have led Rush Street Interactive to raise its full-year guidance, expecting revenue to reach between $1.05 billion and $1.1 billion, while its EBITDA target now stands at $133-$147 million.

In the company’s Q2 earnings call, Rush Street Interactive CEO Richard Schwartz voiced his confidence in the business’ strategy.

“The positive momentum across our markets are far outweighing any headwinds from increased taxes in the US and Colombia,” Schwartz said.

RSI excelling as exclusive Delaware iCasino operator

In late 2023, Rush Street Interactive succeeded 888 as the exclusive operator for the Delaware Lottery’s iCasino offering.

In the last 12 months, Rush Street Interactive has generated $102 million in iCasino gross gaming revenue in Delaware, compared to just the $15.1 million 888 achieved in its final year as the exclusive operator.

It is an example of Rush Street Interactive’s strong performance in North America, with monthly active users up 21% year-on-year in Q2 to approximately 197,000. ARPMAU in the region hit a new quarterly high at $391.

Aside from Delaware, other standout markets included Michigan, which grew 42% year-on-year, while revenue from West Virginia was 47% higher.

The operator ranks among the top four for net revenue in US iCasino, with the company active in as many states for the vertical as any other operator.

“This strong momentum reflects the effectiveness of our focus on markets where we can deploy our full suite of gaming offerings and maximise player value,” Schwartz declared.

Rush Street Interactive boasts a total addressable market (TAM) of $145 billion, with $109.8 billion of this in the US and $6.6 billion in Canada. In LatAm, the operator has a current TAM of $28.9 billion.

RSI flourishing in spite of significant headwinds

The headwinds Schwartz referred to in the earnings call largely centre around the new temporary value-added tax (VAT) in Colombia.

In February, Colombia’s government announced a 19% VAT on player deposits to online gambling operators, with the measure expected to last until the end of 2025.

Similar to Stake and other market leaders in Colombia, Rush Street Interactive introduced a bonusing strategy to absorb the impact of the tax on bettors.

As a result, net revenue was flat in Colombia despite Rush Street Interactive’s GGR in the market increasing by over 70%.

With the VAT set to expire at the end of the year, Rush Street Interactive CFO Kyle Sauers expects the company’s GGR and net revenue growth in Colombia to kickstart from 2026 onwards.

“It’s a big headwind for us here while this tax is in place, and that obviously hits revenue and profitability,” Sauers explained. “So we’re pretty excited for the time when that isn’t in place any longer.”

Mexico set to become a key market

Elsewhere in LatAm, monthly active users rose nearly 42% year-on-year to 403,000, although average revenue per monthly active user across the entirety of LatAm dropped from $38 to $30, which it again attributed to the bonusing strategy in Colombia.

The company achieved impressive results in Mexico, with revenue up by 125% when compared to Q2 2024, while it also grew 40% from Q1 this year.

Schwartz believes Mexico will ultimately become one of Rush Street Interactive’s largest markets, with the revenue growth in that market ahead of where it was in Colombia during the same timespan after launch.

“We are very unique in our user experience, and I think it resonates very well with the players down there who are looking for something different and exciting and differentiated and high quality compared possibly to what you see in the market,” Schwartz said.

“So, we are very optimistic and continue to believe that can be a very significant market for us for many years to come.”

Significant TAM in LatAm for Rush Street Interactive

In its Q2 presentation, Rush Street Interactive explained how it expects to have a total addressable market of around $28.9 billion across LatAm by the end of 2028.

Already live in Colombia, Mexico and Peru, Rush Street Interactive lists Chile, Ecuador and Argentina as potential expansion opportunities.

Also included in the potential expansion section is Brazil, with Rush Street Interactive yet to enter the market despite seven months of the regulated online market now being in the books.

In Rush Street Interactive’s post-Q2 call last year, Schwartz expressed interest in the market, although he also stated any entry would involve a cautious approach.

“Brazil is a large and exciting market,” Schwartz said last year. “There’s lots of moving parts there. It’s very important that we sort of remain disciplined and more thoughtful about how we approach the market.”

Shares in Rush Street Interactive closed up 25.53% at $20.16 per share in New York, with its share price up 101.4% over the past 12 months.

For the three-month period ended 30 June, MGM generated net revenue of $4.4 billion, topping forecasts of $4.31 billion. On the quarter, MGM Resorts recorded the company’s highest-ever consolidated net revenues, buttressed by record output from regional operators.

Overall, MGM reported earnings per share of $0.79, exceeding consensus per-share estimates of $0.58. The company achieved the earnings beat in spite of a down period on the famed Strip thoroughfare. Visitation across the city plunged by 11% in June, the Las Vegas Convention and Visitors Authority reported on Wednesday.

MGM Resorts CEO Bill Hornbuckle blamed the subpar Las Vegas figures on continued renovations at MGM Grand, which is undergoing a $65 million facelift. Hornbuckle indicated that the company experienced a $40 million negative impact in the first half on restorations that will run through October. Among MGM’s Vegas properties, second-quarter EBITDAR came in at $711 million, down $72 million from the year-ago quarter.

“MGM Resorts’ operational scale and diversity delivered solid growth in the second quarter,” Hornbuckle said in Wednesday’s prepared remarks. “I want to take this opportunity to emphasise that Las Vegas remains fundamentally solid. MGM Grand accounted for over 80% of the decline, where results were impacted by a uniquely disruptive room remodel.”

Efficient player targeting at BetMGM

Hornbuckle highlighted a strong quarter for BetMGM, MGM Resorts’ online gaming venture with Entain. The executive described BetMGM as a “near-term catalyst” for the company, with solid growth in average monthly activity and in active player days in iGaming. In online sports betting, Hornbuckle pointed to retention of valuable players, efficient acquisition of new players and tighter management of lower-value players as drivers for first-half profitability.

BetMGM reported first-half EBITDA of $109 million, swinging to a profit after reporting a loss of $123 million in the first six months of 2024. Hornbuckle is confident the venture can reach its long-term target of $500 million in annual profitability.

Models from Citizens imply that BetMGM can achieve the target in 2028, assuming the venture delivers double-digit revenue growth the next two years and operating leverage in line with the rest of the industry.

Hornbuckle’s comments came one day after BetMGM held its 2025 first-half business update. In a conference call with equities analysts, BetMGM CEO Adam Greenblatt discussed the ancillary benefits of the venture’s refined approach to player targeting.

Right-sizing reinvestment rates

BetMGM pinpointed the impact of artificial intelligence and other analytical tools to identify bettor tendencies at an earlier stage of the customer life cycle. The tools have enabled its product team to identify the value of players in each cohort and “right-size the reinvestment” amounts more quickly, according to Greenblatt. Equally important, the new analytics have enabled BetMGM to avoid investment in unprofitable players.

“This improved capability and approach really started back last fall and we’ve been refining it all the way through 2025,” Greenblatt said. “The results, frankly, speak for themselves.”

BetMGM CFO Gary Deutsch echoed Greenblatt’s sentiments. The venture received a larger mix of high-margin bets with low staking, he noted, along with an uptick in VIP play. BetMGM, however, fell behind Fanatics in second-quarter market share. Based on data from 14 key states analysed by Citizens, BetMGM reported a quarterly share of 6.2%, trailing third-place Fanatics (market share of 7.6%).

Lobbying to repeal change in gambling deductions

Hornbuckle concluded the quarterly earnings call with an update on lobbying efforts to repeal a controversial tax change in US President Donald Trump’s “One Big Beautiful Bill”. The legislation will cap the amount of deductions gamblers can write off in a federal tax return to 90% of their annual losses. Several congressional members, led by Nevada Rep. Dina Titus, are pushing to remove the amendment on the grounds that it unfairly punishes professional gamblers.

Hornbuckle indicated that he met with the chairman of the House Ways and Means Committee last week in Las Vegas and was joined by Caesars Entertainment CEO Tom Reeg and Wynn Resorts CEO Craig Billings. The triumvirate attempted to make their case for the removal of the amendment before it takes effect in 2026.

For the quarter, MGM China reported record adjusted EBITDAR with a year-over-year increase of about 3%. MGM China COO Hubert Wang appears encouraged by trends among customers defined as the “premium mass”, a cohort of gamblers who are not VIPs but still wager considerably higher than the average bettor.

“Our focus on premium mass is not going to change,” Wang said.

As of noon ET Thursday, MGM Resorts traded around $36 a share, down about 4% in the day’s session. MGM is still up approximately 40% since falling to three-year lows in April at around $25 a share.

Overall, group net revenue in Q2 was up about 3% year-on-year to $2.9 billion. A little more than $1 billion of that came from Las Vegas, a 3.7% YoY decrease, while its regional revenue was up 3.6% to $1.4 billion. Digital revenue, by contrast, shot up 24% from last year to $343 million, meaning both quarters this year have seen high double-digit growth.

With regard to adjusted EBITDA, Las Vegas slipped 8% YoY to $469 million, with regional close behind at $439 million (-6%). Digital AEBITDA doubled from $40 million last year to $80 million this past quarter.

Caesars’ combined H1 net revenue of $5.7 billion represents a 2.5% gain from this point in 2024. By category, Las Vegas is -2.7% for the period and regional is +2.7%, while digital is +21.5%. Those trends are further illustrated by H1 adjusted EBITDA: Las Vegas, $902 million (-4.7%); regional, $879 million (-2.5%); and digital, $123 million (+173%).

You know what we’re going to ask

Given this widening disparity, Caesars for several quarters has addressed questions related to its digital business, namely its receptiveness to a spin-off, or, if that is not planned, what the expectations should be long term. In 2021, the company targeted $500 million in annual digital EBITDA by 2026 and it is well positioned to hit that goal. But what comes after that?

CEO Tom Reeg expounded on these topics again in an earnings call Tuesday.

“We remain on track to deliver half-a-billion-plus of EBITDA in [2026],” he told analysts. “The momentum in digital is extraordinary, both from a volume and an EBITDA perspective.”

He added that Caesars is both increasing sports betting handle YoY and growing its iGaming business at about twice the rate of its peers. Now that the once-mighty $500 million goal is within view, analysts were curious about the next goal to latch onto.

Reeg stopped short of providing a new figure but indicated it would surely increase. He pointed to a busier Q4 and Q1 with football season, and the potential of new online gaming jurisdictions in future years.

“I’ve taken so much grief over the $500 million target that we’re right on the precipice of, I’m hesitant to immediately put another target out there,” he said. “But I’d say we’re going to generate substantially more than $500 million of EBITDA from digital if you’re looking out a few years.”

Did someone say spin-off?

Such comments continue to add fuel to the long-held belief that a digital spin-off is on the horizon. With such dislocated growth, a separation might better unlock future potential. And generally speaking, brick-and-mortar operators are grappling with how to make digital offerings profitable.

Wynn Resorts folded its online operations in 2023, Boyd Gaming just sold off its stake in FanDuel, Penn Entertainment investors have been clamouring for a digital divestiture for years, and so on. Caesars is quickly becoming an outlier in that regard, although offers are never far away.

In the spring, activist investor Carl Icahn made headlines by regrowing his Caesars stake and installing two associates on the company’s board. Icahn was the mastermind behind Caesars’ mega-merger with Eldorado Resorts in 2020, through which Reeg became CEO. Icahn does not appear to be as aggressive this time around, but Reeg told iGB in April that the billionaire “sees the same thing we see” with regard to undervalued assets.

It now appears that the company will look to hit its forecast before seriously pursuing alternatives.

“There is internal plumbing that needs to happen to be in position to separate that foots well with when we hit our numbers for our initial targets,” Reeg said on Tuesday. “We’ll take a look at what we think of value at that point, whether it’s reflected. We would absolutely pursue a separation if we believed it would drive significant value to our shareholders.”

Viva Soft Vegas

The discussion that focused on Las Vegas and regionals was dominated by one word: soft. Reeg said YoY comps were soft, and he said Q3 would be soft, and those Las Vegas summers? Always soft.

On the Q1 call, the CEO was largely dismissive of macroeconomic fears, as were his contemporaries. He acknowledged this time, though, that the “leak” in Las Vegas started in late spring but has been stabilising with fall and winter ahead.

“It’s as if your tire had a leak and you patched it,” he told analysts. For a while, the company’s running three-month outlook was trending downward, but he asserted it is now holding somewhat steady. The market is fearful of a severe travel slowdown related to international pushback to rising US tariffs and rising economic pressure on consumers.

His assessment of the regional business was similar, but he said he expects to see that segment finish the year flat or slightly up over 2024.

What was not discussed on Tuesday was a tragedy connected to Caesars and Las Vegas. On Monday evening, about 24 hours before the call, 27-year-old Shane Tamura entered an office building at 345 Park Avenue in New York City and opened fire, killing four and critically injuring another before turning the gun on himself. He had driven to New York from Las Vegas, where he had worked in the surveillance department of the Horseshoe Las Vegas, a Caesars property.

“Our thoughts are with the victims, their families, and all those affected by this tragic event,” Caesars said in a statement. “We are cooperating with law enforcement and will not be commenting further.” 

Odds and ends

Reeg, one of the more expansive executives in the industry, briefly touched on several other topics.

He talked about the One Big Beautiful Bill from US President Donald Trump, which, as CFO Bret Yunker pointed out, actually includes favourable tax provisions for the company. The bill’s controversial 90% loss limit for gambling deductions, which has unleashed professional bettors’ fury, was not discussed.

The New York casino licence race was also mentioned, as Caesars is proposing a Times Square casino with partners SL Green and Roc Nation. A team of reps that included Roc founder Jay-z gave a presentation for the project earlier this month.

“We’re proud of the submission we’ve put forward,” Reeg told analysts. “We’ve got a strong partnership with a lot of local support. We are mindful that Manhattan may be an underdog for a licence. If there is a casino awarded in Manhattan, we are confident that we would be the one.”

For the three months to 30 June, revenue at Brightstar reached $631 million, an increase of 3% from last year. It was the first quarter during which lottery was reported as a standalone business after the recent split.

In July, private equity company Apollo completed its $6.3 billion acquisition of IGT’s Gaming & Digital business and Everi Holdings. The two businesses are now being combined and will jointly operate under the IGT brand.

With this, the legacy IGT lottery business is now operating as a completely separate entity. Ahead of the split, the segment was renamed Brightstar, reflecting its “source of inspiration and innovation” for players worldwide.

While Brightstar and the existing Gaming & Digital business operated alongside each other in Q2, and indeed H1, results have been reported as standalone to reflect the now-completed split. The published results compared Q2 this year to the lottery business’ performance in the same period in 2024.

“With a singular focus on lottery and unmatched industry expertise, we are well positioned to create value for all stakeholders with our mission to elevate lotteries and inspire players around the world,” Brightstar CEO Vince Sadusky said.

How did Q2 go for Brightstar?

Taking a closer look at Q2, service activity accounted for $588 million of all revenue, level with last year. However, product sales revenue climbed 59% to $42 million, leading to the rise in group revenue for the quarter.

The US and Canada drew the most revenue at $293 million, although this was lower 4% year-on-year. Italy revenue increased 10% to $259 million, while revenue in the rest of the world was also up 9% to $79 million.

Incidentally, Brightstar was handed a boost in the middle of Q2 by securing an extension to its agreement to run the Italian lottery. The business saw off competition from other parties such as Novomatic, Allwyn and Flutter to win the tender, which runs through November 2034.

Counting costs: Brightstar eyes further savings

While the rise in revenue was good news for Brightstar, the provider still has work to do in terms of costs.

Total operating expenses were 13% higher for Q2 at $492 million, with costs up across both services and product sales. In addition, an increased foreign exchange loss resulted in non-operating costs jumping 187%.

However, part of the latter increase was down to the OPtiMa 3.0 cost-reduction programme, which is focused on optimising general and administrative and operating activities following transformational actions in recent years. Brightstar said this has now been expanded to $50 million to “right-size” the business following the Gaming & Digital sale.

Chief Financial Officer Max Chiara added: “We are investing in key initiatives to drive sustainable, long-term growth, while also delivering structural cost reductions to right-size the business.”

In the red for Q2

Ultimately, higher costs offset revenue growth in Q2 and led to a pre-tax loss of $10 million, compared to last year’s $127 million profit.

Brightstar noted $50 million worth of income tax costs, but it was able to draw $40 million in profit from discontinued operations. As such, net loss stood at $20 million, in contrast to an $85 million profit in Q2 of 2024.

However, when discounting $36 million in net profit from discontinued operations and $2 million from non-controlling interest, bottom line loss was higher. Total net loss attributable to Brightstar in Q2 was $58 million, compared to last year’s $42 million net profit.

In addition, adjusted EBITDA declined 5% year-on-year to $274 million.

Revenue drops during H1

As for the six-month period to 30 June, revenue hit $1.21 billion, down 4.7%. Brightstar put this down to higher US multi-state jackpot activity but noted a 1.2% uptick in global instant ticket and draw same-store sales.

Both operating and non-operating costs were higher in the first half, although the operator was able to remain in the black before tax. For the period, pre-tax profit was $46 million, which was 85% lower than last year but a plus nonetheless.

Tax payments totalled $97 million and discontinued operations profit $92 million, resulting in a net profit of $40 million, compared to $213 million in 2024. However, when taking off $67 million in net discontinued operations profit and $4 million from non-controlling assets, bottom-line net loss attributable to Brightstar was $31 million, in contrast to last year’s $123 million profit.

As for adjusted EBITDA, this amounted to $524 million, down 15% from the previous year.

The figure, revealed in an update ahead of its full Q2 earnings report on Tuesday, is some way ahead of the initial “EBITDA positive” guidance issued during BetMGM’s full-year 2024 results. It also exceeds the subsequent guidance of “at least $100 million” following a positive Q1 for BetMGM.

If achieved, it would be in stark contrast to the $244 million EBITDA loss reported in FY24.

BetMGM also increased its FY revenue target to “at least $2.7 billion”. This would be 12.5% above the initial forecast of $2.4 billion.

“BetMGM has seen a strong first half of the year, delivering significant revenue and EBITDA growth that is underpinned by the ongoing execution of our strategic plan,” BetMGM CEO Adam Greenblatt said. “The momentum we have built since the second half of 2024 accelerated through the first half of 2025.

“Our stronger than expected performance through H1 2025 positions us well for the rest of the year. It reinforces our confidence in the future and the many opportunities ahead.”

What drove BetMGM’s Q2 revenue uptick?

Going into detail on Q2, BetMGM said revenue for the three months to 30 June was $692 million, up 36% year-on-year. This was driven by double-digit growth across both its online sports betting and iGaming operations.

iGaming remained the primary source of revenue at $449 million, a rise of 29% from the previous year. BetMGM said this was helped by exclusive content, differentiated engagement tools and enhanced player management.

BetMGM also noted a 14% gross gaming market share in active markets, with this at 22% for iGaming and 8% sports betting.

Sports betting revenue jumped 56% to $228 million, which BetMGM said reflected a strengthened product and refined player engagement. Betting handle for the quarter was also 25% higher at $3.43 billion.

However, retail and other revenue during Q2 fell 5% to $16 million. BetMGM did not go into detail on the reasons for this decline.

Overall, the average number of monthly active players across the operator’s platforms was up 7% during Q2.

All this contributed to an EBITDA of $86 million, some $78 million more than Q2 last year.

BetMGM H1 revenue tops $1.35 billion

Looking to the first half, revenue for the six months to 30 June amounted to $1.35 billion, an increase of 35%. The period followed a similar pattern to that of Q2, with double-digit increases for both iGaming and sports betting.

Revenue from iGaming was up 28% in H1 to $891 million, while sports betting revenue hiked 61% to $422 million. On top of this, sports wagering handle for the period was 27% higher at $7.5 billion. Average monthly active players across all BetMGM platforms was up 6%.

On the back of this, group EBITDA reached $109 million, in contrast to the $123 million loss reported in H1 2024.

“Our iGaming business continues to deliver new records as we showed why BetMGM is the go-to destination for all players and, in online sports, our refined player targeting and management capabilities have driven strong engagement and player KPIs across the board,” Greenblatt said.

“BetMGM is healthier than it has ever been, a testament to the hard work of our teams and colleagues across the business.”

BetMGM remains a joint venture between MGM Resorts and Entain. MGM is scheduled to publish its Q2 and H1 results on 29 July, and Entain on 12 August.

According to Bloomberg, Macau casino shares have risen 59% since April as GGR continues to outpace analyst expectations.

Casinos in the city recorded GGR of MOP$21.19 billion (US$2.62 billion) in May, up 5% year-on-year and 12.4% over April, for the best month since borders reopened in January 2023.

The trend continued in June – typically a slower month after the Golden Week holiday – with GGR of MOP$21.06 billion, a surge of 19% year-on-year.

As of mid-July, casinos had generated MOP$18.6 billion for the month, up 11.6% compared to 2024. That brought the total to MOP$132.35 billion, an improvement of 36.7% over last year. The ongoing positive direction led Seaport Research Partners to revise its annual forecast, projecting a 7% boost in GGR for the year and as much as 9% for the second half.

More tourists, tourism attractions

Data from the Macau Government Tourism Office shows that 19.22 million visitors visited the gaming mecca through June of this year, an increase of 14.9% compared to the same period in 2024. The city is making it easier for them, with relaxed visa policies and improved transportation options.

As usual, approximately 70% of tourists hail from mainland China. But international tourism is on the upswing too. Last year, more than 2.4 million visitors from outside Asia came to Macau, an increase of 66% year-on-year. The city is actively wooing them with increased non-gaming attractions like sports, entertainment and cultural events.

In a notable recent example, analysts from JP Morgan, Citi and Seaport Research all credited June’s outperformance to a spillover effect from concerts by Cantopop and K-pop stars. The standout was a Galaxy Macau residency starring Hong Kong crooner Jackie Cheung.

On Cheung’s opening night at Galaxy Macau, for instance, Citi’s table survey saw a 16% increase in premium players and a 36% increase in the average wager.

VIP play up, but mass still on top

VIP gaming revenue for the first half rose 11% year-on-year, versus just 2% for the mass market. High rollers kicked in about 26% of the half-year total. But, as Macau Business reports, mass players “still reign”, making up the balance of 74%.

The publication cited a report from CreditSights, a division of Fitch. In a Monday note, the researcher stated: “For 1H25, total GGR was up by 4% YoY to MOP118.8 billion and slightly above pace (~52%) to meet the government’s 2025 target of MOP228 billion.”

Despite all the wins, spend per visitor for the period is down. On a per-capita basis, each spent an estimated MOP6,180 in the first six months, a drop of 9% from last year. CSLA attributed the decline to “Macau’s diversification into more non-gaming offerings, such as entertainment events”, calling it a driver for more leisure visitors over gamblers.

CreditSights concurred, saying per-visitor spend could “remain constrained by visitation upside largely coming from the less affluent regions of China with lower GDP per capita”.

Reporting its Q2 earnings Wednesday, Kambi Group CEO Werner Becher said he remains “optimistic” about the provider’s prospects despite it posting an 11.5% year-on-year revenue decline in the period.

After facing what Becher described as a “challenging” market in Q2, Kambi’s revenue hit €40.5 million ($47.5 million), behind Q1’s €41.5 million revenue.

Kambi said this was mainly due to the end of transition fees associated with it ending long-term platform deals with Penn Entertainment and Napoleon.

Penn’s final quarter of transition payments was Q2 2024, after it migrated to its on-house platform in July 2023. Belgium’s Napoleon also ended its agreement with Kambi in late 2023.

Excluding the €4.5 million in transition fees it earned in Q2 last year, group revenue dropped 2%.

The remaining decline was put down to several factors. These included a quieter sporting calendar, deposit limits in the Netherlands, increased gaming-related taxes in several jurisdictions, and new commercial terms for certain renewed contracts. All these, Kambi said, had a negative impact in Q2.

“Last year’s quarter benefited from the uplift of the Euros and Copa América and included the last full quarter of transition fees from Penn Entertainment,” Becher said.

“Meanwhile, challenging dynamics include foreign exchange movements and regulatory and tax headwinds, such as deposit limits in the Netherlands and Colombia’s VAT, continue to affect performance.”

Trading margin up, helped by AI trading capabilities

A number of industry-wide factors mentioned above caused operator turnover to dip 4.5% in Q2, which ultimately impacted Kambi’s revenue.

Again, Kambi said this was largely driven by a quieter sporting calendar, Dutch deposit limits and Kindred’s exit from various markets.

Geographically, Kambi said the recently regulated Brazilian market helped push operator turnover in the Americas up 3.4%. The region accounted for 56.3% of all operator turnover in Q2. Europe’s share fell from 43.8% to 40.1% and rest of world 4.2% to 3.6%.

But trading margin across its operator partners increased from 10.3% to 11.5%. The company said this was helped by increased engagement with higher margin products and Kambi’s ability to trade these products through AI.

Up to 98.1% of all sportsbook turnover came from locally regulated markets, up from 92.4% in 2024.

Kambi remains in the black despite revenue decline

New partner launches with LiveScore, KTO and Svenska Spel had a positive impact on Kambi’s earnings.

And despite the drop in revenue, Kambi was able to make savings on certain costs in Q2. Major outgoings such as staffing and data supplier were both reduced during the quarter.

However, operating profit was still heavily impacted and faced a 74.2% decline in Q2 to €1.6 million. After accounting for finance costs, pre-tax profit reached €1.5 million, down 76.2% year-on-year.

Kambi paid €1.2 million in income tax, resulting in a net profit of €244,000, some 94.8% less than Q2 of 2024. In addition, adjusted EBITDA declined 50.7% to €3.7 million.

Much of the same in H1

Looking at the first six months of the year, H1 revenue dropped 7.9% to €81.9 million. However, when excluding the transition fees, the year-on-year decline was 2.3%.

Some costs were reduced but operating profit still fell 77.4% to €2.4 million. Pre-tax profit was also down 76.6% to €2.5 million. After paying €1.5 million in income tax, Kambi was left with a net profit of €1.0 million, down 87.3%.

In addition, adjusted EBITDA was 45.9% lower year-on-year at €7.2 million.

“While the first half of the year played out broadly as expected, I want to reiterate that I am not satisfied with where we are at today, with my ambition for the business being far greater,” Becher said.

“Looking ahead to the rest of the year, the external environment will continue to pose challenges, but I remain optimistic that we can increasingly deliver value for our partners, expand our partner network, strengthen our product portfolio and position the business for long-term, sustainable growth.”

In a post-close trading update for the period to 30 June 2025, Evoke said it performed in line with expectations.

The operator’s online business was its primary growth area, with revenue rising by approximately 6%. It noted continued strength in the group’s international core markets in Q2.

However, Evoke also referenced a positive performance by its retail sector, which returned to growth during the quarter. This, the group said, was partly down to the rollout of 5,000 new gaming machines across the estate. This process completed in March 2025, shortly before the start of Q2.

Its UK retail business faced a number of consecutive periods of falling revenue. In Q1 its UK retail segment was down 6% to £123.1 million.

Q2 success sets up Evoke for H1 growth

On the back of expected growth in Q2, Evoke said this positively impacted its performance in H1. For the six months to 30 June, group revenue is forecast to be 3% higher year-on-year.

Growth was driven by double-digit gaming growth, apparent across both H1 and Q2. However, its sports betting business was impacted in Q2 by a tougher prior year comparative. The same quarter last year featured the first part of football’s 2024 European Championships.

Evoke also referenced the impact of what it described as “robust cost control”. This, coupled with increased efficiency in operations and improved marketing returns, meant that adjusted EBITDA is expected to be between £163 million ($220 million) and £167 million in H1.

The midpoint of this would be 43% higher than the previous year. On top of this, Evoke said this would bring adjusted EBITDA in the last 12 months to more than £360 million, which it said would represent “significant” annual growth.

Evoke on track for full-year increases

With this, Evoke said other full-year expectations remain unchanged, after it also saw growth in Q1. Revenue is still forecast to increase between 5% and 9%, while adjusted EBITDA margin should reach at least 20%.

Moving into Q3 and the second half, Evoke said this anticipated growth will be supported by product delivery, improved marketing returns and further cost savings. This will be the focus across all Evoke-owned brands including William Hill, 888 and Mr Green.

“Q2 marked our second strongest quarterly revenue performance since the beginning of 2023,” Evoke CEO Per Widerström said. “This is a particularly encouraging result given the tough comparator from lapping the Euros.

“Importantly, this growth was also delivered profitably, in line with our focus on sustainable profitable growth, with H1 adjusted EBITDA significantly ahead year-over-year, supporting our strong deleveraging trajectory in line with the value creation plan.”

Widerström talks up ‘competitive advantages’

In addition to financial growth, Widerström referenced ongoing transformation across the group. He said improving capabilities for the mid and long term will support the group in several areas moving forward.

“We are strengthening our competitive advantages and better aligning our leading brands and products to a clearer customer value proposition,” Widerström said. “Our disciplined strategy with clear focus on our core markets and driving operational excellence is delivering improved profitability and enabling further deleveraging.

“I look forward to sharing more detail on our progress and plans at our interim results in August.”

Evoke is due to publish its results in full on 13 August.

Revenue for the three months to 30 June was €303.7 million ($352.9 million), Betsson said in its Q2 report. This exceeded the €271.5 million reported in Q2 of 2024 and was also 3.4% ahead of Q1 this year.

Record figures in Latin America and Western Europe were stand-out highlights for Betsson in the quarter, with CEO Pontus Lindwall focusing on the former. LatAm revenue topped €84.7 million, a rise of 35.4%, helped by high customer activity and record deposit levels.

Peru and Argentina were singled out as key growth markets in the region for the group. On top of this, Betsson secured a full licence to offer online and sports betting in Brazil in March. This will build on the presence it has had in the country since acquiring a 75% stake in local sportsbook operator Suaposta in 2019.

“It is gratifying to see how we continue to strengthen our leading market positions in these countries through both strategic and tactical market activities as well as targeted product development,” Lindwall said.

Nordics still a sticking point for Betsson

As for its performance in other areas, Western Europe revenue hit a new Q2 high of €59.3 million, an increase of 35.6%. Betsson put this down to a record performance in Italy and growth in France, although Belgian revenue dipped slightly.

Central and Eastern Europe and Central Asia (CEECA) revenue also edged up 3.7% to €118.2 million, meaning it remains the group’s primary revenue region. Growth was reported across Latvia, Lithuania, Croatia, Greece, Georgia and Poland.

However, the situation was very different in the Nordics region, where Betsson has its roots. Revenue was down 28.4% to €33.9 million as a consequence of lower marketing investment. Nordics revenue was also down in Q1.

The remaining €7.6 million was attributed to Rest of World operations, up 93.7% year-on-year. Betsson said this was mainly driven by a favourable sportsbook margin and its August 2024 acquisition of Sporting Solutions.

CEECA drew 39% of total Q2 revenue, ahead of Latin America on 28% and Western Europe 20%. Nordics contributed 11% and Rest of World 2%.

Revenue rises despite reduced customer activity

Looking at the group as a whole, casino revenue increased 11.1% to €212.4 million, or 70% of overall revenue. This was despite only a modest rise (0.9%) in gross turnover to €9.05 billion.

As for sportsbook, revenue climbed 14.9% to €90.0 million, representing 29% of total Q2 revenue at Betsson. This was an impressive feat considering gross sportsbook turnover declined 4.3% to €1.47 billion.

Revenue from other products including poker and bingo dropped 35.0% to €1.3 million, with this accounting for just 1% of total revenue.

Betsson also noted that revenue from locally regulated markets increased 33.0% to €199.6 million, or 65.7% of total revenue.

As for customer behaviour, deposits in Q2 was up 4.4% year-on-year at €1.49 billion. This was despite active customers falling 1.4% to 1.3 million and a 3.7% drop in registered customers to 30 million. Betsson put the latter down to its exit from certain markets.

Betsson in ‘strong’ position for M&A

During its Q2 earnings call on Friday, Lindwall addressed Betsson’s M&A strategy. Towards the end of Q2, Betsson pulled out of its planned acquisition of Holland Gaming Technology and Holland Power Gaming.

At the time, Betsson said this was due to the length of the approval process by Dutch gambling regulator Kansspelautoriteit (KSA). The group said KSA did not issue a decision by the agreed long-stop date, so it elected to withdraw from the deal.

However, Lindwall said M&A is very much still part of Betsson’s future plans, saying the group has a number of opportunities to consider.

“We are in a better position than ever with M&A,” he said. “We have a very strong balance sheet and we have a few interesting opportunities in the pipeline. This could be in existing markets where we want to strengthen our presence or acquisition to move into new markets.”

Net profit nears €50 million in Q2

Cost of services increased 16% on the back of higher gaming taxes in some markets. On top of this, operational costs were up 10.8% due to higher marketing and personnel spend.

However, such was the level of revenue growth that operating profit was 7.6% higher at €69.0 million. After finance costs, pre-tax profit hit €63.7 million, a rise of 11.6%.

Betsson paid €14.6 million in income tax, leaving a net profit of €49.2 million, up 10.8% year-on-year. In addition, EBITDA was 8.5% higher at €161.8 million.

Growth present throughout H1

Looking at the six months to 30 June, the figures told a similar story. Revenue was 14.9% up to €596.3 million, with this leading to a 9.0% rise in operating profit to €133.0 million. This was despite higher services and operational costs.

After finance costs, pre-tax profit hit €125.5 million, a rise of 12.5%. Income tax amounted to €28.2 million, meaning a net profit of €97.3 million, up 11.6%. EBITDA was also 8.4% higher at €84.1 million.

“We are entering the third quarter with good pace and confidence,” Lindwall said. “With a constant focus on product development, data-driven marketing and responsible gaming, we are well placed to continue delivering profitable growth.”

In Q1, the games provider adopted geolocation blocking technology across Europe to ensure its games were provided only in locally licensed markets.  

This followed an investigation launched by British regulator the Gambling Commission in December into Evolution providing to unlicensed operators in the country.  

Evolution unsure of Gambling Commission review timeline

Speaking to analysts during the Thursday call, Carlesund said he could not provide an update on the timeline of the Gambling Commission review.  

“I don’t have visibility of the timeline, it’s up to the regulator,” he said. “We answer them and provide any information [as quickly as possible], but we have no guidance on the timeline.”  

In Q1, Evolution said profitability had taken a hit during the period as a result of it exiting a number of black or grey markets in Europe.  

“On top of what we have already done in the UK to meet regulatory requirements, we have taken proactive and self-initiated actions in February to ring-fence additional regulated markets in Europe,” the CEO said at the time.  

Although he said geo-blocking black markets had continued to hurt earnings in Q2, the impact was less than in Q1 when profit was down 5.4% to €254.7 million ($289.7 million).  

“We don’t guide on [the impact of] each market, but we are working hard to ensure we are in a position proactively in the European market and that is a little bit more expensive than we anticipated,” Carlesund said during the Q2 analyst call.  

“I am not satisfied with the financial development during the first half of 2025, but I am very satisfied with how we are addressing our challenges” he added in the earnings report.

Profit slips 8%, although impact of Europe closures softens 

In terms of profitability during the second quarter, operating profit amounted to €306.4 million, down 1.5% year-on-year. Total net profit for the period was €248.3 million, down 8% from Q2 2024.  

Carlesund said he was “cautiously optimistic” about the company’s Q2 results. He said it was a good improvement on the last quarter and Evolution was “more or less within [its] range” in terms of profitability.  

Despite “external events” impacting Evolution’s Q2, he said the company was “laying the foundation to increase growth going forward”.  

Evolution’s Q2 revenue hit €524 million, up 3% from last year’s €508 million. When split by vertical, live games accounted for 87% of total revenue.  

New Evolution studios launched in Brazil and Asia 

Operating expenses for the period increased 10.4% to €218 million in Q2, which included investment into new games studios launched in Sao Paolo and the Philippines, marking Evolution’s expansion into Brazil and Asia.  

“The new Brazilian studio is a state-of-the-art studio, a bit larger, and is aimed at serving a growing Brazilian market,” Carlesund said in a statement.  

“It is a perfectly timed launch considering Brazil’s transition to regulation earlier this year. These two new studios symbolise our constant strive for growth, and we warmly welcome them into the Evolution studio network.”  

When asked by analysts how much these studios would contribute to earnings, Carlesund said they would contribute as much as any other studio, which is not much (by themselves) in the short term.

Acting against cyber threats

Finally, Carlesund said the company was acting to protect itself from ongoing cyber threats in Asia which threatened the Evolution IP. He said that thanks to these actions, the Asian market had returned to growth in H1.

“We know that we are in the absolute technological forefront in defending our intellectual property and our products. As we have stated before, it will take time, patience and resources, but as we deploy new measures constantly we are starting to reap some benefits,” he said.

In January the company had flagged these ongoing cyber attacks in Asia as a continuing challenge, resulting in flat revenue in the market.

Evolution’s Asia revenue in Q2 grew 4% year-on-year to €209 million.

However, after excluding discontinued land-based operations in Q2, net profit dropped 30.9% from the previous year to SEK345 million.

This was in part due to the increased gambling tax implemented in Sweden in July 2024.

The 18% tax rate resulted in an operating profit decline of 17.2% to SEK545 million in Q2. Profit before income tax was 19.1% lower than the previous year at SEK541 million, with profit from continued operations down 16.6% to SEK423.

However, Svenska Spel said this had been a “stable” period for the group.

“We deliver a stable quarter in an environment characterised by rapid change and increased uncertainty. Our work has a clear focus on the group’s strategic goals: to have the gaming market’s most satisfied customers, ensure that our customers play healthily with us and drive long-term sustainable growth,” Svenska Spel CEO Anna Johnson said of the period’s results.

Turning to revenue, the Sport and Casino business saw revenue dip 1.2% to SEK498 million due to the absence of a major football event, like Euro 2024 last year. Vegas revenue also decreased 12.8% to SEK82 million. However Tur (lottery-based games) revenue increased 1.5% to SEK1.26 billion, helped by Easter falling later than in 2024.

Casino Cosmopol a thing of the past for Svenska Spel

The operator’s final Casino Cosmopol land-based casino business was shuttered in mid-H1. Several locations had already closed in January 2024, as well as another venue in Sundsvall in 2020, with the final Stockholm site shutting in April this year.

This followed the Swedish government voting to abolish land-based casinos in the country. Svenska Spel said it supported the decision, having reported declines in profitability and visitor numbers in recent years.

As the final location closed halfway through H1, it was reported as discontinued operations. This meant it was not included in the net gaming revenue total for the period.

H1 revenue flat, RG measures impact physical slots

Looking at H1, net gaming revenue in the six months to 30 June hit SEK3.69 billion ($380.1 million), Svenska Spel said. This is 1.1% less than the SEK3.73 billion reported in the corresponding period last year.

Svenska Spel posted revenue growth in one of its three operating segments. Revenue in the Tur lottery segment edged up by 0.2% year-on-year to SEK2.48 billion. The operator said this was due to the continued success of Eurojackpot and the launch of its new Lyckoplatsen game.

However, declines were noted across its Sport and Casino business. Revenue fell 0.4% to SEK1.05 billion due to what the operator described as a “weaker sports offering”. On the flip side, it said sports betting under the Oddsbet brand and online casino developed positively, helped by “strong” customer growth.

The largest revenue drop was reported within the Vegas gaming machine segment. Here, the operator said revenue was down 19.5% year-on-year to SEK157 million. It put this partly down to stronger responsible gambling measures in Sweden, as well as the current economic situation in the country.

Higher gambling tax fails to halt H1 profit growth

Looking towards the bottom line in H1, group operating profit topped SEK1.18 billion, up 2% from the previous year.

This year-on-year improvement was partly due to approximately SEK205 million in non-recurring costs in 2024 not being present in H1 2025. These costs were attributable to restructuring within the group and a previously announced sanction fee from regulator Spelinspektionen.

In H1 the tax impact resulted in almost SEK170 million in additional tax commitments, which in turn pushed operating expenses to SEK1.36 billion.

That said, profit before income tax was only down 1.5% to SEK1.21 billion. After this tax, profit from continuing operations in H1 reached SEK952 million, up 0.9%. After excluding discontinued operations, net profit for the half year was SEK854 million, an increase of 7.6% year-on-year.

“Within the first two target areas, the customer satisfaction index and healthy revenue share are at a stable and high level. In terms of sustainable growth, net gaming revenues for both lotteries and sports betting increased during the quarter,” Johnson added.

It’s a welcome development for the Asian gaming mecca, which started the year strongly only to see the momentum dwindle.

Last year, anticipating a bump in tourism, government officials set a GGR target of MOP240 billion for 2025. Industry analysts were even more upbeat. Citi’s George Choi and Timothy Chau projected a 7% increase in GGR year-over-year, for a total of MOP244 billion.

But those hopes soon dimmed. Following lacklustre revenues in January and February, the government adjusted its expectations downward, resetting the yearly total to MOP228 billion.

June boost tied to ‘God of song’

June’s results put Macau on track to meet and surpass the government’s revised forecast – and all because of a 60ish crooner called the “Heavenly King of Cantopop”.

According to Macau Business, JP Morgan analysts credited superstar Jacky Cheung – also known as “the God of song” – for the “unexpected seasonal surge”.

The Citi team concurred. “We conducted our June 2025 table survey on the first night Cheung performed,” wrote Choi and Chau. “And we attribute all the positive findings from our survey to him” – including a 16% increase in premium players that night and a 36% increase in the the average wager.

Vitaly Umansky of Seaport Research Partners, too, cited “strong entertainment events [and] high hold” for the upturn. Bloomberg also tied the revenue boost to “concert fervour”.

Renewed optimism for second half

With more special events planned for July – Cheung’s “60-Plus” concert series continues at Galaxy Macau through Sunday – Seaport expects GGR to rise 10.2% year on year for the month. The investment firm has also upped its forecast for the second half, estimating 6.8% growth for the period and total annual GGR growth of 5.6%.

“Growth should be driven by increased marketing efforts by operators and improving consumer trends in China,” Umansky wrote. “China stimulus and policy measures are likely to help shore up China’s economy and improve consumer confidence later this year.”

Data published by the Gaming Regulation and Inspection Service showed online gambling gross revenue of €284.7 million ($335.4 million) for the quarter. This was up 9% year-on-year and was driven by sports betting margins, which were 23% for the quarter.

Run of growth comes to an end

However, the total was down from the record €323 million posted for Q4 2024. It is the first time the market has reported a quarter-on-quarter decrease since Q2 2022 and at 12% was the largest percentage drop compared to a previous quarter since 2018.

Online casino gross revenue made up 60% of the total with €169.7 million, up 6% year-on-year and down 8% quarter-on-quarter.

Online sports betting gross revenue also produced a modest increase, with the €114.9 million total being up 14% year-on-year. This total was down 17% compared to the previous quarter though, marking the largest quarter-on-quarter drop in this field since 2022.

Market maturation

Ricardo Domingues, board chairman for the industry trade body Portuguese Online Betting and Gambling Association (APAJO), said the signs of deceleration in the market are “something natural in a market that is maturing. We face these variations calmly and our main concern continues to be being able to absorb demand in the face of the threat from illegal operators.”

Despite the drop in gross revenue, the number of active online gambling accounts in Portugal went up 7% from the previous quarter to 4.8 million.

Portugal’s government collected €82.7 million in online gambling tax for the quarter, which APAJO said was in line with the government’s target for its Environmental Fund.

A decade in operation

Portugal’s regulated online gambling market has now been live for more than a decade, with online gambling being signed into law in April 2015.

The market has since grown to 30 licensees, with 13 in online sports betting and 17 in online casino.

Last year, the market generated gross revenue of €1.11 billion, which was a considerable increase on the €845 million posted for 2023.

The operator’s new revenue guidance is expected to be at least $2.6 billion, up from a range of $2.4 billion to $2.5 billion.

According to an Entain investor update Monday morning, positive momentum reported in Q1 has continued into the second quarter, resulting in increased confidence in the operator’s overall performance for the year.

Increased revenue in Q1 was primarily due to increased sports handle, with higher player spending continuing into Q2.

Full-year adjusted EBITDA will also come in higher than previously expected, estimated to come in at at least $100 million. Its previous forecast was for BetMGM to be “EBITDA positive”, after posting a negative EBITDA of $244 million in its 2024 earnings.

This marked a 29% increased drop on its EBITDA losses of $62 million the previous year.

Entain added that online sports betting would be the primary driver of growth throughout the year. However, it added that iGaming will also make a “strong contribution” to growth.

“BetMGM remains excited about the significant opportunities ahead,” Entain said. “Its strengthened business, revised strategic approach and performance momentum, further reinforce its confidence in future growth prospects and pathway to $500 million EBITDA in the coming years.”

BetMGM sees off Q1 macroeconomic challenges

When BetMGM published its Q1 results in April, the brand reported growth despite what it described as “challenging macroeconomic headwinds”.

For the three-month period to 31 March, BetMGM generated net revenue of $443 million, up 34% year-on-year. It translated to adjusted EBITDA of $22 million, an improvement of over $150 million from a loss in Q1 2024.

Detailing this growth, BetMGM said online sports betting revenue was 68% higher during the quarter. This was in addition to a 27% rise in Q1 igaming revenue. With Entain set on these trends continuing in the rest of Q2 and beyond, it is easy to see why guidance has been increased.

There was also news of BetMGM securing market access in yet another US state. The brand became one of the first to gain approval in Missouri, ahead of the state’s market opening in December. This covers online sports betting activities in the state.

As for Entain, the group reported 9% rise in net gaming revenue during the first quarter. In terms of BetMGM’s impact on this, when excluding the brand from the figures, revenue was only 6% higher year-on-year.

The group is now under permanent new leadership, with Stella David having become CEO on a full-time basis. She had been serving as interim CEO since Gavin Isaacs stepped down in February.

Entain expects to publish a more in-depth report on BetMGM’s Q2 performance, as well as an H1 update, on 29 July.

Revenue for the three months to 31 March amounted to €2.24 billion ($2.56 billion), Allwyn said in its preliminary results. This surpassed the €2.11 billion reported in the same period last year – during which Allwyn took control of the UK’s National Lottery.

On top of this, revenue from gaming activities, recorded as GGR, was 7% higher at €2.15 billion. In addition, net revenue increased 5% to €1.01 billion.

Analysing the results, Allwyn again picked out digital as a key driver of growth, continuing a trend seen in FY24. Online gross gaming revenue hiked 15% year-on-year, with this segment representing 39% of overall gross gaming revenue.

“I am very pleased to report a good start to 2025, with the continued successful execution of our growth strategies sustaining the positive momentum from our record performance in 2024,” Allwyn CEO Robert Chvatal said.

“Total revenue increased 6%. This reflects growth in the digital channel, in addition to further enhancements to our proposition, as we constantly seek to elevate the player experience.”

UK revenue up 6% at Allwyn

Looking at geographical performance, Allwyn picked out several markets in which it posted growth.

Having held the National Lottery licence for over one year, the UK is now Allwyn’s primary revenue source. In Q1, UK revenue increased 6% to €1.02 billion. Allwyn said this was helped by a strong showing in the EuroMillions draws, with the game having reached a record jackpot in March.

Allwyn said that it remains committed to its ongoing transformation plans with the National Lottery. This includes upgrading legacy technology infrastructure the group said has “long constrained new product development and innovation”.

Incidentally, reports emerged last month that the Gambling Commission could take action against Allwyn over delays with this planned transformation, which are meant to include dropping ticket prices to £1. Allwyn said these upgrades will go ahead, with a total planned spend of over £350 million.

Greece and Cyprus stand out in Q1

Elsewhere, Allwyn also reported growth across other markets in Europe. Stand-out results included Greece and Cyprus, where revenue was 8% higher at €616.9 million, with increases across both online and retail.

Revenue in Austria was also up 6% year-on-year at €423.6 million. According to Allwyn, this was driven by double-digit growth in numerical lotteries and a strong showing in iGaming. Together, these offset a weaker trajectory across video lottery terminals and casinos in  the country.

Looking to the Czech Republic, where Allwyn is headquartered, revenue edged up by 1% to €132.2 million, again helped by numerical lotteries. However, in Italy, revenue dipped 1% to €126.3 million.

Finally, revenue from the North America, Technology and Content segment was 2% higher at €60.4 million. This division comprises operations of the Allwyn LS Group and IWG.

Earnings increase despite restructure costs

Allwyn did not publish a full breakdown of finances for the quarter but did set out certain data for earnings during Q1.

Operating EBITDA was 1% lower year-on-year at €311.4 million. However, adjusted EBITDA increased by 1% to €362.3 million. This, Allwyn said, was despite additional costs related to changes to its corporate structure.

These changes saw Allwyn International redomiciled to Switzerland in October 2024. As a result, some costs previously incurred by parent company Allwyn AG but funded by Allwyn International are now incurred directly by Allwyn International.

The group added that its adjusted EBITDA margin remained strong at 35.9%, compared to 37.4% in 2024.

What next for Allwyn?

During his statement on Q1, Chvatal also made reference to other recent developments that will impact Allwyn moving forward.

These include the successful bid from the LottoItalia consortium to secure the Italian Lotto licence. News of this was confirmed last month, with IGT seeing off competition from both Novomatic and Flutter.

“We look forward to continuing to work together with our partners to deliver for players and all stakeholders, while also supporting responsible play,” Chvatal said.

In addition, after the end of Q1, Allwyn acquired a minority interest in Next Lotto, a licensed online reseller of draw-based games offered by state lotteries across Germany. This, Chvatal said, further expands the group’s geographic footprint.

“Overall, I am pleased with the start of the year and believe we are well-placed for the remainder of 2025,” Chvatal said. “As always, I look forward with excitement to what the future holds for Allwyn, as we continue to focus on delivering our strategy.”

Group gross gaming revenue in the three months to 30 May reached €595.0 million ($677.6 million), OPAP said. This surpassed €549.7 million in Q1 of last year but fell 8.2% short of €647.8 million in Q4.

OPAP also reported that net revenue, GGR minus levies and duties calculated as a percentage of GGR, reached €406.4 million in Q1, a year-on-year increase of 7.9%.

All but one of OPAP’s core operating segments saw revenue increase during Q1. As was the case in the 2024 full year, the igaming division reported the most growth, with revenue up 19.8%. OPAP also reported a an increase in sports betting revenue, although lottery remains the group’s primary source of revenue.

“2025 has started well with a set of robust Q1 results,” OPAP CEO Jan Karas said. “Our solid organic growth, driven by continued momentum in online, makes us confident that we will deliver our outlook for 2025.

“Major drivers for this success have been sports betting and igaming. Tzoker benefited from favourable jackpot rollovers and the record-breaking jackpot in January. Additionally, retail digitalisation is rapidly advancing through the OPAP Store app, offering personalised experiences through our loyalty schemes.”

iGaming makes up almost 50% of online revenue in Q1

Breaking down the Q1 performance, igaming was again the star of the show, posting a 19.8% rise in revenue to €84.9 million. OPAP said this demonstrated strong growth on the back of higher player engagement levels and spending.

iGaming accounted for 48.1% of OPAP’s online revenue in Q1. This is ahead of sports betting on 45.0% and lottery at 6.9%.

On the subject of sports betting, revenue here was up 12.8% year-on-year to €190.0 million. Of this, €79.0 million came from online and €111.0 million retail, with OPAP benefitting from operator-friendly results in January and February.

Lottery revenue edged up 5.5% to €206.8 million, amid a strong Tzoker performance, helped by an early Q1 jackpot of €19.5 million, the largest in the game’s history. Retail operations accounted for 94.2% of all lottery revenue during the quarter.

Looking at OPAP’s other segments, video lottery terminal revenue increased 1.5% to €87.8 million. However, the instant and passives division was the only business unit to report a decline, with revenue down 7.9% to €25.6 million. This followed a similar trend seen in both Q4 last year and the 2024 full year.

Net profit rises to €126.4 million at OPAP

Turning to costs, expenses were higher across the board at OPAP during the quarter. Gross gaming revenue contribution and other levies and duties also increased year-on-year to €188.7 million.

However, revenue growth meant EBITDA climbed 8.8% to €207.1 million. After depreciation and amortisation, operating profit topped €173.1 million, up 10.3%.

Pre-tax profit stood 9.8% higher than last year at €171.0 million. OPAP paid €44.6 million in income tax, meaning net profit for the quarter reached €126.4 million, a rise of 9.2%.

“Moving forward, we continue to put customers at the centre of everything we do, focusing on delivering exciting experiences in both retail and online, and leveraging innovative technology to stay ahead of the game,” Karas said.

“At the same time, utilising the fact that OPAP is part of Allwyn we will continue offering unique experiences to our customers. Overall, the Q1 performance places us well to achieve our growth and profitability goals, generating value for our shareholders and fulfilling our sustainability and social responsibility priorities.”

Cirsa announced its Q1 results on Thursday, displaying net operating revenue of €576.7 million ($164.5 million), a 12.5% increase when compared to the same quarter last year.

Cirsa’s EBITDA also hit €179.8 million, a 9.1% rise from Q1 2024, with the company attributing this increase to successful execution of its strategic plans across multiple operating markets.

Cirsa’s growth was particularly evident in its online gaming and sports betting division, where net revenue rocketed by 54.8% year-on-year to €131.1 million, an increase of €46.4 million.

The segment is Cirsa’s fastest-growing and now accounts for 22.7% of total group net revenue, up from 16.5% in Q1 2024.

Apuesta Total and CasinoPortugal deals expand Cirsa’s horizons

The company said this was driven by full consolidation of two deals, having acquired a 70% stake in Peruvian operator Apuesta Total in July last year, before also entering Portugal after securing a 68% stake in CasinoPortugal.

In terms of EBITDA mix, Spain continues to be Cirsa’s dominant market, accounting for nearly half (49.3%) of its EBITDA total, a 0.6% rise. Second-placed Panama dropped from 13% to 11.8%, but Colombia (9.9%), Italy (8.8%) and the Dominican Republic (3.9%) all increased their share.

Cirsa’s geographical diversification strategy allowed it to offset negative effects from foreign exchange developments.

Total cash availability as of 31 March stood at €567.6 million, up from €549.8 million at the end of 2024.

Mixed results for Cirsa’s casino segment in Q1

Cirsa initiated over 15 renovations and expansions in its casino estate during Q1, with the company demonstrating its dedication to improving the experience for its customers.

The casino segment edged up its net revenue by 0.6% to €238.7 million, despite headwinds of economic slowdown in Mexico and Panama, caused by uncertainty generated by ongoing US government policies.

The casino division’s EBITDA dropped slightly, from €97.3 million in Q1 2024 to €95.5 million in the first quarter of this year.

Cirsa says it will continue to deploy CRM strategies in order to boost the number of visits to its casinos.

Slot growth in Spain and Italy

Cirsa was particularly enthused by the growth in its Spanish slots segment. The operator described increases in net revenue (8.3%) to €108.2 million and EBITDA (17.8%) to €54.5 million as “outstanding”.

The company primarily attributed this growth to the increased net revenue per slot machines, with the number of slot machines slightly growing.

“Our strategy to optimise the pool of slots continues to yield excellent results in terms of increased revenue per slot,” Cirsa explained.

Cirsa’s B2B division continues to lead the Spanish market and the company is looking to capitalise with new game launches.

The business’ slots division is also performing well in nearby Italy, with net revenue up €5.3 million to €103.4 million in Q1, while EBITDA also increased to €8.2 million from the €7.6 million reported in the same quarter last year.

The acquisition of Italian operator Royal contributed to this growth, helping Cirsa to navigate the country’s “complex general market environment”.

Cirsa on course to meet 2025 guidance, IPO still an option

Cirsa stated its geographical diversification has set the company up to meet its 2025 guidance.

The company expects to post overall net revenue growth in the high single digits, with its land-based segment reaching mid-single digit growth and its online business hitting growth of low to mid-20s.

Last year, it was reported Blackstone-owned Cirsa would undergo an IPO in 2025 and this remains part of its plans, the operator said. However the timing is unclear. In February Reuters suggested the IPO would take place in the second quarter, in April, but that date came and went with no development.

“Its execution and more specifically potential dates will depend on market conditions to ensure an optimal valuation of the company,” Cirsa said.

The 25 licensed casinos reported combined revenues of CLP145.19 billion ($154.3 million) in Q1, a 1% increase in nominal terms, but a 3.7% drop in real terms when aspects such as inflation are factored in against the same period of 2024.

The revenue was generated by nearly 1.8 million visits to casinos, again a 3.7% decrease from Q1 2024, with an average expenditure of CLP80,079 per visit.

Casinos contributed CLP51.96 billion in taxes during Q1, a 3.4% decrease in real terms.

Contributions from the specific gaming tax amounted to CLP22.37 billion, split evenly between regional governments and municipalities, with the objective of financing development works.

Additionally, CLP21.6 billion was collected in value-added taxes, with another CLP8 million in entrance taxes to gaming rooms. Both taxes are allocated to the general funds of Chile’s government.

H2 Gambling Capital estimates that by the end of 2029, land-based gambling in Chile could achieve annual revenue of $792.3 million.

Land-based casinos crucial amid online uncertainty in Chile

While Chile has a rich history of land-based gambling, there is growing frustration over the slow progress of online regulation, with the bill to regulate iGaming stuck in the Senate.

With online progress stalling, land-based casinos remain pivotal for the Chile gambling sector, with Asociación Chilena de Casinos y Juego President Cecilia Valdés stating they are a “key driver” for local economies.

According to Valdés, land-based casinos contribute around CLP195 billion in taxes a year, while also generating over 8,000 direct jobs, as well as thousands of indirect jobs in tourism, hospitality and other casino-related services.

“Their impact goes well beyond gaming: They are hubs for economic growth, formal employment, and regional development,” Valdés told iGB. “They have been essential in the urban and tourism development of several regions, helping position various destinations around the country.

“In Chile, there is a particular regulatory model where every casino must include complementary infrastructure such as hotels, restaurants, theatres and other facilities – this has led to comprehensive development in the cities and municipalities where they are located.”

Net gaming revenue for the three months to 31 March hit €57 million ($63.9 million). This beat the €53 million posted in the previous year by 8%, Codere Online said in its earnings report on Friday.

Key to this increase was growth in Mexico, where revenue climbed 15% year-on-year. Codere Online also saw revenue increase within its “other” segment, but revenue in its core Spain market was down slightly.

On Mexico, the operator noted it was able to post growth despite devaluation of the local currency. The Mexican peso devalued by more than 16% in Q1, resulting in a €5 million headwind to net gaming revenue. On a constant currency basis, revenue would have grown 34% year-on-year.

However, despite this, the company continued to talk up further growth opportunities in the country. This could be seen with the 31% annual increase in average monthly active customers – albeit, Chief Financial Officer Oscar Iglesias said, with lower player values than in previous years.

“Going forward, we will continue to explore and optimise all sources of customer traffic and otherwise continue to believe that the opportunity to invest and grow in Mexico is still very compelling,” Iglesias said in an earnings call.

Codere Online looks to Panama

In terms of activity elsewhere, revenue in Spain was 2% lower year-on-year at €21.9 million. This was despite average monthly active customers rising by 4% from the previous year.

Codere Online’s “other” segment recorded a revenue increase of 10% to €4.5 million. This includes activity in LatAm markets such as Colombia, Panama and Argentina. The group said that like other operators, it was impacted by new VAT rules in Colombia. This led to it slowing plans in the country.

The tax rate is set at 19% of player deposits and came into force on 21 February.

“We had to stop our efforts over there,” CEO Aviv Sher said. “We started to see good results in Colombia. But I think everybody knows what happened in Colombia in the past few months with the VAT regime that they introduced.”

Sher said he expected Panama to pick up on that lost revenue in Colombia in future. “We do see some improvement in Panama in recent months. So, we have some expectations to mitigate some of the issues that we have in Colombia with Panama. And probably in the coming months, we will see investment increase a little bit with Mexico to reach our targets.”

CFO Oscal Iglesias added: “I think Colombia is still a TBD in terms of what we do there to mitigate the tax on deposits. But incrementally, Panama is performing well, and we made some product changes, some – there’s been some new developments there that have helped us make our product more attractive.”

Operator ‘defensive’ on wider growth plans

Looking ahead, Sher said the operator will be “defensive” with its wider growth plans. He did, however, highlight next year’s football World Cup – which is partly being hosted in Mexico – as a key opportunity.

“In terms of new markets, currently, we are, let’s say, staying defensive with our business plan, maybe just to mitigate a little bit with Colombia to see what’s going on over there, because it’s hurting us a little bit,” Sher said.

“I think going forward to next year with the World Cup, we will have a more aggressive budget to be able to capitalise on this large event and to continue and maintain our position in Mexico.”

Net loss in Q1

The operator did not publish a full breakdown of its financial performance in Q1. However, it did offer some insight into other data from the quarter.

This included that EBITDA increased 44% year-on-year to €1.3 million. Adjusted EBITDA was also 6% higher at €1.8 million for the period.

However, net loss came in at €0.7 million compared to a €3.4 million profit in the previous year. This was primarily due to interest expenses, whereas last year the group drew interest income.

Looking ahead, Codere Online said it expects to achieve between €220 million and €230 million in revenue for the full year. Adjusted EBITDA is forecast be in a range of €10 million to €15 million. Both are in line with previously stated guidance.

Codere Online keen to leave Nasdaq issue behind

The group also used its Q1 earnings to update issues with its Nasdaq listing. In November Nasdaq threatened to delist the company for not meeting its rules for filing updates with the SEC.

It was granted an extension by the Nasdaq hearings panel in January after failing to file its annual report (Form 20-F) on time for the year ended 31 December 2023. Nasdaq in February then confirmed the operator would keep its listing – if it filed its 2023 annual report on or before 12 May.

Codere Online met this deadline but has not filed its 2024 report on time, with the operator expecting to receive another delisting notice as a result. However, it expects to file the late report by the end of the month, which will allow the company to move past the issue, according to Sher.

“We will be appealing this new delisting determination and requesting both a new hearing panel and further stay of any trading suspension,” Sher said. “That said, and as already disclosed to the market, we expect to file our 2024 annual report by the end of May. So, would expect to regain compliance with Nasdaq listing requirements ahead of any hearing actually taking place.

“In short, while we may still have a couple of noisy weeks ahead of us, given the communication we are required to make to the market, we expect to finally be putting this issue behind us soon. As always, we appreciate the patience and understanding that all of you have shown us throughout this process and look forward to getting back to business as usual.”

The revelation came as IGT published its results for the first quarter. Group revenue was down 10% year-on-year to €583 million, with declines across three of its four core operating segments.

Geographically, revenue was lower across all markets, although Italy saw the shortest decline, with revenue down 3%. It is here that Sadusky and IGT see significant opportunity for the provider, particularly with the lottery licence.

IGT has controlled the Italian lottery since 1993. However, it faces fierce competition to keep hold of the licence after its current term ends in November this year. Novomatic, Allwyn and Flutter are among those also said to be in the race.

According to IGT, the licence process is “well under way”. The Italian gaming authorities have informed participants the economic proposals they submitted in the concession tender will be opened on 19 May, although news is expected before then.

“We also understand that the evaluation of the technical proposals is complete,” Sadusky said. “We expect the results of the technical evaluation to be announced before this date.”

In preparation for the licence award, IGT has issued a new €1 billion term loan. Of this €500 million has been used for debt repayment under existing credit facilities. The other €500 million will only be utilised if it secures the licence for another term.

How are tariffs impacting IGT?

The Q1 update also addressed wider issues for IGT, including the impact of tariffs and threats it could lead to another recession. Tariff concerns were addressed by Light & Wonder in their Q1 earnings call earlier in the month.

Sadusky said that, while these issues have fuelled fears of a recession, IGT remains upbeat on its own performance, backing the provider to continue to succeed in two of its core markets – the US and Italy.

“As you know, the world is currently faced with significant macroeconomic and geopolitical uncertainty,” he said. “We feel good about the things we can control and the long-term prospects for our business, but we’re not immune to these challenges.

“However, history has shown that lottery sales in the US and Italy have proved to be resilient in both absolute and relative terms during recessions.”

Sadusky also addressed the pending sale of its gaming and digital assets to private equity giant Apollo Global. The deal was struck last July and, according to Sadusky, is on track to complete in Q3 this year.

Should the sale go through as expected, IGT would become a lottery-only business.

Reasons for revenue decline in Q1

Going into more detail on its Q1 performance, IGT put the drop in group revenue primarily down to lower instant ticket and draw-based revenue. In total, revenue in this segment dropped 3% to $500 million.

IGT also noted a 46% drop in US multi-state jackpot wager-based revenue. This, it said, was caused by higher activity in the previous year, as well as associated lottery management agreement incentives and multi-year central system software licences and terminal sales in 2024.

Other revenue also declined by 28% to $89 million, although up-front licence fee amortisation improved slightly year-on-year.

In total, service revenue fell 10% to $557 million, with product sales revenue down 38% to $26 million.

In terms of geographical performance, US and Canada remain the primary source of income – just – at $259 million. This was, however, 20% less than the previous year. Italy revenue was also down, but only by 3% to $246 million, while rest of world revenue slipped 7% to $79 million.

Bottom-line net profit down 204%

Turning to spending, operating costs were level year-on-year at $445 million, although non-operating expenses jumped 78% to $82 million.

After finance costs, pre-tax profit hit $8 million, down 93%. However, when including $52 million in profit from discontinued operations, net profit only fell 53% to $60 million.

After discounting profit from non-controlling interest, bottom-line net profit was $27 million, a drop of 204% from last year. In addition, adjusted EBITDA fell 24% to $250 million.

“While the world is currently faced with great uncertainty, we are excited about the initiatives we are working on to drive sustainable, long-term growth and shareholder value,” Sadusky said.

Each instance has seen little explanation – in Q3 2024, only prepared remarks were given because a shareholder vote to approve the Bally’s buyout from Standard General was to be held two weeks later. In March, the company told iGB that the outright cancellation of the Q4 call was because it had “recently completed” the merger with SG-owned Queen Casino and Entertainment.

Now, the Bally’s annual shareholder meeting is scheduled for Thursday, where more details may be presented. The company did not give any explanation for the lack of an earnings call for its latest quarter.

Bally’s first-quarter revenue was $589.2 million, a decrease of 5% for the second consecutive period. Overall adjusted EBITDAR was flat at $147.7 million. The company’s stock closed at $11.21 on Monday, down more than 42% year-to-date.

Split reporting before and after Queen

Deciphering the data was somewhat complicated by the fact that Bally’s opted to split results into two periods, “predecessor” and “successor”. The predecessor period corresponds to 1 January-7 February, before the merger with Queen took effect. The successor period corresponds to 8 February-31 March.

Overall, casino and resort revenue for the quarter was up 2.6% YoY to $351.2 million, with adjusted EBITDAR increasing 6.3% to $95.1 million. These figures were buoyed by the mid-quarter addition of the four Queen casinos, which “has further expanded our scale and positioned the company for compelling long-term growth”, CEO Robeson Reeves said in a statement.

The addition of the Queen casinos helped offset ongoing challenges for Bally’s properties in Rhode Island, Chicago and Atlantic City. All three had been mentioned as laggards for multiple quarters, but those now appear to be working out. Rhode Island issues have been overcome “through marketing interventions”, Chicago “continues to fine tune its operations” and Atlantic City should turn around “based on recent leadership changes”, Reeves said.

Certain sections from the company’s summary also included pro forma combined charts showing combined results from Bally’s and Queen. This, Bally’s said, provided “a baseline for comparative future results of the combined company”, but the majority of these comparisons still showed YoY declines, including steep drops in overall revenue and adjusted EBITDAR.

Interactive still a mixed bag

Another continuing trend for Bally’s has been its mixed interactive results. Revenue from international interactive was down 18.3% to $191.7 million, despite a 5% increase in UK revenue. Adjusted EBITDAR for the segment was down 7.7% to $77.1 million.

This steep drop was “primarily due to the divestiture of our interactive business in Asia in the fourth quarter of 2024”, Reeves said. The company noted that segment revenue grew 7.7% when excluding the impact of the Asian divestiture.

“Following that divestiture, our International Interactive operations are primarily focused on regulated European markets that continue to demonstrate solid growth characteristics and deliver attractive margins,” Reeves stated.

Conversely, North American interactive saw revenue increase 12.5% to $44.5 million, the third consecutive quarter of double-digit growth. While Bally’s offers iGaming in four states and mobile sports betting in 11, its monopoly in Rhode Island is its biggest growth driver. Reeves said its retail troubles in the state were offset by the digital success, although segment-adjusted EBTIDAR fell to a $16.5 million loss in Q1.

Balance sheet trapeze

As of 31 March, Bally’s had $209.7 million in cash on hand with long-term net debt of $3.43 billion. Debt increased by over $130 million from 31 December without counting any funds from the company’s AU$200 million ($127.5 million) investment in Star Entertainment, announced in April.

Capital expenditures ballooned from $28 million in Q1 2024 to $46.8 million this year. Notably, lease payments increased significantly from $29.9 million to $44.5 million. The company now leases several of its casinos from Gaming and Leisure Properties, as part of the Chicago casino financing agreement between both sides.

In March, Fitch downgraded Bally’s issuer default rating to a B- and changed its rating outlook to negative.

“The downgrade reflects the relatively high leverage exceeding Fitch’s downgrade sensitivities and is expected to remain elevated longer,” analysts said. “There is execution risk in the development of the Chicago projects, as well as other potential development opportunities and a continued drag on EBITDA at the North America Interactive segment.”

Uncertainty in Chicago

Bally’s $1.7 billion permanent Chicago casino, its most important development, was ordered to halt construction on 2 May. Reporters from the Chicago Sun-Times notified the Illinois Gaming Board that dumpsters from D&P Construction were on the site, which prompted the stoppage. D&P was an unapproved contractor and was previously connected to organised crime.

In late April, Bally’s filed a new prospectus for an initial public offering in the casino, geared towards local residents. This was the company’s second attempt, after the first programme geared towards women and minorities was not approved by the US Securities and Exchange Commission. A minority ownership allotment is required under the host agreement with the city. If the IPO attempts continue to fail, it could represent a significant roadblock for Bally’s.

“Construction of the permanent Chicago casino continues with support from Gaming and Leisure Properties, Inc” was the lone reference to the project Monday.

Star acquisition also raising questions

More colour was given on the company’s Star investment, which was originally AU$300 million but lowered to AU$200 million after Star’s biggest shareholder, Bruce Mathieson, contributed AU$100 million. As a result of the change, Bally’s ownership share went from 56% to 38%.

The company has contributed AU$67 million ($42.7 million) of its total commitment so far. Star is expected to host a shareholder vote on the deal sometime in June.

“The opportunity to take a significant equity stake in Star and influence its future is consistent with Bally’s historical operating strategy and we are confident and optimistic that, similar to past situations, we can deploy our disciplined operating and financial practices to strengthen Star and create new value for Bally’s shareholders,” Reeves asserted.

Menashe was speaking on a post-Q1 analysts call after Super Group published its quarterly results last week. Headline figures included group revenue rising 25% to $517 million, while EBITDA climbed 46.6% to $107 million and net profit 105.4% to $76 million.

However, the stand-out revelation from Q1 was that Africa and Middle East overtook North America as the group’s largest revenue market. Middle East revenue was actually lower year-on-year, with Africa driving growth within this reporting region.

Africa and Middle East drew 39% of all Q1 group revenue, up from 37% last year. In contrast, North America’s revenue share dipped from 37% to 35%, after the company disposed of part of its US business in 2024.

Efficiency is the answer to competing in Africa

Such has been Super Group’s swift success in Africa that it has a strong presence within the markets where it is active. While CEO Neal Menashe acknowledges this growth will continue to attract other operators and offer some competition, he is confident on the group’s position

“I think there is always new entrants coming in all the markets we operate in,” he said.

“But again, in the markets where we have got podium positions, you probably have to think of us like what FanDuel and DraftKings are to the US, especially from the sports side of things, right. It’s bringing the customers and it’s about brand resonance, and you have got this customer base that you are building on.”

On competition, the CEO said efficiency was the answer. “It is not about driving down costs, but becoming efficient with the costs that you are utilising, whether it’s in CRM, risk management, or processing fees.

“The big one is how do you become efficient on your funnel of marketing. If you are open to actors or converting at a certain percentage in each market, how do you make that better, what new products can we do, how do we scale?” Menashe added.

‘Africa is super profitable’

While Super Group did not publish a full breakdown of its performance in each country in Africa, Menashe said all its markets on the continent are currently profitable. As such, he said it is important for the group to maintain this momentum and open in more countries.

“The secret for Africa is that every bit of extra revenue is super, super, super profitable,” he said. “If we grow revenue by 30% or 40%, you could almost double your profits there. This is the beautiful part of it.

“So, what we must do is maintain where we are and grow and open the new markets. For us, it’s not only about the revenue, but also the profitable revenue. Extra revenue is really flying down to the bottom line, so, we have to keep enhancing the product and getting all the new features.”

Chief Financial Officer Alinda Van Wyk also picked up on this, highlighting how Africa is home to 13 of the 20 fastest-growing economies in the world at present. This, paired with growing populations, presents opportunities to Super Group.

“It just gives us that scale for expansion as well,” Van Wyk said. “And with processing and the regulation, it’s also a much friendlier regulation than, for example, the US. For the last 15 years, we’ve been dealing with every country’s regulation side-by-side and that’s been helping a lot with expansion.”

New Africa markets to follow for Super Group

Menashe fielded several questions on growth in Africa during the earnings call, some of which focused on Super Group’s future plans on the continent. The CEO made clear that the group is committed to further expansion, revealing it could soon go live in more countries.

“Botswana was only launched in February… but I think it’s off to a great start and that’s what we need to see,” Menashe said.

“We are looking at Ethiopia, Ivory Coast, Angola. We have got a lot in the pipeline, but we have just got to make sure we can first deliver all of them correctly and, most importantly, that the taxes and the repatriation of the money out of those countries works for us.

“We’ve got other countries we are looking at as well. But we have just got to make sure that it makes profitable sense to do it. We have still got lots of pipeline there and we are not even in most countries in North Africa or the West Coast. So, there is a lot of opportunity everywhere.”

Easier tech launches in Africa

Also on this, Menashe said the tech stack in Africa makes it easy for Super Group to roll out new features in all its African markets. This is despite the differing regulations present across the continent.

He added that the operator has around 150 different integrations of banking products across Africa to support its ongoing expansion.

“We have got brilliant features that we roll out, but the tech stack there allows us,” he said. “If we roll out a feature in South Africa or Ghana, we can roll it out in Tanzania. So, that’s helping a lot.”

Growth was apparent across many of the group’s core regions, including both Africa and Europe. It also noted success via its iGaming product in North America, with Super Group highlighting Canada in particular.

Growth across Middle East and Africa meant the region now accounts for the highest percentage of revenue at Super Group. This growth was mainly related to South Africa. It drew 39% of all revenue in Q1, up from 37% last year, when it tied with North America.

The region drew $203 million in revenue, a rise of 34.4%. This was despite a decline in the Middle East, with Super Group benefiting from growth across several African markets.

In contrast, while North America revenue was higher year-on-year, its share of group revenue dipped to 35%. Asia-Pacific and Latin and South America revenue share also fell, although Europe’s share of revenue was up from 15% to 19%.

North America revenue climbed 18.3% to $181 million, helped by growth in the Canada market. Europe revenue also jumped 52.4% to $96 million.

However, Asia-Pacific revenue slipped 15.8% year-on-year to $32 million, while revenue in South and Latin America was down 28.9% to $5 million.

Betway revenue up 35.8% in Q1

Taking a closer look at Q1, sports betting remained the primary revenue source for Super Group. Revenue from this segment during the quarter increased by 25.5% year-on-year to $404 million.

However, the group reported higher growth within the online casino segment, with revenue rising 34.2% to $106 million. A further $5 million in revenue came from brand licensing and $2 million from external customer activities.

The Betway brand drew the most revenue during the quarter across both sports betting and online casino. In total, revenue from Betway increased 32%, while the Spin brand, which only offers online casino, saw revenue rise 16.4% to $199 million.

Super Group sees profit rise despite DGC sale impact in 2024

Turning to costs, direct and marketing expenses were higher but administrative costs were level. After other costs, including depreciation and amortisation, pre-tax profit reached $89 million, up 67.9%.

This is despite Super Group last year benefitting from the sale of the B2B division of Digital Gaming Corporation (DGC) to Games Global in February 2024. The sale led to a $44 million gain in Q1 last year.

The group paid $30 million in tax in Q1, resulting in a net profit of $59 million, up 31.1% year-on-year. However, when also including a $17 million positive effect from foreign currency translation, this pushed bottom-line net profit to $76 million, some 105.4% higher than last year.

As for EBITDA, this was 46.6% higher at $107 million. However, Super Group noted several adjustments for this year-on-year comparison, primarily in relation to the DGC sale.

Looking ahead, combined guidance remains unchanged. Super Group expects revenue to be around $2.01 billion for the full-year and adjusted EBITDA $421 million.

“We started 2025 on a high note,” CEO Neal Menashe said in the results report. “We delivered a strong Q1 with impressive revenue growth, a surge in customer acquisition and effective retention strategies.

“Our combined revenue reached a record for a first quarter, fuelled by outstanding sports betting margins and consistent casino margins, as well as our ongoing efforts to optimise return on investment across all markets.”

The Hong Kong-listed operator runs integrated resorts in Macau, Manila and Cyprus and is preparing to open its Sri Lanka casino later this year.

‘Firing on all cylinders in Macau’

Melco’s market share in Macau grew from 14.7% in Q4 2024 to 15.7% in Q1 2025 “and remained stable at this level in April”, Ho said. Property EBITDA grew 32% quarter-over-quarter

Mass drop increased throughout the quarter and reached record highs at both City of Dreams and Studio City. That momentum continued into April and Golden Week, the national holiday celebrated 1-5 May in China.

Despite new supply in Macau – specifically the Londoner Grand, which opened in April and targets the premium mass segment – traffic at Melco resorts grew by 30% year on year.

“I don’t think there’s been any cannibalisation… or material impact” from the Londoner, said Ho. “I think we’ve found our groove again and rediscovered our identity.”

The return of House of Dancing Water, a signature spectacle at City of Dreams Macau, “was a resounding success” and is expected to increase footfall by about 4,000 visitors per day, he added. “Other initiatives to drive traffic [include] a revamp of our retail area and renovation of the main entrance to City of Dreams and Studio City.”

Following some disruption during now-complete renovations at the latter resort, “the sequential growth in its property EBITDA demonstrates the impact of these initiatives”, Ho continued. Melco is “firing on all cylinders in Macau”.

Manila for sale, Mediterranean improves

City of Dreams Manila felt the impact of increased competition in that market, Ho continued. “We’re adjusting our cost structure and reviewing our marketing programmes to enhance EBITDA contribution from the business.”

Melco continues its quest to offload the IR in the Philippines Entertainment City casino zone. The move would free up capital for a Thailand bid, if and when that nation legalises entertainment resorts with gaming.

“Potential buyers are signing NDAs,” Ho told analysts. “Over time we will whittle down that group to a short list for the bidding process. We’ll come back when there’s something to announce.”

Meanwhile, City of Dreams Mediterranean in Cyprus “achieved 10% year-over-year growth in property EBITDA” for Q1.

“Despite continued noise in the region,” said Ho – meaning impacts on tourism from the Ukraine and Israel-Hamas conflicts – the Melco property “is starting to ramp up” for the coming summer. Bookings are “materially higher than what we had this time last year. We’re optimistic about the results that Cyprus can deliver over the rest of the year.”

Last but not least, preparations continue for the opening of a Melco casino at City of Dreams Sri Lanka. Doors are expected to open in the third quarter.

Looking ahead: more ‘rational’ reinvestment

Ho said Macau concessionaires are being “more rational” about market reinvestment in 2025.

“Post-Covid, we started slow. Then last year, we’d gone overboard with regards to reinvestment. We offer a premium product, so we should never be the most competitive and most aggressive in terms of marketing schemes. At the end of the day, we have probably the two best hotels in Macau at City of Dreams and Epic at Studio City, which is also an amazing new product.”

Those products along with a family-friendly indoor water park at Studio City are “enough to attract a very broad customer base”, said Ho. “All the non-gaming attractions that we have built years in advance will be great for us going forward.” Now is the time to “be disciplined and… continue to focus on improving our margin”.

The Chinese government is lending a hand through recent stimulus measures.

“Chinese policy is the most important thing to us, even more than the Chinese economy,” Ho concluded. Beijing has been “super-supportive and is now focusing on increasing domestic consumption, discretionary spending and domestic travel. These are all key criteria for us.”

CEO Matt Wilson said the company was “dynamically reconfiguring [its] supply chain to circumvent the policies that are in place. You know, bringing product through Mexico is one great example of that.”

In February President Donald Trump threatened to impose tariffs on incoming trade to the US. Financial markets buckled following the initial announcement and financial institutions warned the measure could impact inflation and drive unemployment in the US.

In April, the implementation of tariffs was paused for 90 days, leaving many businesses across the globe treading water and preparing for the worst.

As a leading supplier of casino gaming machines in the US, Light & Wonder could be heavily impacted by the introduction of tariffs.

In Q1, Light & Wonder recorded a 9% year-over-year growth in its North American installed base, which grew to 34,501 units. This marked an increase of 497 units compared to the last quarter.

CEO says current tariffs situation is ‘worst case scenario’

CEO Matt Wilson said, during its Q1 earnings call, the current state of the situation is what he would consider the “worst case scenario”. However, he believes the market environment will improve as negotiations take place with various countries.

“While this industry has proven to be resilient time after time, we are not immune to ripple effects from operators and the end consumers, should we see a long-term structural shift in policies resulting in a softer macroeconomic environment,” Wilson said.

Light & Wonder operates a number of business lines and product ranges, meaning it is impacted to “varying degrees” by changing policies, which have been fluid.

“Dynamic situation, to say the least – changes by the day or the hour or the tweet,” Light & Wonder’s CFO Oliver Chow told investors.

The company has sought to mitigate the impact of the tariffs by enhancing its supply chain and operational efficiency. It has been onshoring production and has begun sourcing some of its supply chain in regions such as Mexico, which is part of a United States-Mexico-Canada trade agreement that has had tariffs paused, for now.

“If you dial back three or four weeks when the policies first came out, it was a little bit scorched earth in terms of getting product into the US out of the Asian supply base,” Chow noted.

Light & Wonder tariff mitigation

In order to stay ahead of the tariff impact, Light & Wonder has pulled inventory forward so the company has multiple quarters of stock and supplies in place that have not been impacted by the tariffs.  

At the start of the tariff threat, in a similar approach, phone manufacturer Apple reportedly airlifted 600 tonnes of iPhones to the US to beat the incoming tariffs.

Light & Wonder noted that the supply chain for manufacturers in the gaming sector is homogenised to a certain extent. “There’s not a huge amount of suppliers that supply the types of things that we need to build slot machines,” Wilson said.

CFO Chow told investors that tariffs are a “burden” impacting the entire industry. He noted suppliers must step up to the plate and shoulder the burden of those increased tariffs. However, he added that the group’s experience during the Covid pandemic showed that costs can be passed on to customers to some level.

Chow said the economy did not mirror the performance of the gaming sector and a key metric to follow is GGR, as that is the “fuel that drives the engine of the gaming ecosystem”.

“[GGR is] the number to look for as a potential catalyst either to the upside or the downside. We’re watching it like hawks ourselves.

“We’re not going to be knee-jerk in this, right. We want to make sure that we’re not overacting, that we understand where this all settles.”

Light & Wonder pauses ASX listing plans

Elsewhere, the operator has paused plans to initiate a sole or dual primary listing on the Australian Stock Exchange (ASX).

In February, the company said it was engaged with advisers Jarden Australia and Goldman Sachs to look at a transition from the NASDAQ exchange. As of 1pm GMT Light and Wonder is trading on the NASDAQ at $93.63 per share.

However, given the current global uncertainty across financial markets, Light & Wonder indicated to investors this week it would be slowing its approach and considerations for the ASX.

“I would say given everything else that’s happening in the world, we know there’s a lot on investors’ minds, whether it’s the macro or tariffs or any number of things. And so, yeah, in times of uncertainty, it’s probably worth taking the foot off the accelerator with this initiative for a period of time,” CEO Wilson told investors.

Wilson added the company believes the listing is the right thing to do in terms of strategy, but Light & Wonder is being “thoughtful” about the pace at which it executes the move.

Group revenue up 2% in Light & Wonder Q1 results

Turning to its results, Light & Wonder reported a 2% rise in group revenue to £774 million in the first quarter.

The group’s net income for the period was $82 million, which was stable compared to Q1 2024.

For the three-month period ended 31 March, gaming revenue came in at $495 million, up 4% year-on-year. The group’s iGaming revenue increased by 4% to $77 million year-on-year.  

Revenue in the three months to 31 March surpassed the previous year by 33%, figures from Lottomatica showed. It is the highest Q1 revenue total in the company’s history.

The increase was driven by growth within the group’s online and sports betting businesses. Both segments reported a 59% year-on-year rise in revenue during the quarter, with total bets also higher across each business.

CEO Guglielmo Angelozzi said the record quarter “paved the way” for a successful 2025.

“We are off with a very good start of the year,” Angelozzi said. “The online market continues to grow in a very healthy manner. Payout for sports is also very good. It was better than normalised levels both online and retail and much better than the same period last year.

Can we expect more M&A from Lottomatica?

Given the healthy showing in Q1, Angelozzi was pushed on potential M&A. Last year, the group was buoyed by the acquisition of SKS365, which completed in April 2024. The benefit of this was clear to see in its FY24 results.

While Angelozzi said the company has a “strong filter” on any possible additions, it is considering a number of options.

“On bolt-ons, we continue to look at them with a very strong filter in the sense that we are very selective about the quality of the assets,” he said. “We are more and more selective about the quality of the assets that we look at, and we continue to be disciplined on price.

“But for sure, there are some interesting opportunities out there that we continue to scout, and we will continue to execute on.”

Chief Financial Officer Laurence Van Lancker added: “We maintain our framework of analysis of M&A, which is Europe B2C regulated and the second verticals in which we operate. I think there are clear opportunities that we continue to monitor.  

“I would say that nothing has changed in terms of our approach to M&A internationally. In Italy, we’re talking about continuing very selectively our bolt-on strategy. We’re working on a pipeline, and we continue to maintain the same discipline on price.”

Elsewhere, Angelozzi told analysts the operator was “resilient” in the face of possible incoming tariffs in the US.

“We are resilient to tariffs, that’s pretty much self-explanatory. But more importantly, we believe the business is very resilient to macro headwinds in general. This was the case in previous economic shocks and recessions. Think about February, the global financial crisis and high inflation period lately,” he said.

SKS365 continues to drive online and sports betting growth

Incidentally, it was the addition of SKS365, now referred to as PWO by Lottomatica, that pushed online and sports betting revenue up in Q1. Starting with online, now the main source of revenue for the group, a 59% increase to €239.8 million was reported for the business.

The same acquisition led to exactly the same growth in the sports betting business. Revenue hiked 59% year-on-year to €150.4 million, with Lottomatica also noting a favourable sports pay-out during the quarter.

Gaming was the only segment not to benefit from the deal as revenue stayed level at €195.5 million in Q1.

As for betting volume, again the acquisition impact was clear to see. Online bets jumped 46% to €7.36 billion, sports betting wagers climbed 27% to €1.05 billion, while gaming wagers slipped 3% to 2.77 billion.

In addition, the rise in revenue pushed adjusted EBITDA to €220.5 million, up 47% and a new Q1 record for Lottomatica. Online adjusted EBITDA increased 55%, while for sports betting, it rocketed 132%. Gaming adjusted EBITDA edged down 1% during the quarter.

Net profit clears €50 million

In terms of spend, operating costs were higher across the board. Depreciation, amortisation and impairment charges also climbed, though finance expenses were reduced.

As such, pre-tax profit for the quarter stood at €77.8 million, a rise of 49% from last year. The group paid €26.3 million in tax, leaving a net profit of €51.5 million, up 71.9% year-on-year.

However, after removing €1.3 million in net profit from non-controlling assets, this meant bottom-line net profit attributable to Lottomatica reached €50.3 million, a rise of 77.7%.

But Jackson expects its soon-to-close NSX Group acquisition to put Flutter “in an enhanced competitive position, in a fast-growing newly regulated market”, he said during the group’s Q1 earnings call on Wednesday.

“Combining a strong local management team, localised proprietary technology and a local hero brand in Betnacional, alongside our existing Betfair Brazil business and Flutter Edge capabilities, will position us for success in this very exciting market,” Jackson said.

Last September, Flutter announced it had agreed to acquire an initial 56% stake in NSX Group, owner of the Brazil-facing Betnacional brand. The $356 million deal was expected to close in Q2 2025.

Completion of the deal will create a new “Flutter Brazil” business, incorporating the company’s existing Betfair brand, as well as NSX Group’s Pagbet, MrJack.bet and Betpix brands.

Meanwhile, the NSX business reported Brazil revenue had increased 20% year-on-year in Q1, suggesting the business had not been hit with the same compliance bottlenecks as others.

“Clearly, the NSX business, which we hope will be coming in later this month, is performing really well and in line with our expectations. So it’s over 20% up in Q1 on a year-on-year basis despite some of those regulatory kind of friction challenges. So we’re really pleased with what we’re seeing so far in Brazil,” Jackson added.

Flutter previously said the acquisition would give it an 11% market share in Brazil in the long term and position the company as one of the top three in the nascent legal betting market, which launched on 1 January.

KYC friction causes Flutter Brazil Q1 revenue to decrease

Like other operators, Flutter faced difficulties adapting to the new regulatory environment in Brazil, especially in regards to KYC.

New regulations have mandated facial recognition technology for ID verification, with bettors needing to register with a bank account attached to a financial institution authorised by the Central Bank of Brazil.

“We have seen a few challenges with Betfair in Brazil due to the changes in the regulatory environment,” Jackson said. “That’s mainly around some friction in the sign-up process for customers. We’ve seen that impacting on activation.”

But Jackson also said he is “really pleased” with what the company is seeing so far in Brazil. In a letter to Flutter shareholders alongside the Q1 results, he said: “M&A in Brazil remains on track as we augment an impressive portfolio of local hero brands.” 

More broadly, Flutter reported first-quarter group revenue of $3.66 billion, up 8% versus the prior year. Adjusted EBITDA of $616 million and net income of $335 million were also YoY increases of 20% and 289%, respectively.

How did Flutter’s competitors fare in Brazil during Q1?

In terms of Flutter’s competitors in Brazil, Entain reported NGR Q1 growth of 31% in the country, with the operator saying this was ahead of expectations.

Betsson, meanwhile, reported revenue growth of 70.3% across LatAm, although as it only received its full licence for Brazil in March, the company didn’t experience too much of an uptick in the market.

However, CEO Pontus Lindwall again said the company is taking a cautious approach in Brazil, although he does expect the launch to draw on the business’ success elsewhere in the region to power its growth.

“Brazil, it’s a huge market, and we want to start off in a soft way and make sure that the product is calibrated for that market,” Lindwall said. “And then we’re going to start marketing and see what kind of traction we get.”

Other gains included an 8% jump in average monthly players (14,880) and a 51% increase in adjusted earnings per share from $1.05 to $1.59. Cash on hand stayed flat at $1.5 billion with net debt of $5.3 billion. Revenue and EPS were fairly below consensus forecasts of $3.96 billion and $2.05, per Investing.com. The company’s stock was down 1% to $242.36 at market close Wednesday.

Flutter’s US business, led by FanDuel, posted an 18% YoY revenue gain to $1.66 billion, alongside $161 million in adjusted EBITDA, a 5x increase over last year. Conversely, international revenue was just under $2 billion, up 1%, with a 1% decrease in adjusted EBITDA to $518 million. The company noted that those figures jump to +3% and +2%, respectively, when calculated on a constant currency basis.

“I am pleased with the performance of the business during the first quarter, with the scaling of our US business driving a step change in the earnings profile of the group,” Flutter CEO Peter Jackson said in a release.

“FanDuel continues to win in the US, retaining leadership positions in both online sports betting and iGaming, while we saw a positive performance within International, where our scale and the competitive advantages of our Flutter Edge have been enhanced by the acquisition of Snai in Italy.”

All about FanDuel in the US

Sports betting and iGaming revenue in the US grew 15% and 32% YoY, respectively, Flutter said. AMPs increased 11% from the prior year. The operator boasted US market shares of 43% for sports betting and 23% for iGaming during the quarter, per the release.

The sports betting revenue increase is notable given industry-wide unfavourable results in March Madness when all four No 1 seeds made the Final Four. Handle growth of 8% was “in line with expectations with lower than expected basketball handle,” and multiple analysts asked for clarification on that point.

CFO Rob Coldrake asserted that handle isn’t everything and instead said “net revenue is the thing we really focus on”. Still, the company lowered its full-year US revenue guidance from $7.43 billion-$7.93 billion to $7.15 billion-$7.65 billion.

With regard to economic uncertainty tied to US tariffs and fears of a potential recession, Jackson said that the online gaming business is “resilient”.

“We have conviction that online sports betting and iGaming have strong defensive characteristics over the long term,” he told analysts. One-off adverse results and potential softening, he said, “do not compromise” growth plans.

Jackson: FanDuel committing staff to prediction markets

Jackson was expansive in his commentary on prediction markets, perhaps the most pressing topic in gaming currently. He noted Flutter already owns the betting exchange platform Betfair and seemed to indicate that Flutter would rather join them than fight them.

“We’re interested in the potential opportunity, we have brought some of our team who have experience in building these products and services from the Betfair exchange business and put them into FanDuel to help us evaluate the opportunities,” he said. “We’re working through it.”

This is the latest indication that top US bookmakers might look to move into the space. As of now, prediction markets are legal and Kalshi, in particular, has repeatedly defeated legal challenges in recent months. Earlier this year, it was reported that Flutter’s chief US rival DraftKings had applied to register “DraftKings Predict” with the National Futures Association. That application has since been withdrawn.

Product offerings set books apart

One analyst asked whether federally legal prediction markets result in more states legalising sports betting? Jackson responded, “If there is any benefit that we get from prediction markets encouraging faster [sports betting] roll-out, we’ll take it.”

He would not give further details on whether the company was planning to launch its own exchange. Flutter previously operated Betfair’s traditional exchange betting product in New Jersey, but shut it down in 2020 due to weak liquidity. A predictions offering available nationwide would not have any liquidity concerns.

Jackson’s main critique of prediction markets has been their lack of product depth. Traditional sportsbooks offer myriad parlay and bonus options, compared to single-game and season-long contracts on prediction markets. He reiterated that sentiment on Wednesday.

“Don’t forget, the vast, vast majority of people are betting on parlays and it’s just not something you can get close to experiencing, if you look at the way prediction markets are set up,” he said.

International steady

Not much discussion was given to Flutter’s international performance, but both of its top two non-US markets reported growth.

Revenue in the UK and Ireland grew 2% and southern Europe and Africa jumped 14% from last year. Central and Eastern Europe increased 15%, but Asia and Brazil fell 13% and 44%, respectively.

The one international development to garner interest from analysts was Flutter’s bid for the Italian lottery, which it filed in March through a partnership with Scientific Games. The company will now compete with incumbent IGT to win the nine-year contract for one of Europe’s most lucrative lotteries.

Sisal, acquired in August 2022, already powers SuperEnaLotto in Italy, as well as Turkey’s national lottery Mili Piyango.

Coldrake called it a “sizeable opportunity” to grow market share in Italy, describing it as low risk but highly profitable. Jackson also clarified that this was a “unique” situation and Flutter wouldn’t necessarily pursue other lottery tenders.

This beats the €36.1 million reported in the corresponding period last year, Zeal reported in its Q1 announcement on Wednesday.

Reflecting on Q1, Chief Financial Officer Andrea Behrendt – who took on her new role in April – said the lottery performance was a particular highlight, despite no “peak” jackpots during the period.

The average jackpot for both the LOTTO 6aus49 and Eurojackpot draws was higher than Q1 of last year, although neither reached their maximum jackpot levels. However, revenue and billings still increased, while customer numbers climbed 13%.

“We started the new year with a lot of momentum and were able to achieve strong results,” Behrendt said. “We are particularly proud of the significant increase in our revenue and customer base despite the absence of peak jackpots.

“This shows that our strategic marketing expenditure and our measures to acquire new customers continue to pay off in the long-term and that we are in an excellent operational position. I’m a firm believer in the growth opportunities in our core business in a still underpenetrated market.”

Lottery billings reach €264.7 million

Going into further detail on the lottery business, revenue in Q1 was 41.3% higher at €45.2 million.

Billings – comprising all stakes, including brokerage stakes and associated VAT, net of bets – increased 7.5%. Customer payments were also up by 9.5% to €215.4 million, but average monthly billings per user (ABPU) declined 5%.

Zeal also noted a 133.1% increase in the average number of active users per month (MAU) to 1.5 million. The company said this was mainly due to growth in its customer base during 2024, which is reflected in increased billings.

Zeal sees most growth in online gaming

Accompanying the growth in lottery was an increase in revenue within its games segment. During the quarter, games revenue climbed 54.6% year-on-year to €3.4 million.

Billings from games climbed 45.4% to €45.5 million, with customer payments up 62% to €10.2 million and ABPU also up 22%. In addition, average MAU in Q1 for the games segment was 19% higher year-on-year.

“We also initiated some encouraging developments in the B2B segment,” Zeal said. “The launch of high-profile partnerships with renowned providers such as Tipico and Gamomat will enable us to expand our portfolio and target groups even more quickly in future.”

Zeal also reported an additional €1.5 million in revenue from other activities, including its ONCE business in Spain. This figure is 5.4% more than the previous year.

Lotto24 squeeze-out skews year-on-year profit comparison

Turning to costs, operating spend was higher across the board during Q1. However, the rise in revenue meant EBITDA was able to increase 88.3% year-on-year to €17.7 million.

Amortisation and depreciation costs were higher than the previous year and, after financial costs, Zeal was left with a pre-tax profit of €14 million, a rise of 102.9%.

However, when it comes to tax, the year-on-year comparison is skewed. Zeal paid a total of €4.2 million in income tax this year, whereas in 2024, it received €14.2 million – as a result of the Lotto24 squeeze-out. Last year’s positive tax impact came after the initial recognition of deferred tax assets on tax losses caried forward after the squeeze-out request.

As such, bottom-line net profit this year was €9.8 million, a 53.6% drop from €21.1 million in Q1 2024.

Group net income was halved from $144.2 million a year ago to $72.7 million this quarter. Diluted net income per share was also cut approximately in half from $1.30 per share in 2024’s first quarter to $0.69 this year.

The company said in a release that “operating revenues decreased $81.8 million, $51.0 million, $11.3 million and $8.6 million at Wynn Macau, Wynn Palace, our Las Vegas Operations and Encore Boston Harbor, respectively, from the first quarter of 2024.”

Group adjusted property EBITDAR for the quarter was $532.9 million, a 17.5% decrease YoY. Wynn Macau, Wynn Palace, Las Vegas operations and Encore Boston Harbor saw adjusted EBITDAR declines of $40.7 million, $40.5 million, $22.9 million and $5.7 million, respectively.

Impact on opex ‘low and entirely manageable’

Much like other Las Vegas-facing casino operators, Wynn attributed these declines in part to tough comparisons from hosting the Super Bowl last year. When excluding Super Bowl weekend from calculations, the company said, there were actually a number of YoY increases for the period.

But analysts were eager to see how Wynn CEO Craig Billings would react to the current economic environment, especially as Wynn is perhaps the highest-end luxury brand in gaming. Billings addressed the topic right away, opening Tuesday’s investor call with it.

“We expect the direct impact from tariffs on OpEx to be low and entirely manageable with most of the impact in the US stemming from food and beverage, where we are actively working though alternative sourcing for the most impactful items,” he said in prepared remarks.

Billings later said in response to questions that there will likely be a decrease in travel, but “it doesn’t really impact us much at all”. While he did caution that things could change, right now “everything is pretty good, actually”.

CapEx, however, “is a different story”, he said.

$375 million worth of projects delayed

The company announced it is “reassessing the timing, scope and sourcing” of projects at Wynn Las Vegas “representing approximately $375 million of previously disclosed project capital expenditures”.

“While we’re staying nimble, the pace of change at the moment is just too significant to commit to any revised timing on that CapEx,” Billings said on the call.

The biggest item from the budget was a renovation project at the Encore tower in Las Vegas. Billings estimated that to be in the “high $200s” of the $375 million total. He indicated to analysts that the projects were not cancelled altogether, just placed on hold.

Despite this, Wynn managed to buy back $200 million worth of shares during the quarter and the company announced on Tuesday that its board has declared a $0.25 per share cash dividend, payable on 30 May. As of 31 March, Wynn had $2.07 billion in cash on hand and $10.5 billion in total debt.

Al Marjan progressing

Company officials gave updates on the Al Marjan Island joint venture in the United Arab Emirates, which Billings has repeatedly called the most promising gaming development any company currently boasts. Wynn owns 40% of the venture, alongside partners Marjan and RAK Hospitality Holdings.

During Q1, Wynn contributed a total of $51.2 million in cash toward the development, which now has reached the 47th floor. The company’s total contributions now sit at $682.9 million.

When asked how tariffs might impact construction, Billings asserted that everything is still on track for a 2027 opening. Most of the materials have already been purchased, he said, which will help avoid extra costs.

New York still alive

The chance for a New York casino licence was another topic of interest on Tuesday, given Wynn’s $12 billion Hudson Yards bid with Related Companies and Oxford Properties Group. Two initial applicants – Hudson’s Bay Co and Las Vegas Sands – have formally pulled their bids ahead of the 27 June deadline. LVS is a noteworthy comparison to Wynn, as both are luxury resort operators with concerns about competition from online gaming.

Billings said New York is “a great potential market”, but also “a complicated market with a lot of considerations”. Like LVS, he said the threat of iGaming legalisation in New York was “a point of concern”. He did not indicate any plan, however, to pull the bid outright.

The partners’ Hudson Yards proposal was changed significantly in late April by more than doubling the housing commitment from 1,500 units to 4,000. This had been the biggest contention from opponents, but several hurdles remain between now and when licences are awarded at the end of the year.

“We continue to be in the running in New York, but we absolutely will not get over our skis to win a licence there,” Billings told analysts.

Elsewhere in Asia

Other two notable locales discussed on the earnings call were Japan and Thailand, which both have had ups and downs in terms of attractiveness for gaming investment. Japan, which once had several potential bidders, has been whittled to just one project – MGM Osaka – whereas Thailand came very close to a massive casino expansion this spring before pulling legislation for further review.

With regard to Thailand, Billings said there were some “components of the bill that probably won’t work”. This might have been an allusion to extensive wealth and background checks for patrons, which have been controversial thus far.

In Japan, there have been reports the country may open a second round of bidding for up to two additional licences. Wynn previously signalled interest in the market but ceased operations there in 2020. Billings said there were “structural challenges” there and seemed bearish on the market overall .

“We’ve got plenty of development opportunities,” he said. “We’d only look at Japan if the setup was right.”

Genius Sports co-founder and CEO Mark Locke said the supplier was well positioned for “sustainable” growth in the long term, after increases across two of its three core segments in Q1 led to an uptick in group revenue and a reduction in losses.

The betting technology, content and services segment, the primary source of revenue for Genius, reported the most growth. Genius also noted growth within its sports technology and services division, though media technology, content and services revenue was down.

This increase in revenue offset an increase in spending during the quarter and, after some help from foreign currency gain, allowed net loss to shrink 67.8%. On top of this, adjusted EBITDA rocketed 187% year-on-year.

Speaking about Q1, Locke was positive not only about the quarter but also prospects for Genius moving forward in terms of growth, profitability and cash flow across the business.

“This quarter demonstrates the strong execution of our strategic objectives, as we continue our technology distribution, product innovation and commercial momentum,” Locke said.

“Our largely fixed cost base, coupled with several durable growth drivers, reinforces our confidence in delivering sustainable growth, profitability and cash flow in 2025 and beyond.”

Media the only negative for Genius in Q1

Breaking down Q1, revenue from the betting business climbed 44.1% year-on-year to $106.5 million. Genius said this was mainly due to growth among its existing customers after price increases on contract renewals and renegotiations.

There was also double-digit growth within the sports business. Revenue increased by 12.6% to $11.6 million amid an increase in sales of products built on GeniusIQ technology.

However, for the media segment, revenue was down 27% to $25.9 million. Genius put this down to lower programmatic and social advertising services compared to Q1 last year.

Revenue gain offsets higher costs

In terms of spend, cost of revenue edged up 1.8%. However, such was the impact of revenue growth that gross profit jumped 177.3%.

Total operating expenses were also 49.9% higher but, again, this was offset by the revenue rise in Q1. As such, pre-tax loss was cut from $24.3 million to $20.4 million.

Genius reported $437,000 in interest income, in addition to a $12.2 million gain on foreign currency – in contrast to last year’s $1.1 million loss. This resulted in a pre-tax loss of $7.8 million, again an improvement on the $24.7 million loss in 2024.

The supplier paid $542,000 in tax and reported $94,000 in additional income from equity method investment. This meant it ended Q1 with a net loss of $8.2 million, a significant improvement on last year’s $25.5 million loss.

What can we expect from Genius in 2025?

The Q1 report also set out full-year targets for Genius. The supplier said it expects to post $620 million in revenue during FY25, which would surpass last year by 21.3%.

There is also an expectation that adjusted EBITDA will reach an estimated $125 million, which would be 46% higher than last year. In addition, Genius said it is likely to increase its positive annual cash flow in the full year.

Gaming operations and licence fees brought in PHP25.53 billion, or 91% of the total. Business income and service fees made up the balance.

Expenses dropped 15.5% to PHP6.22 billion, down from PHP7.36 billion last year.

Egames, ebingo generated more than half of revenue

Fifty-six per cent of gaming revenue came from electronic games and ebingo, for a total of PHP14.32 billion. Licensed and Pagcor-operated casinos accounted for 44%, for a collective PHP11.2 billion. Net income came to PHP4.22 billion, up 23% year on year.

“This solid performance reflects Pagcor’s commitment to responsible governance and fiscal discipline,” said Pagcor CEO and Chairman Alejandro H Tengco. 

Pagcor’s contributions to nation-building for the period reached PHP18.9 billion, up 21.5% from 2024, Tengco added.

Pagcor to regulate third-party vendors

Pagcor also disclosed last week that it is expanding its regulatory authority.

In a 30 April notice, Jeremy B Luglug, assistant vice president of Pagcor’s Electronic Gaming Licensing Department, announced the pending release of a Regulatory Framework for the Accreditation of Gaming Affiliates and Support Service Providers.

The development makes third-party providers (payment processors, marketers, KYC solution providers, testing laboratories) subject to direct accreditation by Pagcor.

It is the next step in an ongoing clean sweep of the Philippines gaming industry, the third-largest contributor to the national treasury after the internal revenue and customs bureaus.

Increased probity to boost investment

Last year, President Ferdinand Marcos banned Philippine Offshore Gaming Operations due to allegations of rampant crime. In February, following rigorous improvements in its anti-money laundering, counter-terrorism and proliferation financing frameworks, the Philippines was delisted from the Financial Action Task Force grey list of countries at greater risk for money laundering.

The strategy is to put the Philippines on par with other highly regulated gaming jurisdictions and strengthen its appeal to international investors.

Pagcor also continues a long-term plan to divest of its portfolio of casinos. Lawmakers have criticised the body for its dual role as regulator and operator, calling it a clear conflict of interest.

The sale of 45 Pagcor gaming halls, including nine under the Casino Filipino brand, could reap PHP50 billion for the regulator.

The sell-off, originally set to begin this year, is now expected to be complete in 2026.

Q1 monthly active users (MAUs) hit 354,000, which is a quarterly record for LatAm as a whole. Rush Street Interactive also posted a record number of MAUs in Colombia despite the February introduction of a 19% VAT on online gambling operators in the country.

On the post-results analyst call, Rush Street Interactive CEO Richard Schwartz explained the company had looked to absorb the impact of the tax through bonusing, rather than passing the cost onto players.

As a result, Rush Street Interactive retained its market share in Colombia while keeping GGR levels near all-time highs, up by 55% in local currency, he said.

However, CFO Kyle Sauers explained other financial metrics such as NGR were falling short of base expectations in Colombia, while average revenue per MAU across LatAm as a whole fell to $36 from $44 in Q1 2024.

“In each of March and April, our net revenue growth was significantly impacted,” Sauers said. “So, in March, our net revenue in US dollars was actually down slightly year-over-year. And in April, it’s been about flat year-over-year.

“So, we’ve got a market that may have otherwise been growing at 50%, plus that’s now relatively flat year-over-year because of this temporary VAT tax.”

Could the tax be repealed?

The Colombian government implemented the VAT in February by temporarily eliminating the exemption on online gambling operators, claiming it needed the additional contributions to cover the expenses of responding to ongoing civil unrest in the Catatumbo region.

The tax is currently only set to last until the end of December, although there is uncertainty among the industry over whether it will in fact be made permanent.

Local lawyer Juan Camilo Carrasco, a partner at Bogota law firm Asensi Advogados, previously told iGB: “We know that regarding taxes, nothing is more permanent than something that comes in temporarily.”

However, Schwartz explained the tax is under review by the Colombian courts to establish whether it is constitutional, with a final ruling expected by late May or June.

There’s underlying optimism from Rush Street Interactive the tax could yet be repealed. “Given how strong the volumes have been in Colombia, should the temporary tax go away prior to year-end, we could see meaningful upside to both revenue and EBITDA,” Sauers pointed out.

“The removal of the VAT tax should be a very meaningful driver of growth for us when that happens and when we have those as comparables with when the tax was in place.”

Excitement for Mexico and Peru

Colombia aside, Rush Street Interactive remains confident on its exploits elsewhere in the LatAm region, with the company also live in Mexico and Peru.

In Mexico, Rush Street Interactive noted year-on-year growth in Q1 was close to 50% as the company begins its third full year in the market.

“In terms of Mexico, we’re really seeing a lot of great growth out of that market,” Schwartz said. “It’s continued to be one that really excites us and things are moving in a really great direction for us there.

“And as we noted before, we expect over time it will be one of the largest markets in LatAm, larger than Colombia, ultimately. So, we feel really optimistic about Mexico.”

The business is taking a slower approach in Peru, where it launched its RushBet brand in July 2024 as part of its “strategic advancement” into the LatAm region.

“Peru has been a story where we haven’t invested much in marketing yet, because we’re continuing to optimise the experience and localise it,” Schwartz continued.

“It’s something that we continue to feel positive about, but it has been a market that we haven’t ramped up yet. It’s still something that we’re excited to be able to do in the future given the relatively large population that country has.”

LatAm expansion opportunities for Rush Street Interactive

In the company’s results presentation, it highlighted potential expansion markets in LatAm, including Chile, Argentina and Ecuador, as well as the newly regulated Brazil.

By the end of 2028, Rush Street Interactive could have a total addressable market of $15.9 billion in LatAm.

“There are other LatAm markets as well that we’ve been focused on and have been evaluating ways to enter those markets,” Schwartz added. “We haven’t announced anything and so I won’t be able to share anything with you today.

“But certainly, as you can imagine, once you have a great brand, a great platform, a great team, great marketing team, operations, local knowledge of experiences in those regions, it becomes a lot easier for us to be able to add and be successful in future markets.”

Rush Street Interactive EBITDA nearly doubles in Q1

Alongside growth in revenue and net income, Rush Street Interactive also reported year-on-year adjusted EBITDA growth of 95% to $33.2 million in Q1.

This was despite adjusted sales and marketing expenses edging up by 3% to $38.8 million.

MAUs in the US and Canada also increased by 17% to 203,000, while average revenue per MAU in North America was significantly higher than in LatAm at $368 compared to $36.

Rush Street Interactive reiterated its FY2025 guidance, expecting revenue to be between $1.01 billion and $1.08 billion and adjusted EBITDA to reach $115 million-$135 million.

“These strong results are driven by our commitment to innovation and enhancing the quality of our player experience, alongside efficient acquisition and retention of high-value players,” Schwartz said.

Net revenue for the three months to 31 March hit €54.3 million ($61.5 million), up 39% from Q1 of last year, results released Thursday show. However, it falls marginally short of the €55 million reported by EveryMatrix in Q4.

As a private company, EveryMatrix does not publish a full financial review for its quarterly performance. Instead, it released a roundup of each period, highlighting certain figures and key events. With this, the supplier said revenue growth was accompanied by a 27% rise in group EBITDA to €28.2 million.

Despite the business posting record numbers in 2024, Groes believes EveryMatrix’s Q1 results suggest it could surpass these levels in 2025.

“I’m very excited for 2025,” Groes said. “Q1 was a solid quarter, a great start and the rest of the year looks just as promising. We had a phenomenal year in 2024, which will be hard to beat, but thanks to the momentum we’ve set in motion during the last few years, I’m sure we’ll be able to do it.”

Record casino quarter for EveryMatrix

In the report, EveryMatrix noted year-on-year growth in both its casino and sports betting segments.

Casino remains the primary revenue source, generating €26.6 million in Q1. This represents a rise of 44% and a new quarterly record for the segment. EBITDA was also 29% higher at €16.8 million for this area of the business.

The supplier put this down to continued investments in live dealer and in-house production, including the launch of two new games and its first three dedicated blackjack tables. This, it added, was helped by the acquisition of Fantasma Games in October last year.

Turning to sports betting, net revenue climbed 50% to €15.8 million, with EBITDA up 51% to €9.7 million. EveryMatrix said this was partly driven by a record number of live events in the quarter, reaching almost 600,000.

Also on sports betting, the total number of wagers jumped by 35% to 160 million. This, the supplier added, includes figures from FSB Technology, which it purchased in July 2024. The FSB deal allowed EveryMatrix to roll out its new horse racing product in Q1.

“Our sports division never ceases to amaze me, breaking record after record,” Groes said. “This quarter, we managed to reach 600,000 live events, all thanks to our ability to expand our coverage and add new products and features even while experiencing this much continuous growth.”

Platform growth, affiliate decline in Q1

As for its other segments, platform net revenue climbed 18% to €8.6 million, although EBITDA was down 23% to €2.4 million. Standout developments here include a new, UK-regulatory compliant turnkey solution and migrating the first FSB client to its platform after the quarter end.

Its PAM wallet system processed 475,000 gaming transactions per minute during peak hours. This is 5% higher than the previous quarter.

Finally, net revenue from Q1 affiliate activities under the PartnerMatrix brand was 4% lower year-on-year at €1.3 million. In addition, EBITDA came in at a loss of €700,000 for the quarter.

EveryMatrix launched its PartnerMatrix Intelligence product with FanDuel in the US, as well as merging intelligence and affiliate back offices to improve its offering. The supplier also rolled out a new intelligence portal for clients in Q1. In total, PartnerMatrix signed up 20 new clients in the quarter.

By the end of the first quarter, EveryMatrix increased its total employee count by 36% to 1,311.

Samoil Dolejan, CEO of GamMatrix, assumed leadership of payments arm MoneyMatrix and DataMatrix. In addition, the supplier relocated to new offices in Cebu, Chiang Mai and returned to London, where it opened a new office last month.

Addressing Wall Street analysts for the first time since US President Donald Trump’s “Liberation Day” announcement, MGM CEO Bill Hornbuckle attempted to assuage concerns from the jarring global trade disruptions. Last month’s sweeping tariffs sent gaming stocks plunging as MGM Resorts fell 9% on 3 April, hours after Trump unveiled the plan.

MGM continued the freefall for the first half of the month until Trump telegraphed a pause on reciprocal tariffs against some Chinese goods. The policy shift caused a reversal of the major indices, enabling top gaming stocks to pare some of the losses.

As with archrival Caesars Entertainment, MGM went to great lengths to sell investors on Las Vegas remaining a hot destination in the face of a potential downturn. Airline capacity at Harry Reid Airport remains at high levels, with domestic flight volumes up 2% each month from April to June, Hornbuckle noted. MGM also delivered a record month in April based on hotel metrics at its Strip properties, he emphasised.

“We really think we’re in a good place,” said Hornbuckle on Wednesday evening’s call. “We do think Las Vegas is resilient, and it’s proven itself to be. And so, we like where we are, generally speaking.”

Earnings beat

On the back of strong performance at BetMGM, complemented by the stability of regional operations, MGM Resorts reported consolidated adjusted EBITDA of $637 million. Adjusted diluted earnings per share came in at $0.69, far above Wall Street expectations of $0.46. MGM Resorts generated revenue of $4.28 billion for the three-month period, slightly topping analysts’ forecast of $4.27 billion.

Revenue for MGM’s Chinese operations fell 2% to $1.03 billion, ahead of analysts’ estimates of $1.02 billion. MGM announced the quarterly results on the same day that reports surfaced of several rollbacks by China on US imports.

Overall, consolidated net revenues fell 2% for the three-month period ending 31 March, due mainly to a decrease of 3% among Las Vegas Strip resorts.

Tough comps from the 2024 Super Bowl

A sharp year-on-year reduction was anticipated after Las Vegas hosted the Super Bowl for the first time ever in the opening quarter of 2024. Chief Financial Officer Jonathan Halkyard noted that the Strip properties faced tough comps from the one-time revenue generated by the NFL’s hallmark event. The Super Bowl, alone, contributed additional revenue of approximately $65 million to MGM in February 2024.

That change notwithstanding, MGM Resorts reported record occupancy at Las Vegas Strip properties for the quarter. Casino revenue at the properties increased 8% to $538 million, with gains in table games win, slot handle and slot win.

MGM took a $37 million hit, meanwhile, from insurance proceeds related to a business interruption claim from a September 2023 cyber attack.

Titus: Trade War may place dent on tourism

US Rep. Dina Titus of Nevada recently cautioned in an opinion piece that tourism may become the “next casualty in Trump’s trade war”.

Despite Trump’s executive order to “strengthen America’s position as a top destination for sports and tourism”, visits to the US in March fell 9.7% compared with last year, according to data from the National Travel and Tourism Office. During the call, MGM reported that visitation from Canadian tourists has declined in recent weeks.

Given the macro backdrop, JMP Securities models EBITDAR to be flat or slightly down for the remainder of the year. Regarding tariffs, MGM has been focused on the near-term effects of sales and operational considerations, Halkyard indicated. Thus far, the impact has been quite small, he asserted.

The company also has contingencies for technology investments and consumables that may be subject to tariffs. Meanwhile, MGM has already made all of its slot machine purchases for the year. MGM also continues to manage labor expenses with its focus on digital integration, the company noted. Hornbuckle pointed to increased digital interactions through concierge and call centers.

On Monday, MGM shut down the concierge desks at several Strip properties, the Las Vegas Review Journal reported. During the first quarter, the company’s headcount for full-time employees in Las Vegas declined. The efforts could lead to $150 million in long-term cost savings.

A New York state of mind

Hornbuckle also provided an update on MGM’s plans in New York, where the company will submit a bid for a coveted downstate casino licence. MGM Resorts intends to submit an application by the New York Gaming Facility Location Board’s deadline of 27 June. The board is to announce the three successful bidders for licences by December.

MGM Resorts International and MGM Growth Properties completed the purchase of Empire City Casino and Yonkers Raceway in 2019 for $850 million. New York will impose an upfront licensing fee of $500 million each to the successful bidders.

Inclusive of the licence, MGM anticipates the project would cost approximately $2 billion, the company wrote in an SEC filing.

As it relates to tariffs, Hornbuckle indicated that the company will not build a high-rise in Yonkers. Consequently, the cost of steel, he mused, will be a “de minimis” amount.

Since the start of the bidding process, MGM has been one of the presumed frontrunners. Last week, Las Vegas Sands dropped a bombshell when the company announced it would abandon its bid in Nassau County, whittling the field for New York bidders to nine.

Beyond New York, MGM broke ground on a new property in Japan and continues development of a resort in Dubai. Hornbuckle missed last week’s Nevada Gaming Commission hearing to attend a groundbreaking ceremony for the casino in Osaka. MGM did not address the company’s $8.5 million fine imposed by the state, which settled charges associated with the company’s anti-money laundering deficiencies at two Las Vegas properties.

Stock buybacks

Stock buybacks also served as a main topic on the hour-long earnings call. During the first quarter, MGM Resorts repurchased 15 million shares for $494 million. To date, the company repurchased about eight million shares for $215 million in the second quarter.

MGM’s board authorised a $2 billion stock buyback plan in February 2023. Since the beginning of 2021, MGM has repurchased about 45% of its shares. The board authorised another buyback plan last month.

“We have seen a tremendous opportunity recently in repurchasing our own shares,” Halkyard said. “The situation with the trading in the stock has presented us with a fantastic opportunity to repurchase shares for the shareholders.”

In explaining his approach to buybacks, Halkyard said that MGM’s pace of repurchases would come down in each of the last six quarters. But when looking at the calculus, continued buybacks remained a compelling opportunity, he added. MGM has pledged nearly $3 billion for a 43.5% equity stake in the Osaka project. With expansion in Japan and the New York bid, Halkyard is not “adverse” to letting leverage tick up to fund the investments.

Encouraging signs at BetMGM

MGM Resorts held the call two days after BetMGM delivered a first-quarter business update. For the three-month period ended 31 March, BetMGM generated net revenue of $443 million, up 34% from the year-ago quarter.

BetMGM, a 50-50 joint venture between MGM Resorts and Entain, saw online sports betting revenue jump 68% for the period. BetMGM is targeting full-year profitability for the first time in the history of the venture.

Following Wednesday’s call, MGM’s stock jumped $1.30 or 4.13% in the after-hours session to $32.76 per share.

MGM is still down about 9% year-to-date, remaining near its lowest levels since 2022. The company traded below $9 a share at the height of the COVID-19 pandemic.

Total revenue in Q1 amounted to PHP28.07 billion ($502.8 million), official data published by Pagcor has revealed. This comfortably surpassed the PHP25.24 billion posted in the corresponding period last year.

Gaming operations accounted for PHP25.52 billion of all revenue in Q1, an increase of 14.5% from 2024. As has been the trend for some time in the Philippines, online gambling was the main driver behind this rise.

More than half of all gaming revenue was attributed to electronic games and bingo during the quarter. In total, online gambling generated PHP14.32 billion, or 56% of all Q1 revenue.

In comparison, licensed land-based casinos drew PHP8.32 billion of revenue, equating to a share of 32.6%. The remaining PHP2.88 billion came from Pagcor-operated casinos, with this representing 11.3% of total quarterly revenue.

Net income tops PHP4.22 billion as Pagcor cuts costs

Accompanying the increase in revenue was a reduction in operating expenses. Pagcor said this comes amid a continued focus on “financial discipline”, with costs down by 15.5% to PHP6.21 billion.

This decrease in spending, coupled with higher revenue, allowed Q1 net income to reach PHP4.22 billion. The figure beats the previous year by 23%.

Commenting on the quarter, Pagcor chair and CEO Alejandro Tengco said the performance reflects improved operational efficiency and strategic reforms within the agency.

“This solid performance reflects Pagcor’s commitment to responsible governance and fiscal discipline,” Tengco said. “Gains we have made in the first quarter will allow us to contribute even more to nation-building for the rest of the year.”

Pagcor’s total contributions to nation-building during Q1 topped PHP18.9 billion, up 21.5% year-on-year.

Growth continues despite exit of POGOs

Q1 is the first full reporting quarter since Philippine Offshore Gaming Operations (POGOs) ceased operations in the country. Pagcor ceased POGOs in December, on the orders of the president.

Offshore gaming revenue amounted to PHP2.99 billion in the 2024 full-year.

Pagcor also recently announced a further cut in its fee rates for online gambling. This was lowered from 35% to 30% as part of an effort to combat illegal online gambling in the Philippines.

Effective since 1 January, the lower rate was the second reduction in less than 12 months. Last April Pagcor cut its gaming rates to 35% of gross gaming revenue.

Speaking at the full-year results announcement, Tengco said this gradual reduction in rates has drawn more licensees. The amount of accredited gaming service providers increased threefold from 49 in 2023 to 174 in 2024.

Adjusted EBITDA grew 4% from $853 million in the prior quarter to $884 million this year. On its balance sheet, the company had $884 million in cash as of 31 March and $12.3 billion in total debt. Those were both up slightly from $866 million and $12.29 billion as of 31 December respectively.

Caesars’ Las Vegas net revenue for the quarter was just over $1 billion, down 2% from last year. However, as officials noted several times on the investor call, this was a “tough comparison” given that the city hosted the Super Bowl last February. Adjusted EBITDA for Las Vegas was flat at $433 million.

Regional revenue came in at $1.38 billion, a YoY increase of 1.7%, with adjusted EBITDA of $440 million (+1.6%). Unfavourable regional weather patterns were noted by officials, as well as the terrorist attack in New Orleans on 1 January that killed 14 and subsequently muted performance in that market.

But the star of the show was again Caesars Digital, which has been the company’s primary growth driver for several quarters. The segment posted a 19% increase in net revenue to $335 million, and $43 million in adjusted EBITDA compared to $5 million the prior year. Eric Hession, who leads the division, said players are “responding favourably” to recent updates and game content.

Rumours of digital spin-off swirling

The performance of Caesars Digital has led many to speculate whether it could be spun off into a separate business. Adding to those rumours were the 18 March appointments of two new directors to Caesars’ board, both from Carl Icahn’s Icahn Enterprises.

Icahn has a long history with Caesars, having spearheaded the company’s sale to Reno-based Eldorado Resorts in 2020. The billionaire activist investor sold his position after the sale but generated buzz by again increasing his stake last spring. He said in a statement following the board appointments that he looked forward to “exploring strategic alternatives for the Company’s underappreciated digital business”.

CEO Tom Reeg, in response, told iGB at the East Coast Gaming Congress that Icahn “sees the same thing we see in an undervalued equity and an opportunity to change that through digital”. Asked again Tuesday by Truist analyst Barry Jonas about these rumours, Reeg seemed open to exploring all possibilities.

“Our job is to deliver the numbers we have laid out starting in [2021],” he asserted. “We are well on that path, our goals are in our windshield. … We will look at any and all options to create value for shareholders. But we are mindful that the first thing we need to do is deliver the numbers.”

Caesars Digital is now live in some form in 32 North American jurisdictions, according to an investor presentation.

Macro trends front of mind for Caesars

Given that Caesars operates both destination and regional casinos throughout the US, macroeconomic trends were front and centre from both the company and analysts. Global economic markets have swung in recent weeks in response to US tariffs, and fears of a recession are growing.

In the midst of Covid, Caesars was lauded perhaps more than any casino operator for its effective cost-cutting measures. Officials downplayed current economic fears but referenced those experiences in response to questions.

“If we were to start to see softness, we have levers that we can pull that you saw as we came out of the pandemic, where we were able to outperform peers in the market by tapping into our database,” Reeg said. He later added that “we still do not see any of the consumer softness investors seem to be worried about”.

Reeg pointed multiple times to future bookings, which he said were strong. He also noted that unlike during Covid, the company now has a strong digital component to fall back on. “We have never had, in a prior downturn, a segment that is growing for us like digital,” he told analysts.

Stock repurchases were also a topic of interest. Reeg said Caesars would be “opportunistic”, especially “if the stock dislocates like it did in early April”. On the heels of the tariff announcements, Caesars shares fell to about $23 before climbing back to the high $20s in recent weeks.

Other happenings in the industry

In addition to Caesars’ developments, Reeg offered comment on several other industry trends Tuesday. One of those trends was tax increases. Since the start of 2024 numerous states have either imposed or discussed imposing significant tax raises for online gambling. Even states that are typically seen as pro-gaming, most notably New Jersey, are pushing to raise rates.

Reeg said this was “symptomatic” of states facing budget shortfalls now that federal Covid funds are drying up. “I’m not surprised at all [state lawmakers] are looking at gaming,” he lamented.

Conversely, he viewed this sentiment in a positive light with regards to legalisation efforts. Now that efforts in Nebraska and Hawaii have largely fallen through, 2025 could be the first post-PASPA calendar year with no new sports betting or igaming markets. If budgets are stretched tight enough, Reeg said, legalisation becomes a lot more palatable.

“[The online gaming industry] will be a popular place to be,” he surmised.

The Caesars CEO also touched on prediction markets, the financial exchanges that allow users to trade contracts on sporting events. Kalshi, the most prominent prediction market, was sent cease-and-desist orders from a bevy of state regulators but has been granted preliminary injunctions in Nevada and New Jersey. A hearing organised by the Commodity Futures Trading Commission was scheduled for 30 April but was canceled last week.

Caesars has seen “zero impact” from prediction markets thus far, Reeg told analysts.

As a result of the investigation, Evolution said in its Q1 earnings report Wednesday, it had taken steps to ensure its regulatory requirements across Europe are being met by the business.  

However, as a result of this pivot, and Evolution likely exiting a number of black or grey markets, Carlesund said profitability had taken a hit during the quarter.  

Profit for the period was down 5.4% to €254.7 million ($289.7 million), from a group net revenue of €521 million, up 3.9% year-on-year.  

“On top of what we have already done in the UK to meet regulatory requirements, we have taken proactive and self-initiated actions in February to ring-fence additional regulated markets in Europe,” Carlesund said in the Q1 earnings report.  

“The effects have varied, with the largest negative revenue impact in markets where channelisation is low.” 

Evolution sticks to 2025 guidance, despite Q1 profit dip

These actions, he said, had resulted in profitability for the period being “on the low side”. He said he believed this impact would also be felt in the second quarter.  

However, the supplier is sticking to its 2025 guidance of an EBITDA margin between 66% and 68%. In Q1 the EBITDA margin slipped from 69% in 2024 to 65.6%. 

In a note released Wednesday, Regulus Partners said it seemed the company had “effectively switched off some black-market revenue it should not have been making in the first place”. 

“It will be remembered that Evolution was investigated by the Gambling Commission late in 2024 because its content was found on black market sites available in the UK and it has since been on a rapid charm offensive to other regulators,” the note said.  

‘Channelisation dependent on factors outside of our control‘ 

In his Q1 comments, Carlesund said markets with low channelisation had impacted profitability the most.  

“We have had constructive dialogues with all the large European regulators in the quarter and continue to support them in the ways that we can. However, it is important to remember that channelisation is primarily dependent on factors outside of our control, i.e. the ways in which the regulatory parameters are structured,” he noted.  

Europe accounted for 36% of Evolution’s overall revenue in Q1, at €189.7 million. This was down 1% on the previous year and 6% on the previous quarter, before its ring-fencing efforts had commenced.

Elsewhere in Q1, the supplier also took action to address “ongoing issues in Asia” where it has been impacted by criminal cyber activity. This included implementing technical countermeasures. Carlesund said this had also put pressure on revenue growth.

During Evolution’s full year 2024 earnings, he told analysts persistent cyberattacks in Asia and IP blocking in Europe were a continuing challenge for the company, although the company was unsure who was behind the attacks.

Asia revenue was down only 2.2% year-on-year in Q1, to €202 million.

Revenue during the three months through to 31 March hit €41.5 million (£35.3 million/$47.2 million). This falls 4% short of the previous year, Q1 data released by Kambi shows.

Kambi said, excluding €4.4 million of transition fees received in Q1 2024 from former clients Penn and Napoleon, Q1 2025 revenues increased by 7% year-on-year.

Kambi seeking to diversify partner network

On this, Becher reiterated Kambi’s aim to diversify revenue streams and reduce its reliance on a small number of large partners.

“The percentage of revenue generated by Kambi’s three largest partners has been declining since the inception of the company, recently falling from 45% in 2023 to 39% in 2024, as our total number of partners continues to rise,” Becher said.

“This is largely the result of continued geographic and product diversification driving revenue, which is more than offsetting known partner losses.

In Q1, this partner concentration fell further, but Bercher said he expected this to decline across the year as Kambi “launches additional partners and commercial momentum builds”.

However, while Becher said Kambi continued to “build foundations for long-term success” in Q1, he was not satisfied with the performance. He says the group had fallen short of expectations.

“While revenue grew 7%, excluding the impact of transitions fees, our financial performance was below what should be expected of a company of Kambi’s standing,” Becher said. “It is far from the future level I aspire to.”

Kambi grows in Americas after Brazil Q1 opening

Going into further detail on Q1, Kambi noted higher turnover and stronger trading margin had a positive contribution on revenue.

However, new deposit limits in the Netherlands, higher gaming-related taxes in multiple jurisdictions and new commercial terms of some renewed contracts had a negative impact.

Operator turnover increased 4%, largely driven by new partner launches including LiveScore and Svenska Spel. However, Kindred’s exit of various markets, coupled with higher Dutch taxes, stunted progress.

Kambi’s trading margin improved from 9% to 10.2%, helped by favourable results across European football leagues. However, unusually player-friendly results in the NCAA men’s basketball March Madness tournament had the opposite effect.

Geographically, Kambi flagged growth in the Americas, with turnover up 7%, accounting for 57% of all turnover. This, it said, was helped by the opening of the regulated market in Brazil in January. In contrast, Europe turnover contribution dipped to 40%, with rest of world at 3%.

Kambi net profit slips 58% in Q1

Gross profit after increased data supplier costs declined 5% to €36.3 million. Kambi was able to make savings on staffing, but other operating expenses were higher than the previous year. It also reported a €1.2 million currency exchange loss.

Coupled with the revenue fall, operating profit dropped 82% to €809,000. Kambi paid €238,000 in income tax, resulting in a net profit of €798,000, a decline of 77%. However, Kambi also reported a €739,000 gain on employee defined benefits.

Adjusted EBITDA (acq) was also 60% lower than 2024, at €2.3 million. As of Q1, Kambi has changed the name of this alternative performance measurement, to make it more apparent which items affecting comparability are excluded. This was previously referred to as adjusted EBITDA only.

“Our commitment to delivering best-in-class sports betting solutions remains unwavering and we are focused on cultivating long-term, mutually beneficial partnerships,” Becher said.

“In summary, I am confident in our strategic direction, the strength of our premium product suite and the dedication of the entire Kambi team. As we execute on our long-term strategy, I am excited by the potential to not only strengthen our market-leading position but also build a more sustainable and diversified business that delivers increased value to our shareholders.”

She said Entain had started the year well, but she wants to ensure it continues “in the right direction”.  

Group NGR excluding the US BetMGM JV increased 6%, or 10% in constant currency. The update did not break down any of the specific revenue figures. 

Overall revenue was bolstered by UK and Ireland online NGR increasing 22%. This, Entain said, was due to strong volume growth in the market, which it expects will be ahead of the market average for the period.  

Are adult gaming centres enticing retail gaming customers away from betting shops? 

Group online NGR was up 10%, while retail NGR recorded a 2% uptick. Although retail was bolstered by an increased sports margin, revenue was partially offset by lighter UK gaming volumes. 

UK&I retail NGR dipped slightly by 1% due to “lighter volume”. Speaking to analysts, CFO Rob Wood said he expected the “softer results” in retail were due to changes to consumer behaviours.  

He said in terms of gaming, double-digit online gaming growth across the UK suggested players were largely shifting to online. He also said he suspected adult gaming centres (AGCs), in arcades and amusements, were taking gaming market share.  

“AGCs have flown under the radar and don’t have the same approach to monitoring players,” he told analysts. 

Overall Wood said he was “largely happy” with how the retail business was trading. 

Entain Q1: Brazil and CEE record double-digit growth

Looking beyond the UK, Brazil NGR jumped 31% during Q1, which marked the first full quarter of Brazil’s legal online betting market.  

The operator said this was ahead of expectations and Wood noted there was no official market performance data from the regulator, which made it difficult to compare Entain’s position to its competitors.  

“The environment doesn’t feel like wholesale change versus where we were pre-regulation,” he noted.  

The CEE region also performed well with NGR up 10%. Entain noted Croatia had performed particularly well.  

International revenue remained flat but increased 5% in constant currency. Australian NGR dropped 8% (in constant currency), reflecting customer-friendly sports results.

Sports margin increases, partly driven by Poland

Both Wood and David highlighted an increase in sports margin, which Wood said had risen to 14.9% in Q1.  

“Over the course of a few years you do see a positive trend upwards, there are clearly structural growth drivers,” Wood said 

“One is player mix as we’ve become more recreational. Poland is all sports, it’s a material part of our sports mix and it trends in the 20s.”  

Also on sports, one analyst asked whether Entain would be utilising any of the tech being developed by its Angstrom business for BetMGM.  

Wood said over this year, the focus for Angstrom would be entirely on the US. But he said he could see Angstrom’s role evolving over time. 

BetMGM yesterday reported its net revenue increased 34% in Q1 to $443 million. This translated to adjusted EBITDA of $22 million, an improvement of more than $150 million from a loss in the first quarter of 2024. 

Revenue in the three months to 31 March hit €293.7 million (£249.4 million/$334.7 million). This comfortably surpasses the €248.2 million Betsson reported in Q1 last year but falls 4.3% short of Q4.

The company achieved particular success in Latin America and the company is eyeing further growth in the region driven by its exploits in the newly regulated Brazil market.

In LatAm, revenue jumped 70.3% to €74.5 million, a record-high for the region, on the back of deposits reaching an all-time high. Betsson highlighted growth across Argentina and Peru, with year-on-year increases for both casino and sportsbook revenue.

In his Q1 notes, Lindwall also referenced Betsson recently securing a full licence in Brazil. The group was awarded a full licence to offer online and sports betting in the country in March.

Betsson moved into Brazil in 2019 when it acquired a 75% stake in local sportsbook operator Suaposta. However, the full licence will expand its options in the country.

“Betsson’s ambition is to create long-term stable profit growth through geographical diversification and growth initiatives in existing and new markets,” Lindwall said. “Latin America, in particular, continues to be an important growth region where we are continuously strengthening our positions.”

Betsson optimistic despite uncertain global economic outlook

Data from Betsson shows growth across both the core casino and sportsbook businesses during Q1, with total customer deposits rising 15.2% to a record €1.59 billion. Active players increased 7%, but registered customers dipped 0.7% following the exit from certain markets.

This largely positive data, CEO and President Pontus Lindwall said, reflected the group’s overall position. He said despite “uncertainty” about the wider economy, gambling remains largely unaffected, with Betsson likely to see continuously higher demand for online gaming.

“The world around us is currently characterised by great uncertainty and concerns about reduced world trade, higher inflation and a weakening economy,” Lindwall said.

“We are closely monitoring macroeconomic developments, but at the same time we note that demand for gaming products has historically been relatively unaffected by the general economic cycle.

“Betsson operates in an attractive sector with structural growth driven by the continued online migration of gaming. The share of online gaming in the world will continue to increase for many years to come. We have a clear vision to deliver the best customer experience in the industry.”

Double-digit casino and sportsbook growth for Betsson

Looking at segment performance, casino was again the primary source of revenue for Betsson.

Casino revenue in Q1 topped €212.3 million, an increase of 17.6% and 72% of all revenue for the quarter. Some 470 new games were added to the Betsson portfolio during Q1.

As for sportsbook, revenue climbed 21.6% year-on-year to €79.7 million, or 27% of total Q1 revenue. Sportsbook margin for the quarter also increased from 6.6% to 8%.

The remaining €1.6 million in revenue came from other products including poker and bingo. This falls 27.3% short of last year.

Regional performance for Betsson

LatAm aside, Central and Eastern Europe generated €122.3 million of all revenue, up 11%. Betsson put this down to record-high deposits in Croatia and Greece, but reported declines across Lithuania, Estonia and Georgia.

Elsewhere on the continent, Western Europe revenue climbed 28.1% to €55.6 million, helped by record revenue in Italy. Revenue was also higher year-on-year in both France and Belgium.

Nordics revenue, however, was down 19.3% to €37.8 million, primarily due to lower casino activity. Betsson said this was the case in Sweden and Denmark, with sportsbook activity also lower in both countries.

An additional €3.4 million in revenue came from rest of world operations, down 14.8% year-on-year.

Net profit rises to €48.4 million

Turning towards the bottom line, gross profit after cost of services climbed 14.6% to €187.9 million. Operating costs were 16.9% higher but such was the impact of revenue growth that EBITDA was 8.5% higher at €77.7 million and operating profit up 9.5% to €57.9 million.

After finance costs, pre-tax profit was €61.8 million, up 13.4% year-on-year. Betsson paid €48.4 million in tax, leaving a net profit of €48.4 million, an increase of 13.1%.

“With a scalable, global business model and proprietary products and technology, we are well positioned for continued profitable growth going forward,” Lindwall said.

For the three-month period ended 31 March, BetMGM generated net revenue of $443 million (£330.9 million/€389.1 million), up 34% from the previous year’s quarter. It translated to adjusted EBITDA of $22 million, an improvement of more than $150 million from a loss in the first quarter of 2024.

The operator reported gains in the online sports betting and igaming segments, with increases of 68% and 27%, respectively. As BetMGM continues to refine its product and pricing models, the operator saw underlying trends that improved over the quarter and prompted it to reiterate guidance for fiscal year 2025.

“The momentum we built in the second half of 2024 continued into the first quarter as we implement our igaming strategy, enabling us to grow faster than the market and at scale,” said BetMGM CEO Adam Greenblatt in a statement.

No impact from macro headwinds on player behaviour

As Q1 earnings season kicks off this month, the global trade environment will serve as one of the pivotal issues for Wall Street analysts on quarterly earnings calls. The unveiling of US president Donald Trump’s tariff plan on 2 April roiled global markets, sending domestic major indices to their worst week in five years. Leading stocks in the gaming industry were not immune, as top names plunged more than 10% on inflationary and tourism concerns.

Since then, the major indices have rebounded somewhat on indications that the Trump administration will delay the imposition of tariff hikes on most trading partners. As it relates to the gaming industry, there are overarching concerns on how the sweeping policy changes will impact the customer’s wallet.

One view is that customers with less disposable income may rein in parlay activity, as well as time spent on top sports betting sites.

From the outset, the first questions on Monday’s call centred around the topic. Addressing the concerns head-on, Greenblatt responded that BetMGM has not seen any negative impact on player behaviour from the macro environment .

As players tighten their belts on spending, some operators may be required to increase promotional spending to acquire and retain customers. But Greenblatt noted that the costs for customer acquisition and the promotional environment overall have remained stable.

Refined approach to player retention

Another main takeaway from the call surrounds BetMGM’s strategy of targeting and retaining so-called “high-value” players. Put simply, the operator is laser focused on investing capital on its most valuable customers. The refined approach to player retention is seen in some of the metrics on the quarter.

While active player days are up 20% year-over-year, according to BetMGM, handle per active customer is up 37% over the same time frame. The refined approach takes into account areas such as promotion strategy and improved segmentation.

BetMGM is also placing an emphasis on the cost to acquire a customer relative to the player’s value to the venture. As Grenblatt puts it, BetMGM has become “more surgical” in reinvesting in the players that are most valuable to the company.

For the period, bets per active user increased 28% year-over-year. Asked about the percentage of promotional spending relative to overall handle, Greenblatt responded that US levels are still higher than established markets around the world.

For instance, he indicated that promotional levels in Australia are about 1%-2% of handle. The levels are dramatically higher in North American markets, but Greenblatt can envision the levels moderating once the market matures.

Reiterating FY2025 guidance

BetMGM experienced net revenue growth despite a series of unfavourable sports outcomes during March Madness. Florida, one of the tournament favourites, won the men’s national championship in basketball, while UConn prevailed on the women’s side.

All four No 1 seeds in the men’s tournament advanced to the Final Four for only the second time ever. The unfavourable outcomes provided a $30 million hit to net revenue during the quarter, BetMGM reported.

BetMGM reaffirmed its expectation that FY2025 will be EBITDA positive. In a period described as a reinvestment year, BetMGM ended 2024 with negative EBITDA of $244 million. BetMGM also reiterated FY2025 net revenue guidance in the range of $2.4 billion to $2.5 billion.

On a long-term basis, BetMGM is targeting EBITDA of $500 million-plus per year. The outlook is comparable to the long-term guidance of Caesars Digital, one of BetMGM’s main rivals.

While Johnson referenced the decline in her notes within the operator’s Q1 report, which was published yesterday (24 April), she remains upbeat about its future prospects. Johnson explained the drop was due to two land-based casinos closing in January 2024, with only one location now remaining.

However, last month Casino Cosmopol’s fate was all but sealed with Sweden’s government voting to abolish land-based casinos in the country. Svenska Spel says it supports the decision, with casinos set to be banned from 1 January 2026.

Johnson reiterated Svenska Spel’s position on the matter, saying while the double closure last year hit Q1 figures, the closure of the final location will allow the group to focus on its other, more profitable operations.

“We have had challenges in the Casino Cosmopol business area for some time and last year we closed two casinos to reduce losses,” Johnson said. “Our last casino will be closed down and that part of Svenska Spel’s social mission will end from 2026.

“This is sad, especially for our casino employees who have made fantastic contributions in a challenging time. The closure will entail costs when it is implemented, but for the future it will give us the opportunity to focus on growth in our other operations.”

Later Easter hits Q1 lottery performance

Breaking the group’s performance in Q1, Svenska Spel again drew most revenue from its Tur lottery segment. However, revenue here slipped 1.1% to SEK1.22 billion, which Svenska Spel put down to Easter being later this year. The operator said Easter is a “major holiday” for lottery, and last year it fell in late March, within Q1.

Elsewhere, revenue from the Sport & Casino business edged up by 0.4% to SEK551 million, helped by an increase in sales of its Oddset product.

Revenue from its Vegas gaming machines segment dropped 25.7% to SEK75 million. Svenska Spel put this down to players spending less in response to its responsible gambling efforts.

Finally, the soon-to-close Casino Cosmopol location in Stockholm generated SEK26 million in revenue. This falls 61.8% short of Q1 last year, during which the two other locations were open for part of the quarter.

As for how customers were gambling, some SEK1.18 billion of all revenue came from online, a rise of 6.9%. Of this, 53% was attributed to mobile gambling. Agent revenue amounted to SEK602 million, down 11.6%, while restaurants and bingo hall revenue fell 25.7% to SEK75 million. Casino Cosmopol drew the remaining revenue in Q1.

Net profit up 73.1% amid restructuring efforts

Turning towards the bottom line, operating profit almost doubled to SEK609million, despite lower revenue. This was helped by savings within personnel following the closure of the two Casino Cosmopol. Svenska Spel also noted higher costs in Q1 of last year in relation to the double closure.

Pre-tax profit after financial items topped SEK641 million, up by 72.8%. After paying SEK132 million in tax, Svenska Spel was left with a net profit of SEK509 million, some 73.1% more than the previous year.

“Through last year’s major changes, including reorganisation, we have created space for investments in our focus areas – growth, sustainable gaming and transformation,” Johnson said.

“The fact that we have space for investments is also proof that we are doing the right things and part of our strategy to create long-term sustainable value.”

Group revenue hit £437.2 million (€512.5 million/$581.3 million), marginally ahead of the £431.2 million posted in the same period last year.

The operator said it was impacted by new safer gambling regulatory measures in the UK and reduced sports revenues. Its UK and Ireland business saw revenue decline 1% during the period.

The group revenue fell short of Evoke’s annual growth target of between 5% and 9%, but CEO Per Widerström said the group remained upbeat on future performance.

He expects the operator to achieve its full-year growth objectives despite revenue falling below its annual growth target and only increasing 1% year-on-year during Q1.

Evoke optimistic for Q2 amid early single-digit growth

Widerström and the group remained upbeat on future performance. Evoke expects revenue to return to stronger year-on-year growth from Q2, noting that as of 22 April, year-to-date revenue growth is approximately 4%.

He also referenced the group’s focus on “sustainable, profitable growth”. He said adjusted EBITDA was significantly higher year-on-year, taking adjusted EBITDA for the “last 12 months” to over £330 million. This was line with the guidance range outlined during the FY24 results.

“The Q1 performance is consistent with the update provided at our full-year results, with improvements in April supporting revenue growth in the year-to-date of approximately 4%,” Widerström said.

“While Q1 revenue was below our annual growth target, adjusted EBITDA is significantly higher year-on-year. This reflects the group’s significantly more efficient operating model and our clear focus on creating value through sustainable, profitable growth.”

Online and retail declines for Evoke in Q1

Taking a closer look at the data published by Evoke for Q1, gaming operations drew the most revenue at £291 million, up 7% across the group.

In contrast, sports betting revenue dropped 8% year-on-year, following a 14% dip in stakes to £1.17 billion.

Evoke also noted an 8% drop in average monthly actives across the group to 1.7 million.

Breaking this down, Evoke’s UK and Ireland online operations remained the primary source of revenue. In total, £162.5 million came from this area of the business.

Similar to group performance, gaming in UK&I generated the most revenue at £105.5 million, an uptick of 3%, while sports betting revenue fell 9% to £57 million after a 15% decline in sports stakes.

Evoke said both sports betting and gaming were impacted by the introduction of additional safer gambling measures.

It also blamed elevated promotional activity in the prior year, which reduced active players this year by 21%.

The group also reported a decline within its UK&I retail segment, with revenue down 6% to £123.1 million.

Mapping out retail performance, Evoke said that the decline was mainly due to a 9% drop in sports betting revenue to 9%. Again, this was mainly attributed to a 7% decline in stakes.

Evoke plc also saw retail gaming revenue dip 1% to £53.6 million.

Despite the disappointing results, Widerstrom said the company’s focus on increasing its player value was working, as average revenue per user (ARPU) was 26% higher for the quarter over the previous year.

This, he said, was the result of improved product and customer management tools, as well as the completed rollout of some 5,000 new machines across the Evoke retail network.

Romania acquisition props up international growth

Evoke’s international business performed better. Revenue topped £151.7 million, up 11% on the previous year.

Again, this was driven by gaming growth, with gaming revenue rising 14% year-on-year to £132 million. In contrast, sports betting revenue dipped 3% to £19.7 million on the back of a 20% decline in stakes. Average monthly users for the international business jumped 21% to 681,000.

Evoke noted several developments that helped drive growth in the international segment. These include the acquisition of Romania-facing Winner.ro, which completed last summer.

This, Evoke said, would unlock “significant” product enhancements and localisation for customers.

Meanwhile, all remaining Mr Green markets migrated onto the 88 platform during the period. In addition, William Hill Italy migrated onto the Exalogic platform, which Evoke said would support improved localisation and strengthen competitive capabilities ahead of re-licensing this year.

“We are building momentum in the right areas of the business with particularly strong growth across our international core markets,” Widerström said.

“While the UK&I online and retail performance was behind where we wanted to be in Q1, we have moved swiftly to improve some of the underlying drivers of the performance and have been seeing stronger trends in April.

“With improved customer lifecycle management, a clear customer value proposition, new retail gaming cabinets and an exciting product pipeline, we remain highly confident in our market position and the growth profile of the business.”

ATG total revenue for the quarter fell 7.8% to SEK1.28 billion. This includes net gaming revenue, agency income and other income in Q1.

Published yesterday (23 April), the report heavily referenced the recent rise in gambling tax in Sweden, which is based on gross gaming revenue and shot up from 18% to 22% in July last year.

ATG CEO Hasse Lord Skarplöth has heavily criticised the tax increase, branding it in the past a “horse tax” that has hit the monopoly the hardest.

In February, following the operator’s 2024 earnings release, he urged the government to re-think the new structure.

Although he repeats this sentiment in the Q1 report, Skarplöth believes ATG has a positive future.

“We have many challenges ahead of us,” Skarplöth said. “But we also have something unique: a gaming company with a purpose that extends beyond numbers and balance sheets.

“We exist for Swedish trotting and galloping sports. It gives meaning to everything we do – especially in times when much else feels uncertain. That’s also what makes me feel hope, despite the challenges.

“Because we have a strong team, loyal customers and an important mission: to create revenue for Swedish trotting and galloping sports – and by extension for the entire Swedish horse industry.”

Horse racing revenue down in Q1

Breaking down its performance, horse racing betting remains ATG’s primary source of revenue by some margin. However, the SEK867 million posted during the quarter falls 10.4% short of last year. This still represents 75% of all revenue generated in Q1.

Several large customer wins meant casino revenue also fell in Q1, with the SEK143 million reported down 13.3% year-on-year.

However, there was more positive news from the operator’s sports betting segment. Revenue climbed 14.5% year-on-year to SEK198 million, with Skarplöth noting ATG is the largest licensed sports betting operator in Sweden.

The report said 1.4 million users gambled with ATG during the quarter, which was stable year-on-year.

Tax hits bottom line at ATG

Turning to costs, personnel spend edged up although this was offset by a reduction in other expenses. However, the impact of higher tax was felt, with gambling tax payments rising 11.8% to SEK303 million.

Coupled with lower revenue, this pushed operating profit down 31.4% to SEK267 million. Pre-tax profit was also 33.3% lower year-on-year at SEK267 million.

After accounting for income tax and foreign currency impact, ATG was left with a net profit of SEK258 million. This is 33% lower than Q1 last year.

Mass baccarat dropped 0.76% year-on-year in 2024, but it grew almost 15% from the same period in 2019. Meanwhile, VIP baccarat generated MOP14.45 billion, up 0.54% over last year, but down 61% compared to 2019.  

In comments before the legislative assembly on 14 April, Macau chief executive Sam Hou Fai acknowledged that GGR for the year will likely fall short of the government’s target of MOP240 billion – a goal that requires MOP19.2 billion in GGR per month. If revenue slips below that level, Macau “would immediately be running a budget deficit” for the year, said Sam.

But if China stimulus measures work as planned, visitors to the city may be more willing to open their wallets. On 18 April, China Daily reported that Asia’s largest economy expanded 5.4% in the first three months of the year, exceeding the projected 5.2%. 

Morgan Stanley strategist Xu Changtai called first-quarter GDP growth a “modestly positive indicator” of healthy momentum.

Mass market edging VIP segment

The shift to mass-market gaming is a sign of the changing times. In recent years, Beijing has intensified its crackdown on capital flight, unlicensed money exchanges and junket operations, putting a dent in the once-dominant VIP segment.

According to Macao News, junkets, which provide transportation, accommodations and casino credit for high rollers visiting Macau, once accounted for as much as 60% of GGR. Their downfall began when two industry kingpins were arrested and charged with illegal gambling and fraud.

In 2023, Suncity boss Alvin Chau was sentenced to 18 years in prison. Several months later, Tak Chun founder Levo Chan got 14 years. Their convictions sent some VIPs into hiding and caused a shift toward mass and premium-mass gaming in Macau. Since 2014, the number of junket operations in the city has dropped from 235 to just 24.

Growth should accelerate in Q2

CSLA analysts Jeffrey Kiang and Leo Pan have tied the slump to a weaker yuan and simmering US-China trade tensions. They predict GGR will grow an anemic 1.8% this year, reaching just MOP230.8 billion.

“While we think growth in 2025 will be minimal, this should accelerate in 2026 based on our property team’s view that Chinese property prices will gradually bottom out in [H2 2025], which we see as a key driver for consumer confidence in China,” they said. They also expect tourism to Macau to expand 2.6% in 2025 and 2026 and grow 4.6% in 2027.

Seaport Research analyst Vitaly Umansky advises casino investors to look for improvement in the second quarter of 2025 and the rest of the year, “especially with heightened concern around any potential slowdown in Asia due to the Trump tariff regime and a potential US recession”.

However, he added, “gaming stocks remain intrinsically undervalued, especially the Macau companies.… In Macau, growth has hit a wall, and we reduced our growth expectations for 2025. But we do expect an acceleration of growth in the second half of the year…. We now forecast GGR growth of 3%” in the world’s foremost gaming market, he said.

After the Liberation Day announcements, global markets responded with a precipitous multi-day sell-off that wiped out trillions in value.

The S&P 500, Dow Jones Industrial Average and the Nasdaq Composite all fell by 5% or more in back-to-back days to close last week’s trading. Collectively, last week was the worst for financial markets since the onset of the Covid pandemic in 2020.

Gaming companies across the industry were hit hard by the sell-offs. Retail casino operators, both regional and destination, were especially vulnerable, with the stock prices of Wynn Resorts, MGM Resorts, Caesars and others dropping in some cases by 10% or more. Suppliers faced similar declines due to their reliance on supply chains and manufacturing. Online-facing companies fared better but were still generally down 5% or 6%.

Up, up and away

But things changed Wednesday when Trump suddenly reversed course and announced a 90-day pause on the reciprocal tariffs, which were due to come into effect that day. China was the only country not to see a reprieve – its rate was hiked to 145% and, in turn, Beijing enacted 84% tariffs on US goods.

The pause triggered a staggering resurgence that resulted in one of the best single-day market performances in history. All told, the Nasdaq soared 12% and the Dow and S&P climbed back 8% and 9.5%, respectively, on Wednesday.

“I did a 90-day pause for the people that didn’t retaliate, because I told them, ‘If you retaliate, we’re going to double it,’” Trump said, per NBC News. “And that’s what I did with China, because they did retaliate. So we’ll see how it all works out. I think it’s going to work out amazing.”

Optimism appeared short-lived, however, as major indices were again down at least 2.5% at close Thursday.

Reason for stakeholder concern

As a consumer discretionary industry, gaming is always seen as susceptible to economic downturns. Many retail casinos faced their first-ever closures during Covid in early 2020, but supply chain impacts were the longest-lasting. The American Gaming Association (AGA) has again warned of those potential headwinds.

“As an industry reliant upon a global supply chain, we are actively monitoring developments and we are engaged with multiple stakeholders in advocating for continued dialogue with key trade partners that enable the economic growth and impact our industry provides in communities across the US,” AGA’s senior vice president of strategic communications, Joe Maloney, told iGB.

The Association of Gaming Equipment Manufacturers (AGEM) declined to comment. AGEM represents 12 gaming suppliers from around the world and publishes a monthly index of its members’ stock performances.

In March the AGEM Index was at 1,615.74, representing a 9.3% decline year-on-year. All 12 members reported declines, which AGEM said was “among a broader decline for all three major US stock indices amid uncertainty over federal tariff and trade policies”.

Analysts uncertain

The recent market seesaws have made for great business television and fanatical headlines. Yet gaming analysts are for the most part just as perplexed by the macroeconomic environment as the public.

Lloyd Danzig, managing partner at Sharp Alpha Advisors, put it simply: “It is very hard to make predictions about short-term movements in equity valuations at this time.”

“No one really knows how this will end,” said another analyst who responded on the condition of anonymity. “The market clearly reacted to this, we don’t know what’s going on, we don’t necessarily trust that it will continue like this. If it does, it will get for worse for these stocks.”

The analyst went on to add that in times of uncertainty, “Typically for gaming investors, it’s sell now, figure out the answer later when we have some clarity.”

Another analyst posited to iGB that perhaps the toughest part about analysing the tariffs is “how it filters down to wallet share”. The source pointed to the gaming real estate investment trusts (REITs) as perhaps being safer due to their long-term business models.

Digital companies could emerge as winners

The onset of the Covid pandemic was in some ways an economic boon to digital companies, as players in legal online sports betting and igaming states opted to play from home for smaller stakes rather than splurge on retail casino visits (after the venues reopened). That same logic could apply again here. Five years post-Covid, there are also several newly legalised online markets.

One source said that “placing a few wagers on a single game is viewed as ‘low denomination’ versus other forms of entertainment spending habits” so gaming could withstand economic swings better than other sectors.

Danzig noted that while “the market has moved to a risk-off positioning with extra focus on regulatory risks”, sports betting is something that “tends to correlate with high-beta risk-on assets”. Lottery sales could also be something to monitor during such times, he said.

Fantini: Grey market complicates things

Frank Fantini, principal of Fantini Advisors, has analysed gaming stocks through several significant market events, including the Dotcom crash of the early 2000s, the 2008 financial crisis and most recently the Covid pandemic. He told iGB that with the S&P trading at a price-to-earnings ratio above 25x following multiple great years of performance, some could argue that the market was overpriced and therefore a significant correction might have been coming anyway.

However, he posited that this latest market event could be especially worrisome for gamers due to the increase in competitors operating outside state regulations of any kind.

“It seems to me the greatest threat to gaming investors are the creeping kind of grey markets,” he said. The three examples Fantini alluded to – sweepstakes, skill games and prediction markets – have all dominated the industry’s attention of late. Sweepstakes and prediction markets primarily affect online businesses, while skill games have long been a thorn in casino operators’ sides. None of the three appear to be losing momentum anytime soon.

On the topic of casinos, Fantini said regional operators might be better positioned for a recession-type environment.

“I would think that if we have a recession, the regional markets would fare relatively better than, say, Las Vegas,” he said. “Regional markets don’t have as much of a convention business to lose. They also do not rely so much on people spending big on vacations. The other question is how much of this tariff impact is emotional, opinionated? If you’re Canadian, do you really want to go to the US after [Trump] has insulted you by saying you should become the 51st state?”

Matt Rybaltowski contributed to this report.

Rank’s Grosvenor UK land-based casinos remain its primary source of revenue. In total, these venues generated £90.4 million in Q3 revenue, an increase of 13%. Rank said this was helped by a 14.5% rise in table game revenue and 9.5% rise in electronic roulette revenue.

Also in the UK, revenue from Rank Group’s Mecca land-based bingo venues edged up 1.9% to £36.6 million. Customer visits dipped 1.8% but spend per visit increased by 3.8%.

Digital growth continues in Q3 despite Spain decline

Digital operations saw the most growth, with revenue in Q3 rising 154% to €58.4 million. Within this segment, digital revenue in the UK climbed 18.3%, driven by a 43.2% increase in online revenue across the Grosvenor product.

However, the digital business was slightly impacted by a decline in Spain, with revenue for the market down 2.9%. Rank said it expects to return to growth in Spain by the middle of 2025-26 following a series of improvements across its platform and customer proposition.

On the subject of Spain, Rank’s Enracha venues reported £10.2 million in revenue during Q3. This surpasses the previous year by 4.1%.

Year-to-date revenue tops £597.4 million

Looking at year-to-date performance, revenue for the nine months to 31 March amounted to £597.4 million. This is 12.2% ahead of where Rank was at in its last financial year.

Again, Grosvenor venues in the UK drew the most revenue at £283.2 million, up 14.4% year-on-year. Mecca venues revenue was also 4.8% higher for the period at £105.2 million.

As for the digital business, revenue increased 14.7% to £178.6 million. Finally, revenue from the Enracha venues in Spain climbed 5.9% to £30.4 million.

Rank CEO welcomes growth amid ongoing uncertainty

Commenting on the results, Rank CEO John O’Reilly said the group recorded growth despite operating in “uncertain” times. O’Reilly referenced both the current state of the economy and upcoming changes to rules for land-based gambling in the UK.

“Since announcing our interim results in January, we have continued to deliver strong growth and expect to deliver group like-for-like operating profit for the full year in line with expectations,” O’Reilly said. “This is notwithstanding the uncertain economic environment and significant cost and regulatory headwinds we face from the start of Q4.

“We expect the government to publish the statutory instruments for land-based casino reforms in the coming weeks. We anticipate the roll out of additional machines and sports betting to commence during the summer.”

Rank expects to publish its full-year results on 14 August.

Intralot also saw gross gaming revenue (GGR) edge up 2% to €355.5 million. Lottery games remained the largest money-maker for Intralot, drawing 54.8% of all revenue in 2024. Sports betting generated 23.1% of total revenue, video lottery terminals 11.3% and technology contracts 10.7%.

Annual growth was largely driven up by strong Q4 gains as revenue for the period climbed 34.3% to €112.8 million, with GGR 22.4% higher year-on-year at €105.8 million.

This was primarily attributed to the strong performance of subsidiaries in the US, Turkey and Argentina. However, it was partly offset by the implementation fees in Taiwan and lower and scope of the Morocco contract.

Easing concerns over Argentina at Intralot

In its evaluation of the figures, Intralot said revenue growth was due to the strong performance of B2B management contracts in Turkey. This was despite an 11.1% devaluation of the Turkish lira during 2024. Intralot also noted lower revenue in Morocco following a lower-value contract renewal.

Elsewhere, Intralot was upbeat about B2C licensed operations in Argentina for 2024. Revenue in the market was 30.1% higher, or 55.2% in local currency terms, than the previous year. Its performance in Argentina in the previous year was heavily hit by a 50% devaluation of the currency by the country’s new government in December 2023.

However, revenue from B2B technology and support services contracts was 3.1% lower year-on-year. Intralot put this down to the implementation of fees in Taiwan, charged in 2023, and partially compensated by organic growth across most key regions.

Bottom-line profit dips 5.8%

However the supplier recorded declines across its bottom-line. Gross profit slipped 2.7% to €141.3 million, while other operating income was down 1.5% to €29.9 million. In terms of spending, total operating costs were 3.0% higher at €117.5 million.

As such, EBITDA declined 3.7% to €124.7 million, although adjusted EBITDA edged up 1% to €130.7 million. However, adjusted EBITDA margin dropped from 35.6% to 34.7%.

After depreciation and amortisation costs, EBIT fell by 16.6% to €51.3 million. Post-interest, exchange differences and other costs, pre-tax profit reached €18 million, down 46.2%.

Bottom-line net profit, referred to by Intralot as net income after tax and minority interest (NIATMI), hit €4.9 million. This fell 16.5% short of the previous year.

Intralot Q4 largely positive despite mixed year

Looking towards the Q4 bottom line, operating costs were cut by 7.3% to €34.9 million. In addition, EBITDA was 16.7% higher at €33.2 million and adjusted EBITDA 38.0% to €39.3 million.

EBIT jumped 56% to €14.2 million, while pre-tax profit hiked 419% to €7.5 million. However, bottom-line net profit (NIATMI) in Q4 fell 49.4% to €1.6 million.

“Our performance for 2024 has been positively impacted by very strong performance in the last quarter driven by strong revenue growth from North America, enabling the company to maintain its key metrics in profitability and leverage ratio by focusing on high profit-margin activities,” CEO Sokratis Kokkalis said.

“We were able to win new contracts in the promising sectors of VLT monitoring in the US and online lottery in Canada and extend key contracts in our core business in Europe and Australia while actively pursuing every opportunity in our sector around the globe.”

What next for Intralot?

As for 2025, management remain positive about the group’s prospects.

“Our commitment to technological innovation, strategic partnerships and operational efficiency enables us to navigate market fluctuations effectively,” the earnings report said.

“With a strong presence in key international markets and a continuous focus on digital transformation, we are well-equipped to seize new opportunities in the evolving gaming industry.

“By leveraging our expertise in next-generation gaming solutions, we aim to enhance player engagement, expand our global footprint and deliver long-term value to our stakeholders.”

OPAP reported growth in four of its five core segments, including double-digit increases in betting and igaming revenue. Lottery, still the group’s primary source of revenue, and video lottery terminals (VLTs) also saw growth, but instant and passives revenue declined.

The online segment stole the show, posting a 29.2% increase in revenue for 2024. The division is now on track to surpass VLTs as OPAP’s third-largest revenue stream. However, there was also a lot to be said for sports betting, with revenue here up 15.6% year-on-year.

OPAP CEO Jan Karas highlighted the two segments during his analysis of the full-year data. He said both igaming and lottery growth contributed to an “outstanding” year for the group.

“Our outstanding performance in 2024 was mainly driven by robust growth in sports betting and our igaming offering,” Karas said. “It was also a remarkable year for Tzoker accompanied by the contribution of the newly launched Eurojackpot.

“In addition, our online activities reached new highs, accounting for 32% of the group’s GGR. Our ilottery proposition also continued gaining momentum.”

Igaming revenue tops €325.3 million at OPAP in 2024

Breaking down each segment, and starting with igaming, revenue here amounted to €325.3 million in 2024. This is comfortably ahead of the €251.8 million posted in the previous year and amounts to 14.2% of total GGR. OPAP said this was helped by strong demand among both new and existing players.

As for sports betting, revenue topped €746.2 million, ahead of €645.5 million in 2023. It is also the second-highest revenue stream for OPAP, accounting for 32.5% of annual GGR. Interestingly, of this total, 56.7% came from retail betting and 43.3% online wagering.

Looking to OPAP’s other segments, lottery continues to lead the way in terms of revenue share, generating €774.8 million in total. This is 6.1% more than in 2023 and represents 33.7% of all revenue posted during 2024.

Elsewhere, VLT revenue edged up 0.1% year-on-year to €344.7 million. However, instant and passives revenue dipped 9.3% to €105.1 million, as players appeared to favour other forms of gambling.

Net profit rises 20.7% in 2024

Looking now towards the bottom line for the year, operating expenses were higher almost across the board. However, such was the impact of revenue growth that EBITDA climbed 14% to €832 million.

After depreciation and amortisation, as well as impairment charges, operating profit hit €687 million, a rise of 16.4%. Meanwhile, after deducting finance costs, pre-tax profit totalled €677.8 million, up 18.9%.

OPAP paid €178 million in income tax and discounted €14 million in profit from non-controlling interests. As such, the group ended the year with a bottom-line net profit of €499.7 million, up 20.7% year-on-year.

What about Q4 at OPAP?

As for how OPAP performed in the final quarter of 2024, GGR for the three-month period was €647.8 million, a rise of 11.5%. Again, this was driven by growth in igaming and sports betting, although it was the latter that was the star of the show in Q4 with 26.6% growth compared to igaming on 20.9%.

Other key figures for Q4 include net gaming revenue rising by 11% to €443.1 million and EBITDA increasing 16.6% to €245.1 million. The latter was helped by a slight decrease in operating expenses.

As for net profit, the total before deducting profit from non-controlling interests was €143.5 million, up 30.8%. OPAP did not publish information for net profit after taking off such non-controlling contributions.

“Going forward, always having customers in our mind, we are consistently focusing on providing exciting and innovative experiences in a seamless way across retail and online, leveraging technology to stay ahead of the game,” Karas said.

“This way, we are confident that will meet our goals of maintaining steady growth and profitability, rewarding our shareholders and meeting our sustainability and social responsibility commitments.”

While overall revenue hit an all-time high, data published yesterday (18 March) by regulator Serviço de Regulação e Inspeção de Jogos (SRIJ) also reveals record performances across both the sports betting and online casino segments.

Casino generated the most revenue, but sports betting stole the show in Q4 with revenue rocketing year-on-year.

Sports betting revenue almost doubles in Q4

Taking a closer look at sports betting, revenue here hit €138.3 million, a year-on-year rise of 90%. This also comfortably beats the €91.2 million reported in Q3 by 51.7%.

The increase comes despite player spending remaining level. Consumers bet €533.7 million during Q4, compared to €532.1 million in the previous year. This was, however, some way ahead of €483.4 million in Q3.

Of this, 75% was spent betting on football. A further 10.5% was wagered on tennis, 10.2% on basketball and 4.3% other sports.

Online casino revenue up 19.5%

Turning to online casino, revenue here reached €184.6 million. Another new record, this is 19.5% higher than Q4 of 2023 and 5.5% ahead of Q3.

Total spending on online casino hit €5.15 billion in the quarter, up 21.1% from the previous year and 5.6% more than Q3.

Again, online slots proved the most popular with players, drawing 80.2% of all wagers. The next most popular was dice game French bank with a 5.4% share, then French roulette at 5.3% and blackjack 4.8%.

Total active players in Portugal tops 4.7 million

Alongside financial data, the SRIJ also published information about player behaviour. In total, 4.7 million people gambled online at some point during the fourth quarter, up 15% year-on-year.

Some 614,800 new registrations were reported during the period, a 15% increase on 2023. The majority of these were aged between 18 and 24, although the most popular age group for online gambling remains 25 to 34.

As for self-exclusion, 16,200 opted out of online gambling in Q4. This meant that by the end of the quarter, a total of 292,400 people in Portugal have self-excluded.

In addition, the regulator issued 41 closure notifications to websites deemed to be operating in breach of regulations.

Mixed news from the land-based sector

In terms of land-based gambling, gross revenue climbed 12.5% year-on-year to €72.6 million. This, however, falls 4.3% short of the total for Q3.

Slot machines generated €53.9 million of all revenue in Q4, an increase of 4.8% from last year. All other revenue – €18.8 million, up 36.9% – was split across casino-style and bingo games.

American roulette drew the most revenue in this latter category at €6.9 million, although all areas within this market saw year-on-year growth.

Total revenue excluding its UK, North America, technology and content segments was up 8% to €4.6 billion, while GGR also increased 8% year-on-year to €4.4 billion.

While Allwyn said growth was apparent across several areas, it highlighted its digital segment as the key driver in 2024. Revenue from this area of the business was up 20% and it represented 39% of group GGR for the year.

As for group net revenue, this was 11% higher year-on-year at €4 billion.

Allwyn CEO Robert Chvatal said that during the period Allwyn had moved to a new incentive and profitability mechanism in the UK, associated with the start of its national lottery licence in February 2024. This reflected lower profitability in the market.

The group said adjusted EBITDA increased 4% in 2024 to €1.55 billion, with a lower profit margin of 38.6%, compared to 41.2% in 2023. Excluding the UK, North America, and tech and content, adjusted EBITDA was €1.45 billion, up 11% on 2023.

“[This] was another year of record financial performance and strategic progress,” Chvatal said in the operator’s earnings report.

“We delivered good growth in profitability in 2024,” Chvatal said, “This performance was achieved despite the move to a new incentive and profitability mechanism in the United Kingdom, following the start of the new licence in February.”

The group is due to publish its 2024 results in full on 21 March.

Lottery updates hindering UK profit?

The company closed the year with €255.8 million in capex, an increase of 151% from 2023, to support its investment in transforming the National Lottery, it said.

After securing the licence, Allwyn operated the previous systems put in place by former UK lottery licence holder Camelot UK Lotteries after it acquired the business in February 2023.

Reports in November suggested the company was facing delays in its updating the technology needed to operate the National Lottery.

But Allwyn told iGB at the time it had made “significant progress” in transforming the National Lottery.

“We’ve started overhauling our 40,000-strong National Lottery retail estate, launched a number of new campaigns and products – including Paris 2024, Lotto and Set For Life campaigns – and introduced a number of new player protection measures, including our pioneering new scratchcard purchase limit,” the spokesperson said.

What about Q4 at Allwyn?

The trading update also included certain figures for Q4. Total revenue came in at €2.4 billion and GGR hit €2.3 billion, 10% higher than the previous year. Net revenue also rose 12% to €1.12 billion.

As for adjusted EBITDA, this increased 12% to €437 million, with a profit margin of 39.1%.

Without the UK and US, total revenue rose 11% to €1.28 billion and net revenue 9% to €807.1 million. Adjusted EBITDA with the same exclusions increased by 16% to €397.3 million.

Impact of other acquisitions

On the subject of acquisitions, Chvatal also referenced several other recent deals and their expected impact.

In September, the group completed a planned investment in a 70% interest in Instant Win Gaming. Following this, it took a 51% majority stake in Logflex MT Holding, the owner of Novibet, in December.

“Both transactions are in line with our strategy of making selective acquisitions in relevant products, technologies and content to support our future growth,” Chvatal said, reiterating similar comments he made after the Logflex deal was announced.

“The new year has started well. Allwyn is well positioned for 2025 and for the next chapters of its growth story.”

M&A has already proven attractive to international operators as an efficient entry into the market.

Flutter is one such company, last year agreeing to acquire an initial 56% stake in NSX Group, operator of the Brazil-facing Betnacional brand, for $350 million (£271.1 million/€323 million).

That deal is expected to close next quarter, but the company is already observing positive signs in Brazil, experiencing constant currency revenue growth of 19% in the market over Q4 2024.

Flutter expecting $100 million Brazil hit in 2025

The company did warn it was expecting a $100 million EBITDA loss in Brazil this year relating to its launch and the NSX acquisition. Although Flutter’s group CFO Rob Coldrake was confident in the business’ future in Brazil, especially with Betnacional among the first to gain a full licence in January.

“We think the market will start to shake out quite quickly,” Coldrake said during the post-results call on 5 March.

“But I think given our track record, given our capabilities, given our products, we are very confident in our ability to succeed in the Brazilian market and we’re very excited to get started with NSX.”

CEO Peter Jackson revealed the company would continue to seek out M&A opportunities, saying: “We’ve got this $1 billion of share repurchase this year.

“So M&A will continue to be an important part of our strategy, but we have to make sure it’s the right opportunities for us in terms of delivering the right financial returns.”

Entain’s Brazil expectations exceeded in Q4

Entain and its Sportingbet brand achieved impressive results during the quarter, reporting revenue growth of 41% year-on-year in Brazil for the full year, aided by active player growth of 42%.

Sportingbet is another brand that gained a full licence early on.

Speaking to analysts during their earnings call on 6 March, interim CEO Stella David and CFO Rob Wood said they were bullish on the company’s hopes in Brazil, particularly following updates to the product offering, which powered it to revenue growth of 65% in Q4.

Wood did caution that Entain’s growth in Brazil will level out in 2025 as comparisons get harder and the market adjusts to the new regulations.

David described Entain’s transition to regulation in Brazil as “relatively smooth”, however, and she is confident the company will continue to grow in that market.

“We now believe that with the changes we’ve made, we are well positioned to have strong growth going forward with our focused leadership teams and our improved and improving offering,” David said.

Betsson making strides across LatAm in Q4

While Brazil is the key focus for many operators in LatAm, European operator Betsson is taking a broader look at the region.

LatAm was Betsson’s largest growth segment in 2024 and ranked second in terms of market-by-market revenue.

Growth in Argentina, Colombia and Peru led Betsson to LatAm revenue growth in Q4 of 46.8% to €78.2 million, an all-time high for the company. It made up 26% of total revenue in Q4.

The company is taking a cautious approach in Brazil. Group CEO Jesper Svensson previously told iGB the company would focus predominantly on Spanish-speaking markets in the short-term, with investment in Brazil to increase over time.

Betsson AB CEO Pontus Lindwall echoed Svensson’s thoughts in its post-results earnings call on 6 February, telling analysts: “We foresee a competitive landscape. We want to enter that market in a slow fashion and analyse and learn.

“We don’t want to risk any part of our P&L and our profitability by going all-in in that market. So we will do a slow start during the year here in Brazil.”

Rush Street sets its sights on LatAm expansion

In Q4, Rush Street Interactive achieved 348,000 monthly active users in LatAm, up 71% year-on-year.

It reported record revenue of $40 million for the quarter in in the region, a 54% jump compared to the same period of last year.

It listed Colombia, Mexico and Peru as its existing core markets, although interestingly the company also noted expansion opportunities into Brazil, Chile, Ecuador and Argentina with a potential total addressable market (TAM) in LatAm of $16.1 billion by 2028.

When asked about potential M&A opportunities on its earnings call on 26 February, CEO Richard Schwartz suggested the company may look to that as an option to grow its LatAm market share.

“We’re actively assessing and considering options all the time,” Schwartz declared. “It’s what you have to do in our business, and we have a very clear focus on sort of line of sight that we have a profitable business in our company.

“We do have opportunities to improve it in Latin America potentially. We’re looking at options, bolt-on opportunities, anything that can add value for the shareholders.”

MGM eyeing 10% market share in Brazil

In August last year, MGM Resorts International established a joint venture with Grupo Globo, the largest media group in LatAm, to launch its BetMGM brand in Brazil.

While the brand has only launched in Brazil this year, meaning earnings were not reported in Q4, the 13 February earnings call saw executives give more detail on the company’s plans in the market.

CEO Bill Hornbuckle described it as a “significant market opportunity” while Gary Fritz, president of MGM Resorts International Interactive, said the company felt it would be competitive in Brazil with plans for a market share exceeding 10%.

“We’ve built a local management team on the ground in Brazil,” Fritz revealed. “It’s a $7 billion TAM, we believe, in Brazil, and we’re excited to compete there on a level playing field.”

Increased spending related to the launch of BetMGM in Brazil will result in MGM Digital’s 2025 EBITDAR losses remaining relatively consistent with those in 2024.

The operator will be powered by the recently-purchased Tipico US platform and will report Brazil earnings via its digital segment which also includes LeoVegas’ BetMGM operations in Europe and the UK.

Colombia VAT a headwind for Kambi

Finally, Kambi said it expects the new VAT levy in Colombia to impact upcoming earnings.

The supplier’s total revenue for 2024 was €176.4 million, a 1.8% increase on the year prior, and CEO Werner Becher warned there could be tricky times ahead.

While this largely stemmed from partners such as Kindred and LeoVegas migrating away from Kambi’s turnkey sportsbook, Becher also highlighted the new temporary VAT on gambling in Colombia, which will be charged at a rate of 19% on deposits until the end of 2025.

Kambi’s Q4 results read: “Due to our market-leading position in Colombia, we estimate the levy will negatively impact revenue, and therefore also EBITA (acq), by €3 million-€5 million.”

Codere hits a wall in Argentina

Elsewhere, Codere Online posted net gaming revenue (NGR) growth of €52.6 million in Q4, up 4% year-on-year. Although the company flagged it was struggling to penetrate the Argentina market.

Codere Online CEO Aviv Sher revealed Argentina’s regional licensing system was causing issues, with the company only holding a licence for the city of Buenos Aires and not the province.

Despite its Argentina struggles, Codere Online’s revenue in Mexico was up 30% year-on-year across 2024, reaching €106.6 million. In Q4 NGR was up 10% to €22.8 million in the Central American region.

Its international interactive division’s revenue was down 9% YoY at $214.5 million despite an 11% jump from the UK market. North American interactive, its smallest division, posted the lone YoY increase: $41.5 million, up 24% from last year.

For the full-year ended 31 December, overall revenue ($2.45 billion) and casino revenue ($1.36 billion) were both flat YoY. Both were within $1.5 million of 2023’s totals. International interactive dropped 6.5% to $909.5 million and North American interactive shot up 58% to $177.8 million.

The company cancelled its earnings call on Wednesday, marking its second straight quarter with no comments to analysts.

Flurry of activity for Bally’s in 2024

For Bally’s, the Q4 and full-year results largely mirror that of Q3, in that numbers were relatively steady amid a number of different developments. Perhaps the most notable was the company’s July buyout from hedge fund Standard General (SG), which is owned by Bally’s chairman Soo Kim.

As part of the deal, the company was merged with Queen Casino and Entertainment, also owned by SG. The new, larger casino portfolio is expected to drive more revenue in 2025 and beyond.

“Reflecting the now completed strategic transactions, the four complementary Queen casinos are poised to continue their rapid growth as they benefit from inclusion in a broader domestic gaming portfolio, with Bally’s benefiting from the expansion and diversification of our geographic profile,” CEO Robeson Reeves said in a statement.

Earnings from the Queen properties were not included in Bally’s results, but Reeves said they “combined to generate fourth quarter revenue of $57.6 million and adjusted EBITDAR of $15.2 million”. Overall, Reeves said the “new” Bally’s 2.0 is a “dynamic global land-based and online casino operator with attractive growth pipelines in US gaming”.

Optimism for future projects, issues with existing ones

The company pointed again to its ongoing projects in Chicago and Las Vegas. It noted that construction is under way for the permanent Chicago casino after receiving final master plan approval in December. The original design was rejected because of potential interference with city water pipes. No other details were given for Las Vegas besides noting that the demolition of the former Tropicana had been completed.

But with regard to current casino operations, headwinds remain. Reeves said the segment’s adjusted EBITDAR was $80.9 million, down more than 14% YoY. He said the results from its temporary Chicago casino “remain below our expectations”. Its Lincoln, Rhode Island casino is still hampered by bridge construction and its Atlantic City property is still struggling with staff turnover. All three issues were also mentioned in Q3.

President George Papanier said in a statement that “performance in our C&R segment reflects our ongoing work to unify our regional gaming portfolio, efforts which will accelerate now that the four Queen assets have been added to our business, as well as lingering pockets of relative weakness in certain portions of our geographic reach as previously noted.”

UK, North America lead digital performance

With regard to digital operations, the latest results again showed strength in the UK and North America.

Reeves said the 11% jump for UK interactive “was driven by strong player retention and uplifts from revenue optimisation initiatives”. Last quarter, Bally’s also divested its Asian interactive business and now collects licensng revenue there instead. The international interactive segment as a whole posted adjusted EBITDAR of $81.6 million, a 12% decrease YoY.

However, Reeves said that “excluding revenue recognised from divested markets and licensing revenue recognised, International Interactive revenue grew 12.9% versus the prior year quarter.”

In North America, the 24% revenue jump came despite an adjusted EBITDAR loss of $12.3 million. Over the course of the quarter, Bally’s launched its Monopoly Casino igaming app in New Jersey and its Bally Bet online sportsbook in Tennessee, with both expected to aid in future performance.

“We continue to gain strong customer support for our igaming and sports product offerings which we believe will result in positive long-term performance from this segment,” Reeves said.

Australian question still looms large

Moving forward, perhaps the biggest unanswered question for Bally’s is its reported interest in Australia’s Star Entertainment. The Australian Financial Review first reported on 21 February that Bally’s officials had travelled to meet with Star and tour its three casinos.

Star is on the brink of collapse and is hemorrhaging cash. Its shares are currently halted from trading after the company failed to submit its 1H25 results on time. Bally’s is one of multiple companies said to be circling the operator, along with private equity giant Blackstone.

On 28 February, chairman Soo Kim confirmed the AFR reports to Inside Asian Gaming and said that the company is always interested in distressed assets, calling Bally’s “corporate firefighters”.

For digital gaming overall, the company reported revenue of $275 million (£218 million/€$264.7 million) for the fourth quarter. Its $109.8 million in adjusted EBITDA loss was a $224 million improvement compared to the same quarter for 2023, but those numbers still pulled down Penn’s overall performance and were below analyst estimates.

The company overall beat Truist’s adjusted EBITDA forecast with $320.7 million, but that was 1% below general expectations. Penn’s stock price dropped from $20 at the opening bell to $19.28 immediately after the call. It settled at $20.39 when the market closed.

The $461.2 million of adjusted EBITDAR on the land-based side beat the street, while digital losses of $110 million were even with expectations. Net revenue was also a mixed bag, but within 1% in either direction of the Truist and general projections.

Snowden also announced that Penn has plans to buy back “at least” $350 million in stock in the coming year as a show of confidence.

Growth slow and parlays not paying

Since ESPN Bet went live in November 2023, it has been unable to crack the top tier of sports betting platforms. FanDuel and DraftKings continue to have a stranglehold on the top two positions by market share with BetMGM a distant third. The stated goal when the platform replaced Penn’s Barstool Sportsbook was to reach 20% market share by 2027, but ESPN Bet still has less than 5% – the number executives are hoping to hit later this year.

A main challenge for ESPN Bet – beyond several football months that favoured bettors across the industry – is its struggle to capitalise on parlays. The multi-leg bets make up at least 50% of bets placed on DraftKings and FanDuel, according to Axios. They account for just 30% on ESPN Bet. This is relevant because parlays are the most lucrative markets available to operators.

Snowden: More improvements coming

Snowden promised more new integrations and cross-sell for ESPN Bet. The company last fall introduced a more personalised experience for individual bettors and new livestreaming features. The hope is that these draw more consumers and that Penn’s omnichannel approach will pay off.

In the meantime, Penn says its demographic is trending younger and it continues to open more retail locations. Hollywood Joliet (Illinois) is set to open in the fourth quarter of 2025, with three additional land-based locations to follow in 2026. The company also launched online casino products in Michigan and Pennsylvania in the last year.

But Snowden acknowledged that Penn is running ESPN Bet as if it were a “scale player”. If the company does not reach goals for it by the end of the year, he said, “then you’ve got levers operationally. Obviously, there’s a lot of dollars in the marketing category of our digital business.

“We’ve got a cost structure that right now is built for us to be a scale player because that’s where we expect to be. That’s where ESPN expects us to be. But if you’re not trending that direction, then obviously you’re not going to be operating a business from a cost structure standpoint at a scaled level.”

What analysts are saying

Truist analyst Barry Jonas wrote that should the platform not reach an “inflection point” soon then Penn’s comments “indicate a scaling down of marketing dollars, a slimmed down cost structure and other changes as it approaches the agreement’s three-year anniversary (in 2026), when both sides have opt-outs.”

Deustche Bank’s Carlos Santerelli shared in his analyst note that online casino “momentum continues to build”. He also noted a shift in “tone” with regard to the online segment, writing that executives appear to see the digital business as an extremely valuable asset.

“We interpret, and perhaps over interpret, the commentary as a highlighting of the asset value of the technology and brand collections, signalling, perhaps, a willingness to monetise, should performance, specifically on the OSB side, remain below previously stated levels of perceived success,” Santerelli stated.

Caesars attributed this primarily to its Las Vegas and regional segments, with both divisions seeing declines in 2024. Managed and branded revenue was also down, although there was some positive news from the digital segment.

Revenue from the digital business, which comprises igaming and online sports betting, was up 19.5%. This continues an upward trend seen in recent years, but the trajectory was not as high as seen in 2023 (77.6%).

Caesars: Digital EBITDA to reach $500 million in 2025

While digital growth may not have been quite as impressive as in other recent years, Caesars remained confident of its long-term earnings goals.

In May 2023, Caesars stated a digital EBITDA target of $500 million within two years. Now, CEO Tom Reeg said in an earnings call that this is set to become a reality by the end of 2025.

For context, digital adjusted EBITDA in 2024 amounted to $117 million, up 207.9% from the $38 million posted in 2023.

“I’d expect you’re going to start seeing the best quarters we’ve ever posted to date shortly,” Reeg said. “And all of our targets remain the same. Recall that we laid out our targets before we even launched Caesar Sports, that we could reach $500 million of EBITDA.

“We’re well on that path. The remaining piece at the end of 2025 will be the roll-off of some big partnership contracts in the beginning of 2026. Then I’d expect we’d be at our targets. And recall those targets have not moved since those were just numbers on a spreadsheet almost four years ago at this point.”

High hopes remain for regional, Las Vegas

Regional properties, the group’s largest source of revenue, posted a 4.1% drop in revenue to $5.54 billion last year. Reeg said, however, that this segment continues to improve, with a “solid and stable” customer base.

This division will also likely be helped by last October’s completion of the Caesars New Orleans expansion, followed by the opening of Caesars Virginia in December. Reeg said those set up the regional segment for a more positive performance in 2025 and beyond.

As for Las Vegas, revenue dipped 1.5% year-on-year to $1.34 billion. Caesars put this down partially to a tough comparative year, as 2023 included the city’s first hosting of a Formula 1 race.

However, Reeg again noted a steady customer base for the segment. He also made reference to the addition of several other amenities that should support the business moving forward.

“We opened Gordon Ramsay’s Burger and Pinky’s at Flamingo, activating the Strip frontage at Flamingo for the first time since we’ve owned Caesars,” he said. “We opened Caramella’s at Planet Hollywood. There [are] a number of food and beverage product[s] that [have] come online.

“We’ve still got returns from our hotel projects. We have an anniversary, the opening of the balcony rooms at Versailles. So, we feel very good about what 2025 looks like.”

Also in 2024, $274 million came from managed and branded operations, down by 10.8%. A further $5 million was reported in corporate and other losses.

Overall, casino revenue was 1.6% lower at $6.27 billion. Hotel revenue was down by 3.5% to $2.02 billion, food and beverage revenue fell 0.7% and other revenue slipped 7.2% to $1.25 billion.

Net loss hits $278 million

Spending-wise, total operational costs were 1.3% lower for the year at $8.94 billion. Other expenses topped $2.43 billion, leaving a pre-tax loss of $124 million, wider than $60 million in the previous year.

Caesars paid $87 million tax – compared to 2023 when it took $888 million in benefits – and also accounted for $67 million in losses from non-controlling interests.

As such, it ended 2024 with a net loss of $278 million, in contrast to a $786 million profit in 2023. Adjusted EBITDA was also 4.6% lower year-on-year at $3.72 billion.

What happened in Q4?

In terms of the final quarter of 2024, total revenue was 0.9% lower at $2.8 billion.

Results followed similar trends for both the regional and Las Vegas businesses. However, digital revenue was also marginally lower on the back of customer-friendly sports results towards the end of Q4.

Operating expenses were 7% lower at $2.13 billion, while after other costs, pre-tax profit was $43 million compared to a $40 million loss in 2023.

Caesars paid $19 million in tax and included $13 million in total losses from non-controlling interests. This meant net profit for Q4 hit $11 million, an improvement on the $72 million loss reported in the previous year’s final quarter.

However, adjusted EBITDA dropped 4.6% to $882 million.

“As we look ahead to 2025, the brick-and-mortar operating environment remains stable and we are expecting another year of strong net revenue and adjusted EBITDA growth in our digital segment,” Reeg said.

“When combined with lower capex and cash interest expense, 2025 is expected to deliver significant free cash flow, which we expect will be used to further reduce leverage.”

Although only marginal growth, Becher described the period as a “transitional” and “transformative” year for the supplier. Incidentally, the CEO began his tenure in July, taking over from the long-serving Kristian Nylén, whose exit was confirmed in January.

Shortly after Nylén announced his exit, he aired his dissatisfaction at Kambi’s performance in 2023. Despite reporting an increase in revenue, net profit and EBITDA were lower year-on-year.

Fast-forward to this year and Becher appeared much more positive about what the group achieved in the past 12 months. He referenced the supplier’s efforts to diversify its revenue streams in recent months.

However, Becher did issue a warning for 2025 as certain partners, particularly Kindred and LeoVegas, migrate away from Kambi’s turnkey sportsbook. He also flagged the recently approved temporary VAT in Colombia as a potential issue for the group.

“This year won’t be without significant challenges, with 2025 presenting a particular set of headwinds, which we expect to ease going forward,” Becher said.

“As previously announced, we are actively taking action to manage costs and are continuing to diversify our revenue streams through product expansion.”

Marginal growth for Kambi

Focusing on 2024, marginal revenue growth was helped by several factors. These include the addition of Hard Rock Digital and Rei do Pitaco to Kambi’s Odds Feed+ services, as well as Kwiff taking on its Bet Builder services.

Kambi also added several partners to its turnkey sportsbook product including KTO Group, Choctaw Nation, VIP Play Inc and Week Creek Hospitality during the 12-month period. Additionally, key partners Rush Street Interactive and Sun International renewed contracts, as did Penn Entertainment for its retail sportsbook network.

However, there were some challenges, such as the impact of Penn’s online migration which was initiated in 2023. Kambi also faced new deposit limits in the Netherlands and new gaming taxes in Sweden, while partner Kindred Group also exited various markets.

Bottom-line improvement in 2024

EBITDA increased by 5.5% to €59.7 million while operating profit (EBIT) was flat on the previous year at €20.1 million at a margin of 11.4%.

Spending-wise, total costs were only 2% higher year-on-year. However, restructuring costs added more to Kambi’s outgoings, meaning pre-tax profit slipped 5% to €19 million.

On the flip side, income tax payments were lower in 2024, which led to a better bottom line. Net profit for the year totalled €15.4 million, a 3.4% improvement on the previous year.

The supplier closed the year with a cash flow of €25.9 million, representing a 73% uptick on 2023.

Mixed bag for Kambi in Q4

As for the final quarter of 2024, revenue climbed 0.5% year-on-year to €44.5 million. During the three-month period, Kambi took on a number of new clients, including Wind Creek Hospitality and VIP Play Inc.

However, total expenses were up 3.8% to €38.5 million, while after also accounting for other costs, including restructuring expenses, pre-tax profit dropped 40% to €4.5 million.

Kambi paid €519,000 in income tax, leaving a net profit of €5.1 million in Q4, down 7.3%. In addition, EBITDA fell 5.9% to €16 million.

What can we expect in 2025?

In addition to its 2024 performance, Kambi offered insight into what could be in store during the coming year.

The headline guidance is EBITA in the range of €20 million to €25 million, which would be near to the €25.3 million posted in 2024. Costs will likely be higher in some areas but as these will be passed to partners, Kambi said this should not impact EBITA.

Kambi expects revenue tailwinds from organic growth within the operator network, notably full-year revenue contributions from LiveScore and Svenska Spel.

However, revenue will also likely be hit by certain headwinds such as the end of transition fees received during 2024 and the proposed temporary VAT on deposits in Colombia.

“Looking further ahead, the strategic initiatives we have undertaken – advancing AI innovation, expanding our product portfolio and initiating a cost efficiency programme – along with our various partner signings, provide a solid platform for the future,” Becher said.

“The foundations we are building today will enable us to emerge stronger, more agile and well-positioned for long-term growth.”

IGT qualified the declines by noting it had “record product sales revenue in the prior year”. This most recent quarter, it said, was “the second highest quarter for product sales revenue in company history”.

For the full year ended 31 December, revenue was $2.5 billion, a 1% decrease YoY. IGT’s full-year AEBITDA of $1.1 billion was down 4% from 2023 ($1.2 billion). Its net debt, however, was reduced from $5.1 billion to $4.7 billion over that period.

Industry titan will be taken private

The results are a milestone for IGT as the last full-year figures it will report as an independent, public company. By the end of 2025 it will divest its lottery division and merge its gaming business with fintech and games supplier Everi. The $6.3 billion merger was facilitated last July by Apollo Global Management and the merged company will be taken private.

The Apollo deal was a sharp turn of events, as the two companies had already agreed to merge last February. Under that deal, the merged company would have stayed listed under the IGT name. Current IGT CEO Vince Sadusky was poised to head the new company. But under Apollo, the entity will be delisted and Sadusky was ousted in favour of former Aristocrat Gaming CEO Hector Fernandez.

Sadusky will now take over as CEO of the spun-off lottery business, which will remain public under a new name. Everi chairman Mike Rumbolz was poised to chair the new company. To this point, he has not been mentioned as part of Apollo’s plans.

“2024 was a year of momentous transformation with the conclusion of our strategic review and the announced sale of our Gaming & Digital business for $4.05 billion in cash,” Sadusky said in a statement. “Our unmatched capabilities in developing world-class lottery solutions and innovative game content support several important investments to drive long-term growth and shareholder returns. We are well-positioned to continue strengthening our global lottery leadership.”

Call centered around lottery segment

On an earnings call on Tuesday, Sadusky echoed his sentiments above and focused mainly on the lottery business.

“Anything that has to do with gaming and digital, we’ve done the internal work on separation,” he said. “We’re virtually completed with that internal work, so we feel very confident about being prepared for day one” of the new company.

A key point for investors was IGT’s bid for a contract extension with the Italian lottery, which will be pivotal to its future operations. It is due by 17 March and CFO Max Chiara said the process is moving along as it should. The Texas Lottery’s decision to ban courier services was also mentioned, but officials said this should not have material impacts.

Nick Khin and Gil Rotem, who currently head the IGT gaming and digital segments, will keep those roles in the management team of the new company. Neither spoke on the call on Tuesday. Darren Simmons, who oversees Everi’s fintech business, will also keep that role under Apollo.

MGE chief financial officer Ari Glazer signalled an imminent takeover on17 February, in the middle of MGE’s fourth-quarter earnings call. “Just a few hours ago, we received notice… [that Bain had] accelerated the debt,” he said.

Invoking the acceleration provision in its contract allowed Bain to demand that MGE immediately repay $275 million (£218.7 million/€262 million) in loans or surrender control of the integrated resort (IR) in Incheon, Yeongjong Island, South Korea.

In a news release yesterday, MGE acknowledged that it “did not satisfy certain financial covenant tests”, but also has not missed a payment of principal or interest. “Specifically,” MGE wrote, “the loan held by Bain Capital does not mature until May 2027, with no principal payments due before the maturity date.”

MGE also cited “near-term hurdles that are common in new resorts of this scale”, but added that it had positioned the IR for “long-term success”.

A rollercoaster first year

Inspire opened to great fanfare in late February 2024. Inevitably dubbed “the Las Vegas of South Korea” it offered a foreigners-only casino, 1,275 hotel rooms, a 15,000-seat arena, an indoor water park, meeting facilities and an enviable location, on 4.36 million square metres at Incheon International Airport.

Phase 1 alone cost $1.6 billion, including $666 million in foreign direct investment, reported the Korea JoongAng Daily. MGE’s wholly-owned Korean subsidiary was scheduled to open in phases through 2046, adding an outdoor entertainment park, a 1,000-seat food court and other non-gaming attractions.

At the opening ceremonies, Inspire President Chen Si said the IR would make Yeongjong Island “a global tourism destination”.

Inspire seemed like a hit out of the gate. Last year, it helped spur MGE to a record-breaking second quarter, with companywide net revenue of $504 million, up 21.4% over 2023. But the fanfare soon fizzled. Due to high opening costs and low table hold, Inspire accumulated losses of more than $104 million.

MGE continues “good-faith” efforts

MGE hopes to end the standoff. In yesterday’s news release, it noted it has made “several good-faith proposals for amending the financial covenants that are consistent with market precedents.

“We have been and will continue to attempt to negotiate in good faith with Bain Capital to find a mutually agreeable solution,” the company wrote. “We do not believe the change-of-control is in the best interests of the property, its team members and customers, other lenders and various key stakeholders.”

Meanwhile, it is “business as usual” at Inspire, says Si, with a “bullish” new operator at the helm. The Korea Times reports that the South Korea resort is “pushing for growth, despite [the] ownership change”.

Revenue growth was enough to push operating profit up 1.4% to SEK1.81 billion for the 12-month period. After also including financial items, pre-tax profit topped SEK1.87 billion, up 1.8% year-on-year.

In ATG’s full-year presentation, published today (14 February), Skarplöth said growth could have been much greater had it not been impacted by Sweden’s gambling tax increase, which came into force in July.

Skarplöth said the recession, high household costs and higher interest rates had also hit ATG revenue in 2024.

Skarplöth urges rethink over gambling tax hike

This is not the first time Skarplöth has hit out at the new tax rate. The gambling tax is based on GGR and shot up from 18% to 22% in July 2024. This was despite strong opposition from stakeholders, including Skarplöth, who branded it a “horse tax” due to its significant impact on the operator’s earnings.

In ATG’s 2024 results Skarplöth advised the government to adopt an alternative approach so as not to harm the racing betting sector.

“The increased gambling tax has a negative impact,” Skarplöth said. “In my eyes, this is a horse tax as ATG accounts for around 40% of the state’s tax revenue from the gambling industry.

“We are therefore pushing for a tax rate of 18% for betting and 26% for commercial online gambling. This would benefit both the state and public health. The work will continue in 2025.”

In October a motion was filed in the Swedish parliament for the government to reconsider the current gambling tax rate. The motion was filed by Moderate Party member Carl Nordblom, who has argued decreasing the tax rate could improve channelisation rates for onshore online operators.

Sports betting and casino growth

Net gaming revenue from horse betting remained largely unchanged. For the 12-month period, revenue in this segment was 0.5% lower year-on-year at SEK3.89 billion.

On the other hand, sports betting revenue was 7.8% higher at SEK778 million in 2024. This was helped by several major sporting events such as football’s Euro 2024 and the summer Olympic Games in Paris.

In addition, casino revenue was up 8.2% at SEK689 million. More than 600 new games were launched during the year, while the ATG Casino Jackpot was introduced in December.

ATG also noted a 7.7% increase in total active customers to 1.4 million. This was despite the challenging market conditions highlighted by Skarplöth.

Turning to costs, operating expenses were slightly lower but the change in tax rate meant gaming tax payments increased 13.8% to SEK1.21 billion.

Income tax totalled SEK386 million, leaving ATG with a bottom line net profit of SEK1.48 billion, an increase of 1.7%.

Horse betting decline for ATG in Q4

Looking at the final quarter of the year, revenue in Q4 climbed 3.1% to SEK1.65 billion. This was despite a decline in the horse betting business, with both sports betting and casino seeing increases in revenue.

Again, while operating costs were lower but gaming tax increased, operating profit improved by 5.1% to SEK574 million. Pre-tax profit was also 5.5% higher at SEK594 million for the quarter.

After paying SEK347 million in income tax, net profit in the quarter topped SEK246 million, a year-on-year rise of 9.8%.

“My employees and I look forward to 2025 with the goal of continuing to offer exciting gaming experiences to our customers and increasing revenue,” Skarplöth said.

Wynn CEO Craig Billings focused the call on the Al Marjan project in the UAE from the start, saying that the company will continue to buy back company shares “until we believe that Wynn Al Marjan is appropriately reflected in our valuation”. He went on to say that the company believes the “return profile on these purchases is meaningful”.

The massive project, in what Billings said he believes will be a $3billion-$5 billion market, is still on track for a March 2027 opening. Billings said the hotel tower is built to the 35th floor and there are now 4.6 million square feet of “concrete and steel in place”.

Second licensee? Wynn doesn’t think so

Wynn is at about the halfway point of its build, which is relevant from the standpoint of other potential projects in the UAE. Asked what he thinks about the “pace of future competition” Billings appears to be bullish as a first-to-market mover.

MGM chief executive Bill Hornbuckle said in September his company filed for a UAE licence in Abu Dhabi. No other entities have publicly announced interest or action in the UAE.

“We don’t believe that every emirate will avail themselves of potential licences, by any means, actually,” Billings said. “As we keep our ear to the ground with respect to what is going on, we don’t believe that there is even a deal struck, frankly, for a second licence. Could be wrong, but we think we have pretty good intelligence.”

Billings said it takes at least four years to design and build an integrated resort and Wynn is well positioned.

“The precedent in our industry if you look around regional markets in the US, actually a first-to-market [gets] a lot of sticky database and being able to weather a new entrant,” he said. “Beyond that, again, we provided the projections that we provided for Al Marjan assuming a second property. And in fact, I don’t think we would be all that fussed if there was a second property because we believe in the clustering effect and we believe that it would be good for the industry. But as of now, we don’t see line of sight on that potential second licence.”

Wynn in London seeking UAE customers

CFO Julie Camandot said the company recently completed a $2.4 billion (£1.91 billion/€2.33 billion) financing package for the project. She said it is the “largest hospitality financing for any project in the UAE”. The company invested $99 million in the fourth quarter.

Wynn during the quarter purchased British luxury brand Aspinal in London’s Mayfair neighbourhood as a way to begin to engage potential customers for Al Marjan. In his opening remarks, Billings called it a “small but strategic asset in central London where many of our future Al Marjan customers” spend a meaningful amount of time.

During the question-and-answer period, he expanded, saying that Aspinal will ultimately “report up” to Al Marjan. He said taken together, 40% of the world’s millionaires are among the 2.5 billion people who live in those areas. Billings indicated there may be similar or more unexpected acquisitions going forward.

Growth in Las Vegas?

Wynn owns a vacant piece of land in Las Vegas, where the New Frontier Casino and Resort stood. The 34-acre parcel remains undeveloped. Billings shared general thoughts when asked about when and what the company might build there.

“The timing has to be right for our global business,” Billings said. “We have to think about the entire portfolio and make sure that we can execute and execute it well. The market is just now absorbing the two openings over the last four to five years. We want to address an adjacent customer base and we obviously don’t want to cannibalise ourselves and create Wynn Las Vegas 2.0. We need to make sure that we have our market positioning right.

“We’ve done early studies and early doodles, if you will, on what we think that land could hold. At this point, I’d say, stay tuned. But we’d appreciate it if everyone was as focused on Wynn Al Marjan as we are because that is quite the opportunity.”

A look at the numbers

During the fourth quarter, Wynn bought back 2.14 million shares for $200.3 million. Billings called the buyback a long-term play based on the company’s faith in the ultimate success of the UAE project.

Wynn reported $1.84 billion in revenue, beating analyst estimates of $1.77 billion. Its reported adjusted EPS was $2.42 versus estimates of $1.22.

The company finished the fourth quarter with $2.43 billion in cash against $10.54 billion in debt. It announced at 25-cents-per-share cash dividend for anyone owning stock as of 24 February. The dividend will be paid out on 5 March.

Wynn stock closed at $80.47 on Thursday. It shot up to $85.51 just ahead of the call before dropping to $81.10 by 8pm ET.

Revenue was flat across two of MGM’s four core divisions – Las Vegas Strip Resorts and Regional Operations. However, significant growth in China, accompanied by a similar increase in digital revenue, pushed the yearly total up.

“We are proud to report the best full-year consolidated net revenues in the history of the company,” CEO Bill Hornbuckle said. “This was driven by a record performance from MGM China. We’re also encouraged by the strong demand we’re seeing in the business so far in 2025, which positions us well for continued growth.”

MGM China revenue rises 27.6%

The stand-out performance in 2024 was MGM China, with revenue here jumping 27.6% to $4.02 billion. This is now the second-highest source of revenue for MGM, overtaking the group’s Regional Operations and second only to Las Vegas Strip.

MGM put this down to the recovery of operations after the removal of all remaining Covid-19 measures that were still in place in early 2023. These included entry restrictions in Macau, but the region is now fully open again to tourists.

“In Macau, we achieved the best full-year segment-adjusted EBITDA in the history of MGM China,” Hornbuckle said. “We continue to be a high-performing outlier in the market with exceptional execution by the team.

“Macau 2049, our first residency show at MGM Cotai and the Poly Art Museum at MGM Macau, which sold over 10,000 people in one day during Chinese New Year’s are both important steps to drive non-gaming revenues and visitation to Macau.”

Digital dreams for MGM

Another highlight for MGM in 2024 was digital. For the 12-month period, MGM introduced a new reporting segment in the form of MGM Digital.

This comprises its LeoVegas operations, but not its BetMGM JV with Entain in North America. However its joint Brazilian venture with Grupo Globo will fall under this reporting segment.

Annual net revenue for this segment amounted to $552 million. This is 27.7% higher than the comparable period in the previous year, representing a growth rate similar to that of MGM China.

However, adjusted EBITDAR for the year was a loss of $77 million, compared to a loss of $32 million in the prior year.

Hornbuckle told analysts the digital business was solidly profitable in 2024, when excluding new brands. He said the operator was beginning to realise operating leverage against LeoVegas and Push’s more mature operations, including the UK. Therefore the cost burden from building these businesses is subsiding.

“We’ve added features to this business such as content development with the acquisition of Push and sports betting with the purchase of Tipico’s US betting technology,” he said.

LeoVegas’ BetMGM brand in Europe and Brazil is leveraging the MGM branding across its online casino portfolio, particularly its live-streamed tables from the MGM Grand and Bellagio in Las Vegas.

“Our digital businesses are also on a positive trajectory, with our BetMGM venture in North America expected to be profitable this year and our global MGM Digital business integrating and scaling to address its significant $41 billion market opportunity,” Hornbuckle said.

Hornbuckle has set the digital business a target of achieving $1 billion in top line revenue, as well as healthy margins, in the medium-term.

The operator expects to go live with Tipico’s in-house betting platform in its core market as soon as next week, while additional markets will roll out the tech in Q2. The integration of these assets is expected to complete by the end of H1.

MGM CFO Jonathan Halkyard said although losses are narrowing in the UK from decreased marketing spend, increased spending related to the launch of BetMGM in Brazil will result in MGM Digital’s 2025 EBITDAR losses remaining relatively consistent with those in 2024.

In Brazil MGM expects its BetMGM online business to gain a 10% market share in the long-term, while in Europe the LeoVegas business should maintain a 1% to 5% share of the total addressable market.

Revenue flat in the US

As for the other two divisions, revenue was largely flat year-on-year. The Las Vegas Strip Resorts segment remains MGM’s primary source of revenue at $8.82 billion.

Revenue from its Regional Operations was also flat for the year at $3.72 billion. This now ranks behind MGM China in terms of the amount of yearly revenue generated for MGM.

An additional $129.7 million in revenue came from management and other operations.

As for overall revenue, casino generated $8.79 billion in total, rooms $3.69 billion, food and beverage $3.08 billion and entertainment, retail and other, $1.69 billion.

Gold Strike Tunica sale skews bottom line comparison

In terms of costs, 2024 group operating expenses were up 10.6% to $15.70 billion, while operating profit dropped 21.2% to $1.49 billion.

After non-operating expenses, pre-tax profit for the year hit $1.12 billion, a decline of 23.8%. MGM paid $52.5 million in tax and discounted $318.1 million in profit from non-controlling interests. As such, it ended the year with a net profit of $746.6 million, down 34.6%.

However, MGM said the bottom line comparison was impacted by the sale of operations at Gold Strike Tunica Resort in Mississippi to CNE Gaming Holdings in February 2023.

Consolidated adjusted EBITDA, on the other hand, made for more positive reading, rising by 3.2% to $2.41 billion.

Q4 on par with 2023

Looking to the final quarter of the year, group revenue in Q4 was almost level year-on-year at $4.35 billion. Growth was apparent across the MGM China, MGM Digital and Regional Operations divisions, but Las Vegas revenue declined.

Operating costs increased 1.3%, while after also including non-operating expenses, pre-tax profit dropped 35.7% to $205.7 million. MGM received $32.3 million in tax benefit but, after excluding profit from non-controlling interests, bottom line net profit was down 49.8% to $157.4 million.

As for consolidated adjusted EBITDA in Q4, this was 16.4% lower at $528.5 million.