Record first quarter for US online sports betting
Summary: The American Gaming Association’s latest revenue tracker for the first quarter of 2022 showed that online sportsbook operators experienced record revenues. Why it matters: Sports wagering handle more than doubled in Q1, rising 102.3% to $26.34bn on 2021’s total of $13bn, while Q1 2022 revenues grew 64.6% to reach a record $1.58bn, just beating […]
New York bettors name risk-free bets as preferred bonus
Summary: Risk-free bets are the favored type of player promotion among New York bettors, according to Betting Hero research. Betting Hero’s poll of New York sports bettors saw 31% of respondents choose risk-free bets as their preferred bonus, out of seven possibile choices. Why it matters: Finishing behind risk-free bets were deposit match (23%), odds […]
MGM’s LeoVegas deal has implications for Entain
Summary: James Wheatcroft at Jefferies says that the reaction of the Entain share price to MGM Resorts’ offer to buy LeoVegas – it is down 17% since the announcement – suggests investors are inferring that MGM may not revisit its interest in Entain. But they argue that an independent Entain remains attractive and that the […]
Wynn online earnings show signs of improvement in Q1
Summary: Wynn Resorts’ reported $31.5 million in losses for 2022 first quarter interactive gaming revenue, marking a year-over-year improvement. The company posted $43.5 million in revenue losses for its online gambling arm in the first quarter of 2021. Why it matters: Rumors of Wynn Resorts looking for a buyer for its struggling WynnBET interactive division […]
DraftKings will need cash call in 2023 says CBRE
Summary: John DeCree at CBRE suggests there is a consensus view that “ultimately” DraftKings will need to raise more cash from the markets by the end of next year as its cash resources are forecast to fall to ~$494m. He added that the timing of new state launches might mean that total falls lower than […]