Home In-DepthData & Statistics The week’s numbers: Flutter, Playtech, and Swedish Fines

The week’s numbers: Flutter, Playtech, and Swedish Fines

62 views 10 minutes read

CasinoBeats delves into the fascinating numbers that are behind the stories of some of the most interesting industry news. The latest headlines include financial reports from 888, Playtech, Flutter Entertainment and a significant Swedish fine.


Holdings was able to reduce its losses by 38 percent last year, as revenue increased from PS1.24bn up to PS1.71bn. The firm also continued to adapt to the changing UK marketplace.

In line with its global strategy, it also applauded a move away from the dot-com market as the company seeks to create a profitable path within the UK, Italy Spain and Denmark.

The gaming revenue, which fell by 11.2 percent year over year, was PS1bn. The company’s move away from the dot-com market, which is heavily geared towards gaming, was responsible for this.

The 2023 adjusted EBITDA margin was the same as the previous 18-19%, a small increase from the last year’s corresponding period.

The group has also announced its new rebranding as ‘evoke’ to align better with the ‘power of the multi-brand model, and the vision and mission that the group holds to delight players by providing them with top-notch betting and gaming experience’.

The announcement comes at a time when the company is embarking on a “new strategic framework”, which they have stressed it adopts to create a vision for what success will look like, and a strategy to achieve it.

The group, in line with the core focus on its markets, also conducted a strategic analysis of US B2C businesses during Q1 2024. It aims to “consider all possible alternatives that could deliver value for business and which would deliver significant savings”.

Group CEO Per Widerstrom stated that it was “extremely exciting” to unveil our Value Creation Plan and strategy, as well as our financial goals, new corporate identity, and new targets. This business is about to enter a new exciting era.

I am convinced that Group has the ingredients to achieve long-term growth: strong positions in markets where barriers to entry are high, a powerful technology platform; an elite management team and the most popular betting and gaming brands around the globe.


Bragg Gaming Group published its Q4 financials and reported that revenue decreased by 1.4 percent to EUR23.4m, (Q4 2020: EUR23.7m). It attributed this decrease to “revised terms of business agreed upon with a strategic partner which took effect in the quarter”.

The wagering revenue for the fourth quarter increased by 18.1% to EUR6.1bn, (Q4 2020: EUR5.1bn), but gross profit decreased by 7.3% to EUR12m. (Q42022: EUR13m). This was due to the commercial terms of the strategic partners being revised.

The decline in gross profits was offset by improvements in cost optimization, resulting in an adjusted EBITDA of EUR2.8m in the fourth quarter (Q4 2020: EUR3.7m), with margins at 11.9 percent (Q42022: 15%).

The operational loss was EUR400,000 for the quarter, which is a EUR600,000.000 reduction in comparison with the same period last year. This decrease can be attributed to the reduced gross profit and the decreased selling, general, and administrative costs.

Bragg’s Board of Directors has formed a special ad-hoc committee that will review the strategic options available to Bragg.

The special committee, to be headed by independent board member Don Robertson will explore and consider strategic options, including the sale or assets of the company, mergers, funding, additional acquisitions, or any other alternative.

Bragg also updated its full-year 2024 revenue and adjusted EBITDA guide, with both metrics expected to grow.

The revenue is forecast to increase by as much as 16.6%, to an estimated range between EUR102m and EUR109m. Adjusted EBITDA will grow up to 21.7% to EUR15.2m – EUR18.5m. The midpoints for revenue and adjusted EBITDA represent YoY increases of 12.8% and 10.9%, respectively.

Bragg’s CEO Matevz Maj stated: “Our strategy has positioned Bragg to be an important content provider for international gaming operators. This strengthens our foundation for a consistent and profitable growth.

We are confident that we have the right strategies, infrastructure, and financial resources to continue our momentum in business while also implementing initiatives which will increase cash flows and add value to our shareholders.


Spelinspektionen – Sweden’s gambling inspectionate – has given Svenska Spel Sport & Casino AB a warning for failing to meet its duty of care and imposed a fine of SEK100m (EUR8.7m).

Spelinspektionen reported that they began auditing Svenska Spel operations in December 2021. They were looking into how well the operator adhered to the Swedish Gambling Act.

Svenska Spel was questioned about how it handled 10 customers that lost the largest amount of money between October 17th, 2021 and December 17th, 2021.

Spelinspektionen found that Svenska Spel did not meet its legal duty to care, despite the fact that the operator claimed that the regulation was too vague at the time.

Spelinspektionen found that Svenska Spel did not take “sufficient measures” to help players reduce gambling.

A warning fee and penalty of SEK100m was issued by the gambling inspectorate. They also stated that the operator “had not fulfilled the obligations related to the duty-of-care in the Gambling Act Chapter 14, Section 1”.

Fredrik Wastenson has responded that Svenska Spel Sport & Casino, the operator’s president and business area manager, does not agree with the ruling authority. The company will consider appealing the decision.

Wastenson said: “We accept the decision of the Swedish gambling authorities. We have addressed many comments. The regulation period is October through December 2021. Our work on responsible gaming is ambitious.

Since the introduction of the Swedish duty-of-care in 2019, the Swedish gambling authorities’ guidance and supervision decisions have made it clearer what it means. As the situation became clearer, we have adjusted our work.

We are always improving our methods, work and capabilities in order to meet the requirements of both legislation as well as our high expectations.


Playtech grew revenues by seven percent to EUR1.7bn, and adjusted EBITDA increased nine percent to EUR432.3m. The firm also praised growth in all sectors.

This spike in sales was largely attributed to the B2C production of the company and the growth it has experienced on the Italian market.

Snaitech Italia, which continues to consolidate its leadership in the region with revenues of EUR949m and adjusted EBITDA (FY2022 EUR899m), has landed revenues worth EUR256m.

The results of Playtech also showed how it expanded its igaming services for the US B2B market, backed by 11 licenses in the US.

In Latin America there is still a certain level of unease about the ongoing case of Caliplay.

In October, the dispute over Playtech’s Mexican gaming licence will be resolved when the case is brought back to court. It is a matter that may impact Playtech’s results at the end of the year.

Brian Mattingley , Chairman, said: “I’d like to use this occasion to express my gratitude to the Executive Management Team, which continues to show their resilience and agility in the face of a difficult external background, with the wars ongoing in Ukraine and Middle East.

Playtech continues to consolidate its position in the B2B as well as B2C markets by building on recent strategic and operational improvements.

While there were challenges during 2023, we upgraded our expectations and delivered a solid financial performance.


Flutter entertainment announced a nearly 25 percent increase year-overyear in revenues in 2023, as it reported its financials to the New York Stock Exchange for the first report since its debut.

Flutter, which published its financials for the full year in dollar for the first-time, reported an average monthly player increase of 20.3 percent YoY, to 12,3 million, from $9.5 billion for 2022.

The group credited fanDuel for being a “key growth driver”, as US revenues grew 40.7 percent compared to last year, to $4.5bn ($3.2bn in 2022) “despite the customer-friendly sporting results”. The sportsbook’s revenue has increased by 45.9%, while the igaming revenues have risen by 47.2%.

The company’s revenue, excluding US operations, increased by 16.4% to $7.3bn (2012: $6.3bn). This was due to a solid performance in the UK&I market and on “Consolidate and Invest” markets, as well as its Italian Sisal brand, which generated $1.2bn of revenue in 2012 (2022, $465m).

The gains made outside the US have been “partly countered by the impact on the racing markets in Australia, combined with lower levels of Australian players engagement than the previous year following the easing of COVID-19 regulations”.

UK&I revenues increased by 14.4% YoY, to $3bn (in 2022 they were $2.7bn). Sportsbook revenue grew by 10.5% while igaming revenue jumped by 18.1%. Australia’s revenue dropped by 7.1% to $1.4bn ($1.6bn in 2022) while international revenue increased by 36.8% to $2.8bn ($2.1bn in 2022).

Peter Jackson , CEO of Flutter commented on the performance: “Flutter has delivered an excellent 2023 as we have continued to implement our strategy. The localised technology and product, combined with Flutter Edge’s unique advantages in scale were the key factors.

As expected, FanDuel’s number-one position in the US transformed the earnings profile of the group during 2023. For the first time ever, FanDuel produced a US adjusted EBITDA that was positive for the full year.

We also achieved further progress in our sustainability strategy, with an increased use of Play Well’s safer gambling tools and investment in over $100m for our global safer gaming initiatives. This includes key marketing campaigns with FanDuel Ambassadors in the US to promote responsible gambling during the year.

Flutter has also released its 2024 guidance. US revenues are expected to range between $5.8bn to $6.2bn, with an EBITDA of $635m and $785m.


Seven US-based online gambling companies have formed the responsible Online Gaming Association. This independent trade group aims to promote and develop responsible gaming.

Bet365, BetMGM DraftKings FanDuel Hard Rock Digital and PENN have joined forces to “educate and equip consumers so they can enjoy online gaming responsibly”.

ROGA is led by Jennifer Shatley as Executive Director. She has over 25 years’ experience in the industry. She is responsible for “educating all parties about responsible gaming”.

Shatley said, “I feel humbled and honoured to have been selected as the leader of ROGA in this period when legalised mobile gambling is growing rapidly.”

Many of America’s biggest legal mobile gaming operators are establishing a structure that will help to promote responsible gaming awareness and education.

ROGA is launching several initiatives, including research funding, educating consumers and the industry about responsible gaming, and raising their awareness. It will also promote responsible gaming practices, create an independent data clearinghouse, and launch an independent certification program.

Shatley added, “Our members, together with researchers, experts and regulators, will maximise our efforts in support of additional education on responsible gaming.

By collaborating with clear objectives, ROGA members and ROGA will enhance the protection of consumers and provide more convenient and efficient access to tools that promote responsible online gaming.

You may also like

About Us

On iGamingWorld, we provide in-depth analysis, the latest news and opinions from famous people of the gaming industry.

Featured Posts