CasinoBeats delves into the numbers that drive some of the most interesting stories in the gambling industry. This week’s roundup includes Star Entertainment Group’s announcement of a significant loss for the full year, EveryMatrix, Codere Online’s Q2 financials and Svenska Spel donating five research projects into gambling addiction.
2.43
Star Entertainment Group has announced a massive A$2.43bn net loss for the twelve months ending June 30th 2023. The company continues to suffer from the challenges it has faced in the past.
This figure includes A$2.82bn in significant items, including a non-cash impairment for Star Sydney Star Gold Coast Treasury (A$2.17bn), as well as debt restructuring costs of A$54m and redundancy expenses of A$16m.
The ongoing costs of regulatory and legal review, which total A$593m, include fines from NICC and OLGR, civil proceedings by AUSTRAC, unpaid NSW Casino Duty and ongoing regulatory costs.
Casino and Entertainment Operator has also reached an accord with the New South Wales Government to amend a proposed increase in casino tax rates.
The agreement will increase duty by A$10m, but Star reported that it was “designed to protect thousands of NSW team employees’ jobs”.
88
EveryMatrix has reported yet another set of record breaking results for the second quarterly of 2023. This highlights the impact of the casino products that are driving growth.
Ebbe Groes, Group CEO of the igaming technologies provider, also highlighted the recent acquisition by DeepCI. He noted that the company was “on track” to achieve their goals for the year.
EveryMatrix, in its financial update for Q2 2023, reported that it had achieved a record seventh consecutive quarter of net revenue and EBITDA. This was due to “strong growth and profitability across all business segments”.
The group revenue increased by 88% year-over-year, to EUR56m. Net revenue grew by 82 percent YoY to EUR27.1m. (Q2 2020: EUR14.9m). EBITDA grew by 188% YoY to EUR15m. (2022: EUR5.2m), and the margin was 55 percent (2022: 35%).
The net revenue and EBITDA both improved by 15% and 42% in comparison with the previous quarter. Cash position is EUR34m.
5
Svenska Spel distributed SEK 4.1m (289,580 PS) to five independent research projects into gambling addiction. This is the latest of many such expenditures by the group.
The latest group of selected members will be examining issues like the Spelpaus Self-Exclusion Scheme, Family Treatment and Mental Health.
The company’s independent Research Council, founded in 2010, has now allocated SEK 45m (3.25m PS) to 35 research studies and projects.
The research grant will help increase knowledge of gambling addiction as well as the effectiveness of gambling responsibility measures, said Sara Lindholm Larsson. She is Chairperson of Svenska Spel’s independent research council.
39.1
Codere Online stated that the company is “well-positioned” to achieve positive EBITDA for the year 2024.
Codere Online’s guidance for the year has been raised as revenue in the digital operator’s main regions increased and losses decreased.
Codere Online operates not only in the above jurisdictions but also in Colombia, Panama, and the city Buenos Aires. The group as a whole is physically present in Spain, Latin America, and other countries.
In the last quarter, the net gaming revenue rose by 33.9% to EUR39.1m (2012: EUR29.2m). The net loss decreased to EUR1.7m (2012: EUR6.7m), and the adjusted EBITDA losses were reduced to EUR4.5m (2012: EUR9.9m). Marketing and platform and content charges accounted for the majority of the EBITDA losses. The average monthly activity increased, but the number of first-time depositors decreased.
The NGR of Mexican operations increased by 51.3 percent to EUR18m (2012: EUR11.9m). Spain saw a 24.1% increase to EUR17.5m (2012: EUR14.1m). Colombia, however, dropped to EUR2.1m. Other regions saw a 40% increase to EUR1.4m (compared to EUR1m in 2022).
Spain’s AEBITDA increased by 58.3 percent to EUR5.7m (from EUR3.6m in 2022), but all other regions reported losses despite improvements.
9
MGM Resorts Internationaland BeMGMhave started a campaign in advance of the NFL season. The campaign will include GameSenseresponsible gambling messages inside NFL stadiums.
Nine NFL stadiums are participating in the campaign to promote responsible gaming during the NFL season.
Acrisure Stadium, Allegiant Stadium, Empower Field at Mile High, Ford Field, GHEA Field in Arrowhead Stadium and M&T Bank Stadium are all examples.
This announcement coincides with Responsible Gaming Awareness Month, which is scheduled to start this month in America. The pair has partnered up with American Gaming Association for the campaign.
Rhea Loney, BetMGM’s Chief Compliance Officer, commented on the campaign: “This is a momentous occasion as we work together with our team partners in order to raise awareness of responsible gaming. GameSense’s role will be crucial throughout the season in reminding football betting fans to act responsibly.
49
The Danish gambling authority Spillemyndigheden has petitioned successfully the district court for 49 websites that offer illegal gambling in Denmark to be blocked.
According to reports, the websites in question offered a variety of casino games such as poker, roulette and gaming machines. 13 of them were skin betting sites.
The Danish Gambling Authority has now taken legal action nine times to block illegal websites. These activities are now carried out twice a year instead of once a year.
Since 2012, the year when Denmark’s gambling market was liberalised in part, 276 illegal websites have been blocked.
The Danish Gambling Authority has a vital task to do: to protect Danes from gambling offered illegally and not in compliance with gambling laws.
“At the very same time, it is important that gambling operators with a Danish gambling licence can continue to operate in Denmark without being unfairly competed by providers who are not required to meet Danish standards.”
