Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: Entain confident on FY24 EBITDA guidance, Betfred exits Nevada and Concacaf seeks first betting partner.
Entain reiterates EBITDA guidance for FY24
Entain said it remains confident of EBITDA guidance for FY24 despite taking a hit in the latter part of the year from customer-friendly sports results in the US.
Entain set out full-year targets during its Q3 trading update in October. Here, it said group EBITDA would be at the upper end of a range between £1.04 billion (€1.24 billion/$1.26 billion) and £1.09 billion.
Now, Entain has repeated this guidance despite its BetMGM joint venture in the US being impacted in Q4. Unfavourable sports results meant players won more during the period, which in turn impacted performance.
Entain said BetMGM still expects to post EBITDA of negative $250 million for the full year. This is in line with earlier guidance issued in July last year.
The update comes after Flutter last week warned the customer-friendly sports results mean it will fall some $370 million below revenue expectations in the US for FY24.
Betfred cuts US presence further with Nevada exit
Staying in the US for the moment, Betfred has closed its entire retail sportsbook network in Nevada.
In a message to customers, Betfred said players with winning wagers or cash vouchers should visit the Mohegan Sportsbook at the Virgin Hotels Las Vegas. Alternatively, they can follow ‘Mail-in Redemption’ instructions found on the back of their betslip.
Any unsettled wagers placed at the Mohegan Sportsbook will be settled as the events occur.
The withdrawal means Betfred now only has a US presence in the state of Pennsylvania. It offers both online and retail betting in the state through its partnership with Mohegan Sun and SCCG Management.
Betfred previously operated across Arizona, Colorado, Iowa, Louisiana, Maryland, Ohio, Virginia and Washington.
Concacaf begins search for first betting partner
Also in the Americas, Concacaf, the Confederation of North, Central America and Caribbean Association Football, has commenced a search for its first official betting partner.
Concacaf is seeking a partner for its senior women’s and men’s national team and club competitions. The tender covers the period between from 2025 and 2028.
The successful bidder will work with Concacaf across its leading competitions. These include the men’s Nations League Finals, Gold Cup and Champions Cup as well as new women’s club contest, the W Champions Cup.
“This potential collaboration aligns with the rising global interest in soccer and the significant growth of the sport across the entire region,” Concacaf said.
The deadline for expression of interest is today (13 January).
Former GiG executive Gauci launches new platform venture
In other news, Jonathan Gauci, previously senior vice president of engineering at Gaming Innovation Group (GiG), has announced details of a new platform venture.
‘Elantil’ aims to provide a comprehensive solution to enhance companies’ casino operations with seamless growth, optimisation and scalability.
Gauci said Elantil plans to offer a range of tools designed to maximise third-party innovation and in-house USPs for partners. This, he said, will put greater control of the platform back in the hands of the operator.
Launching Elantil, Gauci also has the support of other seasoned industry peers John Debono, Clyde Vassallo, and Shaun Tabone. Other additions to the executive-level team are expected over the coming weeks.
“With Elantil, operators can achieve fast market entry, setting them up for success from the outset,” Gauci said.
Denmark licences for Delasport and Yggdrasil
Finally this week, Danish regulator Spillemyndigheden has issued new B2B supplier licences to both Delasport and Yggdrasil.
The licences allow Delasport and Yggdrasil to provide gambling-related content in Denmark. For Delasport, this relates to its sportsbook offering, while Yggdrasil’s permit covers its range of slot games.
Delasport and Yggdrasil join a number of other suppliers that have gained a licence in Denmark in recent weeks.
“Staying ahead of Danish igaming licensing requirements is crucial for supporting our existing partners as they thrive in this well-established northern market”, Delasport CEO Oren Cohen Shwartz said.
Jose Simon, chief commercial officer at Yggdrasil, added: “As a brand with proud Scandinavian roots, we are extremely proud and wholly committed to continuing to offer Danish operators and their player base top gaming content of the highest quality.”
