Wire NORTH AMERICA
888 could sell US B2C Operations
888 has terminated its contract with Authentic and begun a strategic review of its US B2C operations that will consider all potential alternatives, including selling.
Te Group has not set a timetable for the completion of its strategic review and offered no assurances regarding the results or likely outcome.
US OPERATOR NEWS
ARIZONA– Arizona’s sports betting sector reported record-breaking revenue of $70.9m in January, marking the second consecutive month of the state setting a personal best. According to information from the Arizona Department of Gaming, gross sports betting revenue increased by 4.8 per cent from December’s high of $67.7m, and increased by a 49.4 per cent compared to 2023.
Total handle in January came in at $706.4m, falling slightly short of November’s peak but still marking the second time it surpassed $700m in Arizona’s 29 months of legalised sports betting.
WISCONSIN– Wisconsin’s Oneida Casino has launched a new sports betting app, allowing customers to place a bet anywhere on Oneida Nation land, in addition to its physical casino locations. The sportsbook app’s 100-mile radius is the first of its kind in the state.
Once launched, the number of bets placed double the next day with a 20 per cent increase seen since. Customers have to activate their accounts at designated physical locations, including the Oneida Casino, Main-Airport, or West Madison locations.
DISTRICT OF COLUMBIA– Elys BMG Group, announced that the Grand Central H-Street Sportsbook held its grand opening at 625-D H Street NE in Washington, D.C., on March 21, 2024. The grand opening began with an invitational event with media and government officials.
“We are excited to extend our collaboration with Grand Central to launch their second joint venture site,” said Mike Ciavarella, CEO of Elys. “This is more than just a business expansion; it’s a testament to our commitment to providing exceptional services and creating unforgettable experiences for our patrons and partners.
“We are eager to immerse ourselves in the rich tapestry of the D.C. community and to have a positive impact on the evolution of the District’s sports betting landscape while fostering initiatives of small and local business builders like Brian.”
US – Software solutions provider Digicode has appointed Itai Zak as Executive Director for the iGaming division. In his new role, Zak will develop and execute Digicode’s iGaming strategy, focusing on driving revenue and growth. He will work with the product development and sales teams to deliver solutions tailored to the needs of iGaming operators.
“I am excited to join Digicode and lead their iGaming division. Digicode has a proven track record of delivering innovative software solutions, and I am eager to contribute to their continued success in the iGaming market,” Itai said.
P18 WIRE / PULSE / INSIGHT / REPORTS
888 has begun a strategic review of its US B2C operations that will consider 'all potential alternatives that can deliver value for the business.' Such alternatives could include the sale - in whole or in part - of the Group's US B2C business, the controlled exit of US B2C operations, or other possible strategic transactions.
888 is active in four states, with SI Sportsbook and SI Casino in Michigan, SI Sportsbook in Colorado and Virginia and 888casino in New Jersey. Te gross profit margin in the US is lower than the group level, reflecting significant direct costs of operating in the market including duties, market access fees, and licence fees, in addition to intense competition from well-capitalised incumbent participants. Te Group has determined that its current structure will not optimise returns, and has initiated a strategic review of the operations.
As a result of this determination and review, the group has mutually agreed to part ways, concluding its partnership with Authentic Brands Group. Tis partnership had granted exclusive use of the Sports Illustrated brand for
District of Columbia FanDuel goes live in Washington D.C.
Te Office of Lottery and Gaming announced that FanDuel is the new sports wagering subcontractor for Intralot, OLG’s lottery and sports wagering systemvendor. Under the agreement, residents of Washington,D.C. will gain access to FanDuel’s sports wagering app, which is the market leader nationally, as well as its website and retail platforms.
“FanDuel’s offering will ensure that the District maximises revenue under its existing contracts this year while delivering a best-in-class experience for 18+ residents,” said Frank Suarez, Executive Director, OLG.
FanDuel’s mobile sports wagering platform will be available to both residents and visitors inside the geographic boundaries of the District of Columbia starting this spring. Te new partnership will bring immediate financial benefit to the District, including an initial
$5m fee payable by Intralot within the current fiscal year. Te initial fee alone guarantees a significant revenue increase from sports wagering for the District in 2024.
Intralot will assume OLG’s current operating costs associated with sports wagering, providing additional savings to help increase the revenue from sports wagering that will go to the District’s general fund, allowing the District to fund critical programmes.
Washington, D.C.’s Certified Business Enterprises (CBE), local, often minority-owned businesses will continue to gain revenue from sports wagering. Under this new partnership, the CBEs are expected to see 1.5 to two times greater gaming revenue than currently.
Additionally, GambetDC’s existing in-store gaming kiosks will be replaced by FanDuel’s on a phased basis.
online betting and gaming. As part of the termination agreement, 888 has agreed to pay a fee of $25m, which will be paid in cash from available resources. Additionally, 888 will pay an extra $25m between 2027 and 2029. Te termination of this agreement is expected to result in operating cost savings of approximately $6m to $7m per year in 2024 and 2025.
Per Widerström, CEO of 888, commented: "Since commencing my role as CEO I have been focused on ensuring the Group is set up to deliver strong value creation in the coming years. In the US, the intensity of competition and requirement for scale means huge investment is required to reach profitability.
"Our partnership with Authentic has consistently driven strong demand for the SI brand across both consumer experiences and product offerings. A series of record-breaking months for SI Casino has underscored the strength of the SI brand. However, despite these successes, we have concluded that achieving sufficient scale in the US market to generate positive returns within an accelerated timeframe is unlikely.”
Nevada
Having just announced its merger with the gaming division and PlayDigital arms of IGT, Everi delivered what it said was a 'transitional' year with revenues increasing to $807.8m from $782.5m in 2022, reflecting a nine per cent increase in the FinTech segment revenues partially offset by a two per cent decline in its games segment revenues.
Q4 revenues came in at $192m compared to $205.4m a year ago with the FinTech segment revenues rising three per cent to $94.9m, reflecting a 25 per cent increase in software and other revenues and a six per cent rise in financial access revenues, partially offset by lower hardware revenues due to strong kiosk sales in the prior year.
Games segment revenues declined to $97.1m, as a result of declines in both gaming operations and gaming equipment and systems .
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