Industry News
Flutter Sees Revenue Rise as it Delists from Euronext Dublin
Paddy Power and Betfair owner, Flutter posted a 15% rise in fourth-quarter revenue, driven by notable surges in market share across Ireland, the UK and the US.
However, the company said that growth of 26% in its Fanduel US business was below expectations due to a series of very friendly customer results of $343m (€315m) which were “primarily mitigated” by the firm’s expected gross revenue margin being better than anticipated.
The world’s largest online betting company said it expected full-year earnings excluding its emerging US market of £1.44bn (€1.68bn), the bottom of its previously forecast range following a similar run of results in Europe.
In November, Flutter became the latest company to delist from the Dublin stock exchange, marking yet another blow for Euronext.
The betting operator, which is also listed on the London Stock Exchange, announced last year that it submitted a registration statement to the Securities and Exchange Commission in the US, which it expects to be effective in the first quarter of 2024.
The group stated its intent to list on the New York Stock Exchange, adding that it felt appropriate to maintain just two listings “to minimise regulatory complexities”.
Subject to the effectiveness of its Form 20-F Registration Statement with the US Securities and Exchange Commission, Flutter announced that its NYSE listing is on track for the 29th of January 2024.
The group also said it will report full year 2023 numbers in US GAAP and US dollars on the 26th of March, along with 2024 guidance.
In a post-close statement, Flutter posted US net revenue of £1.14bn (€1.54bn) which is £147m (€171m) below previous guidance provided at Q3, with an approximate 35% flow through to Adjusted EBITDA.
Revenue growth in its three other main divisions was in line with guidance, the Paddy Power, Betfair and Sportsbet owner added.
Across Ireland and the UK, revenue increased by 19%, driven by continued market share gains through product improvements, the company said.
“The Group traded well in Q4 underpinned by our leading local brands supported by global Flutter Edge advantages,” said Flutter chief executive, Peter Jackson.
“In the US, while sports results were very customer friendly, particularly on the NFL in November, the underlying momentum in the business remains very strong heading into 2024.
“We are very excited that the addition of a US Flutter listing is now just days away. This is a pivotal moment for the Group as we make Flutter more accessible to US based investors and gain access to deeper capital markets. I am looking forward to 2024 and further building on the momentum within the Group to continue delivering growth.”
Industry News
CogniPlay Launches New Social Casino Platform
CogniPlay has launched its new software product, which aims to provide a robust online sweepstakes or social gaming platform to its clients. The system is designed to be modular, allowing customers to tailor their brand and offering to what they believe will give them optimal performance.
The CogniPlay system has several key integrations which help to deliver the product, including games integrations with the likes of Pragmatic Play, BetSoft, Mascot Gaming and many more, giving them 100s of games for their clients. There are other integration options for their customers to pick from too, including affiliate programme software, CRM platforms and associated products, KYC, ID verification, Geo-IP systems, Gamification and customer support.
They also have a very long and extensive development pipeline which will see the product offering develop at pace, giving clients an extensive list of options and USPs, and of course giving players a great user experience as a result.
As well as the platform itself the CogniPlay team, due to their considerable experience, also offer a whole host of managed services, with almost a menu that clients can choose from to fill any gaps in their own skillsets or experience.
CogniPlay’s Chief Executive Officer Allan Turner said: “We are very proud to take the CogniPlay product to market and are excited that people who want to start a new social or sweeps brand can get in touch with us to see what we can do for them, or in fact established brands that are unhappy with their existing provider.
“Our underlying principles are that we want to provide the most flexible platform in the space, to enable our clients to create the product they want to have, not for us to dictate the product to them. The two other main areas of focus are that we want to be the most future-proof product on the market with plans for any regulatory or legal changes that may arise in the future, and that we have all the right safeguards in place to ensure that we look after both our clients and players with our responsible gaming setup. This of course means having the right tech and processes in the key areas of KYC, Geo-IP tech, anti-money laundering, fraud, risk assessment and ID verification.”
The post CogniPlay Launches New Social Casino Platform appeared first on European Gaming Industry News.
Hard Rock International
The Mirage Hotel & Casino to Begin Transformation into Hard Rock Las Vegas on July 17, 2024
Hard Rock International (HRI) announced its plans to cease operations of The Mirage Hotel & Casino as of July 17, 2024, to begin the transformation of the property into the highly anticipated Hard Rock Hotel & Casino and Guitar Hotel Las Vegas (HRHCLV).
Hard Rock will develop a new integrated resort featuring a nearly 700 ft. guitar-shaped hotel towering prominently in the center of the famous Las Vegas Strip.
“We’d like to thank the Las Vegas community and team members for warmly welcoming Hard Rock after enjoying 34 years at The Mirage. We’d also like to thank the Unions, community leaders, local and state government organizations and the Gaming Commission for their support and fair negotiations over the past year. Also, we are grateful to MGM for assisting with our transition,” Jim Allen, Chairman of Hard Rock International, said.
“While we pause for the incredible transformation of this iconic property, I’d like to thank all team members at The Mirage for their incredible commitment and helping us provide memorable experiences for our guests. We are planning to host collaborative hiring events with other employers in the Las Vegas community over the coming months. Connecting the thousands of talented Mirage team members who provide outstanding service with new employment opportunities is a top priority,” Joe Lupo, President of The Mirage, said.
HRHCLV is expected to double the current number of jobs at The Mirage for the Las Vegas community, while the renovation of the property will generate over 2500 construction jobs. Hard Rock will pay approximately $80 million in severance packages for eligible union and non-union employees remaining with the property through cessation of operations.
Industry News
IGT Reports First Quarter 2024 Results
International Game Technology PLC has reported financial results for the first quarter ended March 31, 2024.
“Innovative game, hardware, and systems solutions drove better-than-expected Global Lottery and Gaming & Digital performance in the first quarter. As a result, we are upgrading our full-year 2024 revenue and profit goals, which reflect broad-based momentum across key performance indicators in the balance of the year. We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi,” Vince Sadusky, CEO of IGT, said.
Key Highlights:
- Announced Gaming & Digital business to be spun off and combined with Everi Holdings Inc.; transaction expected to close in late 2024/early 2025
- Recognised with top honours at ICE London 2024 awards programmes including “Lottery Product of the Year” and “Best Diversity and Inclusion Employer”
- Received a supply contract extension from the UK National Lottery
- Executed licensing agreement with the Maryland Lottery for IGT’s patented Cash Pop draw-based game
- Mystery of the Lamp named “Top Performing New Premium Game” at 2024 EKG Slot Awards Show
- Awarded contract to provide PeakDual 27 video lottery terminals across Quebec
- Launched iGaming content in Rhode Island
- Achieved AAA MSCI ESG rating, the highest rating possible, and earned a gold medal sustainability rating from EcoVadis.
“We delivered a record organic profit performance in the first quarter, if we exclude Separation & divestiture costs. The Company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities,” Max Chiara, CFO of IGT, said.
The post IGT Reports First Quarter 2024 Results appeared first on European Gaming Industry News.
-
EurAsia6 days ago
Evoplay expands footprint in Georgia with Europebet partnership
-
Balkans6 days ago
SOFTSWISS Expands to Bulgaria: European Growth Through Partnership
-
Christine A. Dorchak6 days ago
Greyhound Advocates Applaud Gov. Ned Lamont for Signing Bill to Outlaw Dog Racing
-
Latest News5 days ago
NIFL Strikes Exclusive Data & Streaming Deal With FeedConstruct
-
Aposta Ganha5 days ago
Aposta Ganha strengthens LatAm sports betting market integrity with IBIA membership
-
Eastern Europe5 days ago
TotalBet Joins Forces with Fast Track to Boost Player Engagement
-
Latest News6 days ago
ELA Games Announces New Slot Game – Big Wave Delight
-
Compliance Updates5 days ago
ITIA Bans Two Players for Corruption Linked to Belgian Syndicate