This week’s State of the Union, in partnership with Segev LLP includes a host of first quarter results, the debut of legal fixed-odds horse racing betting in New Jersey and Bet MGM’s first partnership in Texas.
DraftKings’ revenue grew to $417.2m for the first quarter of 2022, but the business recorded a net loss of $467.7m.
The business also raised its guidance for the full year, projecting revenue between $1.92btn and $2.025bn and earnings before tax, interest, depreciation and amortisation (EBITDA) to be between $760m and $840m.
Fixed-odds betting on horse racing is now available in New Jersey, after BetMakers Technology Group, Darby Development and the New Jersey Thoroughbred Horseman Association (NJTHA) launched their new service in the state.
Fans can now place fixed-odds and pari-mutuel bets at Darby Development’s Monmouth Park.
A bill that would legalize sports betting and historical sports racing machines in Kansas was sent to the state governor, Laura Kelly, for consideration.
If passed, lottery facility managers will be allowed to operate sports betting in Kansas on behalf of the state lottery.
Revenue in New York was $104.1m in April, down by 8.9%, while handle also declined to $1.39bn from $1.63bn in March. Once again Flutter-owned FanDuel Group led the market, with $63.6m in revenue from a total of $599.5m in wagers.
BetMGM struck a deal with Major League Baseball franchise the Houston Astros, which will see the operator offer VIP experiences to fans in Texas.
This is BetMGM’s first deal in the state.
Operator Full House reported a 1.9% decline in revenue for its first quarter, amounting to $41.4m.
Despite operating expenses rising by 8.7% to $36.1m, the operator saw a profit of $110,000, up from a loss of $3.4m.
Revenue for International Game Technology (IGT) rose by 3.5% to $1.05bn in Q1. Its global lottery division made up $680m of the revenue, while the global gaming division accounted for $325. The digital and land based segment made up the remaining $47m.
Everi enjoyed record results in the first quarter of the year, across revenue, its financial technology segment, net income, adjusted EDBITA and free cash flow.
Revenue came to $175.6m, up by 26.2% year-on-year. Gaming revenue accounted for $98.3m of this, while the financial technology segment contributed the remaining $77.3m.
Wynn Resorts cut losses by 34.8% in Q1, while revenue increased by 29.4% to $953.3m. Most of this came from gaming revenueat $489.9m, followed by food and beverage revenue at $174m and rooms revenue at $170.4m.
EveryMatrix secured a supplier license in West Virginia, the most recent in several moves to expand its global reach. The company is currently preparing for full certification of its products.
DoubleDown saw revenue drop to $85.5m and net profit decline to $18.4m in Q1. Meanwhile, general and administrative expenses rose to $5.2m.
Revenue for gaming machine and virtual sports provider Inspired Entertainment grew by 165.8% to $74.8m. As usual Inspired’s gaming business was the most revenue-heavy division in the quarter, totaling at $28.3m.
Wynn Resorts CEO Craig Billings affirmed the business’ commitment to igaming in Wynn’s Q1 2022 earnings call, after Wynn Interactive generated $727m in turnover throughout the quarter.