Caesars reported that its digital business achieved net revenues of $238m in Q1 2023, compared to negative revenues of $53m in Q1 2022. CEO Tom Reeg said he was “cautiously optimistic” that the digital business had seen its last negative EBITDA quarter, with losses curtailed to $4m in Q1 from last year’s half-a-billion levels. Reeg attributed the improvements to a pullback in marketing and promotions, resulting in considerably lower acquisition costs. The digital business is now “fully self-funded,” according to CFO Bret Yunker, and Caesars will be launching a standalone iCasino app to target the core slot customer. Reeg said Caesars was a “builder not a buyer” when it comes to potential M&A in game developers. In Vegas, the company is benefiting from a “virtuous […]

Flutter, the parent company of FanDuel, reported a 46% growth in revenues in constant currency to £2.41bn for Q1 2023. CEO Peter Jackson attributed the strong results to the company’s focus on product improvements, with FanDuel achieving a 50% market share in US sports betting and US revenues up 92%. The company is confident it will continue to take share and aims to make a profit this year. Flutter received shareholder support for its dual listing in the US, which will take place by the end of the year. The company has already taken leadership in responsible gambling in the UK and Ireland, where revenues rose 17%. Internationally, Flutter’s revenues were up 85%, driven by the Sisal business in Italy. The company is optimistic about […]