Business
May 3, 2020
CDI Reported Q1 Revenue Drop, Re-Opening of Churchill Downs Racetrack in Sight
Churchill Downs Incorporated /CDI/ has recently released its first quarter financial report posting net revenue of $252.9 million, down 5% compared to Q1 in 2019. The company posted net loss for the quarter to the extent of $23.4 million, in total contrast with the $11.6 million profit generated the year before. Adjusted earnings before interest, […]
Business
May 3, 2020
MGM Resorts Continues with Osaka IR bid in Japan
MGM Resorts CEO Bill Hornbuckle noted that the company is proceeding as planned for its Osaka IR bid in Japan. Hornbuckle calls the Asian market a “huge upside for the company”. MGM Resorts Follows Their Plan for the IR bid in Japan Bill Hornbuckle, CEO of MGM Resorts, confirmed that the company is still going […]
Business
May 2, 2020
Sports Betting in Colorado Went Live as Planned, Waiting for Sport to Restart to Show Its Hand
Last week the long-awaited launch of sports betting in Colorado became official, after the Colorado Limited Gaming Control Commission put all efforts, including holding special meetings to approve new licenses, to meet its predefined schedule date May 1. DraftKings and FanDuel Among the First Sports betting in the state became legal November 2019, when the […]
Business
May 2, 2020
GVC Announces Temporary Pay Cuts, Execs Forego Bonuses
Sports betting giant GVC has implemented payment reduction and bonus cuts for the company’s high-ranking employees in a bid to help it pull through the COVID-19 outbreak. GVC Execs Opt Out of Bonuses to Support the Company GVC has announced pay cuts for high-ranking staff members. The measures will affect everyone up the command chain, […]
Business
May 2, 2020
Online Casinos and Betting Could Go Mainstream Because of COVID-19
The abrupt suspension of all land-based gambling activity has prompted many companies and lawmakers to seek an alternative, turning to online betting and gaming. Online Gambling May See a Brighter Future Because of COVID-19 Lockdown With most lawmakers resisting the shift towards online casinos and mobile sports wagering, 2020 and 2021 may yet see a […]
Business
May 1, 2020
DEAC Filing to Clear DraftKings for Nasdaq Listing Reveals Shareholders, Other Merger Details
Diamong Eagle Corp /DEAC/, the Special Purpose Acquisition Company /SPAC/ created for the merger between DraftKings and SBTech, announced last week its shareholders approved the deal that involved the Boston-based fantasy and sports book operator and the European technology provider. Subsequently, this meant that since Friday, April 24, DraftKings started trading on the NASDAQ as […]
Business
April 30, 2020
Flutter Entertainment and The Stars Group Set Merger Date for May 5
Paddy Power Betfair parent company Flutter Entertainment is drawing closer to the long-anticipated merger with The Stars Group (TSG). After shareholders from both companies have approved the move and regulators have given their go-ahead, the merger will be completed on Tuesday, May 5. This will conclude the process that began back in October 2019, when […]
Business
April 29, 2020
Nevada Gaming Control Board: March Gaming Revenue Sank Nearly 40%
Gaming revenues for March in Nevada, the gambling focal point in the US, slumped 39.6% year-on-year as a result of the casinos closure that had been in effect, the Nevada Gaming Control Board pointed out. The state-wide order to close down casinos as part of the non-essential businesses that needed to halt operations to help […]
Business
April 28, 2020
UK Gambling Companies Agree to Limit TV and Radio Ads through June 5
The Betting & Gaming Council and the United Kingdom’s leading gambling companies have negotiated temporary measures to help protect vulnerable gamblers by limiting the number of advertising shown on TV and radio. TV and Radio Advertisement for Gambling Limited Through June 5 Gambling operators in the United Kingdom have agreed to a new measure to […]
Business
April 27, 2020
Kindred Group Posted 11% Revenue Growth for First Quarter 2020
Malta-based Kindred Group issued its January-March 2020 interim report, posting first quarter winnings of £249.7 million, an 11% increase in revenue compared to the same period in 2019. Underlying earnings before interest, tax, depreciation, and amortisation /EBITDA/ amounted to £42.5 million, despite £20.7 million of comparability cost adverse effect. Sports Betting the Main Driver Despite […]