Kiron Interactive boosts South Africa’s sports betting space

Bally’s Corporation has started 2024 on a promising note. The company’s Q1 2024 results reveal a strategic expansion plan and a positive market positioning.

Bally’s reported a revenue of $618.5 million in Q1 2024, marking a 3.3 percent year-on-year increase. The company’s Casinos and Resorts segment saw a revenue rise of 4.1 percent year-on-year, reaching $342.3 million. However, the international Interactive revenue saw a slight dip of 4.4 percent, settling at $234.7 million. On the brighter side, North America Interactive revenue witnessed a significant surge of 70.2 percent year-on-year, amounting to $41.5 million.

Despite these positive numbers, the company’s adjusted EBITDA fell to $116.5 million in Q1 2024 from $126.3 million in Q1 2023.

Bally’s CEO, Robeson Reeves, expressed optimism about the company’s performance in Q1 2024. He attributed the solid start to the year to the revenue growth in the Casinos & Resorts and North America Interactive segments. During the quarter, Bally’s also launched iGaming in Rhode Island as the sole provider, a move that aligns with the company’s expansion strategy. Reeves stated that the North America Interactive segment’s results were in line with Bally’s expectations.

The decline in the international interactive segment was mainly due to operations outside the UK. However, created by the white paper in the UK, resulting in strong revenue growth. The company aims to launch online sports betting in the UK to complement its iGaming offering and add another customer acquisition funnel.

Reeves also highlighted the potential of their operations in Spain, which are well-positioned to benefit from the recent removal of advertising restrictions. This change will enable Bally’s to increase its investment in faster growth. The company also anticipates further stabilisation of its operations in Asia with an enhanced online sports betting offering.

Bally’s 2024 guidance remains unchanged, with revenue expectations in the range of $2.5 billion to $2.7 billion and adjusted EBITDAR in the range of $655 million to $695 million. The full-year guidance includes the impact of the closure ofbut also considers the ramp of the Chicago Temporary Casino. It also assumes growth in the international interactive division and a revenue rise due to the introduction of iGaming operations in Rhode Island.

Bally’s Corporation (BALY) is trading at $13.00, down by 1.22 percent. This indicates that despite the strategic moves and financial performance in Q1 2024, the stock has experienced a slight decrease. The company is experiencing a positive trend in its revenue growth, especially in the Casinos and Resorts and North America Interactive segments.

The company’s strategic move to launch iGaming in Rhode Island as the exclusive provider has further strengthened its market position.

However, it hasn’t been a smooth sail. The company experienced a drop in International Interactive revenues, mainly due to operations outside the UK. This reflects Bally’s strategic decision to focus on enhancing profit margins rather than chasing growth that may not be economically viable. This shift led to some tough comparisons with the previous year’s revenue. Despite these hurdles, Bally’s has successfully increased its Adjusted EBITDAR by 4.0 percent year-over-year, enhancing the profitability of its segments. This growth, coupled with the company’s strategic expansion plans, could potentially influence the stock performance positively in the future. It’s a testament to Bally’s resilience and strategic foresight in navigating the dynamic gaming industry landscape.

It remains to be seen how the company’s ongoing and future initiatives will influence its stock performance.

South Korean foreigner-only gaming operators Grand Korea Leisure Co Ltd (GKL) and Lotte Tour Development recorded a decline in their April sales compared to the previous month. This decline reflects ongoing challenges faced by the industry despite improvements.  

, a subsidiary of the Korea Tourism Organization, experienced a 28.9 percent decrease in net sales in April compared to the same period last year. Table game sales dropped by 21.2 percent month-on-month, while machine game sales remained relatively stable. However, total sales for the first four months of 2024 declined by 17.7 percent compared to the previous year, without a specified reason for the decrease.  

Although the casino's table drop remained steady compared to March, it showed a notable increase of 7.8 percent from April 2023. The cumulative casino drop for the first four months of the year also demonstrated a significant rise of 17.6 percent compared to the same period last year.  

Meanwhile, Lotte Tour Development, operator of the Jeju Dream Tower casino resort, reported an 8.1 percent decrease in casino sales in April compared to the previous month. However, sales surged by 104.8 percent compared to April last year. Table game sales decreased by 7.7 percent month-on-month but showed a significant increase of 114.6 percent year-on-year.  

Lotte Tour's casino table drop for April witnessed a notable rise of 5.2 percent compared to March and a significant increase of 32.6 percent year-on-year.  

Despite fluctuations in sales and table drops, casino operators in continue to navigate challenges in the gaming industry. While some indicators show improvement compared to last year, the overall trend highlights the need for sustained efforts to bolster the sector in the face of ongoing uncertainties.  

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

The Philippine Amusement and Gaming Corporation () in a joint operation with the Philippine National Police Anti-Cybercrime Group (PNP-ACG), apprehended of 10 Chinese nationals and 26 Filipinos in two separate raids targeting illegal gaming operations and online scams in Laguna and Parañaque City. 

On Thursday, joint forces comprising the CIDG-NCR and PAGCOR apprehended a group of suspects, including 10 Chinese nationals, in Multinational Village, Parañaque. The arrests were made on charges related to the Anti Trafficking in Persons Act (RA 9208), Alien Registration Act (RA 562), and Cybercrime Prevention Act (RA 10175). 

Authorities confiscated a significant cache of assets during the raids, including mobile phones, computers, laptops, credit cards, vehicles, and Chinese government documents. Additionally, two vaults were discovered at the Parañaque residence, further implicating the involvement of the suspects in illicit operations. 

In the Parañaque raid, PAGCOR Senior Vice President for Security Cluster Raul Villanueva said the arrested Chinese nationals believed to have been part of a group that managed to escape from an earlier raid on a large gaming compound in Bamban, Tarlac last March. 

Nine Filipino female workers were also rescued, while one Filipino male serving as a bodyguard was arrested for possession of an undocumented .45 calibre pistol. 

The operation followed an earlier raid on Tuesday with the Philippine National Police Anti-Cybercrime Group (PNP-ACG) and PAGCOR security personnel which led to the involved in an illegal online raffle conducted via Facebook. The suspects, operating under the Facebook page "Lucky Dream 4," were apprehended while livestreaming their 50th raffle event from an office located within a subdivision in Biñan. 

In a press, release, PAGCOR Chairman and CEO Alejandro Tengco reiterated the agency's commitment to combating illegal online gambling and other illicit activities, stressing the importance of protecting the public, especially the youth, from such harmful endeavours. Tengco highlighted the agency's collaborative efforts with law enforcement agencies to strengthen its campaign against these unlawful practices. 

These coordinated efforts underscore PAGCOR's ongoing commitment to upholding regulatory standards and protecting the public from the adverse effects of illegal gambling and fraudulent activities. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

Spain recently saw its Supreme Court several restrictions on gambling ads introduced by a Royal Decree in 2020. This move ended years of strict advertising regulations in the country. However, the new Minister for Social Rights and Consumer Affairs, Pablo Bustinduy, is determined to reinstate these restrictions despite the court's ruling. 

In a recent speech, Bustinduy said he aims to reintroduce similar restrictions on gambling advertising despite the Supreme Court's decision last month. Bustinduy detailed his plans to propose legislation mirroring measures outlined in the annulled Royal Decree, particularly focusing on limiting online ads and those featuring celebrities and influencers. Additionally, he intends to address issues such as loot boxes and ID verification requirements in video games, which were not covered in the original decree. 

In addition to advertising restrictions, Bustinduy aims to strengthen Spain's safer gambling initiatives. Plans include establishing a centralized player registry and monitoring younger players displaying signs of gambling harm. 

The Supreme Court's decision came after the industry union Jdigital challenged the constitutionality of certain restrictions within the Royal Decree. The court found that the Ministry had overstepped constitutional boundaries in implementing the decree, leading to the lifting of some restrictions. This allowed gambling operators to resume advertising their products, including special offers and promotions, and utilize social media and celebrity endorsements for advertising purposes. 

In January 2021, an appeal was lodged by Jdigital, representing online gambling operators, and the Asociación de Medios e Información (AMI), a media group, against Royal Decree 958/202. This decree pertained to the regulation of advertising for gambling activities. 

Both organizations the decree, contending that its restrictions could inadvertently promote the growth of illegal gambling operations. They argued that such measures might hinder efforts aimed at safeguarding vulnerable individuals. Additionally, they maintained that the ban was discriminatory, unjust, and disproportionate, particularly in an environment where online gambling is rigorously regulated.  

Despite the recent relaxation of gambling advertising regulations in Spain, Bustinduy is determined to reintroduce restrictions to address concerns around the promotion of gambling products and protect vulnerable individuals, particularly the youth. His proposed legislation reflects a continued focus on promoting responsible gambling practices and safeguarding consumers in the evolving landscape of online gambling. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .