Italian gaming and has reported a 4 percent year-on-year revenue rise to €440.1 million in Q1 2024. This revenue was generated on the back of €1.01 billion in total Gross Gaming Revenue (GGR) during the quarter, marking a modest 1 percent increase compared to the same period in 2023. The company now holds a 21.6 percent share of the Italian online gambling market.

However, the company’s adjusted EBITDA for the quarter stood at €149.5 million, reflecting a 4 percent decrease from Q1 2023. This drop came about as the operator’s adjusted EBITDA margin fell to 34 percent, down from 36.9 percent in the same period of 2023. that Q1 2024 revenue grew 11 percent compared to Q1 2023 at a normalised payout rate, driven by the overall increase in productivity of the network.

The normalised payout calculates Lottomatica’s Q1 earnings on the premise of a sports betting payout rate of 79.7 percent in retail locations and 86.4 percent from betting online. This method of calculation provides a more accurate representation of the company’s earnings, taking into account the variability in payout rates.

The online segment of Lottomatica’s business surpassed expectations, with revenue increasing 21 percent year-on-year to €150.4 million in Q1 2024. However, the sports franchise segment reported a 15 percent year-on-year decrease to €94.4 million due to “unfavourable payouts” in the first quarter. Despite this, Lottomatica’s gaming franchise generated a 4 percent year-on-year revenue increase to €195.3 million.

In terms of volume, the online sector also surpassed expectations, experiencing annual growth of 36 percent as total bets reached €5.06 billion. This is a significant achievement, considering that Lottomatica recorded €8.73 billion in total betting volume for the quarter, marking a 20 percent increase compared to the previous year.

Lottomatica Group CEO Guglielmo Angelozzi stated, “In the first quarter of 2024 we have continued our path of organic growth, also supported by solid market tailwinds, with revenues and EBITDA achieving double digit growth year-on-year (at normalised payout)”. This statement reflects the company’s successful growth strategy and its ability to leverage market trends to its advantage.

The company completed the acquisition of SKS365 in April 2024. This acquisition is expected to contribute significantly to the company’s performance in the coming months. The company now predicts revenue for full-year 2024 to come in between €2.02 billion and €2.07 billion, with adjusted EBITDA of between €680 million and €700 million. This forecast includes eight months of contribution from SKS365, with estimated full-year adjusted EBITDA for the business of approximately €80 million.

Lottomatica’s Q1 2024 performance presents a mixed picture. While the company has managed to achieve revenue growth and expand its market share, the dip in EBITDA and the decrease in the sports franchise segment’s revenue are areas of concern. However, the successful acquisition of SKS365 and the strong performance of the online segment provide a positive outlook for the future.

has recently welcomed Kim Harris Jones (pictured above), to its board of directors. This appointment marks a significant milestone in the company’s leadership, as Harris Jones brings a wealth of experience from various sectors outside the gambling industry.

Harris Jones’s professional journey is marked by her tenure at several prominent US corporations. She spent 16 years at Kraft, where she ascended to the position of SVP and corporate controller of its Mondelez International subsidiary following a spin-off. Prior to Kraft, Harris Jones held numerous leadership roles at Chrysler for 17 years, culminating in her role as SVP and corporate controller. Her career also includes a six-year stint at General Motors.

Caesars CEO Tom Reeg expressed his pleasure at welcoming Harris Jones to the board, praising her vision for strategic, collaborative innovation. He highlighted her exceptional experience in navigating complex issues and implementing transformation for optimization. Reeg looks forward to working with Harris Jones, the board, and the management team to continue driving results for their guests, team members, and shareholders.

As the 10th member of Caesars’ board, Harris Jones will provide oversight to the company and play a crucial role in setting its strategic direction. She is a University of Michigan graduate and serves on several other boards, including United Rentals, True Blue, and Fossil Group. Additionally, she is a member of the Ethiopian North American Health Professionals Association and the finance committee of the Consortium for Graduate Study in Management.

Caesars executive chairman Gary Carano hailed Harris Jones as a tremendous addition to the Caesars Entertainment leadership team. He emphasized her extensive experience in finance and her reputation as a thoughtful and engaged leader within some of the largest consumer-packaged goods and automotive companies. Carano believes that Harris Jones’s addition will provide a new perspective for envisioning a stronger, more dynamic future for Caesars Entertainment.

This board appointment comes at a critical juncture for which has been experiencing declining sports betting revenue due to poor hold performance. The company also faces challenges in its flagship Las Vegas business, which analysts at JMP Securities predict will see a 5% decline in EBITDA year-on-year in its Q1 report. Another long-term challenge is the company’s ongoing effort to deleverage the business, which reported $12.3bn in debt as of 31 December 2023.

As of now, Caesars Entertainment, Inc. (CZR) is trading at $35.82, down 4.66 percent. Despite these challenges, the addition of Kim Harris Jones to the board signals a promising new era of leadership for the company.

In the midst of Ukraine's ongoing conflict, a silent battle is being waged within the ranks of the armed forces. Junior Sergeant Pavlo Petrychenko of the Ukrainian army raised an alarm about a perilous vice that has taken hold among the soldiers: online gambling. This addiction has led to numerous soldiers squandering their salaries, plunging them and their families into financial distress.

The situation has escalated to such an extent that some soldiers have resorted to selling off military equipment, including drones and thermal imaging cameras, to fund their gambling habits. This not only compromises their personal safety but also jeopardizes the security of their fellow soldiers.

The relentless stress of war and the physical distance from their families and loved ones have left the soldiers emotionally drained. In their search for a coping mechanism, many have turned to online gambling. It provides a temporary escape from their harsh reality and a fleeting rush of dopamine, a neurotransmitter associated with feelings of pleasure and reward.

Petrychenko, recognizing the severity of the issue, petitioned President Zelensky to ban gambling among soldiers. His plea resonated with many, garnering 26,000 supporters in just a few days. This overwhelming response necessitated a formal reply from the president.

On April 20, Zelensky responded by signing a decree that prohibited military personnel from engaging in online gambling during wartime. The decree also imposed restrictions on advertising, initiated a nationwide campaign to educate the public about the dangers of gambling addiction, and mandated the blocking of all illegal gambling sites.

The health ministry was tasked with developing a strategy to treat severe gambling addiction. However, just five days before the decree was signed, Petrychenko, the soldier who had sounded the alarm, was tragically killed in action in the eastern Donetsk region.

His petition sparked a nationwide discussion about the psychological toll of war on Ukraine’s already stretched forces. Lawmaker Oleksiy Goncharenko claimed that nine out of ten frontline soldiers were grappling with he said was “destroying morale in the military.”

Ukraine’s Deputy Minister of Veterans’ Affairs, Oksana Syvak, echoed these concerns. She revealed that there were numerous complaints from parents and spouses about soldiers losing their hard-earned money to gambling. While there are no official statistics to quantify the problem, personal accounts suggest that the sums involved are substantial.

Ivan Zadontsev, a press officer for the Aidar battalion, shared a story about a soldier in his unit who won 2.5 million hryvnias ($63,000) through gambling, only to lose it all in the hope of winning even more. Another soldier won a staggering 60 million hryvnia ($1.5 million) jackpot and subsequently deserted.

Zadontsev suggested that the relatively high salaries of soldiers, which are six times the national average, might be a contributing factor to the gambling problem. Syvak, on the other hand, attributed it to the psychological impact of the ongoing conflict.

“During such hostilities, very often people use alcohol, drugs, smoke weed or… abuse gambling,” he said. “This is a consequence of war… gambling is a break from reality, a secondary reaction to a severe trauma.”

The rise in online gambling has also raised security concerns. Anton Kuchukhidze, chairman of the Ukrainian Gambling Council, estimated that there are 1,200 illegal gambling sites, 300 to 400 of which are Russian companies. However, he argued that there was no research to support the claims of widespread gambling addiction among Ukrainian soldiers.

As the war continues to ravage the Ukrainian economy, But with it comes a hidden crisis that is silently tearing at the fabric of the Ukrainian armed forces, a crisis that demands immediate attention and action.

Betfred has recently made a significant strategic shift. The company has fully absorbed its supplier, Sharp Gaming, marking a new chapter in its business operations. The founder of Sharp Gaming, Andrew Daniels, will now serve as Chief Information Officer, further strengthening the company’s technological prowess.

Sharp Gaming, launched in 2017 with over £100m funding from Betfred Chairman Fred Done, has been a key player in Betfred’s operations. The company has now transitioned completely in-house and rebranded as Betfred Technology. This move signifies Betfred’s commitment to leveraging technology to drive its business forward.

Betfred Technology will now power Betfred’s full-spectrum B2B system, including its Player Account Management (PAM), sportsbook, gaming aggregation, Remote Gaming Server (RGS), websites, and applications. This integration is expected to unlock new opportunities for Betfred, enhancing its ability to deliver superior services to its customers.

Andrew Daniels, the former CEO of Sharp Gaming, expressed his excitement about the transition on LinkedIn. He stated, “Completing the migration allows us to look ahead and begin Our new platform is key to unlocking new opportunities for us. As we embark on this new chapter for Betfred, we also bid farewell to the name Sharp Gaming.”

Daniels, who launched Sharp Gaming in 2020, will now take up a new role as Betfred’s Chief Information Officer. This follows Betfred’s acquisition of Sharp Gaming in 2021, after a £25m investment in 2020. The business had been supported by Betfred from its inception, receiving £25m from Done at launch.

Daniels thanked his team for their hard work, stating, “Thanks to my fantastic team, who have worked around the clock since December to ensure the success of the migration. Here’s to the next chapter of innovation, growth, and success at Betfred.”

Before founding Sharp Gaming, Daniels had a rich history in the gaming industry. He worked as Betfred’s Head of Mobile Development from 2011 to 2013, and as a Senior Developer at IGT following the supplier’s acquisition of mobile gaming business Million-2-1. He also founded Degree 53, an online gambling, mobile gaming, and website-focused creative agency, which was acquired by Bally’s Interactive in 2021.

This strategic shift by Betfred reflects the growing importance of cutting-edge technology in the betting industry. With its new in-house technology department, Betfred is well-positioned to innovate its offerings and continue its growth trajectory in the years to come.