Gambling Company Q2 2023 Financials – Positive Q2 Financials BetMGM, Kindred & Ceasars

A condensed report showing gambling company Q2 2023 financials for Kindred, BetMGM (LeoVegas), and Ceasars (William Hill) – positive results! (Photo by Martin Martz on Unsplash)

The world of gambling in terms of financials is in an excellent state. BetMGM, Ceasars, and Kindred have all increased revenues.

We follow the latest Q2 financial reports from the LeoVegas parent company, BetMGM, Kindred Group, and Ceasars (William Hill US owner).

All three companies reported an increase in revenues across the board.

The most impressive was BetMGM, the company that acquired LeoVegas, while LeoVegas now owns the Push Gaming software provider. Positive financials for BetMGM are also a good sign for Entain, which has a 50/50 joint venture with the US gambling giant.

Kindred is also looking strong, which showed in the recent stock market rally over the past week. Shareholders will be pleased to see if the company is recovering.

And just for good measure, ex-owner of William Hill online casino, Mr Green, and WH bookies has also posted positive results.

Let’s take a look at the stats:

BetMGM’s H1 Financial Performance: A Soaring Increase in Revenue

• Positive Outlook: On the positive side, BetMGM’s robust H1 results indicate strong growth with a 55.2% rise in revenue and positive EBITDA in Q2. The company’s ongoing geographical expansion, improved product offering, and increased market share point to a successful future.
• Negative Outlook: The company is a new entrant in many of the iGaming and sports betting markets it operates. It may face increased competition as more gambling entertainment firms enter the same markets. Plus, consonantly changing regulatory changes mean unpredictable impacts on future financial performance. In the end, the gambling giant’s future success will rely on its ability to retain its current player base as well as build on that by attracting new players.

The parent company of the popular LeoVegas gambling platform, BetMGM’s latest financial figures show a net revenue increase of 55.2% in its net revenue for H1 2023. The total reported was a satisfying $944 million. The company also demonstrated progress towards profitability, noting positive EBITDA in Q2 and improved margins due to system and platform enhancements. With expanded operations across North America and continued growth in its market share, BetMGM remains confident in achieving its revenue guidance of $1.8 billion – $2 billion for the year.

Caesars Entertainment Posts Positive Q2 Results Boosted by Digital Business

Caesars Entertainment Corporation recently reported an impressive performance for the second quarter of 2023, buoyed by the resurgence of its digital division, Caesars Sportsbook, which posted its first positive adjusted EBITDA since its rebranding in the summer 2021.

The group launched its new-look sportsbook app in August 2021, following its acquisition of William Hill earlier that year. Caesars acquired William Hill for £2.90bn (€3.37bn/$3.71bn) in April 2021 after a deal was agreed in September 2020. Caesars Sportsbook was rolled out across 20 states in the months and years that followed. It later sold off its non-US business to 888 Holdings, which includes UK high street bookies, William Hill Casino and Mr Green Casino.

However, despite this extended reach, EBITDA did not turn positive until the second quarter of this year. EBITDA from Caesars Digital in Q2 reached $19.0m. In May this year, Caesars set a digital EBITDA target of $500.0m within the next two years.

In the pursuit of digital transformation, the group launched its revamped sportsbook app in August 2021, post the acquisition of William Hill for a hefty sum of £2.90bn (€3.37bn/$3.71bn) in April of the same year.

Despite its widespread rollout across 20 states, the online platform took nearly two years to turn EBITDA positive, which finally happened in Q2 2023, with an EBITDA of $19.0m. Setting ambitious targets, Caesars aims for a digital EBITDA of $500.0m in the next two years.

Kindred Group’s Remarkable Q2 Performance

Online gambling titan, Kindred Group, has made significant strides in the year’s second quarter, registering an impressive 29% increase in total revenue. The period under review saw the company record a total revenue of GBP 307.3 million ($396.9 million), a notable jump from last year’s performance during the same period.

The first half of the year also saw Gross winnings revenue increase by 25% to GBP 595.6 million. There was also a remarkable 111% increase in underlying EBITDA to GBP 105.1 million, while the profit after tax stood at GBP 53.3 million.

Some highlights for the quarter include a 28% gross winnings revenue increase to GBP 298.3 million and a staggering 120% rise in underlying EBITDA to GBP 55.7 million ($71.9 million). The number of active customers also rose by 17% to 1,561,444.

Interim CEO Nils Andén attributes the impressive performance to a strong customer offering and the scalability of their business model. The positive results have reinforced the company’s EBITDA guidance of at least GBP 200 million for the year.