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Friday 20 Aug 2021 FRIDAYWEEK 20 AUG 33 2021 FIRST-TIME DEPOSITORS Sponsored by GROW 313% IN GOLDEN NUGGET ONLINE GAMING H1 REPORT FRIDAYWEEK 20 AUG 33 2021 Sponsored by THIS WEEK • Slim pickings for Michigan in July • New acquisition for Betsson • 12% fall for LeoVegas in Q2 • Betting handle soars for Elys in Q2 FIRST-TIME DEPOSITORS GUEST COLUMNIST: GROW 313% IN GOLDEN • Alex Donohue, NUGGET ONLINE GAMING Managing Director & H1 REPORT Founder, Press Box PR See also page 3 New CEO for Rush Street Interactive Sponsored by During an eventful period for Tilman Fertitta and his charges, there was more encouraging news for Golden Nugget Online Gaming during the reporting of its Q2 and H1 nancials Golden Nugget Online Gaming (GNOG) appears set for With aims to develop quality products and initiate exclusive success as it enters the second half of the year. Continuing content and evolution, GNOG’s goals are focused around its recent trend, GNOG was able to display impressive results producing bespoke game development. Its Android App is throughout both its Q2 and H1 reports. As GNOG strives now available in the Google Play Store across New Jersey forward, it aims to remain positive with a strong focus on and Michigan. To encourage retention of player base and the “growing market opportunity” that’s still to come. customers, GNOG launched its flagship $1m wagering race It’s been a busy time for the online casino operator, which in July, with a monthly promotion of a top prize of $100,000. after being acquired by DraftKings has also reported its financial President Thomas Winter stated: “GNOG continues to show results for the second quarter alongside the first half of 2021. strong growth with our results in the first half of this year. The Q2 and H1 financial highlights show its revenue standing In Michigan, we more than tripled our market share since at $31.7m, indicating an increase of 28% compared to $24.8m launch, which validates our steady, ROI-focused growth during the second quarter of 2020. Growth is also shown in investments. In the second quarter we grew gross gaming revenue for the first half of 2021, increasing 39% to the value revenue (GGR) 99% over the first quarter while the rest of the of $58.4m, in comparison to $42.2m during the first half of 2020. market only grew 35%. The company’s Q2 net loss was $16m, as opposed to net “In July, the positive trend continued with GGR over $5.3m, income of $0.1m in the year prior. However, net income for the a 32% increase over the monthly average in the second company’s H1 was $68.1m in 2021, compared to net income quarter, making GNOG the fifth-largest iGaming operator in of $4.3m during the prior-year period. The report shows the state, with a market share of 6%. adjusted EBITDA reached $3.8m for the second quarter, “In New Jersey, where market revenues had been boosted which was a significant drop from the $8.5m it made in the by the pandemic last year, we were still able to grow net second quarter of 2020. In terms of the first half of the year, revenues by 9% in the first six months of 2021 compared to adjusted EBITDA also dropped from $7.4m this year, the prior-year period.” in comparison to $14.4m for H1 2020. This noticeable decline in adjusted EBITDA compared to the prior year is primarily attributable “We are proud to have achieved another to growth investments in new markets such as Michigan. There was further growth, however, in active first-time solid quarter driven by the strength of depositors (AFTD). For Q2, this grew 110% compared to Q2 our new customer growth, in established 2020, while 12-month active depositors grew 108%. For H1, and newer markets” – Tilman Fertitta AFTD grew 313%. Chairman and CFO, Tilman Fertitta, said: “We are proud to have achieved another solid quarter driven by the strength He added: “Our latest agreements highlight yet another big of our new customer growth, both in our established and step in executing on our market expansion plans, by adding newer markets. Golden Nugget Online Gaming continues the states of Ohio and Arizona to our list of potential future to successfully execute on our national expansion, while markets, and we look forward to launching online casino and concurrently strengthening our capabilities and product sports when legislation and regulations permit. offerings with key partnerships. “GNOG’s focus on innovation and exclusive games is also “In Michigan, we grew market share and are very pleased on full display, with our aforementioned partnership with Boom with the trajectory of growth in the early quarters of our Entertainment. Our players can look forward to continued operations. We expect similar trajectories for our planned innovation from our best-in-class online casino.” launches in Virginia, West Virginia and Pennsylvania later this GI Verdict: The results are in; Golden Nugget’s financial year. In addition, our partnership with Boom Entertainment reports truly highlight the versatility within the online sector will only strengthen our content offerings. during the global pandemic. “We are increasingly encouraged by our results and look Although the company’s Q2 EBITDA dropped significantly from forward to executing on the significant and growing market last year with its net loss accumulating to far more than the opportunity available to us.” previous year, as the coronavirus restrictions ease, its H1 GNOG also underwent significant change over the volumes picked up gradually in comparison to the prior year. Q2 period and entered into an agreement with DraftKings; With GNOG now being acquired by DraftKings, the value an arrangement whereby DraftKings will acquire GNOG in is clear to see, even if some eyebrows were raised by the an all-stock transaction, with an implied equity value of $1.56bn valuation. approximately $1.56bn. In addition to this was a signed As C.S. Lewis once said: “There are far better things ahead partnership with premier provider, Boom Entertainment. than any we’ve left behind.” Sponsored by THIS WEEK IN NEW CEO, AS RSI PARTNERS WITH NUMBERS CLC AND REPORTS Q2 RESULTS Rush Street Interactive (RSI) has entities in Connecticut with rights to $27.8bn been selected by the Connecticut operate mobile and retail sports betting, Lottery Corporation (CLC) to become its and is the only entity that can run In tribal gross sports betting operations partner for a retail sports betting outside of gaming revenue for 2020 in the US, new betting business the CLC is going tribal territories. a 20% fall to launch. “We had 15 quality proposals from year-on-year due This comes after another announcement well-established gaming companies, to the e ects of the that its Co-founder and President Richard and RSI rose to the top through the Covid-19 pandemic Schwartz will now become CEO, while the combination of its experience and online casino and sports betting operator commitment to quality products, also revealed its results for the second customer service, and responsible quarter ending 30 June 2021. Schwartz gaming safeguards,” said Greg Smith, has been promoted to the new role with CLC President and CEO. immediate effect and will also join RSI’s Meanwhile, RSI reported its revenue 25% board of directors. for Q2 2021 was $122.8m, an increase Year-on-year Greg Carlin, who previously led RSI as of 89%, compared to $65m during the increase in Q2 CEO, moves into the role of Vice-Chairman. second quarter of 2020. revenue for a liate “I am honoured to lead RSI at this time Net loss was $14m, compared to a net Raketech, to €8.8m of tremendous growth for our company loss of $50.6m during the same period ($10.3m) and industry, and am humbled by the last year. trust Greg and the board have placed in But while adjusted advertising and me,” Schwartz said. promotions expenses improved from “Greg has positioned RSI for success $7.4m to $36.9m, adjusted EBITDA fell and our opportunities continue to from $3.7m in 2020 to a loss of $6.6m £4m expand, from new market launches this year. to innovative product offerings and “We are very pleased with the continued Being awarded by GambleAware strategic marketing programs.” execution of our business strategy and ($5.5m) to establish the Carlin added: “Richard has been a remain focused on providing a premier rst single academic key partner in building RSI’s proprietary user experience for our customers,” institution, the Academic technology platform and online Schwartz said. Research Hub, in Great Britain operations. His deep understanding of “In addition to successfully growing the online gaming space and passion for revenues in existing markets, we have our business will be critical in continuing made significant progress in securing to drive value for our shareholders for access opportunities to new markets.” years to come.” As of 30 June, RSI had $361m of During the 10-year deal with CLC, unrestricted cash and cash equivalents. RSI will serve as the exclusive sports RSI expects revenues for the full 5 betting system provider to the lottery year ending December 31 2021 to be Asia-facing across multiple mobile, online and between $465m and $495m, up from Spanish La Liga club sponsorships retail channels. RSI will also serve as its previous forecast of between $440m for online betting the operator of the mobile and and $480m. brand BK8 online sportsbook. GI Verdict: RSI has set the bar high as “We are honoured to be selected by a respected sports betting and gaming the CLC to bring sports betting to the company, being a well-established state and people of Connecticut,” leader in industry innovation.
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