Each week, CasinoBeats breaks down the numbers behind some of the industry’s most interesting stories. This week’s edition looks at diversity within the gaming industry, as well as significant growth for bet365.
Leading online bookmaker bet365 has confirmed significant growth in its full-year accounts (12-month period to March 2018), recording a 26% increase in betting and gaming revenue to £2.719m.
The operator continued to benefit from its high-level sportsbook offering, specifically in-play betting which accounted for 77 per cent of its sports betting revenue, as well as this, mobile betting revenue rose 29% during the year
Operating profits for the firm elevated 33 per cent to £682.2m, whilst the firm reinforced its strong financial stature with £1.8 billion in cash on its balance sheet and a further £500 million of investments, with no debt.
EBITDA rose by 30% to £722 million (post software development), staff costs increased by 27% to £745 million (with 4236 employees, +10%) and software development rose 26% to £34 million.
The All-in Diversity Project (All-in) has published its first ‘All-in Index’ report, detailing insights on the sector’s workforce make-up and dynamics.
All-in’ has researched 25 organisations within betting/gaming –representing over 100 global brands, undertaking the most comprehensive survey on workforce dynamics, covering areas such as employment policy, compensation, HR practices, employee benefits and support.
The All-in Index has is supported by Oxford Brookes University’s ‘Centre for Diversity Policy Research & Practice’, with the aim of developing the industry’s leading resource and knowledge base for diversity, inclusion and equality metrics.
“This is the first initiative on this topic where the sector has collaborated on a global scale, and we are very pleased with the result,” details Kelly Kehn, Co-Founder of All-In Diversity Project.
“Those who have signed up believe in the need for collaboration and transparency to build a more diverse and inclusive workforce for the future.”
Recording data over Q3 2018 (period ending 31 August), the Index identifies a total of 117, 231 employees across the 25 companies surveyed, representing an overall demographic breakdown of 53% male to 46.5% female.
4.8 per cent
Teddy Sagi, the founder of London-listed gaming software giant Playtech, has sold his final remaining 4.8 per cent stake in the company he set up nearly two decades ago.
A statement released on Friday by Globe Invest, the Sagi family office, confirmed a stake of around 15.2 million shares had been divested via the entrepreneur’s Bricklington Trading.
The sale, at a rate of around 446p a share, is worth $87.2m and signals the end of Sagi’s involvement in Playtech, which he set up in 1999. Following the news, Playtech stock rose slightly to 455p.
The share price remains low following July’s profit warning, which saw the company’s value tumble by around 30 per cent. In mid 2017, Playtech stock reached an all-time high of more than £10 a share, more than twice today’s value.
European business analysts are monitoring the movements of Bolsa Madrid gambling firm Grupo Codere SA closely, as the embattled company faces multiple obstacles in its corporate recovery.
Following the publication of its Q3 2018 trading update (13 Nov) in which the company posted year-to-date net losses of €55 million, Codere has witnessed its share price collapse from €6.20 to €2.85 (Madrid index – 23 Nov).
The heavily indebted Spanish gambling group (debt – €870 million) has been crushed by 2018’s Argentine Peso collapse hampering performance within its biggest operational market.
A dire 2018 has seen Codere branded as Bolsa Madrid’s ‘biggest bleeder’, with the Spanish legacy gambling outfit losing circa €700 million in market capitalisation.
Further nausea for Codere sees Bloomberg report that US fund Invesco has sanctioned a full-offload of its investment in the gambling group, as numerous debt holders appear anxious with regards to their holdings in the wounded enterprise.
In its November update, Codere governance has stated that it was dealing directly with its Argentine market realities, undertaking corporate adjustments which will see ARG Peso inflation impacts separated from its core business reporting.