Each week, CasinoBeats breaks down the numbers behind some of the industry’s most interesting stories. This week sees MGM donate to a job placement program, NFT madness in Georgia and a splattering of third quarter financial updates.
MGM Resorts International has teamed-up with Grant a Gift Autism Foundation-Ackerman Center on a $1m vocational job placement program.
Under the terms of the initiative, the company will provide a vocational job placement program, training and MGM employment opportunities to individuals with autism. The $1m pledge is to be made as part of a five year expansion effort.
As part of the partnership, GGAF will provide clients with a 12-week vocational readiness training program, where it is hoped that they will learn “pivotal vocational skills and have access to parent empowerment training and other family services”.
After completion, those concerned will have the opportunity to apply for open MGM Resorts positions that meet specific requirements for the program.
Upon employment, these new employees will have the opportunity to seek on-site coaching through GGAF to ensure a full understanding of their new role above and beyond traditional, employee on-boarding.
State regulators in Alabama, Kentucky, New Jersey and Texas have filed simultaneous enforcement actions to halt the sales of NFTs from an online entity operating from the country of Georgia.
The quartet allege that a group named Slotie has been offering unregistered securities in the form of non-fungible tokens tied to an online slots game and the metaverse. The allegation stated that Slotie had issued 10,000 NFTs that are said to be similar to that of stock and other equities.
The emergency cease and desist orders were filed by the Alabama Securities Commission, the Kentucky Department of Financial Institutions, New Jersey Bureau of Securities and the Texas State Securities Board.
“As interest in digital assets grows, unfortunately so do opportunities for scammers,” said New Jersey Attorney General Matthew Platkin.
“We are vigilantly monitoring the online offerings of new financial products to identify and put a stop to fraudulent schemes targeting investors eager to jump into a hot new market.”
Kindred Group’s share of revenue from high-risk players has increased half a percentage point quarter-on-quarter, with improvement effects after interventions down more than two per cent over the same stage.
Subsequently, the company has acknowledged that “reaching the ambition by the end of the fourth quarter next year is challenging,” but that the firm “remains fully dedicated” to achieving this.
The former closed Q3 at 3.8 per cent, which is up from Q1 and Q2’s 3.3 per cent but down from 2021’s closing quarter which sat at four per cent.
The company also revealed that improvement effects after interventions dropped to 82.6 per cent, which comes after two consecutive increases were witnessed from Q4’s 79.2 per cent to to 83.1 per cent and 84.7 per cent through Q1 and Q2 2022.
Betsson reported records across its revenue and operating profits, which the company cited was driven by online casino and sports betting.
Witnessing an 18 per cent Q2 revenue uptick to €200.3m (2021: €170m), Betsson also experienced a significant increase across the Latin America, Central and Eastern Europe and Central Asia regions.
Gross profit for the year increased 22 per cent to €1133.8m (2021: €109.9m), with upticks of 16 per cent and 19 per cent also noted across net income and EBITDA, which closed the July to September period at €32.6m (2021: €28.2) and €48.6m (2021: €41m). Active customers increased by seven per cent to 1.05m (2021: 986,429).
For the year ending September 30, 2022, revenue continued this trend by tracking an 11 per cent increase to €556.7m (2021: €500.2m), with gross profit also up to €359.6m, a rise of ten percentage points from €328m.
According to the Betting and Gaming Council, Safer Gambling Week is said to have “smashed previous social media records” after data revealed a 21 per cent increase when compared to 2021, with almost 30 million impressions generated on Twitter, Facebook and Instagram.
It is also reported that “tens of thousands of visits” were also reported to the SGW website, where people can access support and information about safer gambling tools.
Michael Dugher, BGC Chief Executive, commented: “The campaign has once again raised awareness about safer gambling and showcased increasingly popular safer gambling tools – like time-outs and deposit limits – that only exist in the regulated industry.
“Importantly, we have also once again signposted all the professional help and support services, funded by the industry, that is available to those who need it, ensuring the millions of people who enjoy a regular flutter continue to do so in a safe and responsible environment.
“But the regulated industry’s commitment to safer gambling is not just for one week of the year. It is our mission for every week of the year.
“Millions of people enjoy a bet safely and responsibly, and the falling and low rates of problem gambling suggests that the work we have done at the BGC to promote safer gambling is having an impact.”
Evolution has stated that global online casino markets are expected to continue to be among the fastest-growing gaming segments in the coming years.
Publishing its interim report for January to September 2022, revenue for live casino in Q3 jumped to €310.4m from €214.5m in the same period last year.
Marking 45 per cent year-on-year growth for live casino products, this continued the vertical’s steady growth each quarter since the third quarter in 2021.
According to Evolution, the positive revenue development within live casino mainly derives from increased commission income from existing customers and, to a certain extent, from new customers.
“Demand for online casino games continues to grow, partly as a result of our continuous launch of “successful new games and variations on traditional games,” the group concluded
Kindred noted in its interim report that the firm’s total revenue stands at £277.8m, with its GWR witnessing a nine per cent decline to £271.9m (2021: £298.4m).
However, when Kindred excluded the Netherlands operations from its account, the company’s gross winnings revenues actually witnessed an increase by eight per cent during the third quarter.
Furthermore, Q3 saw the firm’s underlying EBITDA take a sharp nose dive as it decreased by 52 per cent from the previous year, standing at £40.3m compared to £84.8m.
Looking into Kindred’s operations commencing from January to September this year, its total revenue came in below the same period last year at £763.2m (2021: £1,104.7bn).
Including the Netherlands, the company’s GWR during this period also witnessed a 26 per cent decrease to £747.8m (2021: £1,014.7bn), with its underlying EBITDA also dropping by 70 per cent to £90m (£304.5m).