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CEO claims Paddy Power Betfair is “well positioned” in USA
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Peter Jackson, chief executive officer of Paddy Power Betfair, said that the company is “well positioned to achieve scale in the US quickly” after a 20 per cent rise in revenue in the second quarter.
The company’s Q2 results were boosted by the activity around Fifa World Cup, as the sales showed a 13 per cent increase. This is encouraging after a weak first quarter showing for the company.
The highlight of the second quarter, though, was the completion of the deal to acquire US daily fantasy sports operator FanDuel.
Although the takeover was only completed last month, after the end of the second quarter, Jackson said in an earnings call that the operator can be justifiably optimistic about growth opportunities in the US, having already established a presence in the country prior to the FanDuel deal.
Sports revenue spiked by 22 per cent in Q2 in the US, with gaming revenue increasing by 18 per cent.
“Fantasy sports will continue to be an important feature in the US market, especially in states where it could take a while for sports betting to be regulated,” said Jackson, who mentioned the “cross-selling” opportunities.
Jackson added that he envisages a “different market construct” in the US in terms of the balance between free-to-play games and sports betting, given the strength of the DFS market.
“Having 100,000 customers in New Jersey is a good starting point,” he said.
“Our US strategy is to go after the B2C market under the FanDuel brand. We have secured market access agreements covering 15 states and 36 per cent of the US population, including markets where regulation is expected by the end of 2019.
“It’s worth remembering that our US business is not a start-up. We have established brands, with FanDuel in sports and TVG in racing, an extensive product suite, operational expertise and we already operate in 45 states, including real-money wagering in 33.”
“Scale is essential for generating sustainable returns in the long term.”
Jackson, referencing the company’s solid base in the US, added: “The group’s strong balance sheet gives us important firepower and could prove to be a competitive advantage.”
In the trading update, Paddy Power Betfair’s profit before tax edged up by 4 per cent to £106m (€118m/$137m), but underlying earnings slipped by 1 per cent.
Additionally, Paddy Power Betfair also said that full-year earnings before deductions and interest, “pre-US sports betting”, is now expected to be between £460m and £480 – down from the previous expectation outlined in the Q1 trading update of between £470m and £495m.
This was attributed to the introduction of point-of-consumption tax and new product fees in Australia and swallowing up Fanduel’s losses “in the high single digits.”
The company added that, with the “infrastructure” already in place to expand in the US, any expenditure in relation to the market would fall under the marketing column.
Jackson added: “In Europe, product enhancements and improved cross sell rates have led to stronger gaming revenue growth over the past few months for both brands, whilst customer satisfaction with the Paddy Power sports app has stepped up.
“Recent marketing campaigns have also been successful with the Betfair brand increasingly identified as having the best odds. The World Cup was a showcase event for Paddy Power, with a series of successfully executed marketing campaigns leading to it being one of the UK’s most talked about brands in social media conversations around the tournament.”
Source: Latest News on European Gaming Media Network
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7-Eleven selects Jackpot.com as their official lottery partner
Online Lottery Courier Service Jackpot.com Announces Exclusive Collaboration with 7-Eleven, Inc.
Jackpot.com will serve as the official lottery courier service of 7-Eleven, Inc., initially launching in Ohio and Massachusetts
Jackpot.com – the online lottery courier service that allows consumers to purchase official state lottery tickets on their phone, tablet, or computer – announced today an exclusive collaboration with 7-Eleven Inc., the largest convenience store chain in the world, to serve as their official lottery courier service.
As part of the collaboration, 7-Eleven customers in Ohio and Massachusetts will be able to sign up and play lottery games and scratchers on the Jackpot.com app or website. The program will initially be launched in over 600 7-Eleven and Speedway stores in Ohio and Massachusetts, with a special launch promotion that gives 7-Eleven customers a free lottery ticket on their first deposit by using promo code, “7Eleven”.
“We’re thrilled to work with 7-Eleven, the leading retailer of lottery tickets in the country,” said Akshay Khanna, CEO and co-founder of Jackpot.com. “Leveraging our technology and innovation, we can provide additional convenience for their customers, while adding an additional source of revenue. A true win-win relationship for all.”
By launching in Ohio and Massachusetts in 2023 and 2024, respectively, Jackpot.com aims at adding another avenue for player convenience with one of the most widely recognized brands in the convenience-retailing space. With a presence in Ohio, the nation’s seventh-largest lottery market, and Massachusetts, whose state lottery produced $1.2 billion in net profit for the Commonwealth during the 2024 fiscal year, Jackpot.com’s collaboration with 7-Eleven represents an added layer of accessibility for players.
Jackpot.com remains committed to responsible play and has significantly invested in protocols by allowing customers of legal age to set spend limits and limits on daily deposits, all while providing access to local and national responsible gambling resources, self-exclusion, self-suspension and automated notifications that offer help should problematic behavior be detected. Jackpot.com is also the only lottery courier service to launch with an iCap certification from the National Council on Problem Gambling.
To learn more, visit jackpot.com. First-time users can also download the official Jackpot.com Lottery App on the iOS or Android App Stores, where available.
The post 7-Eleven selects Jackpot.com as their official lottery partner appeared first on European Gaming Industry News.
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The World Esports Summit 2024 Is Here!
The IESF World Esports Summit returns this December to Busan, South Korea. Hosted at the Busan Esports Arena (BRENA) from December 5-6, the Summit will bring together prominent figures from Esports, global brands, government officials, and sports executives for a deep dive into the current Esports trends, its rapid transformations, and future challenges.
This year’s theme, “Building Bridges, Not Barriers, Through the Power of Esports,” will highlight the role of Esports in uniting cultures, ideas, and industries. Under the slogan “We Empower Success,” the
Summit provides a great platform for Esports experts to engage in meaningful discussions and sessions, sharing their insights on trends and presenting forward-looking ideas for our industry.
The event, strategically timed at the close of the competitive season, presents a perfect environment for reflection on the year’s biggest events, industry shifts, and the next steps for Esports. Attendees can follow the expert’s perspectives on topics like:
- (R)Evolution in Esports
- East Meets West
- Esports Integrity: The Role of Referees
- The Rise of International Esports Competitions
- (In Korean) Korea’s Secret Sauce etc.
Also, featured at this year’s event are the IESF World Esports Training Camp and the World Esports Referee Academy.
These are very important IESF programs that are aimed at advancing the skills and professional standards of the next generation of Esports leaders.
Join us in Busan for two days designed to inspire, connect, and empower the international Esports community.
Registration for the World Esports Summit is free and open to all interested attendees.
To register, please complete our online registration form: iesf.formstack.com/forms/wes2024_participation_registration
See you in Busan!
The post The World Esports Summit 2024 Is Here! appeared first on European Gaming Industry News.
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Akhil Sarin CMO at Easygo named as key note at ICE Esports Conference
Clarion Gaming has confirmed that Akhil Sarin CMO at Easygo, the technology powerhouse behind the success of global brands Stake and Kick will headline the Esports & Games Conference (EGC) taking place on 21 January as part of the ICE Barcelona experience. As a key member of the executive team, Akhil Sarin has been instrumental in securing the high-profile partnerships that have accelerated Stake’s growth, including the Stake F1 team, UFC, Drake, and Premier League Everton FC.
Through these strategic alliances he has amplified Stake’s brand presence at the same time as creating unique, immersive player experiences, in the process setting new industry benchmarks.
Announcing the high profile speaker Will Harding, Head of Esports at Clarion Gaming said: “Securing Akhil Sarin as EGC key note at ICE Barcelona represents a remarkable opportunity for our attendees to gain invaluable insight into cutting-edge strategies in digital and influencer marketing .
“Akhil’s expertise with Stake and Kick.com embodies the forward-thinking, innovative approach that defines the digital marketing landscapes. His participation underscores the calibre of knowledge-sharing that we are committed to delivering at ICE and he is sure to both inspire our attendees and elevate their strategic perspective.”
Looking ahead to ICE Barcelona, Akhil Sarin stated: “Collaborating with Clarion Gaming at ICE Barcelona is an exciting opportunity to showcase Stake’s journey and continued focus on bold partnerships and creative marketing strategies that resonate with audiences.”
He added “The EGC is a vital platform for exchanging transformative ideas and shaping the future of gaming and entertainment. I look forward to discussing Stake’s vision and collaborating with industry leaders to inspire growth and innovation across the sector.”
The post Akhil Sarin CMO at Easygo named as key note at ICE Esports Conference appeared first on European Gaming Industry News.
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