By Gambling Insider

FanDuel wins the iGaming crown

Flutter has reported its financial results for the first quarter of the year, with revenue hitting $3.4bn, up 16% year-on-year. The operator saw its net loss increase by over $60m, which was in part put down to repayments following the closure of the Fox Bet brand.

Of course, it was not all bad news...

Alongside maintaining FanDuel’s position as America’s number one sportsbook by market share, FanDuel’s iGaming offering also took the number one market share spot, with a gross gaming revenue (GGR) market share of 27%, up from second place at the end of last year.

The operator also saw overall growth in the UK and Ireland, and in iGaming in its international segment, though saw both sportsbook stakes and revenue decline in Australia.

Genting sees green

While we’re on the topic of Q1s, Genting Singapore reported revenue of SG$784.4m (US$579.1m) for its first quarter, with an adjusted EBITDA of SG$369.5m, reflecting year-on-year growth of 62% and 93% respectively.

Gaming revenue was up to SG$576m from SG$340m, while non-gaming revenue climbed from SG$144m to SG$208m. These increases were in part attributed to rising tourism around Chinese New Year and the relaxation of visa regulations between Singapore and China, which were implemented in February.

Other attributing factors included social events and exhibits held in the quarter, including Sneaker Con Southeast Asia 2024 and Universal Studios’ Naruto: The Gallery.

Coming to America

Evolution’s video poker online casino game has made its debut in the US, now live in New Jersey and Pennsylvania. Evolution currently offers its video poker product across Europe and other areas, incorporating aesthetics akin to 1980s video poker terminals.

Players can play up to 100 hands at once with five pay tables to choose from based on their skill set. An RNG version of the game is also available to play in New Jersey and West Virginia. Said North America CEO Jacob Claesson: “What’s fascinating is that Video Poker was originally such a massive hit back in the day on gaming terminals. Now we’ve completely reinvigorated the game for the 21st century.”

New York empire, could go higher

New York also released its figures this month, where sports betting handle fell just shy of the $2bn market first set in October, reaching $1.96bn in April. Despite this, it was still the fourth-highest monthly gaming revenue made in the Empire State, up 27.2% year-on-year and 6.2% month-on-month.

Gross gaming revenue fared similarly, up 32.4% year-on-year and 21.2% month-on-month to reach $183.8m – the third-highest in the state’s history.

In terms of sportsbooks, industry leader FanDuel led the charge with handle of $780.5m and GGR of $91m. This was followed by DraftKings, with handle of $737m and GGR of $63.2m.

Last orders at South Korea’s hold’em pubs

The South Korean Government has introduced new guidelines to tackle the legal loophole which allows illegal gambling to be conducted via pseudo-casinos called ‘hold’em pubs,’ which are located in bars and other drinking establishments.

The Tourism Promotion Act Article 26 has been revised by several national bodies in collaboration, including the Ministry of Culture, Culture, Sports and Tourism and the National Gambling Control Commission. In the revision, casino-like operations have been defined as "one where a non-casino operator provides casino business to grant financial benefit to a certain user while inflicting financial deficit on others," with those in violation of the act punishable by jail time or a fine.

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