Caesars back to black
This week, we’ll commence with a financial update from Caesars Entertainment, with the group reporting revenue of $2.9bn for the third quarter of 2022, a 6% increase from the third quarter of 2021.
Regional revenue led the way with $1.53bn, followed by Las Vegas at $1.07bn. Caesars Digital revenue totalled $212m, with Managed and Branded revenue totalling $70m.
Net income amounted to $52m for Q3 2022, compared to net loss of $233m for the prior-year period. Adjusted EBITDA for the quarter was $1bn, a 15% increase from the prior-year period.
Caesars noted that it published its latest CSR report in October, highlighting its ESG achievements and progress towards long-term targets over the past year.
“Our third quarter results reflect a new quarterly record for consolidated adjusted EBITDA,” said Caesars Entertainment CEO Tom Reeg.
“Results in the quarter also reflect a new quarterly record for our brick and mortar properties led by a new all-time high third quarter EBITDA performance in our regional segment and continued strength in Las Vegas.”
BetDex: The future is here
Now we move from the historic, veteran operator Caesars, to the new kids on the block, as BetDex Exchange has received a licence from the Isle of Man Gambling Supervision Commission (GSC) to become the first sports betting exchange on blockchain.
Per the GSC licence, BetDex has received approval for all forms of online gambling, including sports betting. All GSC licences are held to account under the Online Gambling Regulation Act.
The BetDex Exchange is powered in-house by BetDex Labs, a web3 company founded by former FanDuel executives Varun Sudhakar, Stuart Tonner and Nigel Eccles.
BetDex CEO and Co-Founder Varun Sudhakar said: “Today’s news is an exciting step forward for the BetDex Exchange.
“With the licensing and regulatory approval, BetDex now boasts the first fully regulated sports betting platform in the web3 space, and we’re excited to welcome bettors from approved regions.”
Mic check 1, 2
From the Isle of Man to the United States. VSiN, The Sports Betting Network has announced a deal with Hubbard Radio Seattle, to bring sports betting content to listeners and followers of the radio station.
This is not the first such deal for VSiN and, after other recent affiliate additions in Dallas, Kansas City, Providence, Rochester and Honolulu, The Sports Betting Network’s content is now being aired on over 140 terrestrial radio stations in 33 states throughout the US.
KNUC-FM 98.9-HD2 is launching the first 24/7 sports betting format in Seattle with content delivered by VSiN. The station will be focusing on news and analysis from sports betting experts and bookmakers, who will be in charge of informing and entertaining the growing number of people interested in sports wagering.
Sister station KIXI-AM 880 will also be airing Action Updates twice each weekday as well as “VsiN Prime Time” with Tim Murray and former NFL Quarterback Shaun King.
Firm handshake between Sportradar and Kindred
Finally, we end with a partnership, as Sportradar has signed a new deal with Kindred Group for the provision of paid social media advertising to boost customer acquisition through its ad:s multi-channel performance marketing platform.
Through the agreement, Sportradar aims to help Kindred “grow its customer base and increase the effectiveness of its advertising spend by optimising social media as an acquisition channel.”
This is carried out through a deeper understanding of online behaviours and the delivery of real-time content based on individual interests.
The proprietary technology automatically generates personalised adverts which allow three Kindred brands – 32Red, Unibet and VladCasino – to send more effective messages directly to sports fans and bettors, via the Meta platforms of Facebook and Instagram.
