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Flutter faces football finance fumble

Flutter Entertainment has revised its 2024 financial year guidance following unfavourable sports betting results in the US during the last two months of the year. Revenue expectations have been reduced by $370m and adjusted EBITDA has been reduced by $205m, with totals for the year now projected at $5.78bn and $505m respectively.

The primary culprits for these revisions were NFL parlay and same game parlay outcomes, with the operator noting that high rates of favourites winning – the highest in nearly 20 years – led to an estimated gross gaming revenue impact of $438m. 

bet365 makes bank

Operator bet365 has reported its FY24 financial results, covering the 53-week period ending 31 March 2024. In total, revenue came to £3.72bn ($4.66bn), up 9% year-on-year, with gross profit reaching £3.03bn, up 4.7%. Notably, profit before tax came to £626.6m, with an operating profit of £365.7m. This is in stark contrast to the loss before tax of £72.6m and operating loss of £37.3m reported in FY23.

Sports and gaming made up the majority of bet365’s revenue, totalling £3.7bn, while the remaining £23.8m was made by football clubs and facilities. However, both segments saw similar growth, up 9% and 10.8% respectively.

Summertime sports bet

Missouri Gaming Commission Chair Jan Zimmerman has told local news sources that she expects wagering to go live in the state this summer. This follows a vote in favour of opening a legalised sports betting market in the state in November, passing the previously upheld Amendment 2. She went on to describe the positives of being “relatively late to the game,” highlighting the authority’s responsibility “for maintaining the integrity of the process, the integrity of gambling within the state of Missouri,” keeping those that “shouldn’t be involved in the gaming industry” out.

Ukraine liquidates regulator

Ukraine’s gambling regulator, the Commission for the Regulation of Gambling and Lotteries (CRGL), has been liquidated, with a new regulatory body expected to be established by April. A ministry is also expected to be established, which will oversee gambling and lottery policy, while additional efforts will be made to restrict illegal online gaming platforms. 

There is also to be a ban on gambling advertising, with ads only allowed on TV and radio past a certain time in the evening and on platforms for those 21 and over. 

The changes follow the signing of a bill by President Volodymyr Zelenskyy, which looks to combat gambling addiction aid in the development of additional regulation in the area. 

Gambling addiction sees rise in Japan

Reports have come out of increased levels of gambling addiction in Japan, after the Society Concerned about Gambling Addiction in Tokyo released data showing an 11-fold increase in consultation requests in the last five years, from eight in 2019 to 91 in 2024. 

The Covid-19 pandemic, combined with the accessibility of online casinos via smartphones have been noted as key factors in this increase. Criminal behaviour and gambling addiction have also been linked, with a survey of 681 association members revealing that 30% had family members with gambling addictions turning to criminal behaviour to fund their addictions. Association head Noriko Tanaka said: “I feel a sense of crisis over the current situation in which many people are addicted to gambling and commit crimes.”