This week saw a number of companies with ties to sports betting release their quarterly earnings reports. Here are some takeaways from what they reported:

• DraftKings announced plans to implement a gaming tax surcharge in high tax states that have multiple mobile sports betting operators on January 1, 2025. The company for Q2 reported $1.104M in revenue, a 26% increase from $875M in Q2 2023. DraftKings saw 3.1 million average monthly unique paying customers in Q2, an 50% increase over Q2 2023. The company raised its FY 2024 guidance to $5.05-5.25B (DraftKings).

• Caesars for its online sports betting/casino division reported an adjusted EBITA of $40M in Q2 compared with $11M in Q2 2023. Net revenue for Caesars Digital in Q2 was $276M compared to $216M in Q2 2023 (Caesars Entertainment).

• Bally's reported a 94.7% revenue increase year-over-year for its North America Interactive division, which includes iGaming and Bally Bet. The company plans to launch Bally Bet in four additional markets in the second half of 2024 (Bally's).

• MGM Resorts International President & CEO Bill Hornbuckle during the company's earning call said that 2024 Vegas Grand Prix ticket sales “were lagging” and that some of MGM’s properties were “charging up to 50 percent less for hotel rooms compared with the inaugural race in 2023.” Hornbuckle said that while he is “confident room rates will tick back up as the race draws nearer,” the current returns are “worthy enough and we’re concerned enough to make a point of distinction between this year versus last year” (LAS VEGAS REVIEW-JOURNAL, 8/1). 

https://www.sportsbusinessjournal.com/Articles/2024/08/01/draftkings-mgm-ballys-q2-earnings