Business By The Books: Sports Betting Profitability Focus Of Q2 Earnings

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All eyes will be on the bottom line when earnings season starts for sports betting companies this week.

Publicly traded operators including BetMGM, Caesars, FanDuel and Penn National all expect their sports betting businesses to be profitable in 2023.

Some stock analysts also think DraftKings could report a profitable second quarter given the company’s recent hold increase and cost decrease.

Sports betting earnings schedule

There are five sports betting earnings calls to focus on this week, though only one is at a decent time for the US.

All times Eastern:

There are also two sports betting adjacent calls on Thursday: Churchill Downs at 9 am and partial FanDuel owner Boyd at 5 pm.

PlayUp still live for CO sports betting

PlayUp sportsbook in Colorado is still operating and accepting bets as of 1 pm Eastern Monday. A spokesperson for the Colorado regulators told LSR there are no updates to report on PlayUp as of Monday afternoon.

The company’s CEO, Daniel Simic, told LSR on Thursday he wanted to put the site into “maintenance mode” and stop accepting wagers and deposits. Simic did not respond to a request for information about why PlayUp remains live in Colorado.

PlayUp became the first US sports betting company since the end of PASPA in May 2018 to have its license revoked. The company lost the right to take bets in New Jersey for multiple issues outlined in a letter from the Division of Gaming Enforcement.

Pollock retires from Spectrum

Spectrum Gaming Group co-Managing Director Michael Pollock is retiring.

Founder Fredric Gushin will serve as president and CEO while Juliann Baretto, COO, will take a bigger role in developing Spectrum’s global business.

Pollock began as a journalist and started covering the growing Atlantic City market in 1978. He then served as spokesperson for the NJ Casino Control Commission.

Simplebet launches same-inning parlays

Simplebet partners launched premade, same-inning baseball parlays last Thursday.

The micro-betting focused operator’s partners include bet365, Caesars, DraftKings and Intralot‘s GambetDC.

Simplebet said its MLB handle jumped 225% through July 19 compared to the same period last year. That includes nearly 15 million total bets.

BetMakers adds track for fixed-odds

PENN Entertainment‘s Hollywood National at Penn National Race Course is now included in the fixed-odds horse betting platform from BetMakers.

Fixed-odds horse betting is available through MonmouthBets in New Jersey.

Betr partners with Paysafe

Betr is now live in Ohio and Massachusetts with Paysafe, which offers multiple ways to fund a betting account.

Paysafe offers a range of payment methods including a digital wallet and eCash solutions.