Business By The Books: Big Week For Sports Betting Earnings

Written By

Updated on

sports betting

The beginning of August gives the investment world a look into just about every section of the sports betting market.

DraftKings is arguably the biggest name this week, as all eyes will be on the bottom line. While management does not expect a profitable 2023, multiple analysts think the company may have hit profitability during the second quarter.

DKNG will report its earnings Thursday after the market closes, meaning the market will have after-hours trading to react to the report before management talks at 8:30 am Eastern Friday.

There are two other top books reporting this week. Caesars will report at 5 pm Tuesday whether the company is done with quarterly EBITDA losses as CEO Tom Reeg expects, while MGM Resorts can give additional commentary at 5 pm Wednesday on the BetMGM earnings release from last week.

Two sports betting calls for Kambi ops

Rush Street Interactive will be the first operator powered by Kambi to report this week at 5 pm Wednesday.

The second operator, Bally’s, is not yet live online with Kambi. The company should hopefully provide some color on when the Bally Bet brand will again be live on the B2B technology after deciding to scrap its plans to build proprietary tech.

Bally’s will hold its call at 10 am Thursday.

Aristocrat launching NFL slots by kickoff

Aristocrat is targeting a much different demographic than the prototypical slot player with the release of its NFL-branded slot machines.

The games are two years in the making with the original licensing agreement signed in the fall of 2021. The games will begin to hit casino floors in time for the 2023 NFL season.

The NFL Super Bowl Jackpots game on the King Max cabinet is just one game to come out of the deal. There are five other games debuting this year into next that all focus on a “unique element of NFL gameplay.”

888 hires new CEO

Per Widerström will take over as the new CEO of 888 on Oct. 16, the company announced Tuesday.

He served as CEO of Fortuna Entertainment from 2014 to 2022.

The appointment comes after a failed attempt from investor FS Gaming to have former Entain management installed to lead the company.

Other gaming, sports betting industry moves

Xpoint gets extension in patent suit

Xpoint has until Oct. 10 to file its response brief in the patent suit GeoComply appealed earlier this year.

In its opening brief filed earlier this month, GeoComply said it disagrees with the earlier ruling that dismissed its case. GeoComply argued its patent that details just how the company determines whether a gambler is in an approved location is not as simple as the original ruling suggested.

“The claims recite a solution to the problem of geolocation spoofing—a problem specifically arising in the context of computer networks. And they claim a specific solution to that problem: checking a user’s device for programs that may make the device’s purported geolocation unreliable.

“In concluding otherwise, the district court improperly overgeneralized GeoComply’s claims and wrongly concluded they merely recite a desired function or result. Because the claims are eligible at step 1, that alone requires reversal.”