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Alongside its Q1 2024 results, Bally’s announced plans to launch online sports betting in the UK.

Topline numbers

In Q1 2024, Bally’s generated revenue of $618.5m, an increase of 3.3% year-on-year.

Adjusted EBITDA fell to $116.5m in Q1 2023 from $126.3m in Q1 2023.

Casinos & Resorts revenue reached $342.3m, up 4.1% year-on-year, while international Interactive revenue decreased 4.4% to $234.7m.

Conversely, North America Interactive revenue surged by 70.2% year-on-year to $41.5m.

Bally’s CEO Robeson Reeves described Q1 as a “solid start in 2024” due to revenue growth in the casinos & resorts and North America interactive segments.

During the quarter, Bally’s launched iGaming in Rhode Island as the sole provider.

Reeves stated that the results for North America interactive segment were in-line with Bally’s expectations.

He added that “iGaming revenues in Rhode Island have ramped nicely through April in accordance with expectations, and we believe this momentum will continue to build through the balance of 2024.”

Sports betting expansion

Reeves explained that the decline in its international interactive segment was mainly due to operations outside the UK.

“In the UK, we took advantage of the uncertainties created by the white paper and continued our online iGaming market share gains, resulting in strong revenue growth,” he added.

Reeves also mentioned that Bally’s aims to launch online sports betting in the UK to complement its iGaming offering and add another customer acquisition funnel.

“Outside the UK, we believe our operations in Spain are well positioned to benefit from the recent removal of advertising restrictions, which will enable us to increase our investment in faster growth.

“We also anticipate the further stabilisation of our operations in Asia with an enhanced online sports betting offering to complement our existing portfolio,” he added.

Outlook

Bally’s said it 2024 guidance remains unchanged with revenue expectations in the range of $2.5bn to $2.7bn and adjusted EBITDAR in the range of $655m to $695m.

The full-year guidance includes the impact of the closure of Bally’s Tropicana Las Vegas casino in April 2024 but includes the ramp of the Chicago Temporary Casino.

It also assumes growth in the international interactive division, as well as a revenue rise due to introduction of iGaming operations in Rhode Island.

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