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Paddy Power Betfair (PPB) reports that 2018 was a pretty good year with revenues up by 9 percent to $2.5 billion (£1.9 billion.)
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The launch of US sports betting, however, drove a significant loss for the company. PPB lost $19.75 million (£15 million) on a proforma basis on its US operations last year.
The fantasy business (FanDuel’s former top focus). TVG, and the casino business created $13 million (£10 million) in EBITDA in 2018. The vertical led by FanDuel Sportsbook, though, lost $31.6 million (£24 million,) in large part because of “promotional and marketing spend in acquiring new customers.”
US sports betting in the red for now
The US legal sports betting opportunity is generally referred to as exciting. CEO Peter Jackson stuck to the industry’s optimistic narrative in his comments on the group’s performance:
“The opening of the US online sports betting market has the potential to be the most significant development to occur within the sector since the advent of online betting.”
Jackson later added:
“Rather than announcing our plans, we have moved quickly to give ourselves the best chance to win in that market. We are confident that FanDuel’s nationally recognised sports brand, 8 million customers, our Group betting expertise, and our market access partnerships position us very well.
“Our success to date supports this view, with FanDuel achieving a 35 percent online market share in New Jersey in its first 5 months of operation, and Meadowlands becoming a marquee venue for sports betting.”
FanDuel Sportsbook startup costs add up
No matter how exciting the market is, plunging into a new sports betting segment is an expensive business.
Jackson said it will be 18 to 30 months post-launch until FanDuel Sportsbook becomes profitable. Its total handle on US sportsbook reached $557 million in 2018.
He couldn’t put a precise figure on how much investment the US market will require because it will depend on when and how many states introduce legal online sports betting:
“Overall sportsbook contribution: quantum of investment losses will depend on the level of market growth in New Jersey; FanDuel’s performance in New Jersey; and the timing of regulation/launch in additional states.
“Contribution from newly launched online states will remain negative while the proportion of newly acquired customers remains high (due to high levels of promotional and marketing spend in acquiring customers).”
Paddy Power Betfair will open the wallet
PPB already has “over 8 million registered customers” in the US and it has operations in 46 states. It offers real money gaming in 33 of these states, mainly through its TVG horse racing subsidiary and FanDuel fantasy sports business.
Through PPB’s TV programming which reaches 45 million people, and the FanDuel DFS acquisition channel, PPB does look to have a strong platform to expand its US business.
The group now operates a diverse set of brands including FanDuel, Adjarabet, TVG, Paddy Power and Betfair. That’s enough to prompt a name change, according to Jackson:
“With a growing portfolio of brands, we plan to rename the Group as Flutter Entertainment plc. There are no plans to use this historical name for consumers, and we will seek shareholders permission for the change at our forthcoming AGM.”
Online gambling still could grow
In discussing the global market more generally, Jackson noted the global online betting and gaming market is growing quickly. Compound annual growth rate in the five years to 2018 came in at 11 percent.
Even with that growth, online gambling only represents 11 percent of the total market. Every 1 percent of gambling that moves online increases global online gambling revenues by $4 billion.
PPB sees this growth going to the established brands. Although regulation is often spoken of as a problem for gambling companies, in practice Jackson sees it as a benefit to the largest operators:
“Indeed, we continue to believe that such regulatory change disproportionately benefits operators with established leadership positions, making it more difficult for less established brands to achieve the necessary scale to compete.”
Quick Introduction To Playtech
Playtech is a colossus in gambling software development. The Isle of Man company has been in the field since 1999 and provides software for the likes of William Hill, Mansion Casino, Paddy Power and Bet 365. Playtech’s reach in the market stretches far and wide including at online casinos, online live casinos, mobile gaming and online sports betting.
Playtech is renowned for its industry-leading development expertise and it is a brand synonymous with excellence. Playtech has scooped many prestigious awards over recent years including Platform of the Year and RNG Casino Supplier of the Year at the 2015 EGR awards. Playtech were also awarded with the ‘Best Digital Industry Supplier’ at the 2016 Global Gaming Awards and the EGR B2B award for Platform of the Year in June of this year.
Most Popular Slot Games For Playtech
Dr Lovemore
Dr Lovemore is a hugely popular slot game featuring 20 paylines. A medium variance slot, Dr Lovemore has a very high RTP of 97.1% which is one of its main attractions, and the bonus features offer many opportunities to win big. Admittedly, the slot is all based on a rather sleazy ‘doctor’ but the possible winnings are certainly not to be sniffed at.
A Night Out
Another popular Playtech creation with a payout percentage of 97.06% meaning there are many winning opportunities. As you might expect, this slot all revolves around a typical night out with bright lights and cocktails all part of the fun.
Lotto Madness
This is a slot available at the vast majority of casinos offering Playtech slots and it definitely delivers. Lotto Madness particularly excels in its bonus game where a wheel divides into sections, each containing free spins and a multiplier amount.
Age Of Gods King Of Olympus
Based on mythical characters and locations, this is a slot which appeals to those keen on Greek mythology. This is a four-level progressive jackpot slot with 5 reels and 25 paylines. It is all played out on superb graphics too, providing a superb slot experience.
Casinos That Use Playtech
If any casino has links with Playtech, that association is instantly a stamp of credibility for that casino. There are many casinos that use Playtech software and games including the following:
William Hill
William Hill is a casino which provides everything a modern-day online gambler could wish for. With a fantastic selection of casino games and slots as well as one of the very best live casinos in the business, the fun doesn’t stop here. Playtech slots are available here and many of their live casino options also use Playtech software.
Mansion Casino
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Mansion casino is uses Playtech software almost exclusively, which shows the trust Mansion has in Playtech. For a casino which is Playtech through and through Mansion Casino is a fantastic option. The live casino is worth a special mention, providing one of the best live casino experiences you will find.
Paddy Power Casino
Paddy Power casino offers a wide selection of gambling options and knows how to keep their loyal customers happy with some of the best bonuses on the market. Many of Paddy Power casino’s games are powered by Playtech, so you can be assured of some top quality online gambling.
Playtech casinos have been around since 1999, when the company launched in order to take advantage of the booming online gambling market developing at the time. When we talk about Playtech casinos, we can either mean casinos which feature Playtech games (of which there are very, very many), or we could mean casinos which run on the company’s casino platform.
Whichever you’re referring to, with Playtech casinos you can rest assured you’re in good hands. The company’s claim to be ‘the world’s leading supplier of online gaming software’ isn’t unfounded, given the broad reach of its software around the world.
What’s Good The Games At Playtech Casinos
With a pedigree running back almost two decades, it’s hardly surprising that Playtech casinos consistently deliver some of the most enjoyable and escapist slots and casino games on the market. Not only does Playtech develop its own themes, it also calls on licenses with big brands to create some unforgettable games. One of the most popular series of games you’ll find at Playtech casinos is the Marvel slots range.
With the huge popularity of the Marvel Cinematic Universe (films inspired by characters from the Marvel comics), a range of games at Playtech casinos were put together themed around these same characters. That’s why you’ll find Ironman and Captain America slots when you head to your favourite Playtech casino.
Although games at Playtech casinos have become known for their flashy features, crisp graphics and huge progressive jackpots, the company still knows how to put together a solid classic slot, and many of its most popular titles the company puts out are down the simpler end of the spectrum. Despite the fact that Playtech has some lucrative licensing agreements with really big brand names for slots (Who Wants to be a Millionaire and Top Gun spring to mind), it’s telling that topping the list of their most popular slots are almost always Gold Rally and Beach Life.
These games at Playtech casinos may not have the name recognition of the licensed slots, but their enduring popularity stands testament to the quality of these slots that despite their apparent simplicity, they’re still the go-to games for many players.
This is the beauty of Playtech casinos – they know they don’t have to be all frills, bells and whistles all the time; they understand the value of providing both the simple alongside the complex.
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Why Play At Playtech Casinos?
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There’s two major reasons you’ll enjoy playing at Playtech casinos: either you’re going to love the speed and accessibility of the casino platform, or you’re going to love the games. Or, you know, preferably both. There’s a good reason that Playtech casinos have been around for so long, and don’t show any signs off disappearing any time soon.
That’s because the company understands what online and mobile casino players want, and are willing to move with the times in order to give it to them. From online, to mobile, and looking to the future of gaming, you can be sure that Playtech casinos and games will continue to develop in line with the wants and needs of us players.