Draftkings Loses $161M Amid Pandemic, LeoVegas Revenues Surge

Written by:
Aaron Goldstein
Published on:

Without sports, the bookmakers were bound to take quite a hit.  During the global pandemic, books had to resort to simulations, Belarus football and - by far the most popular of all sports - Russian table tennis.   None of this really helped it seems.

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Draftkings Loses $161M Amid Lull in Betting - DraftKings reported a larger-than-expected quarterly loss on Friday but said business is picking up as major professional sports have returned to action after pauses or delays due to the coronavirus pandemic.

The online gaming company’s shares dipped 6.5% to $33.70 on news that it lost $161.4 million, or 55 cents per share, in the second quarter compared to a loss of $28.11 million, or 15 cents per share, a year ago. Analysts had expected a per-share loss of 20 cents.

Revenue rose 23.6% to $70.9 million, beating Wall Street estimates of $66.4 million.

LeoVegas Sees Revenues Climb - Whereas online gambling companies that focus mostly on sports witnessed a dramatic decline in business over these last couple of months, web casinos have seen just the opposite.

Take LeoVegas, the Malta-based internet casino brand.

Second quarter 2020: 1 april–30 june

Revenue increased by 17% to EUR 110.7 m (94.4). Organic growth in local currencies was 19%.

EBITDA was EUR 23.0 million (15.1), corresponding to an EBITDA margin of 20.8% (16.0%) and a growth of 53 %.

The number of depositing customers was 434,453 (350,298), an increase of 24%.

Earnings per share were EUR 0.14 (0.08) before and after dilution, while adjusted earnings per share were EUR 0.19 (0.11).

Events during the quarter

LeoVegas completed the migration of 12 brands in the UK to the Group’s proprietary technical platform.

The LiveCasino.com brand was launched in a number of English-speaking countries.

At LeoVegas’ Annual General Meeting on 8 May, Anna Frick and Fredrik Rüdén were re-elected as board members. Hélène Westholm, Mathias Hallberg, Carl Larsson, Per Norman and Torsten Söderberg were elected as new board members. Per Norman was elected as Chairman of the Board.

The effects related to COVID-19 are judged overall to have had a positive impact on NGR during April and May, however, the effect on revenues in Sweden was negative during the quarter.

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