Multiple companies have posted Q2 reports, with Penn Entertainment, Sportradar, Everi and Inspired all showcasing their fiscal performances over the last three months – all of which are rounded up below.
Beginning with Penn, the company posted $1.67bn in revenue – 3% up on Q2 2022’s $1.63bn total. Breaking down that sum, Penn made most of its revenue in the US northeast segment, which totalled $688m, while the west segment made the least of its revenue at $130m.
Meanwhile, its adjusted EBITDAR fell, now totalling $476.8m against $504.5m for the same period last year.
Finally, at $78.1m, its net income in Q2 2023 grew nicely year-on-year – with Q2 2022 reporting $26.1m.
Through the quarter, Penn also repurchased $99.8m worth of common stock, at an average price of $26.31.
Jay Snowden, CEO and President, said: “The company experienced stable property level performance this quarter, with each month showing sequential improvement.
“Additionally, we are excited to have successfully re-launched our sportsbook app, which features major product improvements that significantly upgrade the user experience, including streamlined navigation, faster load times, expanded wagering markets, enhanced promotions and deeper media integrations.”
For the year so far, Penn’s H1 2023 revenue stands at $3.34bn – up from H1 2022’s $3.91bn – which is mainly due to its interactive division’s performance, which saw its revenue go from $296.4m in H1 2022 to $491m in Q2 2023.
The primary driver for the decrease was a net negative impact from foreign exchange rates
Penn's future results will no doubt be heavily linked with its newly announced brand: ESPN Bet.
Sportradar
Next up is Sportradar, which recorded €216.4m ($237.7m) in revenue for Q2 2023 – up 22% on Q2 2022. Furthermore, its adjusted EBITDA saw further growth, now totalling €40.1m, 46% higher annually.
However, the biggest and most eye-catching figure on the Q2 2023 report fell dramatically by circa 100%, now sitting at €30,000 – down from the €22.8m it recorded in Q2 2022.
Sportradar highlighted this loss, stating: “Total profit from continuing operations, which included an €8.0m one-time loss on disposal of an equity investment, decreased €22.8m compared with the same quarter last year. The primary driver for the decrease was a net negative impact from foreign exchange rates.”
Everi
Everi Holdings’ total revenue increased to $208.7m in Q2 2023, up 6% annually – a figure boosted by its FinTech division, which brought in $95.6m, up from the $84.9m it posted in Q2 2022.
Additionally, the brand’s net income fell, despite the revenue increase – now totalling $27.4m against the $32.5m reported in the same period last year.
Furthermore, its adjusted EBITDA saw a marginal increase on the $94.4m it recorded in Q2 2022, with Q2 2023 posting $96.1m
Speaking of Everi’s performance in Q2, Randy Taylor, CEO of Everi, said: "Our second quarter results include 6% year over year revenue growth. Revenues for both our FinTech and Games segment grew as we continue to benefit from our investments in new product development as well as from several tuck-in acquisitions we completed since the beginning of 2022.”
"Revenue grew in each of our business lines during the second quarter reflecting solid underlying fundamentals"
Inspired
Inspired’s Q2 2023, meanwhile, recorded revenue of $80.4m – 13% up on Q2 2022’s $71.3m. Breaking down that figure, its gaming revenue saw a 24% annual increase totalling $31.5m; virtual sports revenue comprised $15m, up 7% year-on-year; interactive revenue pulled in $7.4m, representing a 28% rise on Q2 2022; and its leisure revenue was up 2% at $26.5m.
Additionally, its net income fell to $4.1m in Q2 2023, down from the $7.2m it posted in Q2 2022 – which the company blames on foreign exchange movements and increases in ‘selling, general and administrative expenses.’
Finally, its adjusted EBITDA rose by 1%, now totalling $26.2m – a marginal increase in line with the rest of its report.
Lorne Weil, Executive Chairman of Inspired, said of the company’s performance: “Revenue grew in each of our business lines during the second quarter reflecting solid underlying fundamentals.
"The digital businesses once again generated record reported quarterly revenue and are steadily contributing a greater proportion of our earnings and cash flow.”
