JAMAICA, U.S. – May 17, 2020 – NASCAR posted a $1.6 billion profit and beat Wall Street expectations for a fourth consecutive year as the race’s online betting business returned to profitability.NASCAR is the world’s largest sporting event and is the largest digital sports betting platform with more than 40 million active customers across a wide range of events including NASCAR, Formula One, NASCAR Sprint Cup, NASCAR XFINITY Series, NASCAR Whelen, NASCAR Camping World Truck Series and the NFL NFL Sunday Ticket.NASCAS International, the company that owns and operates the online betting platform, posted a profit of $1,921 million, or 78 cents per share, compared with a loss of $913 million, which was lower than Wall Street’s expectation of $10.7 billion.NASCar posted a net income of $734 million, excluding items such as restructuring charges, to $1 billion, which represented a gain of 2.9%.NASCAR’s net loss widened to $5 billion, or 58 cents per stock, from $4 billion, a loss.
The company also posted a loss on its long-term debt of $6.1 billion to $10 billion, compared to a loss before tax of $3.4 billion.
Analysts surveyed by Reuters had expected the sportsbook business to report a loss for the full year.
The company said it expects the return to profitability to accelerate after the completion of its $4.4 trillion capital investment.NASCO, a joint venture between Nascar and Whelens, owns and controls the online gambling business.
The partnership was launched in 2009 and was valued at $1 in 2015.NASCo is the parent company of online gambling platform Nascar.
It is the only company that manages the entire online gambling ecosystem and is in the business of offering, supporting and providing services for the entire gaming industry.