Casino – Page 11 – FairOdds Network

January 5, 2023

Missouri sports betting bill introduced

A bill that would permit sports betting in Missouri has been introduced in the state house as the current legislative session begins.

House Bill 581 was sponsored and introduced on 4 January 2023. It was sponsored by representative Phil Christofanelli.

If passed, the bill would repeal three sections of the current law and enact seventeen new ones related to sports gambling.

The bill would enable land-based casinos to offer sports betting as well as to partner with suppliers to offer sports gambling online.

Number of sports betting operators in Missouri

Each land-based casino can partner up with three online sports gambling brands , with a limit of six online partners for companies that own multiple casinos.

The proposed amendments would also allow Missouri-based sports teams to partner with a digital sports gambling provider to launch an online service. Sports teams to qualify must play in the NFL, MLB, NHL, NBA, MLS, WNBA or NWSL.

The state has multiple sports teams that would..

January 3, 2023

Nevada gambling revenue slips to $1.22bn in November

The Nevada Gaming Control Board (NGCB) reported a 7.6% year-on-year decline in gambling revenue for November, though statewide revenue exceeded $1.00bn (£833.8m/€946.8m) for the 21st consecutive month.

Revenue for the month amounted to $1.22bn, which was down from $1.32bn in November of 2021 and also 4.7% lower than $1.28bn in October 2022.

Slots remained the primary source of revenue in Nevada, with revenue from the machines amounting to $871.1m, up 1.3% year-on-year. Multi-denomination slot machines generated for $460.8m in revenue, with penny slots at $300.6m.

Read the full story on iGB North America

December 20, 2022

Pennsylvania smashes igaming revenue record again in November

Online casino revenue in Pennsylvania hit a new record-high for the second consecutive month in November, while total gambling revenue in the state increased year-on-year.

Overall market revenue for the month amounted to $452.4m (£373.5m/€426.9m), up 4.6% from $432.5m in November 2021 and also 0.5% ahead of $450.2m in October of this year.

Analysing the monthly performance, retail slots remained by far the primary source of revenue for the state, generating $185.6m in revenue for the month, level with the previous year. However, retail table games revenue slipped 4.4% year-on-year to $79.2m.

Read the full story on iGB North America

December 20, 2022

BetMGM granted Massachusetts betting licence, but with strings attached

BetMGM and MGM Springfield have both been granted sports betting licences from the Massachusetts Gaming Commission (MGC), but conditions were attached to the licence of the former.

Issued with a category 1 sports wagering operator licence for Massachusetts, MGM Springfield is now allowed to operate betting at a land-based facility, as well as on up to two online platforms.

One of its online skins will be provided by BetMGM – an MGM-Entain joint venture – which was also awarded a temporary category 3 sports wagering operator licence. However, this came only under certain conditions.

BetMGM and MGM Springfield had initially applied individually for a Massachusetts sports betting licence. However, the relationship between the two entities created complications as MGM Springfield initially answered questions on the application with reference to BetMGM’s documentation.

As a result, the regulator delayed the vote on approving the licences until yesterday (19 December).

Massachusetts re..

November 28, 2022

The man who revitalised Fremont Street

Downtown Las Vegas was once associated with Sin City’s Rat Pack era, but the Fremont Street experience is – quite literally – very different today. Enter Circa Sports’ Derek Stevens, an industry outsider who is playing a huge role revitalising the area by bringing a brand new casino and sports betting experience.

Derek Stevens of Circa Sports is a gambling industry outsider. He built up a successful auto parts business in his native Michigan before moving into the casino business, purchasing the Golden Gate in 2008. He’s honest about what attracted him to the city.

“The key thing that brought me to Vegas was the fact there’s no income tax in the state of Nevada,” he says, bluntly. “I run an investment portfolio, so that was helpful.”

Derek Stevens poses next to Vegas Vickie, an iconic symbol of ‘Old Vegas’

“But,” he adds, “I’m more of an operator.” He’s also someone who likes a challenge, acquiring a casino on the cusp of the Great Recession. Stevens “really fell in love with downt..

November 28, 2022

Kahnawàke council launches legal challenge against Ontario igaming laws

The Mohawk Council of Kahnawàke (MCK) has launched a constitutional challenge against iGaming Ontario and the attorney-general of Ontario, arguing that the province’s regulation of gambling is unconstitutional.

The Council – which runs its own gambling licensing regime – said that the Ontario regime did not meet the requirements for gambling outlined in Canada’s constitution.

As a result, it has filed a motion in the Ontario Superior Court of Justice to challenge the legality of Ontario’s igaming framework, which it said was “illegal and unconstitutional”.

Ontario igaming legal status

Commercial betting and gaming are legal in Canada only if it is “conducted and managed” by a provincial government. While in most provinces that offer online gambling, the government runs a monopoly, Ontario instead launched a licensed regime this year, with more than 30 different licensed operators so far.

While a specific definition of conducting and managing is not provided, the Mohawk Council of ..

November 23, 2022

Lahcene Merzoug on PressEnter’s management buyout

Fresh from announcing a management buyout, PressEnter CEO Lahcene Merzoug talks to iGB about the new leadership's strategy and future plans.

So, the cat is out the bag; PressEnter Group will be under new (or should we say old?) management.

There are many questions that remain: Will the new chairman stay the course or head to uncharted waters? What form will the shape of the business’ future growth take? And what’s the plan with the company’s brands?

The business formerly known as Betpoint has reinvented itself before, though only the new owners know what the plan is now. Current CEO and future executive chair Lahcene Merzoug explains in his own words.

What was the rationale behind the management buyout, and what important factors led the executive team to decide to go down this route?

The management team has grown the business into what it is today, so we could clearly see the potential in the company and its operations. When the opportunity to buy PressEnter Group arose, ..

November 18, 2022

Pennsylvania online slots revenue hits record high in October

Gambling revenue in Pennsylvania increased 5.7% year-on-year during October, helped by a record performance by the state’s online slots market.

Total revenue for the month amounted to $450.2m (£378.0m/€434.2m), up from $425.9m in October 2021 and also 0.4% more than $448.5m in September this year.

Retail slots were again the primary source of revenue at $199.0m, though this was 2.1% lower than last year. Retail table games revenue was also down 10.4% to $79.3m.

Online slots overtook retail table games to become the second-highest gambling revenue source in the state, generating a record $86.3m, up 22.1% year-on-year. Online tables revenue was also 21.8% higher at $35.7m, though internet poker revenue slipped 12.7% to $2.5m.

Hollywood Casino at Penn National retained top spot in the state’s igaming market by some margin, posting $52.7m in online gambling revenue. Rivers Casino Philadelphia was second with $29.3m, then Valley Forge Casino Resort on $23.4m.

Turning to sports wagering..

November 16, 2022

Codere Q3 revenue hits pre-pandemic levels thanks to strong LatAm growth

Spain, Italy and Latin America-facing gaming business Nueva Codere’s Q3 revenue increased 47.2% year-on-year to €343.4m (£300.7m/$357.8m), recovering to pre-pandemic levels.

The robust revenue growth is mainly due to the lifting of Covid-19 restrictions in venues, ensuring a rebound for Codere in almost all markets.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 74.8% to €57.4m from €24.6m in the same period the previous year. Codere’s potent performance in Argentina and other Latin American countries is one important factor in this result.

The company’s adjusted EBITDA margin also rose 2.6% to 16.7% in the three months leading to 30 September compared to the same period of 2021.

Codere country totals

Revenue jumped for Codere in all Latin American markets – most dramatically in Argentina where it increased 146% year-on-year to €98.6m, 122% of the pre-pandemic total. One important factor is that average player spend per visit has incre..

November 9, 2022

AGA: Q3 US gaming revenue hits record $15bn

US gaming revenue reached a record $15.17bn (£13.31bn/€15.1bn) in Q3, an all-time quarterly high, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker.

This is a 2% increase on the previous record of $14.81bn reached in the preceding quarter. Subsequently, 2022 is set to surpass 2021 as the highest grossing year of gaming revenue, already at 14.7% ahead of the same period the previous year. The total for the first nine months of the year is also ahead of 2019’s full-year revenue.

“While business challenges remain, high consumer demand continues to fuel our industry’s record success,” said AGA president and CEO Bill Miller. “Our sustained momentum in the face of broader economic volatility points to gaming’s overall health today and provides confidence as we look to the future.”

The industry’s year-on-year Q3 growth rate of 8.8% outperformed the broader US economy’s 2.6% growth rate in the same period.

[Read full story on iGaming Business]

November 9, 2022

Flutter CEO: Gambling Act white paper likely pushed back to 2023

Flutter chief executive Peter Jackson said that he thinks that the Gambling Act white paper is most likely to be delayed until next year, as he suspects new ministers will wish to “make their mark” on the document.

Speaking at Flutter’s Q3 earnings call, Jackson said he could not predict the the Gambling Act white paper timeline with any confidence, given that its release had repeatedly been pushed back by personnel changes in government and at the Gambling Commission. However, he said he would think its release was more likely to be in 2023 than this year.

“I don’t know if I can really comment on timing because I’ve tried to comment for the last two years and keep getting it wrong, so I might have lost some credibility there,” he said. “But I suspect it’ll end up coming out after Christmas as there isn’t much time now before Christmas.

“The new ministers I think will want to make their mark on it.”

Gambling Act review delays

The white paper is the next phase in the Gambling Act r..

November 7, 2022

The 2022 US midterm elections: What we are watching

As the US goes to the polls for the midterm elections, there are plenty of races that could affect the progress of sports betting regulation and gaming expansion. Paul Girvan picks out the states to watch.

The 2022 US midterm elections, while important in so many ways, contain few issues directly related to gambling regulation.

Rather, they represent an opportunity to extract a thorn that has irritated the body politic and coloured the consideration and adoption of more gaming legislation, whether it be sports betting legislation or casino regulation.

Only in two states does gaming appear directly, or indirectly, on the ballot: California and Georgia.

California

In California, a statewide ballot measures voter approval for constitutional changes, through Propositions 26 and 27.

Polling suggests both the tribal and commercial sports betting ballot measures are doomed to fail.

Prop 26 permits Native American casinos and four..

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