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February 16, 2024

Massachusetts smashes sports betting revenue record in January

Massachusetts recorded $71.1m (£56.5m/€66m) in taxable sports betting revenue for January, smashing the previous record of $61m.

Massachusetts’ January revenue was a remarkable 17% increase on the previous highest month, set back in May 2023.

Handle fell just 1.1% short of December’s $658.7m record, still accumulating $651.7m in what was another strong month for Massachusetts’ sports betting industry. Tax collected was $5.8m, also 9.4% down on December.

Massachusetts has shown very encouraging growth since sports betting went live on the last day of January 2023. Online continues to perform very strongly, with online wagers accounting for 99.4% of January’s handle.

In terms of casino, Massachusetts produced $93.5m in gross gaming revenue (GGR) for January, 10.1% short of December’s figure of $103m. Encore Boston Harbor continues to lead the way, accumulating $60.9m in table and slot GGR.

DraftKings still the leader in Massachusetts

While DraftKings’ handle of $315.9m was $4.5m sh..

February 6, 2024

Nevada gambling revenue hits record $15.52bn in 2023

Gambling revenue in Nevada reached an all-time high of $15.52bn (£12.37bn/€14.46bn) in 2023, surpassing the previous annual record by 4.6%.

The 2023 total was comfortably ahead of the existing Nevada record of $14.84bn, which was set in 2022.

Breaking down the past year, land-based slots were the primary source of revenue. The $10.28bn generated in 2023 was 2.8% higher than in the previous year. Some $5.97bn of all slot revenue came from multi-denomination games, while penny slots drew $3.15bn.

Baccarat revenue falls just short of $1.50bn in 2023

Elsewhere, table, counter and card games revenue, which also includes sports betting, hit $5.24bn. This was 8.5% ahead of the $4.83bn posted in 2022.

Baccarat was responsible for $1.49bn of table, counter and card games revenue in Nevada in 2023. This was 28.2% higher year-on-year.

A further $1.33bn came from blackjack, up 0.8%, while craps revenue increased 4.6% to $467.5m and roulette 1.8% to $460.3m.

Nevada mobile sports betting reve..

February 1, 2024

Macau’s January revenue of MOP19.3bn nearly breaks post-Covid record

Macau generated MOP19.3bn (£1.9bn/€2.2bn/$2.4bn) in revenue in January, its second highest figure since reopening following the Covid-19 pandemic.

Only Macau’s October 2023 revenue number of MOP19.5bn surpassed the first month of 2024, a strong start to the year and with the Chinese New Year just around the corner.

January’s GGR was a hefty 67% increase on the same month last year, while it was also a 4.1% hike on December 2023.

Despite the figures, Macau’s January GGR still fell 14.4% behind the MOP22.1bn recorded in the final January before the pandemic started.

Macau’s Covid recovery expected to continue

Macau’s response to the devastating Covid-19 lockdown has been impressive, with 2023’s cumulative gross income of MOP183.1bn a 333.8% year-on-year increase. While that is still just 59.8% of the final full year before Covid, the growth seen since the easing of lockdown restrictions is expected to continue.

macau has flourished since the easing of most lockdown restrictions in ..

January 25, 2024

Svenska Spel loses appeal against ATG over naming rights

Svenska Spel has lost its appeal against Aktiebolaget Trav och Galopp (ATG) over the use of the phrase “Trav och Galopp” in a new racing product.

Svenska Spel’s use of the phrase, which translates to “trot and gallop” in English, was considered by the Patent and Market Court of Appeal to be an infringement on ATG’s company name.

ATG launched the initial trademark lawsuit back in December 2020. This was after a war of words between ATG chief executive Hasse Lord Skarplöth and his Svenska Spel counterpart, Patrik Hofbauer.

In a statement announcing ATG’s court victory, Skarplöth said: “That the supreme court also followed our line was expected. It must never be okay to use someone else’s company name and it feels good that the matter is now settled once and for all.

“It was important to establish that a competitor does not have the right to use our company name and exploit its good reputation.”

Another blow for Svenska Spel

The failed appeal comes in the wake of Svenska Spel announ..

January 24, 2024

Road to ICE 2024: White paper opens up opportunities for land-based casinos

On the road to ICE, iGB will prep you for the biggest show of 2024 with this new series covering the latest developments since 2023's show.

In April 2023, the UK government finally released the long-awaited 2005 Gambling Act review white paper. The 260-page document outlined critical updates for the industry, focusing on bringing it into the digital age.

As such, many of the policies in the white paper were based on the public now having 24/7 internet and smartphone access. But it also contained a number of alterations for land-based venues, such as permitting casinos to offer sports betting at their premises.

Specifically, the government said it would allow “casinos of all sizes” to offer sports betting on their premises. Previously, only casinos licensed under the 2005 Gambling Act could offer sports betting.

The white paper put forward policies that would enhance player protection in land-based venues

Land-based stipulations protect players

Generally, the land-based speci..

January 23, 2024

Fanatics launches sportsbook and online casino in Pennsylvania

Fanatics Betting and Gaming (FBG) has launched its sportsbook and online casino in Pennsylvania, the operator announced on Monday (23 January).

Fanatics Sportsbook and Casino is undergoing a two-day soft launch in Pennsylvania, with supervision from the Pennsylvania Gaming Control Board. However, there will be no restrictions on sign-ups or playtime for customers.

The Fanatics Sportsbook and Casino will be available for those living in and visiting Pennsylvania. It marks the 11th US state in which FBG’s sportsbook is available, while it’s the second for the casino element after West Virginia.

Having been acquired by FBG in August 2023, PointsBet customers were able to migrate their accounts onto the Fanatics Sportsbook app, although only on the day of release.

Headquartered in New York, FBG claims it’s “disrupting the sports betting industry” thanks to its FanCash loyalty scheme, as well as its personalisation and live streaming features.

For casino, meanwhile, FBG highlighted its..

January 18, 2024

Flutter earnings call: FanDuel ready to “get ahead” in igaming

Peter Jackson, chief executive of Flutter Entertainment said FanDuel plans to “get ahead” in igaming during a post-close trading update for the company's full-year 2023 results.

Flutter’s Q4 financial results saw growth in the US push revenue 25% to £9.51bn (€11.08bn/$12.07bn). Looking at FanDuel first, Jackson outlined the operator’s three-year strategy for success. He said Flutter plans for FanDuel to complete a race to the finish line in the final year.

“From an igaming perspective, we’re following the strategy we laid out at the capital markets day,” he explained.

FanDuel IS NEARING THE END OF A THREE-YEAR PERFORMANCE STRATEGY, SAID JACKSON

“We said in the first year there were things that were broken that we were going to fix. We said in the second year we’d get to product parity and in the third year we’re going to get ahead of the market.”

Using M&A as a driver for success

The chief executive said that Flutter has been focused on organic growth, “and that’s something..

January 17, 2024

Massachusetts sets $658.7m sports betting handle record in December

Massachusetts reported a record sports betting handle for the second consecutive month in December, with players wagering a total of $658.7m (£519.3m/€605.6m).

Combined sports betting and casino revenue in Massachusetts in December amounted to $163.6m, up 14.4% from November.

Starting with sports betting, the December handle narrowly beat the existing record of $654.4m set in November. The Bay State launched legal betting in March 2023.

massachusetts launched legal betting in march 2023

Players spent $643.2m betting online during December and $15.5m at retail sportsbooks.

Revenue falls just short of Massachusetts record

Turning to taxable revenue from sports betting, this reached $60.6m in December. This was 23.9% ahead of $48.9m in November and just 0.7% behind May’s $61.0m monthly record.

Online betting accounted for $59.3m of all sports betting revenue in December, with retail’s share at $1.3m.

DraftKings the clear leader in online market

Looking at individual operators, Dr..

January 17, 2024

All-time high in New Jersey as 2023 revenue hits $5.78bn

Gambling revenue in New Jersey reached an all-time high of $5.78bn (£4.59bn/€5.32bn) in 2023, driven by record performances across igaming and sports betting.

Total revenue in 2023 was up 10.9% from $5.21bn in the previous year. The New Jersey Division of Gaming Enforcement (NJDGE) noted growth across all three core markets.

Land-based casinos remain the primary source of gambling revenue in New Jersey. These accounted for $2.85bn of all revenue, a year-on-year rise of 2.2%.

Retail slots revenue was 3.3% higher at $2.11bn but table games revenue slipped 0.7% to $736.2m. Incidentally, table games was the only subsection of the market to report lower revenue in 2023.

New Jersey igaming revenue nears $2.00bn

As for igaming, revenue here reached $1.92bn – a new record and 15.7% higher than in 2022.

Online slots revenue jumped 15.9% to $1.89bn, while peer-to-peer poker increased 5.6% to $28.9m.

Golden Nugget took top spot in the igaming market with $524.8m in revenue for the year. R..

January 3, 2024

Episode 25: Predictions for gaming regulation in 2024

The World Series of Politics is back from its festive break with the lowdown on what sort of regulatory progress the gaming industry can expect in 2024.

Happy new year listeners! Brendan Bussmann and Brandt Iden are back to discuss a Festivus miracle in Brazil, as well as setting out their predictions for US sports betting growth and whether 2024 will finally be the breakthrough year for US igaming.

brazil has the potential to be huge, but integrated resorts are not part of the mix

We come back after Brazil sports betting and igaming finally makes it over the finish line, giving the industry an early Christmas present. The market has potential to be huge, Brendan Bussmann says, especially after the 18% tax rate was cut to 12% of GGR.

There’s one thing missing, he adds. Integrated resorts are not part of the mix. This could bring billions in revenue into the local economy and, after the sports betting saga, we know Brazil isn’t one for rapid progress.

Regulatory predictions for 20..

December 18, 2023

Sun International acquires Peermont in ZAR7.3bn deal

South Africa's Sun International has agreed the purchase of Peermont, including its flagship Emperors Palace resort and online brand PalaceBet.

The deal, announced on Monday, is worth ZAR7.3bn (£313m/€363.2m/$396.6m). Sun International labelled the move a “unique opportunity”, acquiring a “world-class and highly cash generative” company in Peermont.

The agreement sees Sun International obtain Peermont’s 11 properties across South Africa and Botswana. The online sports betting site PalaceBet is also included.

Emperors Palace is a leading casino resort in Gauteng, with 1,695 slot machines, 69 gaming tables and 757 rooms. In Sun International’s announcement, it pointed to the resort’s “unique proximity” to the OR Tambo International Airport as an opportunity to attract “high net-worth customers”.

The move was backed by the group’s investors, with 62.54% of shareholders providing written support for the purchase. Sun International believes the transaction will “enhance the qualit..

December 15, 2023

Spain gambling revenue jumps 23.6% to €304.2m in Q3

Gross gambling revenue (GGR) in Spain increased by 23.6% year-on-year to €304.3m (£261.2m/€332.3m) in Q3, although this was lower than the second quarter.

The figure was comfortably ahead of €240.8m in Q3 last year. However, the total fell 2.7% short of the €312.6m generated in revenue in Spain during Q2 of this year.

Breaking down the Q3 figures, casino was again the primary source of GGR in Spain. For Q3, casino revenue amounted to €160.3m, up 25.3% on last year representing 52.7% of the whole market.

The highest amount of growth came in the live roulette sector, with GGR up 27.8%. There was also significant growth in the slots segment, with GGR jumping 25.9%.

In terms of quarter-on-quarter performance, blackjack GGR jumped 11.5%, slots 8.1% and live roulette 5.4%. However, conventional roulette GGR fell 2.2% from Q2.

Q3 sports betting revenue exceeds €113.0m

Elsewhere, sports betting revenue increased 22.7% year-on-year to €113.5m, accounting for 37.3% of all GGR on Q3.

Pre-..

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Tag: Casino