Net losses increased for Full House Resorts in Q2 due to costs associated with opening new casinos hit its bottom line.
Revenue for the three months to 30 June at Full House hit $73.5m (£57.8m/€67.3m). This is 23.7% more than Q2 last year at Full House, with casino driving the increase.
Pennsylvania reported year-on-year declines in slots, table games, sports betting, VGTs and fantasy sports in its fiscal year ended 30 June, yet a strong performance from online gaming was enough to push the state to record revenue and taxes.
Total gambling revenue for the 12 months to 30 June came to $5.89bn (£4.55bn/€5.41bn), 6.9% ahead of last year’s $5.51bn according to full-year figures from the Pennsylvania Gaming Control Board.
This generated $2.36bn in tax revenue for the Keystone state, a record breaking total. Of this total, $1.34bn came from casino slots and $157.6m table games. Sports betting generated $175.2m, video gaming terminals $21.4m and fantasy sports $2.9m.
However, it followed a year in which all verticals – bar one – declined year-over-year. The land-based casino market made the biggest contribution, with slots making up $2.44bn of FY23-24 revenue, down 0.6% from the prior year. A further $958m came from table games, with video gaming terminals (VGT) revenue ..
A second consecutive month of year-on-year decline in sports betting revenue failed to halt overall growth in the New Jersey gambling market, with total revenue rising 7.4% in June.
Combined land-based casino, igaming and sports betting revenue in New Jersey hit $491.0m (£378.6m/€450.3m) for June. This is clear of $457.2m in the same month last year but 3.7% behind the $510.0m posted in May this year.
Land-based casino again generated the most gambling revenue for New Jersey during June. In total, revenue in this segment edged up by 1.0% to $244.1m. This includes $184.0m in slot machine revenue, a rise of 0.6%, and $60.1m table games, up 2.5%.
Igaming edges closer to New Jersey land-based casinos
By far the biggest area of growth in New Jersey in June was the igaming market. Here, total revenue was 25.2% higher year-on-year at $186.8m. This was $57.3m behind the long-established casino land-based sector.
‘Other authorised games’ drew $184.4m of all igaming revenue, up 25.6%. Howe..
Massachusetts saw its sports betting handle and taxable gaming revenue both increase year-on-year in June despite reporting a loss within its retail market.
Total player spending on sports betting in Massachusetts during June amounted to $509.4m (£303.1m/€467.8m). This is 57.5% up from $323.5m last year but 13.3% behind $587.3m in May this year. It is also the lowest monthly total since $314.9m was bet in August 2023.
Online betting spending hit $500.7m in June, with retail drawing just $8.6m in comparison.
Revenue-wise, operators across online and retail reported $40.5m. This is up 25.8% from last year’s $32.2m haul but 29.0% short of $57.0m in May and the lowest monthly amount since $22.7m last August.
Online sports betting generated $41.0m in revenue during June. However, a $588,965 loss from the retail sector pushed the overall revenue total down for the month.
As for hold, across the Massachusetts market, this stood at 8.30% in June. Online hold hit 8.44% with retail at 0.01..
Rounding up the latest US state reports, iGB analyses growth in Iowa sports betting during the state’s 2024 financial year and a mixed June for Maine.
Iowa’s sports betting market closed out its 2024 fiscal year with growth in June, while Maine sports betting operators DraftKings and Caesars reported a decline in handle for the month.
Iowa market up 14% in 2024 fiscal year
Iowa reported year-on-year growth across revenue and handle for the full year to 30 June. Maine, meanwhile, saw sports betting revenue rise month-on-month despite lower spending among consumers.
Starting in Iowa, betting handle for the year hit $2.62bn (£2.05bn/€2.43bn). This is 16.4% higher than the $2.25bn spent in the previous year. Online wagers amounted to $2.41bn while retail spend totalled $207.1m.
In revenue terms, this amounted to $212.3m, an increase of 14.0% from 2023. Of this, $193.5m came from betting over the internet and $18.7m retail sportsbooks.
Looking at individual operators’ performance for..
Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.
CNBC getting into sports
Per Steve Ruddock’s “Straight to the Point” substack, CNBC is adding a sports channel. What does that mean for sports betting? “That coverage includes sports betting, an area CNBC’s Contessa Brewer has been in the thick of for several years,” Ruddock wrote on Wednesday (3 July). Overall, the channel will focus on the intersection of sports and business.
Brewer has been among a handful of national news voices to cover the sports betting industry since PASPA was overturned in May 2018. She “will continue to focus on the money, data statistics and strategy behind the sports gaming industry” according to the press release.
Betting on colleges coming to NJ?
The one thing missing from the market often considered the gold standard of US wagering is the ability to bet on college sports in ..
Analysing some of the latest US monthly state reports, iGB takes a closer look at how Nevada, Colorado, Connecticut and South Dakota performed during May.
Sports betting revenue for May in Nevada topped $36m, up 19.8% on last year. Online betting (up 23%) accounted for 63.4% of all sports wagering revenue. Overall handle dipped 2.3% on the previous year.
Of this, $17.2m in revenue came from basketball wagering with the NBA Conference semi-finals and finals playing out during the month. A further $11.2m in revenue came from baseball, as the MLB season takes place, and $3.4m from ice hockey. A further $7.8m was generated across other sports.
Nevada saw overall revenue climb 2.3% to $1.32bn (£1.04bn/€1.23bn).
Gaming revenue in Nevada edged ahead of $1.29bn last year, with May halting two consecutive months of year-on-year decline.
With regards to land-based gaming, slots drew the most revenue at $886.1m, up by 1.0% year-on-year. Multi-denomination slots accounted for $599.1m of rev..
Welcome to the Weekend Report, where iGB updates you with the stories you may have missed over the last few days.
Suspected MGM hacker arrested in Spain
In 2022, MGM confirmed that its loyalty programme had been hacked. On 14 June, the Spanish national police arrested a man they believe to be involved in the hack at Palma Airport. He was boarding a flight to Italy, reported Murcia Today.
The FBI’s Los Angeles field office issued the arrest warrant for the 22-year-old UK national, per CyberNews.
The group responsible for the cyberattack, Scattered Spider, allegedly hacked multiple major corporations. The man arrested is accused of hacking corporate accounts and allegedly controlled $27m worth of BitCoin. Caesars Entertainment was also hacked last autumn.
Colorado tribes still shut out of digital wagering
Nearly five years after Coloradans legalised digital sports betting and four-plus years after launch, the state’s tribes still aren’t live. Per the Colorado Sun, the state has ..
Growth within the igaming market drove gambling revenue in Pennsylvania up 8.7% year-on-year to $521.0m (£409.9m/€485.2m) in May, while the Keystone State also posted increases across sports betting and the land-based sector.
Igaming gross revenue came in at $174.1m in May, up 23.5% year-on-year.
Total revenue in May was comfortably higher than $479.4m in the same month last year. It also surpassed the $504.6m reported in Pennsylvania in April this year by 3.3%.
While the igaming segment saw the most growth, land-based slots remain the main source of gambling revenue in Pennsylvania. For May, revenue from physical slots hit $214.1m, a rise of 1.6%.
Mobile sports betting gross gaming revenue increased 10..5% annually to $59.1m on a handle of $557m, which marked an uptick of 21% on the previous year. Promotional spend across operators was up 6.3%.
In the land-based sector, table games revenue edged up 2.5% to $83.7m.
Deutsche Bank noted gross gaming revenue for both Caesars and ..
The three commercial casinos in Detroit reported $123.9m (£97.7m/€114.2m) in revenue during March, a 3.9% increase on the previous year.
Revenue in March was clear of the $119.2m posted in the same month last year. March’s total was also 18.5% ahead of the $104.6m recorded in Detroit in February this year.
Some $122.3m of this amount came from slots and table games, up 3.8% year-on-year and 16.7% higher than February.
In comparison, retail sports betting qualified adjusted gross receipts (QAGR) reached just $1.6m. However, this total was 13.2% ahead of last year and a stark improvement on the $120,142 loss reported in February.
MGM continues to lead the Detroit market
MGM Grand Detroit remains some way out in front in terms of market share in Detroit. The casino reported a 46.0% market share in March.
MGM posted $56.7m in table games and slots revenue, up 4.1%, while sports betting QAGR reached $327,857.
MotorCity Detroit placed second with a 31.0% share of the market. Revenue ..
Gambling revenue in Nevada increased 8.5% year-on-year to $1.34bn (£1.07bn/€1.25bn) in February, driven by growth within the baccarat segment.
Revenue was clear of $1.24bn in February last year. It was also 4.7% higher than $1.28bn in January this year – the strongest opening month to a calendar year in Nevada history.
Slots drew the most revenue at $827.6m for the month, an increase of 0.6% from 2023. Of this total, $536.6m came from multi-denomination slot games and $207.6m penny slot machines.
However, only multi-denomination slot games reported growth in February. Revenue was lower across all other game types within this segment.
Baccarat was the highest area of growth during February. Revenue here was 75.5% higher at $180.1m. Blackjack revenue was also up 15.6% to $132.5m with craps revenue rising 22.0% to $44.7m.
Other areas of growth include Ultimate Texas Hold’em, where revenue edged up 4.4% to $18.0m, and pai gow poker 4.7% to $10.4m.
Sportsbook revenue rises as Nevada ..
Slovaks placed €21.4bn (£18.3bn/$23.1bn) in bets during 2023, revealed during a press conference held at the office of the country’s Regulation of Gambling Games.
Martin Bohoš, director general of the regulator, stated players in Slovakia were paid €20.4bn in winnings. Contributions to the state rose by over €50m year-on-year to more than €301m.
In state contributions, the online levy accounted for €93m of the total, while fixed-odds bets were responsible for €80.48m. Land-based casinos, meanwhile, contributed €61.9m to the state.
The online market continues to dominate, with 90% of Slovaks preferring to bet online. For number lotteries, however, online betting accounts for just 14% of bets with Slovaks still preferring to play the lottery at land-based venues.
The tax rate for fixed-odds betting in Slovakia is 22% of gross gaming revenue (GGR) for online operators and 6% of turnover for land-based companies. For casino, meanwhile, the rate is again 22% for online operators. For la..