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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-..

December 13, 2023

Strikes hit Detroit casino revenue again in November

Worker strikes across the Detroit land-based gambling sector hit casinos again in November, with revenue in the Michigan city falling 22.3% year-on-year to $79.1m (£63.1m/€73.3m).

Revenue from the city’s three land-based commercial casinos was down from $101.8m in the same month last year. The November figure was also down 4.5% from the $82.8m that Detroit posted in October this year.

The decline came against a background of strikes in Detroit. Some workers went on strike on 17 October and did not reach an agreement on pay until mid-November. This meant the MGM Grand, Greektown and MotorCity casinos were short of staff for most of the month.

Of all revenue generated by the three casinos, $76.0m came from tables games and slots. This was 23.9% behind last year’s total and 7.0% less than October 2023.

The remaining $3.1m in revenue was attributed to sports betting qualified adjusted gross receipts (QAGR). This was 63.2% higher than November 2022 and 181.8% ahead of October this year…

December 13, 2023

Bill Hornbuckle on MGM Resorts’ global growth ambitions

MGM Resorts’ home town of Las Vegas evolved beyond all recognition during Bill Hornbuckle’s time in gaming, but it’s not the only show in town. He’s eyeing up expansion across a range of global markets and expanding into new channels.

Things are booming in MGM Resorts’ home town, but it’s much more than a Vegas-based business. Hornbuckle leads global development efforts and having taken MGM into Macau he’s still looking east.

MGM Resorts looks east

Japan’s ministry of land, infrastructure, transport and tourism certified plans for a $10bn integrated resort in Osaka in April. After finalising agreements with Osaka Prefecture and City, construction can begin on the property.

Marginally closer, opportunities are emerging in the United Arab Emirates. First Wynn sealed an agreement for a resort in Ras al-Khaimah. Then a federal regulator, the General Commercial Gambling Regulatory Authority (GCGRA) emerged paving the way for resorts in other Emirates.

MGM is focused on Dubai, Hornbu..

December 7, 2023

Fitch “neutral” on global gaming outlook for 2024

Fitch Ratings forecasts global gaming outlook for 2024 as “neutral”, citing pullback in certain US markets and potential stagnation in Europe.

A new report from Fitch Ratings forecasts the global gaming outlook for 2024 as “neutral”.

It is the second straight year Fitch has selected a “neutral” view for its gaming outlook. Fitch cited “slight pullback” from the “pent-up demand” in the United States as one of the reasons for its classification.

In general, the US is still performing well after a “robust” 2022. However, Fitch’s 6 December report details how regional gaming is showing some indication of stagnation.

Elsewhere, Asia Pacific is flourishing under improved demand thanks to the mass market returning after the Covid-19 pandemic. Singapore, meanwhile, continues to “perform above expectations”.

Limited regulation in the Middle East and Africa (part of EMEA) is proving beneficial, alongside the rise in US online profitability. Over in Europe, The UK Gambling Act review is exp..

December 1, 2023

Gambling Commission figures show land-based gambling surge

Great Britain’s land-based gambling sector has grown by more than 20% in the last year with business now returning to pre-pandemic levels.

The Gambling Commission’s Gambling Industry Statistics show total gross gambling yield (GGY) grew 6.8% year-on-year to £15.1bn ($19.0bn/€17.5bn) for the 12 months from April 2022 to March 2023. This figure, accrued from all licensed remote and land-based gambling operators, was also up 6.6% on the last pre-lockdown period to March 2020.

GGY was up slightly more compared to the prior period when removing reported lotteries from the figures. The £10.9bn total was up 9.3% compared to 2021-22 and 7.6% compared to 2019-20.

Remote gambling remained the biggest revenue generator for the sector, with £6.5bn taken by the remote casino, betting and bingo sector. This was up by a moderate 2.8% year-on-year and by 13.3% compared to pre-lockdown figures. The number of new account registrations with RCBB operators was up 10.6% to 36.4 million.

Online casino g..

December 1, 2023

Nevada gambling revenue exceeds $1.3bn in October

Gambling revenue in Nevada increased 3.1% year-on-year to $1.32bn (£1.04bn/€1.21bn) in October, helped by growth across multi-denomination slots, baccarat and sports pool betting.

Revenue was ahead of $1.28bn in October 2022 and also 3.9% more than $1.27bn in Nevada in September this year. It was also the best October revenue total in the history of the state’s market.

Slots drew the lion’s share of revenue, generating $894.9m in revenue in October. This was 2.0% higher than in the same month last year.

Multi-denomination slots were the single highest revenue source with $527.8m for the month, up 16.3%. Incidentally, almost all other slot games reported a decline in revenue, including penny slots, with revenue dropping 11.7% to $271.9m

Baccarat growth continues in Nevada

Figures released by the Nevada Gaming Control Board showed table, counter and card game revenue edged up 4.2% to $420.3m. This was helped by ongoing growth within the baccarat segment, with revenue jumping 35.3% t..

November 20, 2023

Pennsylvania sports betting handle hits record $829m in October

Pennsylvania reported a monthly record $829.0m (£664.4m/€759.3m) sports betting handle in October, while the state also noted year-on-year revenue growth across several segments.

Total gambling revenue in Pennsylvania hit $483.0m in October. This was 7.3% higher than $450.2m in October 2022 and 1.4% up from $576.3m in September this year.

Retail slots were responsible for almost 40.0% of all gambling revenue during the month at $192.5m, down 3.3% from last year. Land-based table games revenue edged up 2.0% year-on-year to $81.5m.

Record spending pushes sports betting revenue up

The headline figure for Pennsylvania in October was sports betting handle, which climbed 4.0% from the previous monthly high of $797.1m to reach a new record.

This helped push sports betting revenue up 18.8% year-on-year to $48.2m. Of this total, $43.1m came from online wagering and the remaining $5.1m retail betting.

Hollywood Casino at the Meadows and Barstool edged back into top sport in the market wi..

November 20, 2023

New Jersey gambling revenue up 9.3% year-on-year in October

Gambling revenue in New Jersey increased 9.3% year-on-year in October, driven by growth across the state’s igaming and sports betting market.

Total market revenue in New Jersey reached $487.1m (£390.9m/€446.4m) in October. This was ahead of $445.7m last year but 6.6% behind $521.5m in September this year.

Physical slots, which have long drawn the most gambling revenue in New Jersey, posted a year-on-year decline. Revenue from retail slots dropped 1.9% to $163.0m in October.

However, land-based table games revenue for the month was 19.7% higher at $65.1m. This meant total revenue from the retail casino sector increased 3.4% to $228.1m.

New Jersey igaming markets continues to expand

In contrast to the retail slots decline, the situation was very different for their online cousins in New Jersey. Revenue from authorised online games, including internet slots, increased by 13.4% to $164.4m in October.

Online peer-to-peer poker games revenue also increased by 6.2% to $2.4m. As such, ..

November 16, 2023

DraftKings smashes more Massachusetts sports betting records in October

DraftKings set new monthly records for sports betting handle and revenue in Massachusetts during October, while the Bay State’s overall market also grew month-on-month.

Players in Massachusetts spent a total of $571.8m (£461.5m/€527.6m) betting on sports in October, up 11.6% from $512.2m in September. It is also the second-highest monthly total since the state launched legal betting in March, just short of the $579.3m bet in April.

Online sports betting spend in October reached $555.7m, with retail wagers at $16.0m.

Massachusetts just misses out on revenue record

Turning to taxable sports betting revenue, this also increased month-on-month following the rise in handle.

Total market revenue amounted to $59.2m, up 18.9% from $49.8m in September. This was also just 3.0% shy of the $61.0m record set in May.

Online betting generated $58.2m in total revenue, with retail’s contribution in October at $979,329.

DraftKings revenue exceeds $300m in October

Breaking down the market by oper..

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