Casino – Page 7 – Bookielink

June 14, 2024

US May round-up: Kansas sports betting growth, Detroit casino revenue rises

Taking a look at some of the latest monthly US state results, iGB analyses a year-on-year rise in sports betting revenue in Kansas during May and growth in the land-based casino market in Detroit, Michigan.

Sports betting revenue in Kansas was 10.1% higher at $9.8m (£7.7m/€9.1m) in May. As for Detroit, revenue from land-based casinos increased 7.2% to $113.2m.

Beginning the analysis in Kansas, despite year-on-year growth, revenue was 5.8% lower than the $10.4m generated in April. Some $9.6m of all sports betting revenue came from online activity, with retail contributing $155,888.

In terms of handle, total player spending in May hit $172.2m, an increase of 43.1%. Of this, $164.1m was wagered online and $8.1m at retail sportsbooks across Kansas.

The state collected a total of $976,764 in sports betting tax, most of which also came from online wagering.

FanDuel and Kansas Star lead the pack

FanDuel, partnered with Kansas Star, took the lead in the Kansas online betting market in Ma..

June 14, 2024

State of the Union: A look back at the week that was in North America

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.

DC Lottery chief resigns, takes new job in Connecticut

Washington City Paper reporter Alex Koma broke the news that DC Lottery Office of Lottery and Gaming chief Frank Suarez had resigned. Suarez has accepted a similar position with the Connecticut Lottery. The OLG chief has been in the hot seat for months as the DC Council has been considering busting the District’s monopoly. Suarez has undergone intense questioning from council member Kenyan McDuffie.

The CFO's office, which oversees the lottery, tells me Suarez is taking a new job as the head of the Connecticut lottery. He'll leave D.C. officially on July 31. https://t.co/NBvqb64xOW
— Alex Koma (@AlexKomaWCP) June 13, 2024
On Wednesday (12 June), the DC Council voted to advance a budget that includes opening DC’s single-source wagering market. ..

June 11, 2024

How senate redistricting could make Alabama more gambling friendly

A seemingly unrelated legal battle playing out in a federal courtroom could have an impact on the future of gambling in Alabama. The case, centred on the potential redrawing of state senate districts in Montgomery and Huntsville, may hold the key to whether the state legalises casinos, sports betting, or lottery in 2025.

The backdrop for this potential shift lies in the narrow defeat of gambling legislation in the Alabama senate in April. The bill fell short of passage by a single vote.

Proponents of the legislation, which included both Democrats and Republicans, argued that casinos would generate significant tax revenue for the state, create jobs and boost tourism. The Public Affairs Research Council of Alabama previously reported analysis that showed that gambling could lead to $749m in annual state revenue. Other reports put the total at as much as $1.2 bn.

On the other hand, opponents, primarily on moral grounds, expressed concerns about the potential social ills associated with..

June 10, 2024

Weekend Report: Rhode Island credit limit potentially on the rise

Welcome to the Weekend Report, where iGB updates you with the stories you may have missed over the last few days.

Rhode Island credit limit potentially doubling

On Thursday (6 June), the Rhode Island senate voted to increase the outstanding credit per player to $100,000 (£78,697/€92,973). The house is now expected to review the bill this week.

The amended bill passed with a vote of 28-5 to raise the limit from the previous $50,000 which had been in place since 2014.

Igaming launched in Rhode Island in March. Bally’s Corporation essentially has a monopoly on igaming in Rhode Island following state legislators’ 2021 approval of a 20-year contract for Bally’s and supplier IGT.

The bill was introduced by Senator Frank Ciccone III and Senate President Dominick Ruggerio. The bill’s text states that the aim of the rising credits is to “increase Rhode Island’s competitiveness in the gaming industry”.

However, the bill is also facing opposition. As reported by the Rhode Island Current, Se..

June 7, 2024

State of the Union: A look back at the week that was in North America

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.

NY to require gambling hotline number on ads

New York is poised to become the next state to tighten gambling advertising guidelines after the senate passed a bill that would require any ads to have warnings about “harmful and addictive behaviour”.

AB 1118 originated in the house, passed the senate and was sent back to the house for final consideration. It’s now headed for the governor’s desk. The key requirement is that a problem gambling hotline number be posted on every advertisement. .

Another bill – that would have required that all applications for three downstate casino licences be submitted by 31 August – did not get a final vote before adjournment on Thursday (6 June). The bill, SO 9673, would also have required final approval for the licences by 31 December 2025.

Still waiting…

Illinois Govern..

May 31, 2024

Key Penn shareholder: Sell ESPN Bet to save face and prop up share prices

The Donerail Group, a shareholder of Penn Entertainment, is calling for the company to sell assets amid strategic interest.

Significant shareholder Donerail sent a letter to the Penn board of directors and board chair David Handler. In the letter, Donerail urged the company to sell assets to generate “meaningful and certain” value creation for investors.

Donerail stated its belief that Penn’s casino assets alone are valued at over double the company’s current market capitalisation.

The hedge fund manager noted heavy criticism of Penn from the investment community over its capital allocation strategy. It highlighted that Penn’s shares are down more than 80% over the last three years.

Donerail said: “The growing pattern of guidance misses, alongside a demonstrated unyielding appetite to continue to invest in the company’s fledgling interactive projects, irrespective of past results and without a clear return framework, has significantly damaged the credibility of this management team..

May 31, 2024

State of the Union: A look back at the week that was in North America

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.

SCOTUS sets conference Florida wagering case date

The US Supreme Court will conference on 13 June to discuss West Flagler Associates (WFA) Ltd vs Deb Haaland. The case could change the course of legal sports betting in Florida. WFA earlier this year filed a writ of certiorari. The focus of the case is whether or not US Department of the Interior Secretary Haaland should have allowed the 2021 compact between the state of Florida and the Seminole tribe to become “deemed approved”.

The compact allows for the Seminoles to offer retail and digital wagering throughout Florida. Bets placed anywhere in Florida that run through a tribal server are considered to have been placed on tribal lands, according to the compact. This scenario is not used anywhere else in the US. WFA argues that the compact violates the Indian..

May 30, 2024

Nevada gambling revenue declines again in April

Total gambling revenue in Nevada amounted to $1.24bn (£977.0m/€1.15bn) during April, an increase on last year but the second consecutive month of decline in the Silver State.

The monthly total was 6.9% ahead of $1.16bn in April last year but 3.9% less than $1.29bn in Nevada in March this year. March was also lower than February’s total, with February having been boosted by Nevada’s hosting of the NFL’s Super Bowl.

Once again, slots proved to be the primary source of revenue for operators, generating a total of $886.8m. This is 5.9% higher than in April last year. Multi-denomination slots drew the most revenue at $586.8m during the month, a rise of 26.4%.

High-stakes slots also saw more revenue, with increases across both $25 (up 137.6%) and $100 machines (up 14.5%). In contrast, revenue from all lower-stakes machines was down year-on-year.

Blackjack and baccarat drive growth

Looking elsewhere in Nevada, revenue from table, counter and card games – including sports betting – climb..

May 24, 2024

State of the Union: A look back at the week that was in North America

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.

PA, MA issue fines

On 22 May the Pennsylvania Gaming Control Board announced that it had fined Wind Creek Bethlehem $125,000 (£98,089/€115,156) for allowing minors onto the gaming floor 10 times. The regulator wrote in a press release that the incidents occurred over a 20-month period and involved 11 people.

A day later, on 23 May, the Massachusetts Gaming Commission issued a $10,000 fine to Fanatics Sportsbook for allowing a bet to be placed on a Boston College team. A consumer placed a $50 futures bet on the Golden Eagles bowl game against SMU on 5 December 2023. Fanatics discovered the bet a day later and cancelled it. Betting on in-state college teams is not permitted in most cases in Massachusetts.

SI to exit Michigan by end of 2024

Michigan’s SI Sportsbook will exit the state by the end of the year,..

May 21, 2024

High regulatory costs driving potential for M&A “boom” in Brazil

Economist Adam Patterson believes high regulatory costs will drive an M&A “boom” for Brazil's sports betting market.

Brazil passed Bill 3,626/2023 to regulate sports betting and igaming on 21 December. President Luiz Inacio Lula da Silva then signed the bill into law later that month.

The country is currently in the process of rolling out its regulations. Licence fees are expected to cost BRL30m (£4.6m/€5.4m/$5.9m) for up to three brands.

Normative Ordinance No 722 outlined regulations on the technology and security requirements of betting systems. Operators must gain certification of their systems from accreditation entities recognised by the ministry of finance. They must also keep their systems constantly updated to maintain compliance.

With operational fees expected to be costly, smaller companies could face obstacles if they are to operate in Brazil.

Patterson is an economist and partner at Redirection International, which specialises in M&A and has a team working in Bra..

May 20, 2024

Weekend report: NY casino hurry-up bill, NCAA harassment report, new places to bet

IGB takes a look at what happened in gambling news over the weekend.

NY casino process: Let’s get a move on!

New York State Senator Joe Addabbo and Assemblyman Gary Pretlow dropped a bill that would speed up the current NY casino timeline. Regulators earlier this year said they would award licences for three downstate casinos by 31 December 2025. The bill would require bids to be filed by 31 July and the New York State Gaming Commission to award licences by 31 March 2025. The bill outlines 17 areas applicants must address from capital expenditure to proposed partnerships to workforce training, demographic plan and “harmony”.

The New York Post reported that a shortened timeline could help out certain parties and hurt others. Addabbo’s district borders Aqueduct, which is the location for the Resorts World bid. Pretlow’s district is near the Yonkers race track.

On the flip side, Steve Cohen’s Citi Field NY casino proposal would benefit from a longer runway. That project needs legisl..

May 17, 2024

State of the Union: A look back at the week that was in North America

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.

Nevada to Dave & Buster’s: No betting

The Nevada Independent reported that Nevada is the latest state to take notice of Dave & Buster’s plan to offer betting among friends. Gaming Control Board agents met with Dave & Buster’s executives to say betting at the amusement centres wouldn’t be allowed.

Board chair Kirk Hendrick said in a statement on Monday (13 May) that the board “opposes activities that could promote underage gambling, as well as wagering activities by businesses catering to a significant number of minor clientele.” Other states have reacted as well. An Illinois lawmaker filed a bill that would prohibit the idea and regulators in Ohio and Pennsylvania are considering action.

Date set for Mizuhara plea change

On Wednesday (15 May) the US Attorney’s office said that Ippei Mizuhara’s change-of-..

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Tag: Casino