Revenue at the three land-based commercial casinos in Detroit increased 2.6% year-on-year in January despite a sharp drop in sports betting revenue.
Total revenue amounted to $103.5m for the month, up from $100.9m in January 2022 but 5.8% lower than $109.9m in December last year.
Table games and slots accounted for almost all revenue during January, generating $103.4m in total, up 4.4% year-on-year.
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Inspired Entertainment has promoted its current president and chief operating officer Brooks H Pierce to the role of chief executive.
Pierce succeeds former CEO, A Lorne Weil, who has subsequently been promoted to executive chair of the supplier’s board.
Besides his CEO duties, Pierce will also continue in his role as chief operating officer and have additional oversight on company strategy.
As part of the promotion, Pierce’s terms of employment have been extended to 31 December 2026. His base salary has increased to $585,000 with a bonus eligibility of up to 110% of his annual salary, meaning he could earn up to $1.2m depending on performance.
Alongside Pierce’s promotion, executive chairman Weil’s terms of employment have been extended to 31 December 2027.
Weil’s updated terms of employment include a salary increase to $800,000 per annum, and an 80,000 yearly limit on shares.
The business said the leadership changes were part of a wider plan to streamline strategic oversi..
Detroit’s three land-based commercial casinos reported a year-on-year decline in gaming revenue for 2022, with revenue down across both slots and tables games and sports betting.
Revenue for the 12 months to 31 December 2022 was $1.28bn, down 1.4% from $1.29bn in the previous year. Slots were responsible for $983.7m of total revenue, representing 77% of the market, then table games with $273.3m (21%) and sports betting at $18.8m (2%).
Analysing the performance by market sector, combined slots and table games revenue fell by 0.8% year-on-year to $1.26bn.
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The Texas legislature will consider a bill that would amend the state’s constitution to legalise casinos at a limited number of locations and set the stage to permit sports betting.
The proposed law – Senate Joint Resolution 17 – would devise the framework for a new body named the Texas Gaming Commission, which would supervise legalised gambling in Texas.
Casino gambling would be authorised at a “limited number of destination resorts and facilities” with the proceeds going towards tax relief and funding for education and public safety.
The amendment’s author is Houston-based state senator Carol Alvarado, a Democrat who initially pre-filed the bill on 14 November 2022.
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Clarion Gaming has entered into a partnership with strategic body the Gambling Business Group to run a new show floor feature at this year’s edition of ICE London.
Dedicated exclusively to licensed street gaming, the GBG High Street Hub will feature both contributions and insight from leading brands including Novomatic UK, Entain, Buzz Bingo, Merkur UK and GameNation.
The new hub will be situated adjacent to the Pillar Hall Casino, a networking space and bar for the land-based industry, and allow visitors to explore the latest developments in the street gaming sector.
ICE London 2023 will take place from 7-9 February at the ExCeL London,
“ICE London 2023 will be the biggest edition on record and I am delighted that this will include a section of the show floor dedicated to the street gaming sector of the business,” Clarion Gaming managing director Stuart Hunter said.
“Our strategy and remit is to work in partnership with the industry that we serve and our collaboration with the Ga..
Sports betting revenue in New Jersey declined by 7.4% year-on-year to $77.9m, as revenue for its leading brands increased but challengers in the market struggled.
This figure came as players bet $1.06bn on sports, down by 18.1% from October 2021’s record-high $1.30bn. Of this total, $987.6m was placed online, with the remaining $72.6m placed in person.
The Meadowlands, with a FanDuel betting skin, continued to easily lead the market with $45.4m in sports betting revenue, up 3.0%. In second place was Resorts Digital, which has partnered with DraftKings and brought in $17.2m, up 8.0%
BetMGM partner the Borgata was the only other operator to crack even a 3% market share, bringing in $9.5m, up by 18.7%.
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This year’s US midterm elections have plenty riding on them for the industry.
iGB has put together a panel of experts to discuss the fallout for US sports betting, online casino and land-based gaming.
California dreaming
A clash of the titans in California looks set to end in disappointment for both sides. There’s still much to discuss, namely whether an immovable force and an unstoppable object can reconcile after a bruising campaign. And more importantly, when will legal betting actually come to the Golden State?
State elections to watch
Developments in several state legislatures could also have a game-changing impact for US gaming regulation. Sports betting and casino hangs in the balance in Georgia, while Minnesota candidate Scott Jensen has voiced support for legal wagering.
Then in Oklahoma, governor Kevin Stitt may have his second term denied by disputes over tribal gaming.
That’s not even mentioning potential developments in Kentucky, Missouri and Virginia. In a number o..
The European Commission has raised the threat level for money laundering in online gambling to its highest possible rating, and called for lower thresholds for due diligence checks to prevent criminal activity.
The European Commission carries out periodic supra-national risk assessments, determining the risk of money laundering and terrorist financing across the European Union in various sectors. The 2022 edition is the third such risk assessment, after previous versions in 2017 and 2019.
“As with the previous reports, this third edition analyses the present ML/TF risks and proposes comprehensive action to address them,” the European Commission said. “It also assesses the degree to which the Commission’s recommendations for mitigating measures in the 2019 report have been implemented and evaluates the remaining risks.”
One area of particular focus in the report was gambling, with each gambling vertical receiving its own risk assessment.
Online gambling was found to be especially vu..
UK provisional betting and gaming tax intake for the six months to 30 September has risen 11.0% from £1.46bn to £1.62bn ($1.85bn/ €1.88bn) compared to the same period the previous year.
The largest contributors to this figure is the Lottery Duty, which represents 30% of the total, and the Remote Gaming Duty which contributes 28% of the total. However, both the duties declined both in absolute terms and percentage of the total from same period the previous year.
The 2022 figures had a high degree of variability month to month, demonstrating both seasonal variation and a decreased month-to-month stability in the figures post-pandemic – as commented on by HRMC.
“Since the 2020-21 financial year, monthly receipts have been more unpredictable and, instead, receipts across each quarter are now more representative,” it said.
As a result, the figures had a large range. At the high end, almost £500m of the total was gathered in April alone – while in September, just £93m was received by th..
Bill Miller could argue that his tenure has seen the most transformative period for the gaming industry since the American Gaming Association was established in 1995. He talks to Robin Harrison about sports betting, gaming expansion, Covid-19, safer gambling and the illegal market in this exclusive interview.
When Bill Miller took charge of the American Gaming Association (AGA) in January 2019, the US commercial gaming industry was poised for a period of explosive growth.
Legal sports betting, thanks to the repeal of the Professional and Amateur Sports Protection Act (PASPA), was rapidly spreading across the US.
The industry as a whole posted its fifth consecutive year of revenue growth for that year, with 2019’s total breaking records at $43.6bn.
The industry generated $10.2bn in gaming taxes for state and local governments with 21 of 25 commercial gaming states posting year-on-year revenue growth. This sum covers annual education costs for 832,000 elementary and secondary scho..
Penn Entertainment – the business formerly known as Penn National Gaming – has exercised its option to acquire all remaining shares of media brand Barstool Sports.
Penn acquired a 36% stake in Barstool for $161.2m in 2020, after which it rebranded its sportsbook product to bear the Barstool brand name.
The operator would then increase its stake in Barstool beyond 50% – paying $62.0m for a further 14% stake – within three years. Penn was also granted immediately exercisable call rights that would allow it to acquire the remainder of the media business, “based on a fair market value calculation”.
In February of this year, Penn then revealed that it planned to exercise these options and control the entire Barstool business by early 2023.
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A full quarter’s contribution from Sportnco has aided Gaming Innovation Group’s international expansion drive, and while new opportunities emerge in the Americas, Europe is also playing a key role in its growth trajectory.
Gaming Innovation Group’s (GiG) first quarter results for 2022 set a new high point for revenue, for the second consecutive reporting period. The supplier has now extended that winning streak to three quarters, reporting a 37.1% year-on-year jumping in revenue to €22.1m (€18.6m/$22.5m).
GiG Media, its affiliate division, continues to grow rapidly, but for the three months to 30 June, the platform business’ performance was the standout performer. Revenue grew 43.1% to €7.3m, reflecting a full quarter’s contribution from Sportnco.
Richard Brown, GiG CEO
Sportnco’s impact in Q2
In the wake of the first quarter results, chief executive Richard Brown talked up the anticipated impact of adding a proven sportsbook to GiG’s portfolio. Following Q2’s figures, it certa..