Latest News
Nearly Six out of 10 Consumers Betting $500 or More Per Month Online Are Millennials
The gambling industry has experienced explosive growth over the past six years, bringing sportsbooks and casinos into mainstream U.S. culture. As those online and land-based betting options become ubiquitous, it is increasingly important for operators to sort out the high-value from the high-risk bettors.
Millennials continue to drive the highest levels of participation across gaming channels. They account for 57% of high-value online bettors, those spending $500 or more per month. And while high-value bettors are disproportionately high-income earners with the best credit scores however, they are also more likely to be delinquent for paying bills, loans and child support.
These and several other insights about consumersâ engagement in betting were garnered from an online survey of 3,000 adults in late April to early May 2024, and reported in the latest TransUnion (NYSE: TRU) U.S. Betting Report.
âAs weâve found in prior reports, the majority of betting consumers can afford this form of entertainment,â said Declan Raines, head of TransUnionâs gaming business. âIn fact, having a significant bump in income was the primary correlating factor to whether consumers bet, regardless of income level. This suggests most consumers only wager what they can well afford to lose.â
Differences between online and land-based bettors
Consumers who bet online and in land-based casinos appear to have a financial advantage, compared to non-bettors. For example, 20% of online bettors and 18% of land-based bettors indicated their incomes increased a lot within the past three monthsâcompared to just 4% of non-bettors. Similarly, 55% of online bettors and 58% of land-based bettors have good or excellent credit scores, while only 50% of non-bettors said the same.
While income and credit scores were higher among bettors, patterns indicating poor financial management also emerged for this cohort. This was more pronounced among high-value bettors.
Heightened scrutiny ahead
As the market matures, operators can anticipate increased scrutiny from media, with questions focused on the perceived social drawbacks of widespread betting. Other gaming markets such as the UK and Australia have experienced similar cycles leading to increased regulatory requirements around responsible gaming.
In fact, US state regulators are already evaluating how best to improve consumer protections, while striking the difficult balance between state tax revenues and the risk of pushing consumers to unregulated and offshore providers.
Operators may likely face increased requirements to assess responsible gaming risk for their customers. To do this, additional data sources that provide insights into consumer financial health will need to be considered to ensure proactive identification.
âOperators are keenly aware of the need to balance commercial performance with player protections,â said Raines. âThe crucial next step will be to demonstrate proactive measures that protect consumers to regulators and consumer advocates. This can be achieved by leveraging their vast first party data, combined with consumer insights, which together can help them proactively identify high risk players without introducing unnecessary friction to the majority of consumers who play within their means.â
Caesars Entertainment announced the closing of the previously announced sale of the LINQ Promenade to a joint venture formed between TPG Real Estate (TPG) and the Investment Management Platform of Acadia Realty Trust (Acadia) for $275 million. Concurrent with the closing of the transaction, Caesars made a $275 million voluntary prepayment of the Term Loan B due 2030 with the proceeds from the transaction.
Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck LLP represented Caesars on the transaction. Kirkland & Ellis LLP provided transaction counsel to TPG & Acadia.
Aristocrat Interactive, Aristocratâs online Real Money Gaming (RMG) division, announced that the stampede continues with the launch of Buffalo Gold Max Power in the US. This marks the fifth online game in the award-winning and iconic Buffalo portfolio, following the success of Buffalo, Buffalo Gold Collection, Buffalo Chief, and Buffalo Gold Revolution.
Buffalo Gold Max Power builds on the legacy and popularity of Buffalo Gold, a fan-favorite in land-based casinos. This online adaptation is born to entertain with new features powered by Aristocratâs proprietary Max Power mechanic, offering players up to 46,656 ways to win free spins and collect Gold Buffalos. With dynamic reels that vary from 2 to 6 symbols on every spin and a redefined feature, Buffalo Gold Max Power is ready to create a stampede of excitement.
âFor more than a decade, our iconic Buffalo games have captivated players as some of the most iconic slot games in land-based casinos. With Buffalo Gold Max Power, weâre bringing this timeless favorite online with enhanced gameplay and features that players will love. The launch in New Jersey is an exciting milestone as we continue to deliver innovative and memorable gaming experiences globally,â said Josh Morris, SVP Content at Aristocrat Interactive Content & Aggregation.
Earlier this year, Buffalo was awarded the winner of the Top Performing Omni-Channel Slot at the EKG Awards. The launch of Buffalo Gold Max Power is the latest step in Aristocrat Interactiveâs strategy to expand Aristocratâs industry-leading content portfolio into the online space. The game is currently available with online operators in New Jersey, Ontario, Canada and the UK, with more markets to follow overtime.
JCM Global announced that it has successfully passed regulatory review and received a manufacturerâs license from the West Virginia Lottery Commission. The license enables JCM to directly sell to and service customers in the state.
âAt JCM, we are committed to our customers. While attaining licensing was not required, we pursued it because it allows us to directly provide JCMâs leading technology and advanced systems, backed by our world-class service, and support, resulting in faster service times and simplifying the entire relationship between JCM and our customers,â said JCM SVP â Sales, Marketing & Operations Dave Kubajak in a statement.
JCM recently announced it has attained licenses in Colorado and New Mexico, bringing the companyâs total number of active gaming licenses to 177.
In West Virginia, JCM will provide technology, including the iVIZION bill validator; ICB Intelligent Cash Box System, which boosts security and efficiencies across the gaming floor; and the GEN5 thermal printer, which delivers TITO, personalized promotions, and rewards directly to the player.
-
Affiliate Industry6 days agoAGS Announces Expiration of Hart-Scott-Rodino Act Waiting Period for Acquisition by Affiliates of Brightstar Capital Partners
-
Latest News6 days agoJCM Global Installs New Outdoor LED Marquee Signage at Buckyâs Casino and Yavapai Casino
-
Canada6 days agoVICI Properties Inc. Enters into Agreement with Indigenous Gaming Partners Related to PURE Canadian Gaming
-
Compliance Updates5 days agoFlorida Gaming Control Commission Collaborates with Local Law Enforcement Partners to Address Illegal Gambling Activity and Shut Down Illegal Casinos
-
Latest News5 days agoLucky Eagle Casino & Hotel Installs QCIâs Enterprise Platform
-
Compliance Updates6 days agoEGT Digital obtained a licence to operate in the regulated market in Peru
-
Canada5 days agoPlayân GO announces partnership with Canadian operator PointsBet
-
awards2 days agoYaamavaâ Resort & Casino at San Manuel Named #1 Best Overall Casino Outside of Las Vegas and #1 Best Native American Casino in 2024 Newsweek Readersâ Choice Awards