Press Releases
Improving Legal Infrastructure Helps Expand Online Betting Possibilities
As the legal infrastructure becomes friendlier towards online gambling, many companies in the gambling industry are beginning to offer more betting options. In the United States, there are a several of states that offer online casino gaming services, including New Jersey, Pennsylvania, West Virginia, and Delaware. Michigan also just recently passed legislation which will allow it to launch similar services, Shared reports. And while some states lead, others follow. New Jersey proved to be very successful after the first year legalizing online gambling, recording a substantial increase in state revenue. Following New Jersey’s example, “many states have introduced bills that would regulate gambling online, including sports betting and online casino games… Some of these will have their laws approved quickly and may be able to be up and running by the end of 2020 while others will be launching their platforms in 2021,” according to Canyon News.
Two major segments of the online gambling industry are online gaming (i-gaming) and sports betting. Online gaming, in particular, has proved to be a pandemic proof segment. An increasing number of online events with large prize pools are expected to create new opportunities for players and betters alike. As for sports betting, the segment has also benefited from a continuously improving and friendlier legal infrastructure. For example, a report by the Chicago Sun-Times indicates that New Jersey gamblers set a nationwide record for the most money bet on sports in a single month, spending almost USD 668 Million in August on events including resurgent baseball, basketball and hockey seasons that had been interrupted by the outbreak. As a result of the evident spike in demand, Morgan Stanley reported that it now projects that the domestic sports betting industry will reach revenues of about USD 7 Billion by 2025, a major increase from the USD 5 Billion projected in June 2018 and reiterated last December, Casino.org reports.
Bragg Gaming Group Inc. announced news that ORYX Gaming, a Bragg Gaming Group company, “will be sponsoring this year’s virtual edition of the prestigious World Gaming Executive Summit (WGES).
Hosted on December 8-9th, the digital edition of one of Europe’s most exclusive iGaming conferences will see executives from around the world attend two days of live panel debates, roundtables, presentations and networking events.
In addition to being a Silver sponsor of the event, three senior members of ORYX will join industry colleagues on panels to discuss a number of exciting topics over the two days. ORYX Gaming’s Managing Director, MatevĹľ Mazij, will take part in a panel discussion on how to get to know customers in order to offer what they need. PrimoĹľ Blazinšek, Head of Operational Marketing, will talk about prioritizing the first-time player experience; while Jovana PopoviÄŤ, Director of BU iGaming Platform & Services, will talk about customer profiling and retention.
‘We are proud sponsors of the virtual edition of the WGES, an event well-known in the industry to attract executives from across the sector and for being a focal point for stimulating and interesting conversations about a wide range of topics,’ stated Matevz Mazij, Managing Director of ORYX Gaming. ‘We look forward to playing a major role in the event and to seeing new and familiar faces during the event.’
DraftKings Inc. announced a new deal, making the sports technology and entertainment company the exclusive Official Daily Fantasy Sports Partner, as well as an Official Sports Betting and iGaming Partner of the NBA team. In addition to access to Pistons trademarks and logos, the deal includes DraftKings-branded courtside LED signage and in-game basket pad branding. The agreement comes as DraftKings prepares to launch mobile sports betting and online gaming in the state of Michigan, pending licensure and the receipt of necessary regulatory approvals. “As our first professional team activation in the state of Michigan, we are thrilled to join forces with the Detroit Pistons ahead of our pending market introduction,” said Ezra Kucharz, Chief Business Officer, DraftKings. “This deal deepens our relationship with a prominent local team to facilitate more immersive fan experiences, both for Michiganders familiar with regulated gaming products as well as newcomers to the space.”
Caesars Entertainment, Inc. announced earlier in September that it had entered into a multi-year agreement with ESPN. The new deal includes link integrations from ESPN’s digital platforms to sportsbooks from Caesars Entertainment’s sports betting partner, William Hill. William Hill Sports Book’s odds and markets connect directly to their sports betting apps in legalized states. The deal comes shortly after William Hill became the exclusive sports betting operator for Caesars Entertainment, following the merger with Eldorado Resorts. Link integrations to William Hill’s sports betting apps, geo-targeted to legalized sports betting states, will appear on ESPN.com web and mobile web and the ESPN Fantasy app. As part of the new agreement, Caesars Sportsbook by William Hill will also become a sponsor of ESPN’s Fantasy products, deepening an existing relationship as ESPN’s exclusive odds provider.
Las Vegas Sands Corp. announced last year that five-time Major Champion Phil Mickelson and rising star Li Haotong will be the company’s guests in Macao on October 21. The visit will be highlighted by a youth clinic conducted by the two golfers. The trip will be first visit to Macao for Mickelson, the World Golf Hall of Famer. “We are excited to have Phil and Haotong in Macao and look forward to them interacting with our guests and the local community,” said Rob Goldstein, the company’s president and chief operating officer. “This is yet another opportunity to put a spotlight on Macao as a world-class leisure and business tourism destination. Phil Mickelson has a tremendous international following and Haotong’s popularity is only going to continue to rise, especially as he plays in events like the 2019 President’s Cup later this year. It will be great to have them both in Macao.” This event is just one example of Las Vegas Sands role in bringing world-class sporting events and professional athletes to Macao. Sands has demonstrated its commitment to increasing access to opportunities for young people in Macao through its partnerships with ambassadors like British football icon David Beckham.
Boyd Gaming Corporation and FanDuel Group announced in September the debut of the FanDuel Par-A-Dice Sportsbook in the state of Illinois. Sports bettors across the state of Illinois now have access to FanDuel’s industry-leading online and mobile sports-betting platform, with wagering options available in professional football, basketball, baseball, hockey and more. Additionally, FanDuel will operate a retail sportsbook located at Boyd Gaming’s Par-A-Dice Casino in East Peoria, Illinois, pending regulatory approval. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Given the tremendous success of our existing FanDuel Sportsbooks, we are confident that the FanDuel Par-A-Dice Sportsbook will quickly become Illinois sports bettors’ mobile app of choice. We are excited for the opportunity to offer both mobile and retail sports betting in one of the most populous states in the country, as we continue to expand our strategic partnership with FanDuel Group.”
SOURCE FinancialBuzz.com
Amidst an evolving economic landscape, gaming executives report a positive outlook on future industry business conditions while remaining satisfied with the current business environment, according to the American Gaming Association’s (AGA) Gaming Industry Outlook.
Nearly all gaming executives surveyed characterized the current business environment as good (44%) or satisfactory (50%), mirroring similar sentiment from Q3 2023. Meanwhile, executives are more optimistic about future conditions, with 32 percent of CEOs expecting business conditions to improve over the next six months, up from 20 percent in Q3 2023.
“Gaming’s record-setting growth over the last three years has set a new standard for industry success,” said AGA President and CEO Bill Miller. “However, as we enter a period of market normalization, continued investment and innovation in offering world-class, responsible entertainment experiences will be required to maintain industry momentum.”
Gaming Executive Panel
Gaming executives have become more positive in their views that overall balance sheet health will improve over the next 6 months (42% net positive), but they expect the pace of revenue growth (13% net negative) and new hiring (22% net negative) to slow. These expectations for decelerating growth have influenced expectations for increases in capital investment and gaming units in operation, with smaller net positive sentiments than before.
- In contrast to past Outlooks, gaming equipment suppliers are slightly pessimistic about the sale of gaming units for replacement use and new or expansion use (both 13% net negative). However, they remain optimistic about the pace of capital investment (38% net positive).
- Half of operator CEOs expect capital investments in hotels over the next year to be higher than normal, and compared to last fall, more also expect higher than normal levels of capital investment in meetings and conventions and table games (28%). Meanwhile, 44 percent of CEOs expect increases in food and beverage investment, down from 67 percent in Q3 2023.
These expectations are also informed by evolving macroeconomic challenges. Executives report that inflationary or interest rate concerns continue to be a major factor limiting operations (28%), but these have been overtaken by geo-political risk (34%) and uncertainty of the economic environment (34%) as the biggest limiting factors in the most recent Gaming Executive Panel.
Current Conditions Index
The Current Conditions Index of 102.8 for Q1 indicates solid annualized real economic growth in the industry of 2.8%. This includes gaming revenue, employment and employee wages and salaries. Notably, the Current Conditions Index shows gaming expanding faster than the overall U.S. economy which last week reported 1.6 percent GDP growth in Q1 2024.
Future Conditions Index
The Future Conditions Index stands at 102.2, indicating annualized industry economic activity, after controlling for underlying inflation, is expected to moderately increase over the next six months. This outlook reflects Oxford Economics’ forecast that the U.S. economy will slow during 2024 but avoid recession. Despite a projected economic slowdown, consumer survey results continue to indicate that more than one-third of adults expect to visit a casino during the next 12 months, consistent with prior quarter results.
About the Outlook
The AGA Gaming Industry Outlook is prepared biannually by Oxford Economics. It provides a timely measure of recent industry growth and future expectations. The Q1 2024 survey was conducted between March 28 – April 10, 2024. A total of 32 executives responded, including executives at the major international and domestic gaming companies, tribal gaming operators, single-unit casino operators, major gaming equipment suppliers, and major iGaming and/or sports betting operators.
PHOENIX – Bettors in Arizona wagered approximately $637.5 million on sports in February of 2024, according to a new report by the Arizona Department of Gaming. This represents an approximate 4.6% increase when compared to February of 2023.
The state collected approximately $2.8 million in privilege fees in the month. You can view the full February report on the ADG website: LINK.
Follows multi-state eInstant record jackpot award of $5.8 million
Instant Win Gaming (IWG), a leading supplier of eInstant games to NASPL and WLA-member lotteries, congratulates the New Hampshire Lottery on joining the Company’s multi-state eInstant progressive, Mega Money Jackpots.
The New Hampshire Lottery launched Jackpot Spectacular, its first game in the Mega Money Jackpots linked progressive pool, for players in the Granite State on April 24th. New Hampshire joins Pennsylvania and Virginia in offering Mega Money Jackpots linked games.
Additionally, IWG congratulates the Virginia Lottery along with its Mega Money Jackpots player who won a record-setting $5.8 million prize. The win sets another new U.S. iLottery record for the largest eInstant prize.
Mega Money Jackpots launched in July 2023, and over the past nine months the game has created eight millionaires. Since launch, more than 240 players across the participating lotteries have won Mega and Minor jackpots totaling more than $20 million.
The amount and frequency of these prizes showcases the excitement of IWG’s Mega Money Jackpots. To achieve this, select eInstants from participating lotteries each contribute a small percentage of the sales to fund the two progressive prize tiers, with IWG administering the settlement of jackpot prize monies on a turnkey basis.
The multi-state eInstant progressive jackpot is powered by IWG’s InstantJackpots. Since all functionality is contained within IWG’s InstantRGS (remote game server), no development support is required by a lottery’s iLottery platform provider. Additionally, new lotteries can join the system regardless of their iLottery platform provider.
Charlie McIntyre, Executive Director at New Hampshire Lottery, said: “Our industry has a proud track record of collaborating across state lotteries. We’re excited to join Mega Money Jackpots and to bring the excitement of it outsized prizes to our players. We know that our contribution will further enhance the game for everyone involved, and we look forward to creating some new millionaires here in New Hampshire.”
Rhydian Fisher, CEO at IWG, said: “Kudos to the team at New Hampshire Lottery. By joining Mega Money Jackpots, collectively we can award even more million dollar prizes to lottery players. Not only is the game frequently creating new millionaires, but it has also been a leading catalyst for new player signups. Fingers crossed that some new millionaires will be created in New Hampshire very soon.”
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