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PlayNY: New York could be $20 billion sports betting market, but may not reach potential

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PlayNY: New York could be $20 billion sports betting market, but may not reach potential

 

New York could become the largest legal sports-betting market in the United States, capable of generating $20 billion a year in wagers, if Gov. Andrew Cuomo makes good on his proposal to make online sports betting legal in the state, according to projections by PlayNY, which offers news and analysis of the New York gaming market. But the state could fall short of that potential if mobile sports betting is run as a monopoly through the New York State Gaming Commission.

“There is no question that New York would almost immediately become the crown jewel of the legal U.S. sports betting market,” said Dustin Gouker, lead analyst for PlayNY.com. “The devil is always in the details, but opening a market that could be worth more than $20 billion a year in bets could be a game-changing moment for the entire industry. On the other hand, a state monopoly, such as what Gov. Cuomo proposed, would be a mistake that could forever limit the ceiling for New York.”

With an open market such as New Jersey, New York has the potential to generate more than $1 billion of gross gaming revenue annually on more than $20 billion in bets, according to PlayNY projections. Though the tax structure is yet to be decided, if taxed identically to retail sportsbooks, that would produce more than $100 million in tax revenue annually.

The Empire State has already proven to be a significant revenue generator for New Jersey. A report from gaming researcher Eilers & Krejcik Gaming in February 2020 estimated New Yorkers wagered $837 million in New Jersey in 2019.

“Mobile sports betting will undoubtedly draw billions in bets in New York, and is easily one of the most prized markets that have yet to legalize it,” said Eric Ramsey, analyst for PlayNY.com. “It will be a big market no matter what, but the Cuomo plan has a chance to significantly lower the potential revenue ceiling.”

Several states have structured their online sports betting operations as a state-run monopoly. States such as New Hampshire, which contracted DraftKings to operate the state’s online sportsbook, have contracted major sports betting brands with positive results. Others, such as Montana, Oregon, and Rhode Island, operate online sports betting exclusively themselves. Generally, that results in suppressing a state’s handle by an average of 50% of the market’s potential, according to PlayNY research.

A state-run sportsbook allows the state to capture more of the gross gaming revenue, which makes it appealing to state governments. But a monopoly would do little to aid struggling racetracks and retail casinos in New York. And bettors are left with fewer choices and less enticing promotions, among other issues.

“The intent for New York and other states is to produce revenue for the state, and a state-run monopoly can do that very thing,” Ramsey said. “But bettors ultimately suffer and tend to engage less than in states that are open markets, artificially reducing the size of the market. It’s a balance that New York will have to grapple with as the state figures out how to structure mobile sports betting.”

For more information and analysis on regulated sports betting in New York, visit PlayNY.com/news.

Latin America

Vibra Gaming releases content through Czar Gaming

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Spanish-language facing LatAm brand to offer Vibra’s best performing localized games.

Vibra Gaming, well-known for its creative and innovative localized content, will see its games available across Czar and potentially multiple other Czar owned brands in the future.

The deal will further increase Vibra Gaming’s reach and enhance its reputation as the ‘go-to’ games and platform developer for LatAm facing operators.

This includes its highly engaging slots such as Carnaval Alegría and branded slots such as Condorito. Quick Games including Crash, Vibra Double and Vibra Dice containing action-packed features players will come back to time and again. Crash games are among the fastest growing real-money games segment in LatAm with millions of concurrent players engaging with simple to understand, high-action, quickfire content.

Vibra’s portfolio also includes a set of table games featuring Roulette and Blackjack, as well as unique video bingo content including titles like Egyptian Riches Gold and Underwater.

Ramiro Atucha, CEO, Vibra Gaming, said: “We’ve made huge strides with our games distribution and coverage in the last year to 18 months especially across LatAm”.“This continues to rapidly accelerate with brands such as Czar Gaming integrating our top performing content and offering it to their players. We’re delighted with our progress and there is plenty more to come, so watch this space!”

Pramod Padamati, CEO, Czar Gaming said: “We are delighted to be partnered with Vibra Gaming for Latam and we would like to take these to the rest of the world”.

 

 

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New Game Release by Zillion Games – Wolf’s Moon

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Embrace the wild wolf’s spirit and follow the moon’s glow into the forest!

Explore the world of the mysterious forest with the Wolf’s Moon slot! Exciting Mystery symbols, powerful Boost symbols, and the thrilling Hold & Win feature await you here. 

About Game 

Wolf’s Moon slot has a captivating design that offers an enchanting gaming experience due to its complex  mechanics. The game is meticulously structured around a 5-reel grid, featuring 25 distinct paylines, which provides multiple opportunities to the player to secure his winnings. Step in to the adventure with Wolf’s Moon and let yourself transported to a nocturnal world where the forest spirits join your hunt under the glow of the full moon.

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Gambling in the USA

CogniPlay Launches New Social Casino Platform

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CogniPlay has today announced the official launch of their new software product, which aims to provide a robust online sweepstakes or social gaming platform to their clients.The system is designed to be modular, allowing customers to tailor their brand and offering to what they believe will give them optimal performance.

The rise of sweepstake casinos in the US is continuing to gather pace and many companies from real money gaming are investigating the business model and the potentially lucrative revenue opportunity. With no standout platform solution currently on the market, CogniPlay looks to serve clients a full white label style solution with every detail taken care of. Brands like Chumba and Pulsz are already seeing tremendous success and CogniPlay gives an extremely efficient route to market for potential new sweepstake casino owners.

The CogniPlay system has several key integrations which help to deliver the product, including games integrations with the likes of Pragmatic Play, BetSoft, Mascot Gaming and many more, giving them 100s of games for their clients. There are other integration options for their customers to pick from too, including affiliate programme software, CRM platforms and associated products, KYC, ID verification, Geo-IP systems, Gamification, and customer support.

They also have a very long and extensive development pipeline which will see the product offering develop at pace, giving clients an extensive list of options and USPs, and of course giving players a great user experience as a result.

As well as the platform itself the CogniPlay team, due to their considerable experience, also offer a whole host of managed services, with almost a menu that clients can choose from to fill any gaps in their own skillsets or experience.

It is also this experience that CogniPlay hopes to utilise to great effect to provide industry-leading client management to build successful relationships and partnerships with their clients. CogniPlay’s Chief Executive Officer Allan Turner said, “We are very proud to take the CogniPlay product to market and are excited that people who want to start a new social or sweeps brand can get in touch with us to see what we can do for them, or in fact established brands that are unhappy with their existing provider.

Our underlying principles are that we want to provide the most flexible platform in the space, to enable our clients to create the product they want to have, not for us to dictate the product to them. The two other main areas of focus are that we want to be the most future-proof product on the market with plans for any regulatory or legal changes that may arise in the future, and that we have all the right safeguards in place to ensure that we look after both our clients and players with our responsible gaming setup.

This of course means having the right tech and processes in the key areas of KYC, Geo-IP tech, anti-money laundering, fraud, risk assessment and ID verification.”

 

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