Gambling in the USA
Ladbrokes owner GVC bets on US growth
GVC, the holding firm of Ladbrokes, is hopeful of a massive growth in the USA, following its third straight annual loss in the UK and circumstances of general gloom.
The company acquired bookmaker Ladbrokes Coral last year for £4bn. Now it reports a pre-tax loss of £18.9m. The loss last year was £22.6m.
The reasons for the loss are mainly £434.2m in one-off costs, which include write downs of the value of Ladbrokes’ UK shops and back taxes in Greece.
GVC reiterated its expectation that the rule change on April 1, when the maximum stake on fixed-odds betting terminals will be slashed from £100 to £2, would force it to close about 1,000 shops, with roughly 5,000 job losses.
British gambling companies are increasingly seeking to duck domestic headwinds by building their businesses in the US market, which has opened up piecemeal since a ruling permitted individual states to legalise sports betting.
Ladbrokes rival William Hill, which already has operations in all seven US states where sports betting has been legalised, last week said it aimed to expand its US presence as it too revealed an annual loss.
Kenny Alexander, GVC chief executive, said the importance of the UK retail business was declining as customers moved online, and that he expected GVC to return to profitability in the next 12 months.
GVC said the US market was a “very significant opportunity” and that it expected the majority of states to be regulated within three to five years.
“We’ll be aggressive when new markets open up there,” said Mr Alexander, adding that it would not be a “drain on our financial firepower.”
Gambling in the USA
Mechoopda Casino to Suspend Operations Effective January 31, 2025
The Mechoopda Indian Tribe has announced that the Mechoopda Economic Gaming Authority (MEGA) Board has made the decision to suspend operations at Mechoopda Casino. The final day of operations will be Friday, January 31, 2025.
The Mechoopda Casino says this decision comes after months of deliberation and efforts to address the various challenges affecting the casino’s operations.
Dennis Ramirez, Tribal Chairman of the Mechoopda Indian Tribe, said: “Suspending operations at the Casino is a heart-wrenching decision that affects not only our Tribe but also our valued employees, customers, and the surrounding community. While this chapter is closing, our commitment to the Casino’s long-term vision remains steadfast. For over 25 years, this project has been a cornerstone of our economic development goals, and we will continue to work toward its future reopening.”
The Tribe is taking steps to support both its employees and community partners during this transition period:
Employee Support: The Tribe is committed to offering resources and guidance to assist team members through this difficult time.
Remaining Open Until January 31: The Casino will remain open through its final day of operation, giving guests the opportunity to enjoy the remaining days of service.
Compliance Updates
Arizona Department of Gaming Releases October Sports Betting Figures
Bettors in Arizona wagered approximately $791 million on sports in October of 2024, according to a new report by the Arizona Department of Gaming. This represents an approximate 22% increase when compared to October of 2023.
The state collected approximately $2.35 million in privilege fees in the month.
Gambling in the USA
Neosurf & Betting Hero to reveal results of their in-depth study into US online gambling and payment habits in exclusive two-part webinar series
Neosurf, the globally trusted provider of swift and secure cash-to-digital payment solutions, has announced it will be sharing the findings of a recent study into the online betting habits, preferences and frustrations of US players in an exclusive two-part webinar series beginning on January 14th.
Neosurf commissioned the research via Betting Hero – a leading US-based iGaming portal with expertise in casino, sports betting and DFS. The webinars will see Neosurf CEO Americas, Sue Page, Betting Hero’s Co-Founder and President, Jai Maw, and Senior Director of Product and Research, Ernie Ropas, dive into the report’s key findings and discuss what some of the more surprising results could mean for operators.
The survey, which featured respondents from New Jersey, Colorado and North Carolina, aimed to help operators and regulators within the gambling industry better understand the typical US bettor – how and why they bet, what tools they use to manage their budget and what Responsible Gaming means to them. The findings will be revealed in the webinars and used to identify areas where Neosurf’s products can help operators provide a better user experience.
The research highlighted several aspects of payments and responsible gaming that bettors felt could be improved. Problems with payments remain an issue – 52% of respondents said that they’d experienced payment issues in the past year, and with over 50% depositing and withdrawing multiple times each month, there is a significant cost impact to the operators.
Additionally, respondents indicated they’d be in favour of using a service that could share pre-verified ID information with operators, with ease of use for new payment methods and seamless integration across multiple platforms identified as important factors in their choosing and remaining loyal to a single sports betting platform.
Sue Page, Neosurf CEO Americas, said: “It was important to us to gain a more detailed insight into the US sports bettor. We wanted to talk to the players and ask questions that no one else is asking, and through our collaboration with Betting Hero I’m delighted that we now have a comprehensive piece of research.
“Offering valuable insights into player habits – how and why they bet, the ongoing pain points they’re experiencing with payments and their thoughts on Responsible Gaming—we’ll be taking a deep dive into the results of the survey in our two-part webinar series starting at 10:00 ET on January 14th, and we encourage all US-focused operators and regulators to join us.”
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