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Gambling in the USA

Gaming Industry Rebounded in First Half of 2023 but Deferred Student Loan Repayments Loom

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Participation in mobile sports betting rose slightly, from 11% in Q4 2022 to 17% in Q2 2023, according to new research by TransUnion (NYSE: TRU). Meanwhile, the broader gaming industry grew in Q1 2023 due to major sporting events such as the Super Bowl and March Madness. However, it was still down 12% compared to Q1 2022.

The trend is largely due to inflation’s impact on consumer wallets. More than half of bettors (53%) agreed that their income was keeping up with the rate of inflation while less than one-third (31%) said they disagreed. In contrast, just over a quarter of non-bettors (26%) said their income was keeping up with inflation while more than half (51%) said it was not.

The research comprised an online survey of 3,000 adults in late April to early May 2023 as well as an analysis of gaming industry performance and consumer liquidity, leveraging TransUnion’s proprietary CreditVision attributes. A full report of the findings is available in the new TransUnion US Gaming Report.

“The majority of the active betting population has experienced rising incomes that outpace inflation including the key millennial demographic so they have the means to spend on this type of entertainment,” the head of TransUnion’s gaming business, Declan Raines, said. “Conversely, most would-be bettors, whose incomes have not kept up with rising costs, are holding back from playing.”

Consumers Likelihood to Bet Based on Income Change

Increased a Lot Increased a Little Stayed the Same Decreased a Little Decreased a Lot
Yes 69% 31% 17% 23% 22%
No 31% 69% 83% 77% 78%

Further in line with this finding is that consumers whose income has increased by a lot are not only more likely to bet but also likelier to bet much more. About a quarter (24%) of high-income consumers (those with incomes of $100,000+) whose income increased a lot said they deposit over $500 per month for betting activities, compared to only 9% of high-income earners whose income stayed the same and 10% of high-income earners whose income increased a little.

Uneven Impact for Student Loan Repayments

Beginning in October, student loan payments will resume for consumers who chose to defer payments under the pandemic-era student loan relief program. This will undoubtedly have an impact on consumer liquidity for most bettors and could reduce their level of activity.

However, it will likely be less of an issue for high-value bettors, those who deposit more than $500 per month for betting activities. Roughly two-thirds of student loan debt is held by prime and below consumers. High-value bettors, by contrast, are disproportionately in the above prime segments, suggesting student loan payments could have less of an impact on this group.

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Bettors at Heightened Risk for Fraud

The report also found that, while bettors and non-bettors were targeted by fraud schemes at roughly the same rate, bettors were more than twice as likely to have fallen victim to a fraud attempt. That risk varied among types of fraud, with the highest rate of bettor victimization stemming from online and phone fraud.

Consumers Who Fell Victim to Online or Text/Call Fraud Attempts in Past Three Months

Online High-Value Bettors Online Bettors Non-Bettors
22% 17% 7%

“Bettors’ risk of fraud has implications for operators as well,” Raines said. “Leveraging fraud solutions can help operators prevent account takeover and enhance account security for their players without applying unnecessary friction.”

Operators interested in protecting their business and players from fraud should consider leveraging TransUnion’s flagship identity and fraud solution line, TruValidate. For more information about the research, read the TransUnion US Gaming Report.

Research Methodology

This online survey of 3,000 adults was conducted April 25 to May 9, 2023, by TransUnion in partnership with third-party research provider, Dynata. Adults 18 years of age and older residing in the United States were surveyed using an online research panel method across a combination of desktop, mobile and tablet devices. Survey questions were administered in English. All states are represented in the study survey responses. To ensure general population sample representativeness across United States resident demographics, the survey included quotas to balance responses to the census statistics on the dimensions of age, gender, household income, race and region. Generations are defined as follows: Gen Z, born 1995 to 2005; Millennials, born 1980 to 1994; Gen X, born 1965 to 1979, and Baby Boomers; born 1944 to 1964. These research results are unweighted and statistically significant at a 95% confidence level within 1.79 percentage points based on calculated error margin. Please note some chart percentages may not add up to 100% due to rounding or multiple answers being accepted.

Gambling in the USA

New Jersey Gambling Revenue Increases in July

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This summer is shaping up to be a strong one for Atlantic City casinos and their online gambling operating partners. According to the latest data collected by the state, the total gambling revenue for the casinos and their operating partners from in-state online gambling was nearly $250 million during July. That represents a nearly 27% increase over last year’s total revenue for July, and it comes on top of a more than 23% year-over-year increase measured during the month of June.

In all, revenue this year from online gambling through the end of July topped $1.6 billion, up 23.3% compared to the same period last year, according to a report from the state’s Division of Gaming Enforcement, which regularly tracks gambling revenue earned legally in New Jersey.

The revenue gains from online gambling do not appear to have come at the expense of in-person gambling this summer, according to the DGE data. Revenue from gambling at the casinos also grew in both June and July, although at more modest rates, with year-to-date collections totaling $1.66 billion through the end of July, the report said.

Amid the online-gambling revenue upswing, state policymakers decided earlier this summer to increase the state tax levied on legal online gambling offered by casinos and their operating partners.

The online gambling tax hike, as well as an increase in the state tax levied on mobile sports betting, came as part of a broader plan to raise an additional $600 million in annual revenue for the state budget.

The two gambling tax hikes, which went into effect on July 1, are projected to increase the revenues the state collects from casino taxes and fees by more than $200 million annually, according to estimates from the Department of the Treasury.

According to the report issued by Stockton University, which is based in Atlantic County, the casino industry’s gross gambling revenues totaled nearly $5.7 billion in 2024.

Last year, the total from taxes and fees levied on casino operators in New Jersey topped $880 million, according to a report issued earlier this year by Stockton University.

This included $572 million in revenue that went directly into New Jersey’s Casino Revenue Fund, the report said. That fund, by law, benefits programs and services for senior citizens and disabled residents.

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In all, online gambling on traditional casino games, like poker and blackjack, netted casino operators $2.4 billion in gross revenue last year, followed by slots, $2.1 billion; table games, $699.7 million; mobile sports betting, $486.5 million; and in-person sports betting, $6.5 million, according to the report, which cited state data.

And even before the increased state tax rates that were put in place earlier this summer, the tax revenue generated by casino gambling in New Jersey was trending up, the report said.

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Gambling in the USA

Virginia Lawmakers Debate Creating iGaming Agency

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Virginia lawmakers are actively debating whether to establish a new regulatory agency to oversee iGaming. The joint subcommittee discussed a bill to create the Virginia Gaming Commission. It would manage all gambling verticals beyond the lottery.

Delegate Paul Krizek said: “The Virginia Gaming Commission is a step we need to preserve the good.”

Currently, the Virginia Lottery regulates sports betting and casinos, while other agencies manage charitable gaming and horse racing. Lawmakers also considered legalizing online casinos, including real-money platforms.

Delegate Marcus Simon introduced HB 2171 earlier this year. The bill aimed to authorize a real money online casino market under casino-lottery oversight. While the bill failed, Simon explained that the aim remains to curb illegal offshore platforms.

“My goal is to bring it under a regulated umbrella where we can have some oversight and supervision,” Simon said.

The subcommittee reviewed revenue projections estimating up to $5.3 billion in taxable income from online casinos over five years. The estimates included increased land-based casino revenue of 8.4%.

Experts raised concerns about real money online casino risks. Keith Whyte from Safer Gambling Strategies urged strong enforcement and safer gaming tools. Whyte noted: “Players could be encouraged… to take control through deposit limits, time limits, budget calculators, and personalized dashboards.”

Mental health advisor Brianne Doura-Schawohl backed up Whyte’s statement, warning that such products are dangerous without safeguards.

Former New Jersey regulator David Rebuck testified that iGaming complemented land-based casinos there. He pointed to New Jersey’s market, where online play boosted tourism and in-person casino revenue.

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However, some Virginia legislators expressed skepticism, citing fears of cannibalization. They questioned whether online casinos might draw customers away from brick-and-mortar venues.

Industry experts countered that New Jersey and Michigan showed the opposite effect. Rebuck explained: “The evidence demonstrates iGaming expands the player base rather than cannibalizes physical casinos.”

Supporters argued that Virginia’s land-based operators could benefit from cross-promotion, loyalty programs, and expanded reach to players in rural areas.

The subcommittee must make recommendations by November 30, 2025. Officials expect the commission’s creation will precede legalization of online casinos. The Virginia lawmakers will review feasibility and revise HB 2171 before the 2026 legislative session.

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Gambling in the USA

DraftKings Introduces Credit Card Deposit Ban for US Customers

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DraftKings has introduced credit card deposit ban for US customers. This decision aligns them with other major gambling operators, such as Fanatics Betting & Gaming, Betr, and Sporttrade, which have already banned credit card funding for wagering accounts.

It also comes on the heels of another major announcement by DraftKings. Starting September 1, DraftKings will charge a 50-cent fee for every mobile and online bet placed in Illinois using its Sportsbook platform. This change follows a similar move by FanDuel.

DraftKings CEO, Jason Robins, expressed his disappointment with Illinois policymakers for significantly raising the tax rate. He is worried that this could hurt the legal sports betting industry, while the illegal market continues to operate without paying taxes or providing any consumer protections.

DraftKings has informed its users that any saved credit card information will be disabled.

Moving forward, players will need to utilize alternative payment methods, including:

• Debit Cards

• ACH and wire transfers

• PayPal, Venmo

• Apple Pay

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• Gift Cards

Bettors can also use cash at physical locations to fund their accounts.

DraftKings describes this step as a “strategic business decision” aimed at shielding customers from the high interest rates and cash advance fees usually associated with credit card deposits in gambling. Unlike regulatory demands, this decision was internally driven but coincides with growing scrutiny from regulators.

DraftKings has decided to stop accepting credit cards for deposits in the US due to worries about customer safety and more scrutiny from regulators. Recently, the company faced a significant fine in Massachusetts, where it is based. The Massachusetts Gaming Commission fined DraftKings $450,000 for allowing credit card deposits, which goes against state laws.

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