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PlayColorado.com: Sportsbooks suffer first month-over-month decline in wagering

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PlayColorado.com: Sports betting back on the rise thanks to Nuggets, Avs playoff runs

 

Colorado’s sports betting industry suffered its first month-over-month decline in wagering to put the state in line with a nationwide trend of falling handles, a product of February’s 28 days and the conclusion of the NFL season, according to PlayColorado, which provides news and analysis of the state’s gaming industry.

“February is a reminder that with the seasonality of sports betting, growth is never assured even in a market like Colorado” said Jessica Welman, analyst for PlayColorado. “In nearly every legal betting market, a pullback from January was expected mainly because there is nowhere near the NFL inventory of games to bet on, even with the Super Bowl. Colorado is a unique market in many ways, but ultimately it is still subject to the same sports betting dynamics as any other state.”

Colorado’s online and retail sportsbooks combined to take in $266.5 million in bets in February, according to data released Monday by the Colorado Department of Revenue’s Division of Gaming. Overall handle was down 18.5% from $326.9 million in bets in January, and the lowest monthly handle since November’s $231.2 million. Bettors placed about $9.5 million bets per day in February, down from $10.5 million in January.

Sportsbooks generated $10.4 million in gross gaming revenue, down from the record $23.1 million in January, and yielding just $175,275 in net sports betting proceeds, down from $11.7 million in January. That produced just $332,227 in state taxes.

February marks the first time since Colorado launched sports betting in May that sportsbooks failed to set a new monthly handle record for the state. Retail in particular had a rough month, generating just $7.5 million in bets. 96.9% of all bets, or $258.2 million, were made online.

Colorado is the seventh-largest market in the U.S., falling just short of Indiana’s $273.9 million. Michigan, in its first full month of sports betting, topped both states with more than $325 million in online and retail betting.

“The month-over-month growth streak was bound to be snapped, but the underlying fundamentals of the market remain strong,” said Ian St. Clair, analyst for PlayColorado. “Retail sportsbooks continue to struggle amid the pandemic, but hopefully they will rebound as we move closer to normal.”

For the second-straight month, pro basketball betting eclipsed football with $95 million in wagers, by far the most-popular bet even with the Super Bowl being played in early February. With just one game to bet on, even if it was the Super Bowl, football betting fell to $39.6 million. And table tennis ($13 million) once again drew more action than more mainstream sports like ice hockey ($9.5 million).

College basketball took in $24.2 million, which wasn’t surprising. But sportsbooks lost $3.7 million on those bets.

“Colorado’s market continues to evolve in unforeseen ways, and it goes beyond the continued popularity of table tennis,” St. Clair said. “For February, Colorado bettors did extremely well on betting on college basketball, winning almost $4 million on the sport. That is unusual for what is typically the calm before March’s college basketball storm ”

For more information and analysis on regulated sports betting in Colorado, visit PlayColorado.com/revenue.

About the PlayUSA.com Network:

The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches (including PlayColorado.com, PlayIndiana.com, and PlayNJ.com) produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.

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ZITRO SHOWCASED DIVERSE PRODUCT PORTFOLIO AT IGA 2024

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Zitro exhibited its new product lineup at the 2024 Indian Gaming Tradeshow & Convention (IGA) held in Anaheim, California. Their commitment to the tribal gaming community was evident, drawing attendees eager to explore Zitro’s latest innovations: a diverse range of new games finely tuned for the U.S. market.

Operators had the opportunity to experience firsthand the quality, innovation, and unique personality that define Zitro. The showcase featured a selection of recently launched games and mechanics from G2E Las Vegas, including the player-favorite, Fu Pots, a title that has been delivering exceptional performance across the U.S. and global markets.  

Adding to their impressive display, Zitro also introduced brand new games such as Drum Dynasty, featured on the Allure Glare cabinet, which promises thrilling gameplay with its unique Bonus Mighty and Bonus Power that enhance Link symbol prizes. Night Link, showcased on the Illusion Glare cabinet, offers a captivating combination of three functionalities – Boomerang, Storm, and Collect – that can unlock up to 8 different bonus links. Finally, the premium Altius Glare platform housed Epic Empires, featuring a brand-new 3-Level Link Evolution Bonus.

“We are grateful for the opportunity to connect with the tribal gaming community at this year’s IGA show”, said Derik Mooberry, CEO at Zitro USA. “Our commitment to innovation was on full display, and the energy and interest surrounding our product lineup solidified Zitro’s position as a trusted partner in the U.S. market. This is just the beginning, as we remain dedicated to developing cutting-edge products that meet the demands of both players and casinos”.

 

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California Gambling Control Commission Approves Key Licensing Decisions Amid Regulatory Updates

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The California Gambling Control Commission held a significant meeting on April 18, 2024, to discuss and decide on various licensing and compliance matters crucial for the operation and regulation of the state’s gambling entities. The California Gambling Control Commission’s agenda was packed with key issues ranging from the renewal of cardroom licenses to the approval of tribal gaming key employees.

A notable decision from the meeting was the approval of the Revenue Sharing Trust Fund Final Report, allowing for the distribution of quarterly license revenue to eligible recipient Indian tribes. This move underscores the California Gambling Control Commission’s ongoing commitment to supporting tribal communities through structured revenue sharing, even as some financial shortfalls were acknowledged.

The California Gambling Control Commission also reviewed several renewal applications for cardroom owner licenses. Noteworthy renewals included Bankers Casino under Old Town Investments Incorporated, Blacksheep Casino Company and Bruce’s Bar and Casino, which were approved with specific conditions related to operational compliance and security protocols.

Another critical area of focus was the licensing of key employees at tribal casinos. Several applications for initial and renewal of key employee licenses were approved, reflecting the California Gambling Control Commission’s stringent oversight in ensuring that individuals in significant casino roles meet the regulatory requirements. These decisions are essential for maintaining the integrity and security of gaming operations within the state.

Additionally, the meeting addressed the renewal and approval of third-party proposition player services, which are vital for cardrooms that do not bank their games. The California Gambling Control Commission approved several of these licenses, highlighting its role in facilitating responsible gambling while ensuring compliance with state laws.

The California Gambling Control Commission’s actions during the April meeting highlight the complex regulatory environment governing the state’s gambling industry and its proactive approach in adapting to new challenges and ensuring fair and safe gambling practices.

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Florida Panthers Announce Multi-Year Partnership with Hard Rock Bet

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Florida Panthers Announce Multi-Year Partnership with Hard Rock Bet

 

The Florida Panthers announced that the club has agreed to a multi-year partnership with Hard Rock Digital to engage fans on its Hard Rock Bet sports betting platform and in-person at Amerant Bank Arena. This marks the first partnership in this category for the Panthers.

“We are thrilled to enter into an exciting new partnership with Hard Rock Bet,” said Florida Panthers Chief Revenue Officer Shawn Thornton. “Through this partnership, we will increase fan engagement and excitement around the game of hockey in South Florida and beyond by adding an entirely new element to the game.”

The partnership will officially begin at tonight’s game against the Ottawa Senators with on-site activations, digitally enhanced dasher boards, marquee signage, and digital branding. Starting with the 2024-25 season, additional enhancements will be unveiled to further engage fans on-site and online.

“We’re excited to join Panthers Territory and partner with the club to bring hockey fans closer to the action,” said Nick Menas, Hard Rock Digital’s Managing Director, Corporate Strategy. “With thousands of bets available on sports from around the world and live streaming of NHL games nightly on the Hard Rock Bet app, we’re thrilled to entertain hockey fans like no one else can.”

Hard Rock Bet is Florida’s only legal sportsbook and has thousands of ways to engage with hockey action – including pre-game and live wagering, plus Same Game Parlays – and over 20 other sports from around the world. The Hard Rock Bet app is available for download in the App Store and Play Store, and a web sportsbook experience can be accessed at HardRock.bet. As a sign-up bonus, new online players will receive up to $100 back in Bonus Bets if their first bet doesn’t win. In-person sports betting is also available at Seminole Hard Rock Casinos and Seminole Casinos in Florida.

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