Nevada’s gambling industry reported total revenue of $1.24bn (£977.0m/€1.15bn) for April 2024, marking a notable increase from the previous year but also indicating a second consecutive month of decline. This figure represents a 6.9% increase from the $1.16bn recorded in April 2023. However, it is a 3.9% decrease from the $1.29bn generated in March 2024. Notably, March’s revenue was already lower than February’s, which had been bolstered by Nevada hosting the NFL’s Super Bowl.

Once again, slot machines remained the leading revenue source for Nevada operators, bringing in a total of $886.8m, which is a 5.9% rise from April 2023. Within the slot machine category, multi-denomination slots were the top earners, generating $586.8m, a significant 26.4% increase from the previous year.

High-stakes slots also performed well, with $25 machines seeing a revenue surge of 137.6% and $100 machines increasing by 14.5%. Conversely, lower-stakes slot machines experienced a year-on-year revenue decline.

Table Games and Card Games Boost Revenue

Revenue from table, counter, and card games, including sports betting, rose by 9.8% to $353.4m. In this segment, blackjack was the most profitable, generating $110.2m, up 16.0% year-on-year. Baccarat also saw a substantial increase, with revenue climbing 72.5% to $76.1m. Roulette followed with a 4.6% increase to $35.9m.

In contrast, craps revenue dropped by 25.5% to $30.3m, and Ultimate Texas Hold’em saw a slight decline of 1.1%, bringing in $15.1m.

Decline in Sports Betting Revenue

The sports betting sector saw a 5.0% decrease in revenue, totaling $30.8m in April. Basketball betting generated the highest revenue at $13.3m, though this was a 12.1% drop from the previous year. Baseball betting revenue increased by 18.4% to $10.7m, and hockey wagering saw a substantial rise of 74.2%, reaching $5.7m.

Football betting resulted in a $5.7m loss for operators, although this was a 17.1% improvement compared to April 2023. Wagering on other sports brought in $6.8m, down 31.6% from the previous year. Notably, $24.5m of all sports betting revenue in Nevada was generated through online wagering.

Las Vegas Strip Revenue Overview

Revenue on the iconic Las Vegas Strip reached $666.1m in April, which is 6.6% higher than the same month last year but 7.0% lower than in March 2024. Slot machine revenue on the Strip increased by 5.1% to $409.3m, with high-stakes machines showing the most improvement. Multi-denomination slots led the category with $276.9m in revenue, up 28.2%.

Revenue from table, counter, and card games on the Strip amounted to $256.8m, a 9.2% year-on-year increase. Blackjack was the top performer in this category, generating $81.7m, up 10.2%, followed closely by baccarat with $76.7m, which saw an 11.6% increase. However, sports betting revenue on the Strip fell by 26.5% to $9.7m in April.

Key Developments in Nevada’s Gambling Sector

Beyond revenue figures, Nevada has seen significant developments in its gambling sector recently. Earlier this month, London-listed Entain received unconditional approval to operate in Nevada. The company currently operates in the US through BetMGM, a joint venture with MGM Resorts. Entain had previously operated under a series of temporary licenses due to concerns from the Nevada Gaming Commission about its activities in unregulated markets. The recent full approval indicates that the Commission now considers these concerns to be resolved.

Additionally, Gaming and Leisure Properties (GLPI) announced a $105m acquisition of three casino resorts in South Dakota and Nevada. This includes the acquisition of Baldini’s Casino in Nevada, which spans nine acres and houses around 492 slot machines. GLPI also secured the Silverado Franklin Hotel & Gaming Complex and Deadwood Mountain Grand casino in South Dakota.

Source: Monthly Revenue Report [pdf]

Nevada Gaming Control Board. May 30, 2024.

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One of the leading companies in the industry, International Game Technology (IGT), published its financial report, which demonstrated a net profit decrease compared to 2023. However, the revenue was $4.31 billion (£3.37bn/€3.94bn), which represents a growth of 2.0%, following a recorded $4.23 billion in 2023.

Successful year and plans for 2024

Global Gaming and PlayDigital businesses were major reasons for the increase in revenue, while Global Lottery’s results dropped down. However, the lottery business performed better in Q4 than was the case during the whole year, following the success of other departments.

Vince Sadusky, the company’s CEO, commented: “We delivered a strong finish to the year in the fourth quarter, propelling full-year 2023 profits to record levels. A compelling array of products and solutions fuelled broad-based momentum in key performance indicators, driving margin improvement across our Global Lottery, Global Gaming, and PlayDigital segments.”

IGT conducted a restructure in February when Global Gaming and PlayDigital merged with another industry giant, Everi. The operations in total cost $6.20bn. IGT will own a majority of shares, 54%, while Everi will possess 46%. The merger is expected to be finished by the end of 2024 or at the beginning of 2025 when Everi will be renamed.

Sadusky said: “We believe the recent determination to split the business and create separate lottery and gaming pure-play companies, each with experienced management teams and simplified business models, better positions each company to service customers and create significant value for stakeholders.”

Revenue growth

In the past year, IGT’s revenue grew. Product sales revenue was incredibly high – $963 million, which is 11.2% higher than in 2022. However, service revenue decreased by 0.4%, so the company generated $3.35 billion.

Global Lottery was the main source of revenue in 2023, even though the decrease is noticed since it generated $2.53 billion in revenue in 2023. As the main reason for this drop, the company listed a sale of a commercial services business in Italy. If it remained part of the company, a growth of 6% would be recorded.

Global Gaming also achieved significant growth since its operations increased by 9.1% to $1.55 billion. PlayDigital’s revenue also increased by 9.1% to $228 million, which broke the record when it came to this division.

The operations cost $3.31 billion, and services were $1.63 billion. However, non-operating costs increased to $372 million, which is 11.7% higher than in 2023. This means that the profit before paying taxes was $629 million, which represents a 6.8% increase compared to the year before. The company paid $322 million for taxes and $151 million for non-controlling interests, so the net profit was $156 million, which is $156 million lower than in 2022 when the profit was $275 million, so a decrease of 43.3% is recorded. But despite that, adjusted EBITDA was $1.78 billion, which is an increase of 6.9%, and hit the record when it comes to this figure.

Max Chiara, the company’s CFO, said: “We achieved all of our financial goals in 2023. Robust cash generation funded incremental investments in the business and shareholder returns, while driving leverage to historically low levels, putting IGT in a strong financial position as we enter 2024. This gives us confidence in further expanding our investment in the business to fund future growth.”

Source: Fletcher, Robert. “Net profit dips despite revenue growth at IGT in 2023”. iGaming Business. March 12, 2024.

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In a bold move that left the audience in shock and admiration, Alex Gonzalez, 23, and Sebastian Rivera, 22, pulled off an audacious stunt during the Las Vegas Super Bowl. Running onto the field while the Chiefs were on offense in the third quarter, the duo were quickly apprehended but left their mark on the game. The two men later revealed that their ticket to jail came at an extravagant cost of $42,000.

The Men Had a Well-Prepared Plan

Gonzalez and Rivera, hailing from Miami, jumped over the security barrier and ran onto the Super Bowl field, adding more drama to an exciting game. Gonzalez, who had his Instagram handle boldly displayed across his shirtless chest, took to the social media to explain his motivations, expressing a fear of growing old with regrets and a desire to streak a Super Bowl while he could.

This sentiment was echoed in a YouTube video where Gonzalez and Rivera provided a behind-the-scenes look at their stadium venture, proudly declaring they would go down as legends. Describing his on-field experience during the Super Bowl streak, Gonzalez highlighted the adrenaline-fueled blur, framing the entire stunt as proof of his dedication to achieving his goals.

The second I hit the field, I kinda blacked out, and I pretty much came back when I was in the cell.

Alex Gonzalez

Gonzalez and Rivera were apprehended on the field and subsequently booked into the Clark County Detention Center on misdemeanor charges of prohibited conduct at an athletic event, as indicated by jail records. Gonzalez did not appear remorseful, proudly stating he would do it again if given the chance despite the consequences.

Their Escapades Will Cost Them Dearly

The eye-watering cost of the duo’s mischievous endeavor was revealed by Gonzalez, who proudly proclaimed that he had paid $42,000 just to go to jail. He displayed what seemed to be a receipt for two Super Bowl tickets, totaling $42,853.98, securing seats in the first row of Section 128 at Allegiant Stadium. The man, sporting 446,000 Instagram followers, claimed he was a day trader.

The two men’s YouTube video ends as they walk out of jail, discussing how stupid their actions were. However, both men were laughing, indicating they were not too worried. The full extent of their legal troubles will become clear on 17 April when the duo must appear in court. There is a real possibility that their escapades will cost them significantly more than the $42,000 they paid for the tickets.

While the stunt has undoubtedly earned the duo a moment in the spotlight, the financial and legal cost may serve as a cautionary tale. As social media retains its significant role in individuals’ pursuit of fame, Gonzalez and Rivera’s extravagant Super Bowl streak is a testament to the lengths some are willing to go for a moment of notoriety.

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A recent report commissioned by the New Jersey Division of Gaming Enforcement (DGE) and conducted by researchers at Rutgers University reveals a notable decline in high-risk problem gambling in the state, even as sports betting continues to gain traction. 

New Jersey’s Problem Gambling Stays Three Times Higher Than National Norm

The report’s key findings indicate a decrease in high-risk problem gambling rates from 6.3% to 5.6%. However, the study highlights that New Jersey’s rate of problem gambling remains three times higher than the national average, persisting as a concern for state authorities.

Attorney General Matthew Platkin stated: “Through the release of this report, we are taking a comprehensive look at the pervasiveness of gambling across the state, and with it, we are able to better identify challenges for our most vulnerable populations and design programs and initiatives to assist them.”

The research, led by Dr. Lia Nower, J.D., Ph.D., indicates that sports betting saw a significant surge, with participation rates rising from 15% to slightly over 19%. Simultaneously, the study identified a shift in gambling patterns, with the percentage of individuals exclusively gambling online tripling from 5% to 15%. In contrast, those solely engaging in in-person gambling at casinos dropped from 76% to 49%.

Moreover, the report highlighted the increasing popularity of high-risk stock trading, with approximately 25% of participants involved, signifying a nearly seven-fold rise since the previous survey. This trend raised concerns among experts about the potential link between risky gambling behavior and financial trading activities.

New Jersey Takes Proactive Measures Against Problem Gambling

Dr. Lia Nower, from Rutgers University’s School of Social Work, Center for Gambling Studies, emphasized the significance of the report’s findings. She remarked: “This report provides evidence to guide prevention and education efforts for those at highest risk for gambling problems: Younger adults, members of ethnic and racial minority groups, and those who gamble on multiple activities and bet both online and in land-based venues.”

The report also highlighted correlations between gambling behavior and substance use, indicating that gamblers were more likely to use tobacco, alcohol, and illicit drugs, as well as report mental health problems.

In response to the findings, New Jersey has implemented various measures, including self-exclusion programs, advertising standards, and technological interventions to assist at-risk patrons. The state continues to evaluate these strategies in collaboration with responsible gaming organizations to curb the prevalence of problem gambling and promote safer gambling practices among its residents.

For example, in February, the DGE introduced a pioneering proactive approach to tackle problem and at-risk sports betting in the state, marking the first initiative of its kind in the US. The approach requires gambling operators to analyze player data to identify signs of at-risk or problem gambling.

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Mega Millions is one of the most popular lottery games in the United States. Tickets for the game are sold in 45 states, as well as the US Virgin Islands and Washington DC and drawings take place on Tuesdays and Fridays.

Earlier this month, the highest jackpot from Mega Millions, a staggering $1.6 billion was won in Florida from the drawing on August 8, 2023. Now, in less than a week after the whopping billion-dollar jackpot was won, another Florida resident hit the jackpot of the game.

The lucky lottery player guessed correctly all white balls, 18, 39, 42, 57, 63 and the Mega Ball, 7, from the drawing on Tuesday, August 15, 2023. As a result, the lucky player secured an estimated jackpot of $36 million or $18.6 million in cash. While that’s far from the mouth-watering billion-dollar win from last week, undoubtedly, $36 million is a life-changing sum.

The winning ticket of the latest Mega Millions jackpot was sold at Publix, located at 4495 Roosevelt Boulevard in Jacksonville, Florida. By selling the winning ticket, the lottery retailer received a $25,000 commission bonus, the lottery reveals.

There were more than 550,000 winning tickets within all prize tiers from the latest Mega Millions drawing. One lucky winner from New Jersey guessed correctly all white balls and secured a second-tier prize of $1 million. On the other hand, 10 winners guessed correctly the four white balls and the Mega Ball. Nine of them collected a $10,000 prize each, while one paid an extra $1 for a Megaplier, which resulted in a $30,000 prize.

Some 282 lucky lottery players guessed correctly four of the white balls from the Tuesday drawing. While the majority of those winners collected a $500 prize each, 58 of them paid an extra $1 for the Megaplier which granted them a $1,500 prize each.

The Game’s Jackpot Goes Back to $20M

The recent jackpots hit in Florida come after two jackpots dropped in New York state back in April. At the beginning of the month, on April 14, 2023, a lucky lottery player from New York hit the $483 million jackpot. Then, days later, on April 18, 2023, another lucky New York state resident hit the $20 million grand prize from Mega Millions.

Considering the latest win from Florida, the game’s jackpot was once again reset to $20 million or an estimated $9.6 million if the cash option is selected. The next Mega Millions drawing is set for Friday, August 18, 2023, at 11 PM ET.

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Pragmatic Play, a leading iGaming content supplier, has announced that it will be doubling the annual prize pool of its popular Drops & Wins event. This year, the total prize pool will be a whopping €30,000,000 (around $33,000,000), the company said.

Drops & Wins is an annual promotion that takes entertainment in mind and channels Pragmatic Play’s energy and resources into an initiative where players can win extra prizes when playing their favorite slots or participating in tournaments. The company has been running Drops & Wins since 2020, with the initiative proving to be a resounding success.

In addition to doubling the total budget, Pragmatic Play announced that players will have the chance to win bigger than ever before when playing one of the game’s slots or live casino games.

Players can be looking forward to the largest prize pool in the industry and an enhanced gaming experience with our new promotional mechanics.

Pragmatic Play statement

The impressive prize pool means that a staggering €2,000,000 can now be won every month. Meanwhile, a monthly prize pool of €500,000 will be available across the company’s best live casino titles.

Drops & Wins Will Engage Players at No Added Cost

In addition to winning Daily Prize Drops, players will be able to compete against their peers. The top players in Pragmatic Play’s daily and weekly tournaments will earn extra prizes depending on their position on the leaderboard.

Drops & Wins will run from April 5, 2023, to March 6, 2024, providing players with a full year of exciting prizes. The company is excited to renew the initiative as attested by Irina Cornides, Pragmatic Play’s chief operating officer.

Cornides pointed out that the prize pool of €30,000,000 is entirely funded by the provider and is the largest of its kind. The best thing for operators is that there are no added integration costs to take part in Drops & Wins. The initiative, Cornides added, will help Pragmatic Play’s partners inspire loyalty among their players.

And with no extra cost or additional integration required to take part, we couldn’t have made it easier for our partners to boost player acquisition, engagement, and retention through Drops & Wins.

Irina Cornides, COO, Pragmatic Play

Pragmatic Play continues to boast a robust pipeline, producing several new slots each month. The company’s products are growing more and more popular among operators, as proven by the recent agreements the provider has been signing.

Pragmatic Play just expanded its presence in Brazil via a deal with Win Prêmios. Previously, the company launched some of its games with Swiss Casinos.

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Hard Rock International’s bid for a gaming license in New York may be jeopardized due to the company’s ties with Russia.

The company’s franchises in Moscow and St Petersburg go against Governor Kathy Hochul’s directive that no New York entity should do business with any company having relations with Russia while the war in Ukraine is ongoing.

The order states: “All Affected State Entities are directed to refrain from entering into any new contract or renewing any existing contract with an entity conducting business operations in Russia.”

READ: Mohegan partners with Soloviev Group for New York casino bid

A spokesperson for Hard Rock told the New York Post that the company has slated the St Petersburg venue to be closed by March 13, while the Moscow venue had been shut down for a while now. They added that although both venues had the company’s name on them, they were independently owned and thus the company has no ties or business in Russia.

Despite this, Yale University School of Management released a working paper discussing the efforts of international companies at shutting down their businesses in Russia since the country’s invasion of Ukraine began. Hard Rock International was on the paper’s list of companies that scored an ‘F’ for not reducing their activities or exiting the country.

This will hurt Hard Rock’s chances of snaring one of the three downstate New York casino licenses up for grabs. Despite competition from Bally’s, Caesars Entertainment, Las Vegas Sands and many others, the company had a good standing in the race.

Reports have it that the tribal gaming operator donated $150,000 to Gov. Hochul’s re-election campaign and $230,000 to lobby politicians for casino plans. Added to that, the operator is New York Mets owner Steve Cohen’s preferred partner for a gaming project near Citi Field in Queens.

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