A large number of police officers and vehicles gathered at the Borgata Hotel Casino & Spa Thursday afternoon after an anonymous threat. Just before 4 PM, the Atlantic City Police Department (ACPD) received a call from an anonymous male who claimed to be a guest at the luxury hotel and casino and was in possession of an explosives and guns.

The call resulted in the immediate dispatch of law enforcement to the Borgata where nearly two dozen police cruisers gathered. As announced by BreakingAC, the hotel and casino were also visited by the AC Bomb Squad.

Law enforcement blocked roads close to the property, diverting traffic. Moreover, the hotel and casino’s entrances were blocked by police officers while a sweep of the property was conducted.

A statement released by the ACPD revealed that an investigation into the threat is ongoing. In the afternoon, law enforcement said that there is no active shooter on site.

“The Atlantic City Police Department is currently on scene at the Borgata Hotel Casino & Spa conducting an active investigation. There is NO active shooter,“

reads a statement released by the ACPD

No Suspicious Individuals or Explosives Found

Local media reports revealed that some of the guests weren’t allowed to go back into the Borgata. Others didn’t even know that there was a threat. Still, guests were evacuated from some parts of the casino resort.

After an extensive search of the property by Borgata security in collaboration with law enforcement, the ACPD released an update, outlining that no suspicious individuals have been identified neither explosives or firearms were uncovered.

Patrol officers responded to the scene, and along with Borgata Security, conducted a sweep of the building during which no suspicious individuals or devices were located.

reads an update released by the ACPD

Law enforcement confirmed that parts of the property were temporarily evacuated but guests were later on allowed to return. The ACPD said that it will investigate the validity of the threat and encouraged everyone with information regarding the case to reach out.

So far there’s no confirmation about anyone being arrested in relation to the reported threat.

Users online speculated that a person was barricaded into one of the hotel rooms. However, neither law enforcement nor the Borgata confirmed those rumors.

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The New Jersey Division of Gaming Enforcement has published the December 2023 total gaming revenue results. According to the regulator, the state’s gambling operators reported year-to-date revenue of almost $5.8 billion.

Segment by segment, New Jersey’s nine casino hotel properties earned $232.4 million for December 2023. This, according to the authority, reflects a year-on-year increase of 7.8%. In the meantime, year-to-date casino win for New Jersey’s nine casinos stood at $2.85 billion, reflecting growth of 2.2% compared to $2.79 billion for the prior year-to-date period.

Revenue from the online casino segment also increased. In December, The Garden State’s casinos and their online partners reported an internet gaming win of $180.3 million. This figure represents a 19.1% year-on-year growth, exceeding December 2022’s results by almost $30 million. For the year-to-date period, internet gaming win stood at $1.92 billion. This reflects a stellar year-on-year increase of 15.7%. For reference, New Jersey’s operators reported an internet gaming win of $1.66 billion for the prior year-to-date period.

The most significant revenue increase, however, was recorded by the sports betting segment. The vertical recorded revenue of $109.4 million for December 2023, reflecting a 24.8% increase compared to the $87.7 million posted in December 2022. In the meantime, the year-to-date period demonstrates an increase of 31.9% year-on-year to $1.01 billion. For comparison, the state’s sportsbooks recorded revenue of $763 million in the prior year-to-date period.

All Verticals Experienced Some Growth

New Jersey’s casinos, racetracks and their partners reported $522.2 million in total gaming revenue for December 2023. This figure translates to an increase of 14.8% from the $454.8 million reported in December 2022.

As mentioned, the year-to-date total gaming revenue in the state stood at $5.78 billion. This figure, representing the results of The Garden State’s casinos, racetracks and their partners, reflects an increase of 10.9% from the $5.21 billion reported in the prior year-to-date period.

New Jersey Casino Workers Continue to Fight for a Healthier Workplace

In the meantime, New Jersey’s casino workers continue their fight for a smoke-free work environment. As the state heads into 2024, proponents of a smoking ban hope to finally make a breakthrough and fix the loophole that exempts casinos from the Smoke-Free Air Act.

To that end, Senator Joe Vitale, a firm supporter of such a measure, introduced Senate Bill 1493. The bill is backed by 18 out of 40 senators.

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Global operator bet365 has published its annual report, highlighting a significant year-on-year increase in revenue. However, this favorable metric was offset by a substantial increase in operating loss.

Bet365’s report covers the 52 weeks ended March 26, 2023, and highlights a total gaming and betting revenue of £3.39 billion ($4.32 billion, current rates). This represents a year-on-year increase of 19% from the £2.87 billion recorded during the prior-year period.

In the meantime, the company reported gross profit of £2.87 billion ($3.66 billion), representing a noticeable increase from the $2.37 billion recorded in the 52 weeks ended March 27, 2022. However, the company’s administrative expenses increased dramatically in FY 22/23 to £2.89 billion ($3.69 billion). For reference, this metric stood at £2.36 billion in the prior-year period.

Overall, bet365 reported an operating loss of £24 million ($30 million) for the period, down from a profit of £15 million in FY 21/22. Fair value losses on investments stood at a staggering £62 million ($79 million), down from a profit of £28 million in the prior-year period.

The company’s loss before taxation was £60.19 million ($76.8 million). The company’s total loss for the financial period, meanwhile, reached £69.41 million ($88.5 million). For reference, bet365 recorded a profit of £33 million last year.

After all considerations, bet365’s total comprehensive expense for the 52-week period ended March 26, 2023, was £61.23 million ($78.1 million).

Denise Coates Secures a Solid Paycheck

The company’s precarious position, however, did not prevent the company’s chief executive officer, Denise Coates, from getting an annual salary of £270.7 million. Around £50 million of this total sum came from dividends, cementing bet365’s leader as one of the most well-paid executives for the year.

In the meantime, bet365 continues to pursue global expansion. The company is currently lined up for a license in North Carolina as it continues to seek global expansion. In November, the operator also secured its position as the US Darts Masters’ title sponsor, solidifying its presence in professional sports.

Elsewhere, the Australian Communications and Media Authority recently issued warnings to a number of betting companies, bet365 included, over violations of the country’s in-play betting rules.

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Blandino, a well-recognized figure in NFL officiating, recently offered intriguing revelations about the league’s stringent measures to protect the integrity of games. While sanctions against players guilty of gambling violations have helped reduce such cases, NFL officials face even stricter checks. Blandino revealed that some referees had received offers to influence games. However, he remained confident in the league’s integrity safeguards.

Referees Undergo Frequent and Comprehensive Checks

Speaking on the “Awful Announcing” podcast, Dean Blandino delved into how the rising prominence of legalized sports betting has necessitated enhanced vetting processes for current and prospective NFL referees. He was adamant that the league had delegated massive resources to prevent match-fixing, adding that evolving policies helped the NFL keep up with new developments.

Blandino shed light on the vigilance exercised during the season, emphasizing the strict monitoring of officials’ bank accounts for suspicious spikes in funds coinciding with game days. He stressed the significance of closely tracking betting lines to analyze the correlation between calls made by individual officials and their potential impact on those lines.

If a game official has $10 in their bank account on Friday, and then they work a game, and now there’s $100,000, that’s a red flag, right?

Dean Blandino

The former NFL VP of Officiating highlighted the meticulous protocols employed in examining referees’ business associations, potential conflicts of interest, and even their financial transactions. Blandino underscored how the NFL has faced instances where individuals approached referees with offers to influence games. The league has implemented stringent guidelines, including restrictions on officials wearing NFL-branded gear to avoid compromising situations.

Frequent Policy Updates Set an Example for Other Leagues

The NFL’s growing association with sportsbooks and official partnerships with leading betting platforms has prompted a steadfast commitment to stringent gambling regulations. In September, the league reinforced its gambling policy, imposing harsher penalties against players betting on their teams. This proactive approach is paying substantial dividends, significantly reducing the frequency of high-profile scandals.

Despite the league’s ongoing efforts and genuine commitment to integrity, some athletes still test existing safeguards by engaging in illegal wagering. June saw the NFL issue indefinite suspensions to three offending players, hoping the harsh penalties would deter new offenses. The strategy, combined with evolving policies and education efforts, appears successful, as fewer such cases have made the news.

Blandino’s insight was instrumental in highlighting the NFL’s incredible 2023 progress toward mitigating the downsides of its close relationship with sports betting. Nevada congresswoman Dina Titus recently praised the league for its consistent and efficient approach, noting it would provide fans with confidence in the fairness of the games they wager on.

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Proponents of the California sports betting initiative have submitted crucial amendments to their proposal to the state attorney general. The revised initiative not only addresses concerns raised by tribes and regulators but also introduces key changes that promise to enhance revenue sharing and inclusivity among California’s diverse tribal communities.

California Sports Betting Initiative’s Key Transformations

One of the pivotal alterations includes an increase in the revenue share for limited- and non-gaming tribes, a move that aims to rectify the disparities among different tribal groups. The amended initiative eliminates provisions that larger tribes found problematic, fostering a more unified stance among stakeholders.

The original proposal faced criticism from three California Indian tribes in 2021, who highlighted concerns related to offshore online gaming operators. In response, the proponents removed the contentious provisions, demonstrating a commitment to addressing the specific needs and worries of the tribal leaders.

Key modifications in the finalized initiative involve a boost in the percentage of operator revenue allocated to Revenue Sharing Trust Fund (RSTF) tribes to 25%. This replaces the previous 10% allocation to homelessness and mental health funding. 

Additionally, the initiative now limits the in-person sign-up requirement for online sports betting accounts to the first two years, allowing mobile sign-ups within a 10-mile radius of tribal casinos.

The initiative also introduces a five-year sunset for promotional credits, starting at 15% in the first year and gradually decreasing to zero. Furthermore, the start date for California online sports betting has been pushed to no earlier than July 1, 2025.

CNIGA Firmly Rejects California Sports Betting Proposals

Last month, the California Nations Indian Gaming Association (CNIGA) formally opposed two sports betting proposals, introduced by Kasey Thompson and Reeve Collins in October, aiming to regulate online and in-person sports wagering in the state. Following a vote by 52 CNIGA members, the association expressed irrevocable opposition, criticizing the handling of the initiatives and emphasizing the Tribes’ expertise in deciding what is best for their communities, urging the proponents to drop the proposals as promised in case of tribal opposition.

The next steps for the California sports betting initiative involve the state producing a fiscal estimate by December 18 and the attorney general releasing a circulating title and summary by January 2. Proponents, confident in tribal support, are prepared to fund the initiative entirely, from signature collection through the potentially costly ballot campaign, reinforcing their commitment to a zero-cost initiative for the tribes.

The California sports betting initiative, if successful, would amend the state constitution to permit sports betting on professional, collegiate, and select amateur sports. Tribal compacts with the state would include sports betting, and the initiative will legalize craps and roulette at tribal casinos.

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Galaxy Gaming, a leading casino table games developer, has published its financial results for the quarter ended September 30, 2023. While the company reported increased revenue, its net loss doubled.

The third quarter of 2023 notably saw Galaxy Gaming report revenue of $6.1 million, representing an increase of 3%. In the meantime, the company’s Adjusted EBITDA declined by 36% to $1.5 million.

The quarter also saw the company record a net loss of $1.45 million, far exceeding the net loss of $699,000 it recorded in Q3 2022.

On a year-to-date basis, Galaxy Gaming posted revenue of $21 million, up 20% year-on-year. Adjusted EBITDA for the first nine months of the year also increased to $7.8 million, representing a modest increase of 6%.

The overall net loss for the nine-month period is still lower than the one recorded during the first nine months of 2022. For reference, the company recorded a net loss of $988,000 in the first nine months of 2023 versus a net loss of $1.8 million in the prior-year period.

Galaxy Gaming also reported a cash decrease of 13% to $15.9 million. Its total long-term debt decreased from $59.6 million to $58.7 million. Stockholders’ deficit, on the other hand, increased from $17.8 million to $18 million.

The company now expects Q4 revenue of roughly $7-$7.5 million and adjusted EBITDA in the range of $2.8-$3.2 million. This forecast assumes no impact on the company’s business from the ongoing wars in Ukraine and the Middle East.

Cravens Is Optimistic Despite the Setbacks

Todd Cravens, Galaxy Gaming’s president and chief executive officer, commented on the results, underscoring the effect of the challenges the company faced in Q3. He attributed the decline to the lower sales of perpetual licenses. While these sales will likely make the company’s quarterly results lumpier, Cravens said that the company is committed to pursuing such sales.

Cravens also pointed out that the company’s expenses increased because of various factors, including cost of sales, compensation costs and legal and regulatory expenses.

Galaxy Gaming also purchased over $1 million in equipment to fulfill the demand for GoS and EZ Baccarat placement, leading to a decline in its cash position. Speaking of EZ baccarat, the company became its distributor on September 9. Following that, it added almost 500 tables across 120 casinos. Cravens noted that the distribution of EZ Baccarat could provide Galaxy Gaming with an annual EBITDA boost of over $3 million.

Last but not least, Cravens said that the company had its best G2E show ever. According to him, Galaxy Gaming’s participation in the exposition sets it up for increased revenue in 2024.

In other news, in September Galaxy Gaming powered Carnival Corporation ships with GOS, allowing them to offer progressive jackpots to their clients.

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By strengthening its technical capabilities, the KSA aims to bolster its ability to guarantee a fair and transparent gambling market. Despite the regulator’s outstanding results, it highlighted several legal oversights preventing it from operating at maximum effectiveness. If implemented, the changes will cement the Netherlands’ position as one of Europe’s safest gambling environments.

The Proposed Improvements Will Have a Notable Impact

The KSA’s request primarily concerns its ability to generate false ID documents. The regulator must first go through the National Identity Agency, which significantly hampers the process and can be vital in the fast-paced online gambling space. Access to fake IDs would grant the KSA full access to the services of iGaming operators, enabling rapid action against illegal entities.

The Netherlands’ regulator further recommended a comprehensive review of the outdated legislation surrounding land-based slot machines, bringing it in line with the current iGaming laws. Full access to the Control Database data on licensed operators was another priority, as it would allow the KSA to improve its supervision efforts, enhance enforcement and enable better advice on new policies.

We raise these points… so that the KSA will come even closer to a safe and responsible gaming environment that properly protects and informs Dutch players and combats abuse.

Kansspelautoriteit 

The KSA addressed its concerns directly to Dutch Minister for Legal Protections Franc Weerwind, asking for immediate amendments to the country’s Remote Gambling Act. If successful, the operator will gain improved tools to identify and take appropriate action against the unlicensed operators still present within the Netherlands gaming market.

Today’s Fluid Industry Requires Frequent Regulatory Updates

Such requests exemplify the KSA’s commitment to constant improvement. The regulator strives to remain up-to-date in the constantly evolving world of online gambling, relying on industry experts and a fluid, technology-minded approach to stay ahead of potential violations. Offending operators often receive substantial fines, while illegal entities face swift and decisive action.

Despite its effectiveness, legal restrictions limit the regulator’s flexibility and responsiveness. If approved, the KSA’s suggestions will improve detection and enable improved measures against unfair or deceptive practices that may harm players. Improved access to vital data should improve the authority’s monitoring capabilities, ensuring strict operator adherence to player protection measures.

The proposed measures will empower the regulator, maintaining the Netherlands’ position as one of Europe’s safest gambling jurisdictions. Through collaboration with the government and international cooperation, the KSA seeks to contribute to global efforts in creating a safe and socially responsible gambling environment.

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The Baltic nation’s new government is keeping true to its planned gaming reforms. Its newly proposed taxation policy update outlines small but incremental hikes across all forms of gambling. Estonia currently sports one of the lowest industry tax rates in Europe. The planned minor increase should still allow the sector to remain attractive despite tightening regulations.

Operators Will Still Pay below Average

Estonia has fully embraced the rising European trend of tightening gambling regulations and increasingly stringent customer protection measures. The country’s coalition government has predominantly rallied behind the cause, evident by the newly proposed Tax Laws Amendment Act. The document envisions sweeping changes across the private and corporate sectors, with a special section dedicated to gambling.

According to the draft legislation, gambling companies will face sweeping tax increases. The 3% hike on lotteries should not affect private operators since the national lottery is a state-owned monopoly. This measure primarily targets retail companies organizing marketing initiatives and consumer games to promote their products.

However, the planned increase in betting and online gambling means that Estonia will no longer tie with Malta as the lowest-taxed jurisdiction. The current 5% rate will jump to 6% in 2024 and 7% in 2026, contributing €8-13 million annually to the government’s coffers. Even with the increase, Estonia will remain among the most promising markets, meaning the gambling sector should retain its attractiveness.

The Country Tightens Its Grasp on the Industry

The low tax rate is one of the primary factors behind the explosive growth of Estonia’s gambling industry. With nearly 30 operators competing over the country’s population of just 1,33 million, the authorities have become increasingly concerned regarding the rise in gambling-related harm. The nation has followed the European trends towards more stringent gambling regulations, proposing a complete ban on advertisements.

Industry representatives have rallied against these measures, calling for a more nuanced approach. They drew attention to the delicate relationship between sports stakeholders and operators, urging government officials to meet them for further discussions. However, the consensus between the ruling parties and the threat of rising societal costs seems sufficient for the authorities to proceed with their plans.

Overall, the planned tax hikes and tightening regulations spell the end of the honeymoon period Estonian operators have been enjoying until now. If implemented, the measures will likely cause a temporary downturn, but examples from other European countries show that the industry can thrive even with similar restrictions.

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Online gaming and sports betting operator Rush Street Interactive, Inc. (RSI) published its financial report for the fourth quarter of 2022 and the full year ended December 31, 2022, posting revenue increases of 27% and 21%, respectively.

Strong Revenue Growth

RSI generated in the last business quarter of 2022 revenue of $165.5 million to contribute to a full-year 2022 revenue of $592.2 million. For comparison, in Q4 2021 the Chicago-based gaming company registered revenue of $130.6 million, while for the full year, it amounted to $488.1 million.

Commenting on the results, Richard Schwartz, chief executive officer of RSI, outlined that the strong quarter and record results for the year were driven by a growth of 95% in RSI’s Latin American and new North American markets the company had launched operations after 2020.

Net Loss, Negative Adjusted EBITDA

The company’s net loss in Q4 2022 was $31.1 million, registering a decrease of 18.4% from $38.1 million in the fourth quarter of 2021. Quarterly adjusted EBITDA was a loss of $17.3 million, down 44.6% from the adjusted EBITDA loss of $31.2 million in Q4 2021.

For the full year, net loss significantly increased to reach $134.4 million, up 88.9% from $71.1 million in the year prior. Consequently, full-year adjusted EBITDA came at negative $91.8 million to register an increase of 41% from $65.1 million in 2021.

“We expect to achieve positive Adjusted EBITDA for the second half of 2023 and continue to be selective as we prioritize investments in markets with higher returns,” Schwartz said.

2023 Revenue Guidance

RSI used the report to initiate revenue guidance for the full year 2023, expecting to achieve revenue of between $630 million and $700 million, based on certain assumptions, including professional and college sports calendars remaining intact, the company maintaining operations in all jurisdictions it operates now, and that results from new jurisdiction launches are excluded.

“Looking forward, we will continue to focus on earning and retaining customer loyalty, by treating them well, being thoughtful, developing seamless experiences and reducing friction at every possible point. We have built our proprietary platform and culture around a disciplined operating philosophy, which is reflected in our results,” Schwartz concluded in his comments.

Other Financial Highlights

RSI noted that its adjusted advertising and promotions expenses in the fourth quarter marginally dropped to $63.2 million, as compared to $64 million in the respective quarter of 2021, while for the full year, there was an increase of 16.9% to $218.4 million ($186.9 million in 2021).

The number of real-money monthly active users increased proportionally in the quarter and the year: 22% in Q4 and 29% in full-year 2022, allowing RSI to register average revenue per monthly active user of $327 in the fourth quarter and $315 during the year. The full-year result is down 9% year-over-year.  

At the end of the reported period, December 31, 2022, RSI’s cash balance stood at $180 million of unrestricted cash and cash equivalents.

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