Industry Archives - Keno Wizard https://kenowizard.com/tag/industry/ The Ultimate Keno Destination for Odds, Tips & Tricks Wed, 17 Jul 2024 07:25:03 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 Industry Archives - Keno Wizard https://kenowizard.com/tag/industry/ 32 32 230792155 Philippines Gaming Industry Sees 19% Revenue Growth in First Half of 2024 https://kenowizard.com/2024/07/17/philippines-gaming-industry-sees-19-revenue-growth-in-first-half-of-2024/ https://kenowizard.com/2024/07/17/philippines-gaming-industry-sees-19-revenue-growth-in-first-half-of-2024/#respond Wed, 17 Jul 2024 07:25:03 +0000 https://kenowizard.com/2024/07/17/philippines-gaming-industry-sees-19-revenue-growth-in-first-half-of-2024/ The Philippines gaming industry has reported impressive revenue growth for the first half of 2024, with a 19.2% increase year-on-year, reaching Php194.7 billion (US$3.34 billion). This surge has been largely driven by the rapid expansion of the online gaming sector, which includes E-Games, E-Bingo, and other bingo grantees. According to the Philippine Amusement and Gaming [...]

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Online-stands-out-as-Philippines-gaming-revenue-jumps-19.2The Philippines gaming industry has reported impressive revenue growth for the first half of 2024, with a 19.2% increase year-on-year, reaching Php194.7 billion (US$3.34 billion). This surge has been largely driven by the rapid expansion of the online gaming sector, which includes E-Games, E-Bingo, and other bingo grantees.

According to the Philippine Amusement and Gaming Corporation (PAGCOR), the E-Gamessector achieved a remarkable performance, with its gross gaming revenue (GGR) more than tripling to Php63.01 billion (US$1.08 billion) in the first half of the year. This unprecedented growth highlights the sector’s domestic-driven success.

Land-Based Casinos and PAGCOR’s Performance

Licensed casinos, including those in Entertainment City and regional locations such as Clark and Cebu, remained the largest contributors to GGR, generating Php99.2 billion (US$1.70 billion). However, PAGCOR-operated casinos experienced an 11.6% decline in GGR, amounting to Php8.9 billion (US$152 million).

Despite the mixed performance across different segments, PAGCOR’s overall net income saw a significant increase of 121.5%, reaching Php6.56 billion (US$112 million), up from Php2.96 billion (US$50.7 million) in the same period last year. This robust income growth allowed PAGCOR to remit Php31.8 billion (US$545 million) to the national treasury in the first six months of 2024, compared to Php22.6 billion (US$387 million) during the same period in 2023.

Online Gaming’s Phenomenal Growth

PAGCOR’s total gross revenues for the first half of 2024 amounted to Php51.8 billion (US$887 million), a 42.9% year-on-year increase. Gaming operations contributed Php45.4 billion (US$778 million) of this total, with nearly half coming from the online gaming sector, which brought in Php20.7 billion (US$355 million).

Integrated resorts and licensed casinos also made a substantial contribution, generating Php16.2 billion (US$277 million) or 35.4% of PAGCOR’s gaming revenues. PAGCOR-operated casinos under the Casino Filipino brand contributed Php6.93 billion (US$119 million) or 15.3%.

PAGCOR Chairman and CEO Alejandro H. Tengco expressed optimism about the future, stating, “Given the phenomenal revenue increase in the E-Games sector, and with more players and investors signifying their intent to enter the Philippine market, we are confident that the year 2024 will be truly a banner year for PAGCOR.”

Reforms and Future Outlook

The gaming revenue growth in the Philippines has been attributed partly to reforms and strengthened regulations under the new administration. PAGCOR’s efforts to channel illegal activity into the regulated market include reducing fees for operators to encourage more businesses to apply for licenses.

Looking ahead, PAGCOR is on track to achieve or exceed Php100 billion (US$1.71 billion) in annual gross revenue for 2024. The regulator’s strategic moves, such as planned privatization of its operations by 2025 to focus solely on regulatory roles, aim to level the playing field for licensees and attract new investment.

Despite the strong performance of the online gaming sector, it continues to face scrutiny and opposition. Senator Joel Villanueva is pushing legislation to ban Philippine Offshore Gaming Operators (POGOs), citing concerns over the sector’s controversies. However, PAGCOR remains committed to ensuring that online gaming activities are conducted legally and responsibly.

Source:

Philippines gaming industry revenue up 19% year-on-year to over US$3.3 billion in 1H24, asgam.com, July 15, 2024.

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How Illegal Gaming Operations Undermine the Legal Industry in the US https://kenowizard.com/2024/06/24/how-illegal-gaming-operations-undermine-the-legal-industry-in-the-us/ https://kenowizard.com/2024/06/24/how-illegal-gaming-operations-undermine-the-legal-industry-in-the-us/#respond Mon, 24 Jun 2024 11:57:51 +0000 https://kenowizard.com/2024/06/24/how-illegal-gaming-operations-undermine-the-legal-industry-in-the-us/ Chris Cylke, vice president of government relations at the American Gaming Association (AGA), has pointed out that attractive promotions, better odds, and the ability to gamble with cryptocurrencies are some of the things that lure people into illegal gaming. Illegal Gaming Threatens Consumers and Undermines the Legal Industry Different aspects are included in illegal gaming [...]

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Chris Cylke, vice president of government relations at the American Gaming Association (AGA), has pointed out that attractive promotions, better odds, and the ability to gamble with cryptocurrencies are some of the things that lure people into illegal gaming.

Different aspects are included in illegal gaming such as offshore online casinos, unregulated slot machines and illicit sportsbooks. These hidden activities present significant threats to customers and undermine the legal gambling sector.

However, Cylke further noted how important it is to educate consumers about the risks associated with these illegal platforms, reported local media outlet Vegas Inc. According to him, illegal gambling is not a victimless crime as many believe. Users may expose their personal and financial details to unregulated entities which could be located anywhere since there is no oversight over them and customers do not know where their money ends up.

Legalized operators face stiff competition from such illicit operations which do not incur costs like getting licenses or paying taxes. In 2022 alone, reports indicate that illegal betting houses took in more than $510 billion worth of bets while legal establishments lost over $44 billion due to this unfair competition. The legalization of sports betting in numerous jurisdictions in the US has led to a decrease in illegal sports betting, but online casino gaming remains a major issue, with over $337 billion transacted illegally.

Illegal Sports Betting: A $13.3 Billion Tax Drain

Cylke reiterated on consumer education saying that sometimes individuals unknowingly visit sites considered illegal because they appear prominently on search engines. He further stated that some users knowingly choose these sites to avoid scrutiny, a practice that further complicates the problem.

Alan Feldman who is UNLV’s director of strategic initiatives highlighted the absence of consumer protection safeguards found within unauthorized gaming websites together with the fact that they do not pay taxes and thus deprive state coffers of revenues meant for local economies. An AGA report also pointed out that state governments lost $13.3 billion in tax revenue due to illegal and unregulated sports betting.

Feldman called upon all US states where gambling has been legalized to acknowledge the damage caused by unlicensed gambling establishments arguing that legalization of sports betting was primarily done with an aim to generate additional tax dollars for public use. Additionally, he mentioned that people affected negatively by illegal gambling rarely come forward thereby complicating matters even further.

To fight against the illegal gaming industry leaders are calling for stricter law enforcement coupled with creating awareness among the general public. Feldman cited Nevada as an example where they have employed GeoComply technology among others which help to identify and block unauthorized betting activities whilst Cylke commended the Michigan state government’s move of issuing cease-and-desist letters to major illegal sites.

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Konami Chairman Highlights Industry Recovery and Innovation at NGCB Meeting https://kenowizard.com/2024/06/07/konami-chairman-highlights-industry-recovery-and-innovation-at-ngcb-meeting/ https://kenowizard.com/2024/06/07/konami-chairman-highlights-industry-recovery-and-innovation-at-ngcb-meeting/#respond Fri, 07 Jun 2024 13:30:40 +0000 https://kenowizard.com/2024/06/07/konami-chairman-highlights-industry-recovery-and-innovation-at-ngcb-meeting/ At a recent meeting with Nevada regulators, Konami Group Chairman Higashio Kimihiko expressed confidence that the gaming industry has fully bounced back from the setbacks caused by the pandemic. Appearing before the Nevada Gaming Control Board (NGCB), Kimihiko underscored the industry’s robust recovery and outlined Konami’s role in adapting to post-pandemic challenges. Konami’s Kimihiko Touts [...]

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At a recent meeting with Nevada regulators, Konami Group Chairman Higashio Kimihiko expressed confidence that the gaming industry has fully bounced back from the setbacks caused by the pandemic. Appearing before the Nevada Gaming Control Board (NGCB), Kimihiko underscored the industry’s robust recovery and outlined Konami’s role in adapting to post-pandemic challenges.

Konami’s Kimihiko Touts Company’s Strength at Nevada Regulator Hearing

Kimihiko, who has been at the helm of Konami since 2020, addressed the NGCB through an interpreter. He acknowledged the impact of the pandemic but emphasized that the market has regained its strength, reported CDC Gaming. He was last approved for licensing by Nevada regulators in 2013, and this recent appearance was part of a routine licensing process. The NGCB’s recommendation for approval will advance to the Nevada Gaming Commission for final consideration later this month.

In his discussion with NGCB Chairman Kirk Hendrick, Kimihiko supported the state’s efforts to accelerate the introduction of gaming products to the market. Hendrick highlighted the state’s commitment to aiding companies in swiftly delivering new technologies to customers, a sentiment that Kimihiko endorsed.

NGCB member George Assad praised Kimihiko’s impressive background, noting his progression within Konami from an engineering MBA graduate to his current leadership position.

NGCB Approves Caesars Entertainment’s CIO Rajendran Anbalagan

During the same meeting, the NGCB also reviewed and recommended the approval of Rajendran Anbalagan as the chief information and product transformation officer for Caesars Entertainment. Anbalagan, who took on this role 11 months ago, has a background in digital and technology roles, including a stint at Panera Bread as senior vice president.

Despite his limited experience in the gaming industry, Anbalagan described himself as a “computer geek” who is eager to tackle the challenges of his new position. He addressed the cybersecurity incident that Caesars experienced last fall, assuring the NGCB that the company has been proactive in strengthening its defenses. Anbalagan detailed how Caesars has increased collaboration with cybersecurity partners and hired a new chief information security officer to enhance their protective measures.

Hendrick echoed the importance of cybersecurity, noting that the NGCB itself faced a cyberattack in January. He emphasized the government’s commitment to safeguarding its systems and praised Anbalagan for his efforts to protect customer and employee information.

Anbalagan also touched on his role in product transformation, emphasizing the need for a seamless guest experience through advanced technology. Board member Brittnie Watkins commended his hands-on approach and looked forward to the innovations he would bring to the industry.

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ICE 2025 in Barcelona to Host Record Casino Industry Turnout https://kenowizard.com/2024/05/13/ice-2025-in-barcelona-to-host-record-casino-industry-turnout/ https://kenowizard.com/2024/05/13/ice-2025-in-barcelona-to-host-record-casino-industry-turnout/#respond Mon, 13 May 2024 12:12:35 +0000 https://kenowizard.com/2024/05/13/ice-2025-in-barcelona-to-host-record-casino-industry-turnout/ The European Casino Association (ECA), representing over 700 casinos and 60,000 employees across 29 countries, is gearing up for a historic turnout at ICE 2025, scheduled for January 20-22 in Barcelona. This marks the first time the prestigious casino industry event will be hosted outside the UK, signaling a new era for the event with [...]

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The European Casino Association (ECA), representing over 700 casinos and 60,000 employees across 29 countries, is gearing up for a historic turnout at ICE 2025, scheduled for January 20-22 in Barcelona. This marks the first time the prestigious casino industry event will be hosted outside the UK, signaling a new era for the event with expectations of record attendance.

Barcelona to Host Landmark Casino Industry Event

ECA Secretary General Hermann Pamminger, a veteran in the casino industry since his start at Casinos Austria International in 1991, shared his excitement about the upcoming event.

“ICE has historically been a pivotal event for our industry, held in locations like London Olympia and ExCeL London. The move to Barcelona represents a significant transition to a vibrant, dynamic city that promises to bring fresh energy and a broader European perspective to our gathering,” stated Pamminger.

The decision to move ICE from the UK to Barcelona has sparked a wave of enthusiasm among ECA members. The event will occupy 120,000 square meters at The Gran Via, compared to the 100,000 sqm in previous venues in London, offering more space for the anticipated influx of professionals from across the globe.

Record Participation and Expanded Offerings

ice_barcelona_will_host_biggest_participation_of_european_casino_industry_professionals_predict_ecaThe relocation is expected to attract a larger number of casino executives and industry buyers from across Europe, drawn by the opportunity to network, engage with a world-leading content programme, and explore innovations from a record 1,000 exhibitors. These exhibitors represent a wide range of sectors and jurisdictions, showcasing the latest in technology, regulatory updates, and market opportunities.

“The feedback from our members indicates that we will see more casino industry executives than ever before at ICE, engaging with the extensive array of exhibitors and participating in sessions that span all verticals of the industry,” Pamminger added. The event will also continue to host significant meetings and events, such as the ECA Board Meeting, General Assembly, and the traditional CEO dinner, to cater to the growing needs of attendees.

A New Chapter for Europe’s Casino Industry

The move to Barcelona is viewed not just as a change in venue but as a strategic shift that could redefine the future of Europe’s land-based casino industry. With ICE 2025, the ECA aims to set a new benchmark for industry gatherings, enhancing opportunities for networking, collaboration, and innovation.

ICE and the co-located iGB Affiliate event will provide a comprehensive platform for industry professionals to gain insights into entering new markets and expanding their market share. The Gran Via’s modular and versatile Convention Centre, with seating for up to 12,000 people, is ideally suited to accommodate the expanded scale of ICE, promising a landmark event that will celebrate and catalyze growth in the casino industry.

Source:

“ICE Barcelona will host biggest participation of European casino industry professionals – predict ECA”, europeangaming.eu, May 9, 2024.

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How Gambling Act Review White Paper Changed the Industry https://kenowizard.com/2024/04/25/how-gambling-act-review-white-paper-changed-the-industry/ https://kenowizard.com/2024/04/25/how-gambling-act-review-white-paper-changed-the-industry/#respond Thu, 25 Apr 2024 09:57:04 +0000 https://kenowizard.com/2024/04/25/how-gambling-act-review-white-paper-changed-the-industry/ On April 27, 2023, the Gambling Act Review white paper was published in the UK, and everyone hoped it would be greatly helpful when it comes to gambling regulation. However, here’s what happened after one year. Changes in the law The GB Gambling Commission discussed online and land-based casinos, as well as horse racing. The [...]

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On April 27, 2023, the Gambling Act Review white paper was published in the UK, and everyone hoped it would be greatly helpful when it comes to gambling regulation. However, here’s what happened after one year.

Changes in the law

gambling_act_review_white_paperThe GB Gambling Commission discussed online and land-based casinos, as well as horse racing. The consultations about the Commission’s proposals began in July, and its main focus was promoting sustainable and safe gambling, as well as conducting affordability checks.

The discussion about the relationship between operators and players was one of the main topics. According to Victoria Reed, a Founder of Better Change, the standards are already high, and in order to develop more strict regulations, the balance is needed. She said: “This is already a heavily regulated industry so I would argue that standards are generally pretty high when compared with other industries. But the nature of our business is heavily influenced by technology and customer trends – therefore, there is never time to rest on our laurels and think we have got it all figured out.”

Matt Zarb-Cousin, Gamban’s co-founder and director of external affairs, is positive that operators will benefit from improving the relationship, and in order to do that, they would have to comply with a change of standards.

The sustainability and safety of gambling must be priorities, even from a preventive standpoint. Reed commented on that: “We see “safer gambling” very much as the practice of gambling safely. Therefore, the act of restricting, limiting, banning, blocking, and even stigmatizing gambling has no place in safer gambling. As a result of this, we see very little in the white paper that for us constitutes safer gambling – instead, we feel the measures such as stake limiting and financial risk checks are more aligned to player protection.”

Preventing problem gambling and major concerns

Better Change keeps supporting Positive Play and tries to prevent problem gambling before the issue occurs. Proposals from the white paper comply with that, but in order to work, they have to be carefully implemented.

The losses have to be limited since the players who lose more are at higher risk of becoming addicts, so setting the limits is one of the best ways to prevent it.

Even the operators would benefit from that, since if the customer loses all their money, they would have to be self-excluded and they would never get back. The Commission is ready to set up the affordability checks, but it will have to be done case-by-case in order to work. On top of that, a statutory levy on gross gambling yield will be imposed, and it will be 1%.

Zarb-Cousin commented on that: “Affordability checks, if they’re done properly, and the levy will make a big difference. The quantity and the resources that will be able to go into treatment and prevention campaigns – all of this will make a big difference.”

The main issue about the proposals from the white paper is funding. There are some funds donated for research, education, and treatment of problem gambling, but it seems the only way to get funds is a mandatory levy.

However, Zarb-Cousin hopes that the suggested changes can be implemented by October 2024, including the pilot program for affordability checks, which should be finished by then. Next year, the new levy system is supposed to be implemented, two years after the release of the white paper.

However, Melanie Ellis, a gambling regulatory lawyer and partner at Northridge Law LLP, is concerned that the new regulations could drive the players to illegal operators. She said: “There is a risk that some proposals, such as the stake limit for online slots and restrictions on bonuses and incentives, could lead to a significant increase in the number of customers turning to unlicensed operators, where they may not be offered tools to control their gambling or interventions if they display indicators of harm.”

However, it’s clear that the white paper increased the awareness of problems in the industry and was a significant step towards solving the majority of them. However, a lot of work is ahead of the UK regulators, and only years of hard work can result in complete change. Sustainability remains the main focus.

Source: “Gambling Act review white paper: One year on”, iGamingBusiness. April 24, 2024.

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TransUnion Report Exposes Soaring Digital Fraud in Online Gambling Industry https://kenowizard.com/2024/03/25/transunion-report-exposes-soaring-digital-fraud-in-online-gambling-industry/ https://kenowizard.com/2024/03/25/transunion-report-exposes-soaring-digital-fraud-in-online-gambling-industry/#respond Mon, 25 Mar 2024 19:05:06 +0000 https://kenowizard.com/2024/03/25/transunion-report-exposes-soaring-digital-fraud-in-online-gambling-industry/ Digital fraud continues to plague the online gambling industry, with a recent report from TransUnion shedding light on the alarming increase in fraudulent activities targeting gambling sites. According to the study, over 10% of online gambling transactions in the United States were suspected to be fraudulent in 2023, marking a significant rise from previous years. [...]

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Digital fraud continues to plague the online gambling industry, with a recent report from TransUnion shedding light on the alarming increase in fraudulent activities targeting gambling sites. According to the study, over 10% of online gambling transactions in the United States were suspected to be fraudulent in 2023, marking a significant rise from previous years.

The report highlighted promotion abuse as the most common type of fraud within the gambling sector, indicating a trend where fraudsters exploit promotional offers and bonuses offered by online casinos and sports betting platforms.

Steve Yin, senior vice president and global head of fraud solutions at TransUnion, emphasized the shift in tactics among fraudsters, noting that instead of compromising existing accounts, they are now creating new accounts using synthetic identities. Synthetic identities, often assembled from data obtained through multiple data breaches, have become a lucrative tool for fraudsters, contributing to the surge in fraudulent activities.

The study also underscored the role of data breaches in fueling digital fraud, with the number of data breaches in the US increasing by 157% from 2020 to 2023. This escalation in data breaches has facilitated the creation of fraudulent accounts and synthetic identities, posing a significant threat to the integrity of online transactions.

On a global scale, the retail sector surpassed gaming, including online gambling and poker, in experiencing the highest suspected digital fraud rate in 2023, reaching 8.7%, marking a 21% year-over-year increase. Furthermore, the telecommunications industry witnessed a substantial 111% year-over-year surge in suspected digital fraud rate, rising to 4.5%.

Economic Shifts Alter Gambling Landscape

Furthermore, TransUnion’s research highlighted the impact of economic conditions on gambling behavior. Despite the overall resilience of the US economy, factors such as declining consumer liquidity and low consumer confidence have dampened gambling activity as per another TransUnion report released in January. 

In Q4 2023, decreased consumer liquidity led to a 10% decline in overall betting activity, with millennials being the exception, as 77% reported better-than-planned household finances. TransUnion’s report revealed that betting behavior is closely linked to available cash, with high-value bettors significantly influencing the market. 

While land-based channels saw higher participation rates, online platforms attracted more high-value bettors, particularly those depositing over $500 monthly. Despite a decrease in overall participation, strategies focusing on expanding across channels proved successful. 

TransUnion highlighted that understanding the financial signals distinguishing resilient from distressed players is crucial for operators aiming to attract high-value bettors.

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Arizona Sports Betting Industry Gets Record-Breaking Revenue https://kenowizard.com/2024/02/28/arizona-sports-betting-industry-gets-record-breaking-revenue/ https://kenowizard.com/2024/02/28/arizona-sports-betting-industry-gets-record-breaking-revenue/#respond Wed, 28 Feb 2024 06:55:52 +0000 https://kenowizard.com/2024/02/28/arizona-sports-betting-industry-gets-record-breaking-revenue/ The Arizona Department of Gaming, the organization in charge of regulating the sports betting and gambling industry in the American state, has announced that December 2023 has brought record-breaking sports betting revenue. The gross revenue for the sports betting industry in Arizona amounted to 66.1 million dollars in December 2023, a figure which represents an [...]

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arizona_department_of_gaming_releases_december_sports_betting_figuresThe Arizona Department of Gaming, the organization in charge of regulating the sports betting and gambling industry in the American state, has announced that December 2023 has brought record-breaking sports betting revenue.

The gross revenue for the sports betting industry in Arizona amounted to 66.1 million dollars in December 2023, a figure which represents an increase of 22.1 percent over the 54.4 million that were generated in the same month of 2022. Moreover, the revenue recorded in December 2023 was up 62.4 percent compared to the amount generated in November 2023.

The vast majority of that sum came from online sports betting, 65.2 million dollars, while retail sportsbooks attracted just 625,986 dollars in revenue during the month of December 2023. Limited event wagering operators managed to generate revenue of 240,604 dollars during the month.

Slight Decrease in Total Wagers

Despite the increased revenue, the total betting handle recorded a decrease compared to November 2023, when a new record was set by the Arizona sports betting industry. The total wagers in December 2023 amounted to 693.3 million dollars, over 20 million dollars behind the record set in November 2023, but still 21.1 percent higher compared to December 2022.

The online part of the business was again responsible for most of the action, attracting bets worth 685.1 million dollars in total, while retail sportsbooks got 6.4 million and limited event wagering operators just 1.8 million dollars. The month of December also recorded a total of 17.8 million dollars in free bets and promotional credits awarded to players in Arizona, with almost the entire amount coming from online sports betting operators.

This led to an adjusted gross sports betting revenue for December 2023 of 48.3 million dollars, another record for the Arizona sports betting industry. That figure is 30.3 higher than what was recorded in December 2022 and a whopping 139.4 percent higher than November 2023.

When it comes to tax, the Arizona sports betting industry contributed 4.8 million dollars in December 2023: 4.7 million dollars from online operators, 49,703 dollars from retail sportsbooks and 19,248 dollars from limited event wagering operators.

FanDuel Leading the Race

The most successful online sports betting operator in the state remains FanDuel, which posted adjusted revenue of 23.7 million dollars in December 2023 and total wagers amounting to 236.3 million dollars.

That is quite far ahead DraftKings and Crown Gaming in second place, which generated 13.8 million dollars in adjusted revenue and 228.5 million in total wagers. BetMGM ranked third in December 2023 with adjusted revenue of 6.1 million dollars and a total handle of 82.7 million dollars.

The retail side of the business features just two operators in Arizona, DraftKings and Crown Gaming took top spot with 361,037 dollars in adjusted revenue while FanDuel recorded adjusted revenue of 260,248 dollars.

Source: “Arizona Department of Gaming Releases December Sports Betting Figures“. Arizona Department of Gaming. February 26, 2024.

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US Commercial Gaming Industry Thrives in 2023, Setting Record Highs https://kenowizard.com/2024/02/21/us-commercial-gaming-industry-thrives-in-2023-setting-record-highs/ https://kenowizard.com/2024/02/21/us-commercial-gaming-industry-thrives-in-2023-setting-record-highs/#respond Wed, 21 Feb 2024 11:05:09 +0000 https://kenowizard.com/2024/02/21/us-commercial-gaming-industry-thrives-in-2023-setting-record-highs/ The commercial gaming industry in the United States has experienced a remarkable surge in revenue, marking its third consecutive year of record-breaking financial success. According to the latest report from the American Gaming Association (AGA), the industry’s annual revenue reached an unprecedented $66.5 billion in 2023, surpassing the previous year’s high by a substantial margin. [...]

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The commercial gaming industry in the United States has experienced a remarkable surge in revenue, marking its third consecutive year of record-breaking financial success. According to the latest report from the American Gaming Association (AGA), the industry’s annual revenue reached an unprecedented $66.5 billion in 2023, surpassing the previous year’s high by a substantial margin.

AGA CEO Bill Miller Applauds Milestone Growth

The remarkable growth was highlighted by a record-breaking fourth quarter in 2023, with revenues soaring to $17.4 billion, further solidifying the industry’s position as a key contributor to the nation’s economy. December alone witnessed an astonishing $6.2 billion in revenue, marking the highest-grossing month in the history of the industry.

AGA President and CEO, Bill Miller, attributed this phenomenal success to the burgeoning demand for gaming among American adults. Miller emphasized that the industry’s ability to sustain this momentum would require collaborative efforts to combat illegal operators while simultaneously promoting responsible gambling initiatives. He stressed the AGA’s commitment to leading these efforts throughout 2024.

The evolution of the commercial gaming landscape was evident in the report, with online gaming emerging as a significant contributor, accounting for nearly a quarter or 24.7% of total commercial gaming revenue in 2023, reaching a new annual high. 

Gaming Revenue Booms Across Traditional Gambling, Sports Betting, and iGaming

Across multiple sectors, significant growth was evident. In traditional gaming, revenue from brick-and-mortar casinos surged to $49.4 billion, with a notable 19 out of 27 markets achieving record annual revenue. 

The sports betting sector experienced remarkable expansion, as total wagers peaked at $119.8 billion and revenue reached $10.9 billion, fueled by maturation in existing markets and entry into new territories like Massachusetts and Ohio. 

Meanwhile, iGaming saw a substantial uptick, with online casino revenue jumping by 22.9% to $6.2 billion in states with fully legalized online gaming.

The report also highlighted the geographic distribution of gaming revenue, with notable growth observed in various markets. The Las Vegas Strip emerged as the top-performing market, followed by New Jersey, Chicago metropolitan area, and the Mississippi Gulf Coast.

Furthermore, the commercial gaming industry’s contributions to state and local governments reached unprecedented levels in 2023, with operators paying an estimated $14.4 billion in direct gaming revenue taxes—an increase of 9.7% compared to the previous year.

This influx of revenue plays a vital role in supporting critical public services, infrastructure projects, and education programs across the country.As the industry continues to thrive, Miller emphasized its role as an economic driver, creating jobs and providing essential funding for communities nationwide.

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Virginia Legislators Ponder Major Expansion of Gambling Industry https://kenowizard.com/2024/02/02/virginia-legislators-ponder-major-expansion-of-gambling-industry/ https://kenowizard.com/2024/02/02/virginia-legislators-ponder-major-expansion-of-gambling-industry/#respond Fri, 02 Feb 2024 17:02:34 +0000 https://kenowizard.com/2024/02/02/virginia-legislators-ponder-major-expansion-of-gambling-industry/ Virginia lawmakers find themselves at the center of a heated debate surrounding the potential legalization of what are known as “gray machines” – arcade-style games that bear a striking resemblance to traditional slot machines but incorporate an element of skill.  Virginia Lawmakers Clash Over Introduction of Slot-Like Machines into Local Businesses Endorsed by various gambling [...]

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Virginia lawmakers find themselves at the center of a heated debate surrounding the potential legalization of what are known as “gray machines” – arcade-style games that bear a striking resemblance to traditional slot machines but incorporate an element of skill. 

Virginia Lawmakers Clash Over Introduction of Slot-Like Machines into Local Businesses

Endorsed by various gambling companies, competing legislative proposals seek to introduce these machines into a myriad of establishments, ranging from truck stops to convenience stores, across the Commonwealth, reported the Associated Press.

The discussion has intensified as stakeholders grapple with the regulatory framework for these devices, which have proliferated in recent years despite being prohibited under a ban enacted in 2020. 

Manufacturers argue that these games, while resembling slots, require a degree of skill from players. However, their operation exists in a legal grey area, prompting debates on oversight and taxation.

One proposal, championed by Sen. Aaron Rouse and co-sponsored by Sen. L. Louise Lucas, aims to establish a regulatory structure overseen by the Virginia Alcoholic Beverage Control Authority. Under this plan, establishments with ABC licenses could host a limited number of terminals, with revenue taxed at 15%. 

Proponents argue that such a move would not only generate significant revenue for the state but also benefit small businesses, particularly those owned by first-generation Americans.

McPike’s Proposal Takes a Different Path for Slot-Like Gaming Regulation in Virginia

Conversely, another bill put forth by Democratic Sen. Jeremy McPike offers a different approach. This proposal seeks to regulate both skill games and slot-like video terminals under the regulation of the Virginia Lottery Board, with a higher tax rate of 34%. McPike’s bill affords local governments the discretion to prohibit these machines if desired and mandates player identification requirements.

Amidst these legislative maneuvers, concerns have been raised by opponents, including casino interests, regarding the potential societal impacts of expanded gambling. Critics fear a surge in gambling addiction and associated social problems, citing reports of crime linked to similar devices in other jurisdictions. 

Additionally, questions linger about the adequacy of oversight mechanisms, with some advocating for stricter monitoring and reporting standards to prevent potential abuse.

Notably, in October the Supreme Court of Virginia reinstated the state’s ban on slots-like skill machines, reversing a lower court decision and signaling ongoing enforcement efforts despite pending lawsuits. The decision underscored the state’s authority to regulate gambling and protect the public, while also highlighting challenges faced by skilled game operators like Pace-O-Matic in Virginia and beyond.

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Videoslots Onboards Industry Expert Anna Komemi as COO https://kenowizard.com/2024/01/24/videoslots-onboards-industry-expert-anna-komemi-as-coo/ https://kenowizard.com/2024/01/24/videoslots-onboards-industry-expert-anna-komemi-as-coo/#respond Wed, 24 Jan 2024 17:39:04 +0000 https://kenowizard.com/2024/01/24/videoslots-onboards-industry-expert-anna-komemi-as-coo/ Online casino operator Videoslots has announced the appointment of Anna Komemi as chief operating officer (COO). Komemi boasts nearly twenty years of industry experience and will contribute her substantial insights accumulated at companies like Ladbrokes, Playtech, and Aspire. Her diverse expertise makes her an invaluable addition amidst rising regulatory uncertainties. Komemi Boasts an Impressive Track [...]

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Online casino operator Videoslots has announced the appointment of Anna Komemi as chief operating officer (COO). Komemi boasts nearly twenty years of industry experience and will contribute her substantial insights accumulated at companies like Ladbrokes, Playtech, and Aspire. Her diverse expertise makes her an invaluable addition amidst rising regulatory uncertainties.

Komemi Boasts an Impressive Track Record

With a career reaching back to 2007, Komemi has held positions in various Playtech-owned businesses, gaining expertise in poker, risk management, and online support. Her experience extends across diverse jurisdictions, including Israel, Bulgaria, and the Philippines. This expertise gives her a unique outlook on various markets and should bolster Videoslots’ global expansion efforts.

The newly appointed COO expressed her excitement about joining the company and anticipation of contributing to its full potential. She acknowledged the fantastic group of industry professionals at Videoslots and expressed confidence in her ability to bolster Videoslots’ 2024 ambitions, setting the stage for enduring success.

The team is made up of a fantastic group of industry professionals with great knowledge and experience and… I look forward to helping the business develop to its full potential.

Anna Komem, Videoslots COO

In her most recent position, Komemi served as CEO/Executive Manager at Marketplay. She played a crucial role in establishing the white-label casino company in Malta, crafting operational business plans, contributing to strategic development, and bolstering the overall success and growth of the organization. These skills will be invaluable in her new position as she helps propel Videoslots to new heights.

The Company Aims to Expand Its Business

Videoslots exits 2023 with mixed results. The operator achieved several notable successes, concluding strategic partnerships and paving the way for future expansion in high-profile jurisdictions. However, the company faced significant compliance challenges, suffering substantial fines in the UK and Sweden due to AML failings. It can hopefully learn from these mistakes and shore up any regulatory shortcomings.

Ulle Skottling, deputy CEO at Videoslots, expressed delight in welcoming Anna to the team, highlighting her passion and commitment to the industry. Skottling anticipated she would strengthen Videoslots’ team as they aim for expansion in 2024. The operator has revealed plans to launch in the highly-contested North American market, with the company choosing Canada as its gateway country.

She has made a significant impact within the sector over nearly two decades and will undoubtedly strengthen our team.

Ulle Skottling, Videoslots deputy CEO

Based in Malta, Anna Komemi’s role as COO at Videoslots will be instrumental as the online casino operator gears up for strategic growth. The appointment reflects Videoslots’ commitment to onboarding experienced professionals to drive the company’s development and success in the dynamic online casino industry.

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