Nevada casinos raked in a hefty $1.27 billion from eager gamblers in January, marking a slight step back from the previous month’s record-breaking figures. The report comes amidst a flurry of activity in the entertainment capital, sandwiched between the grand openings of several resorts in December and the highly popular Super Bowl LVIII hosted in Las Vegas on February 11.

The Last Vegas Strip Records First Decline Since June 2023

While December boasted an impressive $1.43 billion in casino wins, January saw a dip, failing to clinch a spot in the top 10 highest gaming wins on record. Notably, the iconic Las Vegas Strip, typically the powerhouse driving the state’s economy, experienced a downturn with earnings totaling $686.2 million, significantly lower than December’s record-breaking $905.4 million haul.

Michael Lawton, senior economic analyst for the Nevada Gaming Control Board, noted that the decrease in January marked the Strip’s first decline since June 2023, thus breaking a streak of six consecutive increases.

Lawton attributed the decline to various factors, including the disruptive construction associated with the Formula 1 Las Vegas Grand Prix in November and December, prompting some tourists to postpone their visits until February for the Super Bowl festivities. Additionally, the timing of the Chinese New Year influenced visitor patterns, impacting January’s results.

Despite the Strip’s setback, other areas such as downtown Las Vegas, the Boulder Strip, and off-Strip locals’ casinos witnessed a resurgence from December’s figures. Notably, properties in the “Balance of Clark County” category recorded a record-breaking $169.3 million in earnings, buoyed by the recent opening of Durango Casino & Resort in early December.

Slot Machines Fuel Nevada’s Gaming Growth

The state remains on solid footing, boasting a 4.77% increase over the previous year’s performance, with the Strip outperforming at 6.78%. Slot machines emerged as a driving force behind the off-Strip surge, contributing $135.8 million to the overall earnings.

Comparing January 2023 to the present, Nevada saw a modest 0.51% improvement, while the Strip lagged behind by 3.79%. However, the shortfall was compensated by robust performances in Reno, where earnings soared by a staggering 55.0% compared to the previous year, partly attributed to favorable weather conditions that bolstered casino foot traffic.

With February’s figures expected to receive a significant boost from Super Bowl activities, Nevada’s casinos are poised to maintain their winning streak, surpassing the $1 billion mark for the 36th consecutive month.

Meanwhile, the state’s percentage fee collections for February reached $99.7 million, marking a 3.74% increase over February 2023, indicating continued resilience in the gaming sector despite fluctuations in performance on the iconic Las Vegas Strip.

The post Nevada Casinos See $1.27B Windfall in January Despite Las Vegas Strip Dip appeared first on Keno Wizard.

The results posted by Detroit’s three casinos in January marked one of the worst figures for the last decade, with the exception of the period during the pandemic. Data released by the gambling regulator in Michigan, the Michigan Gaming Control Board (MGCB), reveals that the total casino gaming revenue reported by the city’s three casinos last month halted at $93.9 million.

Month-over-month comparison to December 2023 when the revenue hit $111.4 million shows that in January, the casino revenue plummeted by 15.7%. Not unexpectedly, a year-over-year (YoY) comparison also showed a drastic decrease. In January 2023, the revenue reported by Detroit’s three casinos hit $103.4 million. This otherwise means that the revenue last month decreased by more than $10 million year-over-year.

Last month, Michigan collected $7.6 million in taxes based on the revenue reported by the three casinos in Detroit. Compared to December, taxes were approximately $1.4 million less, considering that back then, the tax revenue hit $9 million. Similarly, year-over-year, the tax revenue decreased, considering that in January 2023, it hit $8.4 million.

All Three Casinos Report a YoY Revenue Decrease

A breakdown of the total revenue showed a decrease month-over-month for all three Detroit casinos. The highest share of the revenue in January was reported by MGM Grand, a total of $44.6 million. This result translated to $3.6 million in taxes.

Comparison to December shows that the revenue was down by more than $5 million, considering that MGM Grand reported $50.6 million at the time. Similarly, the venue posted a decrease in its revenue year-over-year when compared to the January 2023 result of $50.2 million.

The second-highest revenue was reported by Motorcity Casino. In total, the casino reported $27.1 million in casino revenue, raising $2.2 million in state tax. While the tax revenue was roughly on par when compared to the $2.8 million result from December, the revenue took a hit. In December 2023, Motorcity Casino posted $34.7 million in total revenue, a result that was nearly $8 million more than the January figure.

In line with previous months, Greektown Casino posted the lowest revenue. The brick-and-mortar venue reported $22.2 million in casino revenue for January. The result marked a decrease when compared to the $26.1 million figure from December but was relatively in the same ballpark when compared to the $22.9 million in revenue posted in January last year. The reported tax last month by Greektown Casino was $1.8 million.

The post Casinos in Detroit Post Disappointing Results for January appeared first on Keno Wizard.

New York continues to break its online sports betting revenue records month after month, once again publishing unprecedented results in January. According to official data, licensed sportsbooks recorded a total sports betting GGR of $211.5 million.

This figure smashes December’s previous record, attesting to the fact that the New York betting sector is yet to unfold its full potential. For reference, sportsbooks posted revenue of $188.3 million in December 2023.

Sports betting handle, on the other hand, failed to surpass the $2 billion mark just barely as the state’s sportsbooks reported handling a total of $1.96 billion in bets. Despite the slight decrease on December, this figure still represents a significant 11.5% year-on-year increase from January 2023.

While this figure interrupts New York’s $2 billion monthly handle streak, the overall results are still very positive.

FanDuel’s Market Share Exceeded 50%

Taking a look at how The Empire State’s licensed sportsbooks performed, data shows that FanDuel maintained its lead with a handle of $867.1 million. Thanks to that, the betting giant singlehandedly scooped up $109.2 million of the total GGR. This is notably the highest figure ever reported by a single operator in the state.

American betting powerhouse DraftKings came in second, recording a total of $664.8 million bets, which translated into GGR of $71 million. Caesars Sportsbook rounded up the top three with a handle of $198 million and revenue of $13.6 million.

Caesars was followed by BetMGM, which handled $118.8 million, resulting in $10 million in revenue. Rush Street Interactive, meanwhile, recorded a sports betting handle of $50.1 million and a GGR of $3.5 million. PointsBet players, on the other hand, wagered $31.7 million, resulting in revenue of $2.6 million.

Resorts World Bet trailed PointsBet with $6.9 million in bets and $752,478 in revenue. The last two spots were occupied by Bally Bet and Wynn Interactive, which posted $425,689 and $358,497 in revenue, respectively. Bally recorded a handle of $9.4 million while Wynn Interactive handled $8.8 million.

New York Sets Sights on Expanded Gambling Industry

In the meantime, New York continues to fight for the legalization of online casino gaming as Senator Joseph Addabbo introduced a new iGaming bill in the state. Unlike previous proposals, this one would allow the state to also launch online lotteries.

The bill in question just received an amendment and was recommitted to the New York Senate Racing, Gaming and Wagering Committee.

In other New York-related news, it seems that the Downstate casino licensing will be delayed further.

The post New York Posts Record-Breaking Online Sports Betting Revenues in January appeared first on Keno Wizard.

Lawmakers in the Rhode Island Senate passed a bill allowing the state to open one or more online casinos. The target opening date is January 1, 2024. Gaming would be regulated by the state lottery agency (RILOT) and game servers would be located in one or both of the state’s VLT (video lottery terminal) and table game casinos in Lincoln and Tiverton.

Final changes to the bill (S-0948 Sub. A), included the removal of digital casino games such as blackjack, roulette, craps, and baccarat and replacing them with live-dealer games only as well as a change in the state’s share of revenues from a proposed near the industry-high level of 50% of revenues for slots to 61% and a decrease on table game revenues take from 18% to 15.5%.

Age Raised to 21 for Table Games

Responsible gambling language was added and the minimum age to gamble at the online live dealer tables was raised from 18 to 21.

A few things make this story perhaps more interesting than it might be otherwise, although it is always news when a US state liberalizes online gambling.

Rhode Island is home to Bally’s Corp. and global casino and lottery giant International Game Technology (IGT), which has more than $4.2 Billion in annual revenue. It is also the smallest state in the US but the most densely populated. The two companies have entered into a partnership for the online casino(s) continuing an agreement to provide sportsbetting services and tech to the state.

In January this year, Bally’s Corp. announced it would cut 15% of its North American Interactive workforce and in February announced it had drafted and introduced legislation to authorize iGaming in RI.

While online casino measures have failed recently in Illinois, Indiana, New Hampshire, and New York, the one in Rhode Island appears on a track to success despite some questions of constitutionality from RILOT as well as potential competitors who were not happy with sports betting services being effectively restricted to s single provider choice.

The measure was approved in short order on a 30-4 vote Thursday, June 8, 2023. A Senate Special Legislation and Veterans Affairs Committee made changes to the original bill sent up from the House on Tuesday – those changes addressed perceived constitutional issues with the original measure.

One question revolved around a form of live dealer casino gaming that is conducted from a studio rather than directly from a live-action casino floor. Lottery representatives feared that the constitutional definition of “table games” which was used in a voter-approved referendum allowing tables at the state’s land-based casinos, could be violated. While top lawmakers disagreed with the assertion they felt that accommodating a simple language change would be worth the effort.

New language in the bill states: “(30) “Online table game” means a casino-style table game authorized by the Division within the scope of the term iGaming, where such, games are conducted by one or more live persons and made available to players through use of the Internet…”

The bill is now headed back to the House of Representatives for any further debate or final adjustments – barring any change in language it is expected to be passed and sent to the Governor for his signature. The RI House passed a budget bill (2023-H 5200Aaa) on Friday, June 9 with revenue numbers from the iGaming bill baked in. That bill is now set to go to the Senate, whose Finance Committee is expected to consider it Tuesday at 3 p.m.

More Cautious Revenue Estimates

If erring on revenue numbers, the newest bill allows lawmakers to err on the side of caution and uses a more conservative estimate of $162.6 million directed into state coffers during the first five years of online casino operations rather than the original $210 million estimate provided by Bally’s in the original proposal. That number game from an industry study and report done by Spectrum Gaming for IGT/Bally’s. Many lawmakers quietly doubted the number while relying on the more conservative estimate.

“This legislation provides an added convenience to Rhode Islanders who would like to play the existing table games offered at Twin River via their mobile devices,” said Senate Dominick J. Ruggiero, who introduced the bill to the chambers.

“It helps ensure the continued strength of the state facilities in the competitive regional gaming market, and in so doing protects an important revenue stream that provides funding for vital state programs and investments.”

This is an important consideration considering the political fallout surrounding the original sportsbetting legislation that relied on numbers provided by the American trade association and industry watchdog, the American Gaming Association (AGA). Former Governor Gina Raimondo’s administration caught political flak when the industry numbers didn’t shake out right away. However, the state lost several months of revenue during peak sportsbetting season due to lagging approvals and ongoing tussles over the pending legislation.

In that launch, the state was counting on $23 million in revenue during the first year of operations but missed September, October, and November – important football betting months, especially in a small state with a fiercely loyal fanbase for its “local team”, the New England Patriots. The state’s biggest month to date for sportsbetting revenue was $6,703,144 (circa $80m annualized) for Nov. ’21 and the state’s greatest handle of sports bets was $62,317,384 in Jan. ’23. There are two physical sports books in the state (Bally’s Lincoln and Bally’s Tiverton) and one mobile app operated by IGT/Will Hill and Bally’s casinos. Retail sportsbetting has been legal there since May 2018 and active since Sept. 4, 2019.

Source:

Senate passes iGaming bill, State of Rhode Island General Assembly News, June 9, 2023

The post Rhode Island seems well on its way to opening online casinos on January 1 appeared first on Keno Wizard.

The US gambling industry trade group, the American Gaming Association (AGA), announced Wednesday new data regarding the revenue reported by the commercial gambling sector in the country, acknowledging a strong start to the year. Judging by the new data, the US commercial gaming revenue, which includes iGaming, land-based and sports betting revenue hit $5.50 billion in January this year.

That result marked strong growth of 21.1% when compared to the total gross gaming revenue (GGR) reported for the same period in 2022. Moreover, the result this January further complements the growth observed in the last few years marking the 23rd consecutive month with a reported revenue increase.

The latest result comes after the AGA reported that 2022 was a record-setting for the commercial gaming industry. Without any doubt, the legalization and introduction of sports betting to new US states, combined with the expansion of some of the existing iGaming markets impacted positively the results. That positive impact will likely continue to be in effect throughout this year as well, keeping in mind the strong start recorded in January.

“According to revenue data reported by state regulators and compiled by the AGA, nationwide gaming industry win from traditional casino games, sports betting and iGaming reached $5.50 billion in January 2023,“

explains a statement released by the AGA

Sports Betting, iGaming GGR Soars in January

A breakdown of the $5.50 billion in total GGR for the commercial gaming sector released by the Association reveals that the revenue growth was primarily driven by sports betting and iGaming. Sports betting GGR in January this year hit $1.02 billion. This result marked the first time sports betting GGR surpasses the billion-dollar figure. When compared to the result from January last year, the $1.02 billion in sports betting GGR marked an increase of 58.2%.

On the other hand, iGaming GGR soared in January as well, increasing to $482 million when compared to the same period in 2022. That result marked a significant increase of 20.6%, impacting the overall result for the month positively.

Although iGaming and sports betting revenue increased significantly, the land-based sector performed well too. Slot GGR for January jumped by 15.5%, hitting $2.86 billion in revenue. Without any doubt, this figure reaffirmed the strong market share of slots.

Last but not least, the revenue reported by commercial table games also marked an increase. In total, table game GGR hit $838 million in January, representing an increase of 14.7% when compared to the corresponding period a year ago.

The post Commercial Gaming Revenue up by 21% In January, Says AGA appeared first on Keno Wizard.

In general, the current trend shows that sports betting continues to be the pastime of choice of millions of Americans. The sports betting industry has exploded with new states legalizing wagering on sports each year.

Despite the generally favorable state of affairs, the growth trend is by no means universal or without its exception. In Washington DC, for example, sportsbooks opened 2023 with suboptimal performances as revenues from sports betting dipped.

As reported, sports betting companies experienced slight declines in both handle and revenue. Operators’ performances were weaker than the ones recorded during the previous month and lagged behind those recorded during the same period last year.

Sports Betting Took a Dip

Figures reported by iGaming Business show that overall player spending sat at $18.5 million. This represents a barely noticeable 0.5% year-on-year decline from January 2022 when DC players wagered a total of $18.6 million. The figure also amounts to a month-on-month decline of 1.1% from December last year when the DC sportsbooks took $18.7 million in handle.

While the DC sports betting industry experienced but a slight decline in player spending, revenues from the vertical plummeted. The reported numbers show that gross gaming revenue from the sports betting sector was mere $1.5 million. This figure translates into a YOY decrease of 25% and a MOM decline of a whopping 37.5%.

For reference, Washington DC sports betting recorded revenues of $2.0 million in January 2022 and $2.7 million in December 2022.

It is possible that the decline is attributable to the seasonality of elite sporting events, considering that the FIFA World Cup took place a month earlier.

Companies Performed Suboptimally

iGaming Business also reported figures about sports betting operators’ individual performances. It turns out that Gambet, a sports betting entity operated by the DC Lottery and powered by Intralot, was the best performer. The company reported $8.8 million in sports betting handle, which resulted in revenue of $862,723.

Caesars Entertainment was the second-best company in terms of revenue with $371,851. The gambling juggernaut also reported sports betting handle of $6.4 million. Next up was FanDuel, which saw players spend $1.6 million in wagers, resulting in revenue of $236,139 for the company.

Meanwhile, Grand Central Bar reported $41,679 in revenue from a handle of $401,724. Cloakbook, on the other hand, recorded a handle of $10,524 resulting in just $2,812 in revenue.

BetMGM failed to record positive revenue and instead lost $20,763.

The post Washington DC Sportsbooks Declined in January appeared first on Keno Wizard.

The latest data by the New Jersey Division of Gaming Enforcement has shown that the casino properties in Atlantic City managed to bring as much as $211.6 million from in-person gambling last month.

In-Person Gambling Continues Annual Recovery

The results were up 15% on 2022’s results, but they still trailed behind pre-pandemic levels. Retail betting results are not the only strong performers, with horse tracks, sports betting, and online gambling partners all performing strongly in the month, producing a total yield of $436.8 million, or up 14.5% year-over-year.

However, casino executives are not as optimistic about the results. At a time when smoking is a hot-button topic in Atlantic City, many executives have argued that the results as provided by the regulator are not actually reflective of the industry’s health. Casinos also partner with a lot of interactive third parties that are entitled to much of the revenue.

In fact, some 70% of the revenue is shared with such third parties, including tech providers, sportsbooks, online gaming brands and more. While January has still posted another improvement in the results, the month is usually the weakest in terms of revenue for the retail sector. In-person gambling though is the core of casino operations and the best gauge for how healthy the sector is, insiders insist.

Looking at this same metric, Borgata managed to bring in $58.3 million from in-person gamblers, beating the YOY results by 20.6%. Then, there was Hard Rock which brought in $35.9 million, up 3.4%. Most of the other properties also posted a strong increase in their overall results. Ocean Casino Resort won $30.5 million which was a 26.4% increase for the property.

Harrah notched up another 15.9% gain to $20.1 million. Caesars Entertainment $16.8 million, an increase of 5%. Tropicana then added $16.2 million during the month, or up 11.9%. Even Bally’s, which has been struggling with its interactive division, reported $11.5 million, a robust increase of 31.4% in the month. Resorts and Golden Nugget won $11.1 million and $10.9 million, up 20.1% and 5.6% respectively.

Online Gambling Results Continue to Soar in the United States

Factoring in the online gaming revenue, the results change dramatically, with Borgata grabbing the pole position with a total of $105.9 million, up 14.7% year-over-year.

Next is Resorts Digital, which has won $52.9 million, up 22.5%. Golden Nugget managed to post $51.6 million, or up 10.1%, and Hard Rock won $43.2 million, up 2.2%.

Ocean then added a total of $34.6 million, up 31%. Overall, online properties continued to perform strongly, but once again, third parties are entitled to a fair share of the total or around 70% as previously stated.

The post New Jersey Casinos Bring in $211M in January appeared first on Keno Wizard.