The Nevada Gaming Control Board said the betting handle in November 2023 had reached $921.9 million, a notch down from the $928 million reported during the same 30-day period in 2021, but it was still a rather moribund result all things considered.

Nevermind the Sports Betting Lull, Profits Are Coming

November’s handle had indeed been slightly off the mark, but it didn’t do too badly for the actual sportsbooks that managed to retain the bulk of profits despite the trailing interest. Mobile betting generated 67.8% of the total wagers posted during the month, accounting for some $625 million, and still down by $17.5 million from November 2022, building on October’s success.

Yet, for all these lukewarm results and lack of growth, sportsbooks posted a 4.45% held percentage, or some $40.1 million. This was a strong gain on the 4.05% held posted in November 2022 and saw the companies stand tall despite the slightly suppressed betting interest.

Then, there was gaming, which continued to grow at a good pace. The Silver State reported some $1.3 billion collected, marking a 12.5% increase from the same 30-day period in 2022. Results in gaming have been steadily improving throughout the year for the company with The Las Vegas Strip once again leading the way in terms of total gaming wins, posting $821 million, a significant chunk of the total.

This has been the second-highest win that gaming venues in Nevada posted in the state’s history, with many analysts attributing this success to the Formula One fanfare and interest. Although the race did cause a lot of headaches, and many tourists and locals grumbled, the numbers released by the Nevada Gaming Control Board seem to contradict and rebuke that negativism.

Baccarat High Rollers Boost Gaming Results

In fact, the four-day period from November 16 through November 20 seems to have been particularly profitable, according to Michael Lawton, a senior economic analyst. Despite the rather uncomfortable organization and the disruption to the usual day-to-day of locals and visitors, Nevada had made the right choice.

However, the most significant gain may have come from high rollers with baccarat’s gaming proceeds growing by 78.6% during the month, indicating that many well-heeled gamblers have arrived to watch and have fun around the Las Vegas Strip.

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The online registry was introduced on August 21, 2023, and it has seen an immediate interest from punters, as the program is designed to allow Australians to enrol and be excluded from virtually all forms of gambling, retail and online across the nation.

BetStop Continues to Bolster RG in Australia

The measure is part of a much broader attempt to change the country’s reputation for the biggest gambling spending and losses per capita worldwide. BetStop is a good step in that direction, with total registrations now hitting 13,608 nationwide.

Although there has been sustained interest, the current number of signees is behind the initial influx. In October, there were 3,121 signups compared to November’s 2,991, which may indicate that the initial peak of signees has been reached.

The exact number of problem gamblers in Australia is not presently known, but it’s estimated that at least 1% of the population suffers from it, amounting to roughly 193,000 people.

The data, however, is based on research conducted by the Australian Institute of Family Studies in 2015, which leaves more to be desired when approaching and understanding the issue today.

Regardless, BetStop has been a meaningful overall step in the right direction. Victoria, New South Wales, and Northern Territory have seen active participation from local players who have sought to exclude themselves from gambling activities.

Sweeping Reforms to Make Gambling Safer in the Country

The country itself has embarked on several meaningful changes to further strengthen these safeguards, including the introduction of a credit card ban for online gambling, which is hailed as a long overdue but important milestone in the country’s fight against gambling-related harm.

Meanwhile, a cashless gaming trial is taking place in New South Wales. The logic behind this is that the introduction of cashless gaming technology can help protect vulnerable consumers, but also stem other offenses such as money laundering, an issue that triggered sweeping reforms across the state and brought to light arguably dishonest practices by some of the largest gambling companies in the country.

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Tennessee’s sports betting industry hit a historic milestone in November, as the state reported a staggering $517 million in gross wagers, marking the first time the monthly handle surpassed the $500 million mark since the launch of sports betting in November 2020.

Tennessee’s Sports Betting Hits All-Time Peak with 16.16% Surge in November

The Tennessee Sports Wagering Advisory Council (SWAC) released the figures, revealing a 16.16% increase from the previous month’s total bets of $445.19 million in October 2023. This notable surge comes as no surprise, with the peak of the 2023 college football and NFL season contributing to the heightened betting activity.

The state also witnessed a substantial 17.68% year-over-year increase in handle, showcasing the continued growth and popularity of sports betting in Tennessee. The monthly sports betting handle for November 2023 now stands as the highest in the state’s history.

Tennessee’s sportsbooks generated $1.63 million in adjustments, reflecting an impressive 178% increase from the preceding month. Despite this robust monthly growth, the figure represents a 22.37% decrease compared to November 2022, which saw adjustments totaling $2.10 million.

The Volunteer State’s sports betting journey has seen remarkable growth, rebounding impressively from a record-low revenue of $10.1 million in August 2021. The recent surge in sports betting activities aligns with the entry of prominent platforms such as Fanatics Sportsbook, ESPN Bet, and Hard Rock into the Tennessee market in the last two years. Major players like FanDuel, DraftKings, and BetMGM also went live in 2020 when sports betting was legalized.

Tennessee’s Bold Tax Strategy Nets $9.51 Million

In a unique approach to taxation, Tennessee has been the sole state taxing sportsbook operators based on their total betting handle since July 2023. The state imposes a 1.85% tax on the entire amount wagered. This shift aims to eliminate financial risks, ensuring Tennessee consistently receives privileged tax revenue from all sportsbook operators.

As a result of November’s unprecedented betting activity, Tennessee collected over $9.51 million in privilege fees, marking a 16.16% increase from October this year and a 5.36% rise from November the previous year.

At the beginning of June, Tennessee Governor Bill Lee signed Senate Bill 475 into law, making the state the first in the US to tax sports betting operators based on their betting handle rather than revenue. The legislation, effective from July, replaced the current 20% tax on gross gaming revenue with a 1.85% tax on the monthly betting handle, eliminating the requirement for operators to hold 10% of their handle. The renewal license fees also shifted to a multi-tier system based on operators’ betting handle, aiming to boost tax revenue for various state programs.

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Gross gaming revenue for online slot and table games soared to $171.5 million, which is the highest yield recorded in a single month by the regulator, the New Jersey Division of Gaming Enforcement.

Online Casino Games Lead the Way in November

The strongest online performance in iGaming has been posted amid increased spending on “at-home” entertainment options as confirmed by a recent PaySafe report, which indicated that inflation had not curbed enthusiasm for sports betting, and this may be spilling over into the iGaming sector as well.

The year-over-year results have been particularly encouraging with last month’s results ahead 17% of those posted in November 2022 with $146.1 million. Golden Nugget Online Casino topped the iGaming food chain, driving $50.1 million of the total gross gaming revenue, followed by Resorts with $47.2 million and Borgata Online with $37.9 million.

The retail sector has not done so hotly, though, with mostly nominal gains, as casino revenue amounted to $214.9 million or a slight 0.2% increase in the results. Table games contracted by 6.5% last month, although slots made headway with a 3% jump for a total of $161 million.

Interestingly, iGaming has been able to co-exist with the land-based sector and has mostly appealed to a different type of audience, ensuring that there is a steady footfall at casino properties around Atlantic City.

Jane Bokunewicz, a frequent commentator, and analyst on gaming results in New Jersey, has even gone further to suggest that there is a very strong argument to be made for the lasting quality of in-person gaming which is not going to be supplanted by online casino performance, which is often cited as a fear factor for regulating online gambling in states where he land-based casino resort industry is loath to move forward with iGaming.

Smoking Ban and Gambling Results Continue to Pose a Challenge

Meanwhile, a vicious debate is raging in New Jersey with casino workers and activists demanding from Atlantic City’s resorts to finally fold an exemption of the state’s public smoking ban, which still allows 25% of casino floors to offer smoking.  

Atlantic City launched iGaming in 2013, and ten years after the fact, the industry seems to be growing and setting up new records. Land-based casinos argue that their profits would plummet further if a smoke ban were enacted because they do not get all the winnings but share the proceeds from online games with third-party suppliers.

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Maryland’s sports wagering market reached unprecedented heights in November 2023, recording a combined handle of $550,716,329 from 13 retail and 12 mobile sportsbooks. This figure marks a substantial increase from December 2022’s $497,121,656 and contributes significantly to the state’s education funding with a total of $3,199,529.

Mobile Wagering Dominates November’s Betting in Maryland

The lion’s share of November’s handle was attributed to mobile wagering, making up an overwhelming 96.8% ($533,276,787). This mobile dominance not only fueled the industry’s growth but also contributed $3,052,509 to the state, overshadowing the $147,020 from retail sportsbooks. The funds generated are directed towards the Blueprint for Maryland’s Future Fund, which supports public education programs, reflecting a commitment to enhancing educational initiatives.

November’s statistics underscore a clear preference for mobile betting among Maryland residents, aligning with the broader trend of a digital shift across various industries. The handle breakdown, inclusive of free promotional wagers, stood at $17,439,542 for retail and an impressive $533,276,787 for mobile platforms.

The prizes paid out to players, known as the ‘hold,’ were substantial. Retail sportsbooks disbursed $16,307,928, while mobile platforms paid a staggering $492,779,418. 

The combined hold, calculated as the handle without prizes paid, amounted to $41,628,982, with retail contributing 6.5% and mobile 7.6%.

Maryland’s Booming Sports Betting Industry Drives Tax Revenues and Market Expansion

The sports wagering tax, calculated as 15% of the taxable win, further accentuates the industry’s growth. Retail sportsbooks generated $147,020 in taxes, while mobile platforms contributed a substantial $3,052,509, cumulating to a total of $3,199,529 for the state.

Since the inception of Maryland’s sports wagering program in December 2021, the cumulative contribution to the Blueprint for Maryland’s Future Fund has reached an impressive $46,253,210. 

Additionally, expired prizes totaling $2,708,307 have been allocated to the Problem Gambling Fund, addressing concerns about gambling addiction.

Maryland’s sports wagering market initially launched with five retail locations in December 2021 and expanded to include seven mobile sportsbooks by November 2022. 

As of November 2023, the state boasts 13 retail locations and 12 mobile operators, with further expansions anticipated in the near future. This growth trajectory signifies a robust and expanding market, poised to make substantial contributions to the state’s economy and public welfare programs.

A notable addition to the Maryland online betting market was ESPN Bet. Penn Entertainment‘s newly rebranded sports gambling app, launched on November 14 across 17 US states, including Maryland. The operator had a significant impact on the state’s record numbers in November with an impressive handle of $33,309,326 and a whopping $13,023,420 promotional spend.

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Maine, which is one of the latest states to launch sports betting, has published data about the industry’s performance in November. As it turns out, local players wagered almost $37.5 million during the first month of sports betting in the state.

According to the Maine Gambling Control Unit, part of the state’s Department of Public Safety, this figure signifies a smooth and frictionless launch of the vertical, highlighting the enthusiasm of local players.

According to Milt Champion, the Gambling Control Unit’s director, the authority received just a few complaints. In addition, the state’s hotline for problem players did not record a spike in calls, implying a strong yet healthy market.

Champion said that “everybody is behaving,” which he described as a good sign.

Maine’s Sports Betting Market Is Very Promising

Maine’s online sports betting market is controlled by the state’s indigenous tribes, notably the Penobscot, Passamaquoddy, Micmac, and Maliseet nations. The tribes are provided with exclusive rights to operate mobile betting apps, as long as they provide 10% of their revenue to federal taxes. The online betting market is open to customers aged 21 or older.

Tribes launched their own sportsbooks in partnership with existing commercial operators. The Passamaquoddy tribe selected DraftKings as its partner, while the other three tribes picked Caesars Sportsbook.

Despite partnering with only one of the tribes, DraftKings’ sportsbook dominated the mobile and online sports betting market. In November, the four tribes received roughly $2.3 million, providing $468,000 in taxes to the state. The rest of the gross receipts went to the vendors.

The favorable results became clear back during the opening weekend of Maine’s market when DraftKings netted over $3.4 million in profits. During the opening weekend, DraftKings paid out $2.57 million in winnings to its players, as well as $82,000 in taxes.

The post Maine Sportsbooks Report Betting Handle of $37.5M for November appeared first on Keno Wizard.

In a bold move that could disrupt the bustling streets of Las Vegas and coincide with the city’s inaugural Formula 1 races, the Culinary Workers Union Local 226 and Bartenders Union Local 165 have set a strike deadline for Friday, November 10, 2023, at 5:00 am PT. 

Historic Hospitality Worker Strike Threatens Las Vegas Casinos

Tens of thousands of hotel workers, totaling 35,000, are prepared to walk off the job if agreements are not reached by that date with major casino giants, including MGM Resorts International, Caesars Entertainment, and Wynn Resorts.

The strike, if executed, will mark the largest hospitality worker strike in the history of the United States. The unions, representing a total of 60,000 workers in Las Vegas and Reno, have been negotiating for over seven months to secure better pay, reduced workloads, improved safety measures, and various other provisions for their members.

Ted Pappageorge, the Secretary-Treasurer for the Culinary Union, stated that a month prior, workers had voted overwhelmingly to authorize a strike. He mentioned that negotiations had been ongoing in good faith, but lamented the insufficient progress made by companies in the discussions.

Pappageorge added: “Their current proposal on the table is historic, but it is not enough and workers deserve to have record contracts – especially after these giant corporations are enjoying their record profits.”

Las Vegas Union Prepares for Large-Scale Strike

The Culinary Union, which has not gone on strike in decades, is intensively preparing for the large-scale walkout. They have been amassing supplies and materials to maintain 45 different strike stations with multiple picket lines around casino resorts on the Las Vegas Strip. Workers are being educated on how to sign up for strike pay, and preparations are being made for a 24/7 strike line at every casino, complete with tablets for strike sign-in, picket signs, portable bathrooms, tables, chairs, bullhorns, and other essential items.

Last week, Las Vegas workers, represented by the Culinary Workers Union, staged a peaceful protest to highlight ongoing contract negotiations with major casinos. Approximately 58 protesters were arrested during the demonstration, which aimed to address issues such as pay raises and improved working conditions for the union’s 40,000 members whose contracts have recently expired. 

The potential strike would impact 18 casino resorts on the Strip, including iconic properties like Aria, Bellagio, Caesars Palace, and Mandalay Bay. The situation is made even more significant by the fact that it might coincide with the city’s eagerly anticipated Formula 1 Grand Prix weekend, scheduled to commence on November 15. Thousands of spectators are expected to flock to the Strip for the event, raising concerns about potential disruptions.

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ESPN BET, one of the most highly-anticipated online sports betting platforms in the United States, finally has an official launch date. As announced by ESPN, the new online sportsbook is set to debut on November 14.

ESPN BET is set to launch in a total of 17 states, including Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia, and West Virginia. The launch in Massachusetts recently faced a challenge as the local regulator required more information from PENN Entertainment.

In addition to revealing the official launch date, ESPN also announced that it is now using official odds provided by ESPN BET across editorial and other content.

ESPN BET is a joint venture of the experienced gambling operator PENN Entertainment and the Walt Disney Corporation-owned media channel ESPN. As a result, the launch of ESPN BET signifies Disney’s foray into the world of sports wagering.

ESPN Has a Lot in Store

ESPN also unveiled a new advertising campaign featuring SportsCenter anchor Scott Van Pelt who will showcase the cohesiveness of the ESPN and ESPN BET apps by receiving notifications from the two apps. The ESPN BET Creative campaign will launch around the sportsbook’s launch and will also feature SportsCenter anchor Elle Duncan.

 In the meantime, the beloved ESPN Daily Wager program will be known as ESPN BET Live from November 10 onward. ESPN noted that the show’s final episode as Daily Wager is set to air on November 6.

ESPN also announced that fans will be able to enter into a sweepstakes ahead of the launch of the new sports betting platform. Participants in the sweepstakes can win an exclusive trip to ESPN’s headquarters in Bristol, Connecticut.

PENN Entertainment’s president & CEO, Jay Snowden, commented on the launch of ESPN BET in his company’s Q3 report. He teased that the ESPN BET product will include a “wide array of popular betting options,” including featured bets, quick bets (micro-markets), player props and same game parlays, among others.

Looking ahead, we will be introducing even deeper platform and media integrations with ESPN over the upcoming months, providing an unmatched and seamless media/betting experience that will appeal to sports fans across the country.

Jay Snowden, president & CEO, PENN Entertainment

ESPN BET’s logo was revealed a few days ago, further ramping up the hype for the launch of the sportsbook. However, the similarities with BroThrow’s logo also attracted criticism.  

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