Amidst budget negotiations in Maryland, hopes for the legalization of online casinos have been dashed for the year 2024. With online casino revenue not finding its way into the state’s budget agreement, it appears that Marylanders will have to wait until at least 2027 to see any progress in this regard.

Maryland’s Legislative Session Ends Without Inclusion of Online Casino Revenue

The state’s legislative session saw no inclusion of online casino revenue as a funding source in the budget deal reached on April 3. This outcome pushes any potential discussion on online casino legalization to the following years.

Although there were initial hopes for a referendum to reach Maryland voters by 2026, the recent developments suggest that such discussions may not gain traction until later. 

Sen. Ron Watson expressed that given the failure to pass legislation this year, the earliest possibility for mobile casino apps to go live in Maryland would be in 2027.

Despite Maryland already permitting legal sports betting and hosting brick-and-mortar casinos, the road to online casino legislation seems fraught with obstacles. Stakeholders in the online casino industry will need to address concerns regarding problem gambling and potential competition with existing physical casinos to garner support in future sessions.

Online Casino Legislation in Maryland Faces Resistance

The exclusion of online casinos from the state budget is particularly significant considering the initial momentum behind the proposed legislation. The House had passed a bill supporting online casinos, including it in its budget proposal, but Senate leadership was firm in their stance against such measures.

Proponents argued that regulated iGaming could address illegal gambling, but debates persisted over potential job losses and addiction risks, with the bill undergoing significant changes to address various concerns. 

Several challenges contributed to the demise of the online casino legislation. Notably, not all casinos supported the initiative, with Maryland Live! and Ocean Downs Casino expressing concerns about potential job losses and cannibalization of their businesses. Arundel County, the county where Maryland Live! Is located, also championed a study that corroborated the concerns regarding cannibalization.

Additionally, labor unions were strongly opposed to the legalization efforts.

At the same time, a recent study commissioned by the Sports Betting Alliance (SBA) challenged the conventional belief that online casinos cannibalize traditional brick-and-mortar establishments, revealing instead a symbiotic relationship between the two. 

Conducted by the Analysis Group, the study examined six states and found a significant increase in overall gaming revenue, suggesting that online gaming complements rather than competes with physical casinos.

However, despite these setbacks, there remains a glimmer of hope for proponents of online casinos. The fact that the Maryland House managed to pass the legislation demonstrates some level of support, suggesting that future sessions may see renewed efforts toward legalization.

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Aristocrat’s chief executive officer, Trevor Croker, has addressed the company’s recent performance, expressing optimism in its ability to digitalize its traditional casino games.

In his address during the annual general meeting, Croker commented on Aristocrat’s FY results, praising the company’s growth. He pointed out that FY23 saw the company deliver revenue of $6.3 billion and an EBITDA margin of 33.4%.

Net profit before amortization stood at $1.3 billion, representing a profit improvement of 21%. The iGaming segment skyrocketed, reporting revenue and profit growth of 22% and 23% respectively. International Class III products, on the other hand, posted revenue growth of a whopping 87%, underpinned by strong performance in EMEA and Asia.

The company’s NA presence increased, placing Aristocrat’s growth well ahead of that of its competitors.

We once again generated robust operating cash flow, which was applied to fund our growth initiatives, including capital investments in our installed base in North America and the strategic acquisition of Roxor Gaming.

Trevor Croker, CEO & MD, Aristocrat

The Roxor acquisition closed in January 2023, allowing Aristocrat to grow its European iGaming footprint. Following that, Aristocrat also moved in to acquire NeoGames in a deal that it is yet to complete.

The Largest Growth Opportunity Lies in the RMG Sector

As for the future, Croker is optimistic about Aristocrat’s business in North America. The company recently forayed into Quebec’s VLT market. The company is also set to launch VLTs in Georgia in 2024.                                               

The company also plans to continue its investments in D&D as it seeks to differentiate itself from its rivals. Croker cited the recent launch of NFL-themed electronic gaming machines as a perfect example of this.

However, the largest growth opportunity lies in the RMG sector, Croker believes. He said that the performance of its first releases quickly proved that Aristocrat’s land-based casino games would resonate online.

We will take our successful gaming portfolio online through a multi-year roll out plan, ensuring a steady stream of new game launches, both in North America and in Europe, where our acquisition of Roxor has established a foothold from which we can further expand penetration of our leading content.

Trevor Croker, CEO & MD, Aristocrat

In the meantime, Aristocrat reaffirmed its commitment to sustainability and ESG, saying that they are a fundamental expression of the company’s values. Croker added that his team is genuinely concerned about the dangers of excessive gambling and will continue to involve itself in responsible gaming initiatives.

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BetMakers released a report on its performance in Q4 of the fiscal year ended June 30, 2023. The company recorded improvements across the board and unveiled an upcoming webinar for its full-year report.

The betting tech and data partner reported $16.6 million (converted to USD) in cash receipts in Q4, which represents a modest 5% quarter-on-quarter increase.

Meanwhile, the company also posted $66.5 million in full-year cash receipts from customers for the fiscal year. This figure represents a 6% year-on-year increase from the prior fiscal year.

At the same time, net cash flow from operations experienced a sharp 39% quarter-on-quarter decline.

Finally, the company reported a closing cash balance of $27.5 million.

Q4 Was a Busy Period for BetMakers

BetMakers reported several key Q4 FY 2023 highlights, such as the execution of a non-binding term sheet with Stronach Group’s 1/ST Content business. Under the agreement, BetMakers’ Global Racing network’s race meetings will be distributed into various international markets, including the United Kingdom and Ireland.

The deal kicked off on May 1 and will see BetMakers leverage its content from many famous racecourses to power 1/ST Content’s broadcast schedule.

In addition, the company started its strategic operational restructure, hoping to improve profitability. As a result, net cash outflows from operations declined by 39% quarter-on-quarter. To achieve these results, the company had to reduce its team from 568 members to around 485 members.

The program addressing BetMakers’ deficiencies is still ongoing.

Finally, BetMakers highlighted its acquisition of the intellectual property of Form Cruncher, a racing data company that leverages racing data and odds to create engaging, dynamic and flexible content.

BetMakers Will Continue Its Restructuring Project in FY 2024

BetMakers’ board of directors announced that it is pleased with the results, adding that the period marked significant progress for the company. The directors highlighted the company’s efforts in reducing and normalizing the cost base and in simplifying the operating model.

BetMakers’ strategy is already yielding results, the directors said, as evidenced by the decline of operational cash outflows. The leaders noted that the firm will continue to execute its current strategy and strategic restructure during the first quarter of the following fiscal year.

The board is set to discuss the company’s FY2023 results during an upcoming webinar in late August 2023. The company will provide more details at a later date.

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The leading gaming, sports betting and interactive entertainment company, Entain, released its 2022-23 ESG report, outlining the progress on strategic ESG-related objectives and issues. The company reminded that its two prime ongoing goals include growth and sustainability.

Within its recent report, Entain confirmed the significant progress it made within different ESG objectives including safer betting and gaming and focusing on regulated markets. Additionally, the company focused on investing in people and communities, while at the same time pursuing the highest standards of corporate governance.

The release of the latest ESG report comes after in 2022, the company became the biggest operator in the world to secure Advanced Level 3 accreditation for its online activities, as well as Advanced Level 2 accreditation for its land-based operations from GamCare’s Safer Gambling Standard. Further recognizing the company’s efforts, SBC named Entain as the 2022 Socially Responsible Operator of the Year.

“Over the past year, we have continued to make great progress in setting the standards for our industry in all areas of ESG, across all of our operations.“

Jette Nygaard-Andersen, CEO at Entain

Jette Nygaard-Andersen, Entain’s CEO, commented on the topic explaining that in the last year, the company made significant progress within different ESG segments. She pointed out: “We are proud to lead the industry in providing the safest possible betting and gaming platform, taking a leading role in supporting the communities in which we operate, reducing or environmental impact and in doing so, making Entain the best place to work for all of our people.” Finally, Nygaard-Andersen spoke about the benefits those processes delivered for the company’s stakeholders.

The Company Highlights Multiple ESG Achievements

Highlighting the achievements within the ESG vertical, Entain said that 33% of its Board is female. Additionally, recently the company introduced its first-ever Board Diversity Policy. Entain added that it gained further progress on closing the gender gap pay, while at the same time delivering support and wellbeing programs for its employees, especially the ones impacted by COVID-19.

Within its new ESG report, the company reminded that it introduced its ARC player protection program to 22 international markets outside of the UK. Moreover, in the last year, the gaming and entertainment leader increased its contributions dedicated to Research Education and Treatment in 2023 to 1% of GGY.

Other highlights described by Entain reveal that 100% of the company’s revenue was derived from regulated or domestically regulated markets. To ensure sustainable growth, the company exited a number of markets that weren’t likely to be regulated. Last but not least, Entain confirmed that it has licenses for 26 North American markets and 30 countries around the globe.

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