Renowned betting and gaming operator Flutter Entertainment experienced a significant surge in its share value. Despite increased competition, the company’s FanDuel brand has maintained its leadership position in the USA, and its overseas investments also pay significant dividends. This development aligns with Flutter’s plans to enter the New York Stock Exchange after it stops trading its ordinary shares on Euronext Dublin by 23 January.

The US Market Presents Significant Opportunities

The notable 5% share price increase is primarily due to Peel Hunt’s favorable opinion on the company’s prospects, centering around its FanDuel brand. The investment firm projects Flutter’s US business to generate an adjusted EBITDA of $180 million for the full year of 2023. The following year should allow the gambling giant to cement its positions in established jurisdictions, doubling down on profitable markets.

Peel Hunt’s forecast for Flutter aligns with the company’s November guidance, predicting an adjusted EBITDA of approximately £1.44 billion ($1.83 billion), excluding the US market, and revenue of £3.75 billion ($4.77 billion) from the US. Despite this stellar performance, Flutter’s shares declined over 10% in the last six months, driven by regulatory uncertainties in the UK and Australia.

These developments highlight Flutter’s increasing reliance on the US market, which saw a significant expansion in 2023 and should remain the company’s most important revenue driver. Sisal is another promising Flutter subsidiary, as its lottery business was a standout performer within the company’s international division, successfully tapping into growth markets.

Overseas Operations Remain Vital

Flutter Entertainment is preparing for a dual listing of its shares on the New York Stock Exchange starting 29 January 2024, contingent upon regulatory approvals. This move aligns with the company’s strategy as it revealed that over 30% of its Q3 2023 revenue stemmed from the burgeoning US market.

Conversely, the gambling giant’s imminent exit from the Dublin Stock Exchange should streamline its operations and minimize regulatory complexities. Flutter’s ordinary shares will stop trading on Euronext Dublin on 23 January 2024. However, the company will keep its listing on the London Stock Exchange, highlighting its substantial regional investments.

Analysts believe that favorable industry trends can further propel Flutter’s shares as it draws renewed interest from US investors. The company’s diverse, globe-spanning portfolio enables it to capitalize on new developments, delivering long-term and sustainable growth. While 2024 will undoubtedly present significant challenges for the broader industry, Flutter remains well-equipped to capitalize on its strengths.

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Ontario’s iGaming market remains stable as demonstrated by the market’s unaudited second quarter results. Data from iGaming Ontario shows that players in the Canadian province have wagered a total of $14.2 billion (around USD 10.4 billion) during the period, not counting any promotional wagers and bonuses.

For reference, this number represents a slight growth from Q1 when the industry recorded $14 billion in wagers.

The $14.2 billion wagers resulted in a total gaming revenue of $540 million (approximately USD 397 million), representing a slight decrease from Q1 when the gaming revenue sat at $545 million. This figure includes total cash wagers and does not take into account operating costs and other expenses.

Further data shows that the majority of the reported revenue was generated by the casino vertical, which includes slots, bingo and table games. Casino gaming accounted for $11.9 billion of the total wagers in the Canadian province and $407 million of the total gaming revenue.

The sports betting vertical, meanwhile, saw players wager $1.9 billion. This, in turn, resulted in revenue of $118 million. Lastly, the peer-to-peer poker vertical accounted for $397 million in wagers and $16 million in gaming revenue.  

There Were 943K Active Accounts

The reported figures reflect the business of Ontario’s 47 legal operators and 71 gambling websites. iGaming Ontario also reported that there were 943,000 active accounts during the second quarter of the year.

The agency clarified that “active accounts” are all accounts with cash and/or promotional activity and emphasized that the total number of accounts does not represent the total number of players since certain gamblers play with multiple accounts.

The average monthly spend per active player was $191 (USD 140), according to official data.

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The resorts in question, Mohegan Sun and Foxwoods, decided to opt out of indoor smoking during the COVID-19 pandemic, fearing that cigarette smoke could help the virus spread and infect more people. More than a year after the pandemic has been defeated, the resorts seem to show very little interest in bringing back smoking on their casino floors. Recently, even Kansas tried to push for an indoor smoking ban on casino floors.

Tribal Operators in Connecticut Continue to Say No to Smoking

The resort’s owners, the Mohegan Tribe and the Mashantucket Pequot Tribal Nation, are citing their community members’ health, but also point out that the lack of cigarette smoke has not really impacted their financial bottom lines.

The debate to suspend smoking on casino floors has been ranging from Rhode Islands to California, with states such as New Jersey arguing that casino smoking should indeed go, but casino operators, including the Casino Association of New Jersey, cautioning that chasing smokers away would depress financial performance and slow down post-pandemic recovery.

Connecticut, however, tells a different story as the two biggest resorts there are obviously not seeing the point in bringing cigar smoke back. Jason Guyot, Foxwoods’ president and chief executive, said that there was more economic sense in opposing smoke as a matter of fact. He said that before the pandemic, sanitary staff would retrieve the equivalent of 200 packs of cigarette butts a day.

Those are usually made of plastic, which is also causing environmental harm. Jeff Hamilton, the president and general manager at Mohegan Sun, shared a similar sentiment in which he outlined that the company has been enjoying positive feedback from guests and employees, with people welcoming the chance to be healthy and enjoy their favorite games.

The Virus Forces Casinos and Resorts to Prioritize Health

Of course, tribal operators were also more susceptible to the pandemic. Their communities suffered disproportionately from the COVID-19 virus, and that quickly made businesses established to serve those communities that the best option to protect members is to ensure that every precaution is taken – that meant snuffing out cigarette smoke on casino floors. Connecticut, though, is far from banning indoor smoking on casino floors.

Presently, nearly all states in the United States prohibit indoor smoking but make an exception for their gambling industry based on thin evidence. As Foxwoods and Mohegan Sun have shown, cigarettes are not necessary for an economic boom.

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AGA’s Commercial Gaming Revenue Tracker highlighted impressive gross gaming revenue (GGR) in April, marking the 8th month in a row the result exceeded $5 billion. Although revenues failed to match last month’s performance, the industry still grew year-over-year, indicating the dip primarily resulted from seasonal trends.

April Showed Growth across Most Verticals

The American Gaming Association (AGA) is the premier trade association representing the US gaming industry, releasing regular reports on the state of the market. The most recent April results indicate a 7.8% year-on-year growth as revenues reached an impressive $5.41 billion. This month is the eighth in a row exceeding $5 billion, reflecting the industry’s recovery and sustained growth.

Slots traditionally contributed the most with $2.99 billion, followed by sports betting at $820.4 million and table games generating $775 million. iGaming also performed admirably, bringing in $504.3 million in revenue. State-wise, Nevada led the pack with $1.16 billion, while Pennsylvania narrowly edged out New Jersey for second place with $486.4 million vs $462.7 million.

Almost all segments enjoyed growth except table games, which dropped by 1%. Sports betting performed exceptionally well, with annual gross gaming revenue (GGR) swelling by 69.1%. While land-based gaming only rose 0.3%, the online sector grew significantly by 50.4%, bolstered by recent legalization in several states.

Long-Term Prospects Remain Optimistic

April’s results further solidify the existing industry trends. Sports betting and iGaming remain the biggest winners, but steady results across the retail sector indicate the online industry does not pose any significant competition and can even be complimentary. Casino operators focus on bolstering the appeal of their land-based offerings, attracting an audience that values the whole casino experience.

This marked the 26th consecutive month of annual growth, a testament to the industry’s resilience and continued appeal.

AGA April report

While revenues increased year-on-year, April failed to match March’s results. Such a dip should not be of immediate concern, as seasonality is very common in the sector, especially regarding sports betting. March Madness traditionally causes sportsbook revenues to skyrocket, while the following months experience a gradual slowdown as leagues enter the summer season.

The $5.41 billion figure reflects the US gambling industry’s ability to adapt to changing consumer preferences and overcome emerging challenges. The ASA remains optimistic despite economic pressures. Although momentum will likely slow down in the coming months, many markets have achieved sufficient sustainability to retail profitability and continue stimulating economic activity in communities across the USA.

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CDC Gaming Reports correspondent Buck Wargo attended the event, which reunited 600 people from the industry, interested in improving security on-site casinos and protecting against scams and cyber fraud.

Conference Highlights Ongoing Challenge in Containing Casino Scams

The conference confirmed that casinos face new sets of challenges and that the pandemic had led to a decline in the number of cheating at casinos. However, as the industry emerges from the worst of the pandemic, dangers continue to mount.

Willy Allison, the founder of the World Game Protection Conference, noted that there had been a correlation between the increase in casino revenue and the level of cheating detected and conducted on casino floors. While the industry faces cyber threats as a whole, the conference itself focused on the cheating attempts carried out in person by people on casino floors.

One of the biggest scandals caught in 2022 was “dice sliding,” Allison said cited by Wargo who attended in person and did the full original report of the story. Sliding a dice is basically a practice where the person tries not to roll the dice and just leaves them with the face value pointing up so that they can get the desired outcome.

Casino security and staff have been on high alert and received training on how to spot such players. “Dice sliders are coming out of the woodwork, “Allison explained. A big part of the scams though involve people distracting the dealers who are by default capable of spotting such offenses but may be misled by players.

Some of the criminals are in fact, former casino workers. One prominent case involves an ex-casino dealer who used his skeleton key for electronic table games (EGTs) to bet and then reset any loss they might have incurred by using the key. EGTs are particularly vulnerable to manipulation as well.

Or, rather – once a scam is perpetrated it’s harder to spot it. This mostly stems from the fact that there are fewer eyeballs on EGTs as they should be sound and safe of design, notwithstanding manipulations done to their software or using skeleton keys as in the previous case.

Casinos Bleed Cash Due to Cheating and Scams

“Scammers who want to fiddle or put USB ports in and mess with the electronics are left to their own devices,” cautions Allison. While these scams continue to be perpetrated – despite the risks for those carrying them out – casinos are bleeding money that could have otherwise bolstered their bottom lines and gone into the staff and betterment of operations.

Industry insiders confirm that scams cost them a lot of money, as many scams certainly go undetected, many executives worry. Casinos have been readily employing experienced “cheats” themselves, such as card counters to help them counter many popular forms of cheating as well. The challenges piling on for the sector continue to abound, though, as footfall returns to casino floors.

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The Duluth, Georgia-based gaming developer successfully defended its case after police confiscated several machines and tens of thousands in cash from two businesses. The court agreed that POM’s titles were not games of chance and thus did not violate any laws. The rapid proliferation of such machines in Pennsylvania has long been a matter of contention, but this recent case means they are likely here to stay.

An Ill-Thought Raid Prompted Legal Action

The inciting incident happened in October 2021 when police raided Stroudsburg’s Fill and Fly gas station and Smokin’ Joes Tobacco Shop. The authorities seized 13 skill gaming machines and $36,000 in cash, causing the two businesses to file a joint lawsuit for the Commonwealth to return their seized property.

The ensuing court case found that the seizures had been unwarranted and neither business had broken any laws. Judge Jennifer Harlacher Sibum concluded that the devices qualified as legal games of skill rather than games of chance and were to be returned to their rightful owners. The court decision now gives POM a much more stable legal ground to expand its business.

The sudden surge in skill game cabinets across Pennsylvania has given rise to no small amount of concern. A group called Pennsylvanians Against Gaming Expansion has addressed lawmakers in the Keystone State multiple times, calling for a stricter stance on skill games. They argue that the cabinets directly impact scratch card sales, remain largely unregulated, and drain revenue from numerous state programs, such as those allocated to senior citizens.

On the other hand, POM representatives insisted that their machines significantly benefited Pennsylvania’s economy, generating nearly 200 new jobs. According to the developer, skill game cabinets were a critical supplement to the revenues of many small businesses. POM spokesman Mike Barley noted that the company was always ready to cooperate with the state regarding any new legislation.

We remain steadfast in our commitment to working with the state General Assembly and asking for legislation providing additional regulation and increased tax money.

POM spokesman Mike Barley

Mike Barley, POM spokesman

The skill games developer rejoiced at the court’s decision, as it makes any future efforts to disrupt their foothold in Pennsylvania significantly more difficult. POM makes a point to emphasize its community-focused efforts, often featuring small business owners and information on various charities. The company has successfully defended the legality of its games multiple times, so its prominence in the Keystone State will only grow.

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From a peak of over a dozen riverboat casinos in Iowa, one of many final three floating playing homes shall be transferring to land quickly, leaving solely two riverboat casinos within the state.

Iowa Racing and Gaming Administrator Brian Ohorilko advised native media retailers that plans have been authorized Thursday for Marquette’s On line casino Queen to turn out to be a land-based operation.

Pari-mutuel canine monitor and horse racing have been approved in 1983, and the state lottery was created two years later. Riverboat playing was authorized by lawmakers in 1989. Racetracks started to supply slots in 1994, and the on line casino operations began transferring from water to land.

In April 1991 Dubuque’s Casino Belle grew to become the first riverboat on line casino in America and there have been ultimately as many as 69 floating casinos on rivers feeding the Atlantic Ocean. By 2004, riverboats have been allowed to function on moored barges somewhat than in open water. That improvement led to operators opening resorts and retail areas adjoining to the casinos. Iowa grew to become the eighth state by which BetMGM started to supply authorized on-line sports activities wagering in Could 2019.

Important New Funding

Talking in regards to the On line casino Queen, IRGA’s Ohorilko stated, “They’re proposing to speculate 12 million {dollars} right into a land-based facility that might join with their present barge space. They’d add a sportsbook and a brand new restaurant.

“With on line casino Queen transferring gaming to [a] land-based space that can go away simply Lakeside and Ameristar On line casino (Council Bluffs) because the two remaining gaming licenses that also have on line casino playing on a ship,” stated the administrator.

With the brand new on line casino connecting to the present barge space, it’s attainable that On line casino Queen might preserve its present handle of 100 Anti-Monopoly Street in Marquette.

With the sluggish however mass exodus of riverboat casinos to land, together with casinos in Sioux Metropolis and Davenport, Ohorilko says no enchancment in gaming income or footfall within the playing venues has been seen but. “The explanations for which can be quite simple — in that usually on a land base facility –, there may be more room to supply, not solely extra gaming however most significantly, extra non-gaming facilities,” for folks to spend their leisure funds on, Ohorilko says.

Extra Latest Gaming Fee Approvals

Latest regulatory approvals by the Racing and Gaming Fee embody a $31 million rework for Harvey’s in Council Bluffs that can embody a number of upgrades. “A brand new Movie star Chef Restaurant, a Man Fieri’s restaurant, renovation of all of their resort rooms, some extra house for gaming, simply to permit for a extra snug expertise for these visitors,” he says.

Q Casino in Dubuque was given approval for the primary section of a multi-million greenback renovation plan. Ohorilko says the revamp is required with the intention to correctly compete with close by gaming operations in different states.

“Nebraska has gaming, we’re beginning to see some building there, significantly within the Omaha market. And so, it’s actually vital for these Iowa amenities to place their finest foot ahead,” Ohorilko says.

Supply: Marquette casino moving to land, leaving only 2 casino boats in Iowa, Radio Iowa, January 27, 2023

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