The efforts to get gaming legalized in Texas continued as Las Vegas Sands representatives met with North Texas leaders. The casino and hospitality powerhouse hopes to secure enough support to get resort-style casinos legalized in the state finally.

While experts predict that gambling could create as many as 70,000 new permanent jobs and over twice as many construction jobs, some lawmakers are still reluctant to back casino resorts.

Texas Is a Huge Untapped Market

Texas has cemented itself as one of the more conservative states when it comes to gambling. Previous efforts to legalize various verticals have fallen through without leading to any significant change.

However, Las Vegas Sands remains bullish on the Lone Star State. As reported by Dallas Morning News, LVS lobbyists met with leaders from North Texas to discuss the matter. Assembled by the North Texas Commission and the Texas Association of Business, the meeting sought to evaluate the potential impact casino gaming could have on Texas.

The commission seeks to create an exploratory committee that would focus on how casinos would affect North Texas in particular. The committee is set to be formed this autumn. Patrick Brophey, chief operating officer of the North Texas Commission, told a Dallas Business Journal representative that the goal would be to truly understand how gaming would impact social services, public safety, charities, the entertainment sector, business and the North Texan communities as a whole.

Chad West, a member of the Dallas City Council, said that Texas still has a lot to understand when it comes to destination gambling.

LVS Has Been Trying to Make Texas Casinos a Reality for a While

The efforts to legalize casino gaming in Texas align with Las Vegas Sands’ long-term efforts. The casino giant has spent millions to get casino gaming greenlit and tap into the second most-populated state in the US.

LVS has already secured a 108-acre site across from the site of the Dallas Cowboys’ former stadium, and it is awaiting the time casino resorts are permitted in the state.

According to LVS lobbyist Andy Abboud, the company is interested in opening at least five resorts in Texas, two of which would be located in the Dallas-Fort Worth area. He added that the operator would focus on key areas instead of trying to be on every corner.

In 2023, an Axios report suggested that LVS has some 72 lobbyists in Texas, singlehandedly outnumbering other organizations. The company has spent approximately $100 million on lobbying in Texas, according to reports.

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Full House Resorts’ American Place Casino in Waukegan, Illinois, remains blocked by an ongoing legal challenge. A rival operator continues its lawsuit against the city, claiming that the bidding process had been rigged.

Development of Full House’s American Place Casino has been mired by challenges as the Forest County Potawatomi of Wisconsin continues to block the venue’s construction. The tribe was one of the candidates for a license in 2019 but sued the city after losing the race.

The Potawatomi claim that the process had been rigged and that the tribe didn’t receive a fair shot at the tender. While the lawsuit was originally dismissed, the complaint was revived in 2023, allowing the tribe to have its say.

According to the Potawatomi, the city council underestimated the tribe’s contribution, basing its decision on an outdated and inaccurate third-party report. Additionally, the suit suggests that mayor Sam Cunningham told Waukegan City Council members which bids to approve.

Construction of the permanent American Place property has been on hold ever since, although Full House Resorts did open a temporary venue in February last year.

The Future of American Place in Waukegan Is Still Uncertain

Unfortunately for Full House, the future of its property remains shrouded in uncertainty.

Alex Stolyar, SVP and chief development officer at Full House Resorts, told The Chicago Tribune that the litigation continues to delay the company’s plans. For now, he was unable to say anything for certain but thanked the city and state for their effort to quickly solve this issue.

As long as the litigation is ongoing, there is too much uncertainty around the development. Unfortunately, this litigation has delayed our plans, but we appreciate the effort of the city and state working as quickly as they can to get this restarted.

Alex Stolyar, SVP and chief development officer at Full House Resorts

Since the Illinois Supreme Court is in recess until September, a decision is unlikely to be reached before the end of the year. Should Full House Resorts emerge victorious, the gambling company would likely need at least two or three years to get its permanent casino running.

In any case, proving that the process had been rigged would be an uphill battle for the Potawatomi, considering that the city says the allegations are “factually suspect.”

In the meantime, Illinois continues its efforts to legalize online gambling. State Rep. Edgar Gonzalez Jr. hopes to see iGaming reach Illinois in 2025, saying that there is a lot of momentum for an iGaming measure.

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A few years after an unsuccessful attempt of the Timbisha Shoshone Tribe to secure land and build a casino in Ridgecrest, California, the Tribe is now moving forward with another casino project. The project in question proposes the development of a casino in Inyokern, on Highway 178 and near Highway 395.

Judging by a notice by the Indian Affairs Bureau, the Timbisha Shoshone Tribe received a green light from the Assistant Secretary—Indian Affairs for the acquisition of land that would be used for “gaming and other purposes.” The land is described as a County Land Parcel in Kern County that is approximately 20 acres.

The recent notice reads: “The Assistant Secretary—Indian Affairs made a final agency determination to acquire in trust 20.03 acres, more or less, of land known as the County Land Parcel in Kern County, California, for the Timbisha Shoshone Tribe for gaming and other purposes.”

The decision marks a major milestone for the future of the Tribe’s casino project in Inyokern. Ultimately, the casino is expected to propel the growth of the Tribe. At the same time, the casino project is anticipated to deliver economic benefits to the region by creating new jobs and boosting local businesses.

The New Casino Would Benefit the Tribe, Deliver Economic Stimulus

George Gholson, the Tribal Chairman, who was recently quoted by CocoaDocs, highlighted the importance of the project. He explained that the new casino in Inyokern is expected to play a key role for the Tribe’s growth.

At the same time, Gholson predicted that the casino would deliver economic stimulus to the region. Moreover, he explained: “This casino will provide a much-needed boost to our economy, and will help us preserve and honor our cultural heritage.”

As noted, the casino project in Inyokern comes after an unsuccessful attempt by the Inyokern for the development of a casino in the city of Ridgecrest. The efforts toward that project date back to 2018 and 2019.

At the time, the Tribe faced strong opposition. Combined with the shutdowns related to the COVID-19 pandemic, the progress of the casino project in Ridgecrest faced significant delays. In the end, the Tribe wasn’t able to purchase land for the project within a specific deadline which ultimately resulted in the project falling through early in 2022.

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The Rank Group released its latest interim results, uncovering details regarding its progress over the six months ended December 31, 2023. The company referred to the period as H1 2023/24, with results pointing to an increase in net gaming revenue (NGR) year-over-year. Besides financial data, Rank Group released details regarding its expectations for 2024 in key markets.

Focusing on the UK, John O’Reilly, the company’s chief executive, explained that the business is positioned well for further growth, boosted by the upcoming regulatory changes within the retail gambling sector in the country. The changes are expected to come into effect at some point this year, according to the company, possibly around the summer. “These reforms cannot come soon enough in enabling us to modernize our proposition to better meet our customers’ expectations,” added O’Reilly.

“We are well positioned to optimize the opportunities afforded by the UK Government’s planned land-based regulatory reforms which will hopefully be implemented through the passing of secondary legislation in the summer of 2024.“

John O’Reilly, chief executive of The Rank Group

Last year, the Gambling Act review white paper was released, outlining a number of suggestions that are expected to completely overhaul the gambling industry across the country. Among the proposed changes are the implementation of limits for online slots, changes in the ratio of B and C gambling devices, as well as implementation of affordability checks, among other improvements.

Yet, so far the government hasn’t set a deadline for the implementation of the changes, while consultations with stakeholders on certain topics are still ongoing. Ultimately, the review of the Gambling Act 2005 is expected to ensure that the laws in the country fit the digital age.

The Company Posts Strong Results Despite Challenges

When it comes to financial results, Rank Group posted £362.6 million ($460 million) in NGR for H1 2023/24. This figure, compared to the £338.9 million ($430 million) reported for the corresponding period a year ago, showed an increase of 7%. Additionally, Rank Group confirmed that its operating profit for the latest trading period was £16.2 million ($20.6 million).

“Whilst it remains a challenging economic environment, we are positive about the future and expect LFL operating profit for the year ending 30 June 2024 to be in line with our expectations,“

reads a statement released by The Rank Group

While the company acknowledged that the economic environment remains challenging, it was still optimistic about its future performance. Rank Group said that it anticipates its upcoming financial results for the year ending June 30, 2024, to coincide with its initial expectations.

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Earlier this month, the Mohegan Tribal Gaming Authority, the premier integrated entertainment resort developer, released its fourth quarter results. The company’s Q4 figures highlighted growth and diversification with an overall net revenue increase of 7.6% year-over-year to $444.3 million. Despite the positive result, Mohegan’s Las Vegas operations showed a decrease in adjusted EBITDA and revenue.

Currently, Mohegan Las Vegas operates inside Virgin Hotels Las Vegas, offering casino gambling as well as a sportsbook that is operated by Betfred Sports. The off-Strip casino location made Mohegan the first tribal gaming operator to enter Sin City after it struck a partnership with JC Hospitality for the former Hard Rock Las Vegas, now Virgin Hotels.

Overall, Mohegan Las Vegas posted revenue of $3.8 million in Q4 or the three months ended September 30, 2023. This result marked a year-over-year decrease of nearly 42%. Similarly, adjusted EBITDA plummeted to a loss of $3.1 million, negative 434.2% when compared to the corresponding period for the prior year.

Upon releasing those results, Mohegan explained that adjusted EBITDA was a loss “primarily due to decreased gaming revenues at Mohegan Casino Las Vegas, resulting from unfavorable table hold.” The company hinted that if table hold was normalized, adjusted EBITDA for its Las Vegas operations would have been $1.8 million for Q4 this year.

The Company Plans to Retain Presence in Las Vegas

Despite the unsatisfactory results for Mohegan Las Vegas in Q4, a new report confirms that the company doesn’t plan to divest its Sin City assets. When announcing its fourth quarter results, during a conference call last week, an analyst questioned the potential of Mohegan’s operations in Las Vegas.

As announced by the Nevada Independent, Jody Madigan, Mohegan’s chief operating officer, responded that the company doesn’t plan to forego its agreement with JC Hospitality, the owner of Virgin Hotels where Mohegan’s Las Vegas casino operates. “We still believe in the property and we want to be in Las Vegas,” he explained. Additionally, Madigan pointed out: “We’re doing everything we can to make sure the property is as successful as we think it can be.”

The chief operating officer explained that the company’s Las Vegas operations represent a challenge. However, he said Mohegan continues to collaborate with JC Hospitality in an effort to make its Sin City property “a primary asset within the Mohegan portfolio.”

Recently, one of the most anticipated events for Las Vegas wrapped up, the Las Vegas Grand Prix. The Formula 1 event attracted visitors from across the globe and will undoubtedly impact the results of gaming operators, Mohegan included. Yet, the $3.8 million revenue posted by the company’s Las Vegas operations in Q4 represents a tiny portion compared to its total revenue that surpassed $440 million.

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In its latest action, ACMA has identified five offshore gambling websites – Viperspin, Just Casino, Betandplay, Play Fina, and Comic Play Casino – operating in breach of Australia’s Interactive Gambling Act 2001. The authority has been steadily intensifying its efforts, hoping to curb illegal offshore gambling activities within the country. 

ACMA Intensifies Its Efforts as Violations Remain Rampant

The Interactive Gambling Act 2001 is the cornerstone of Australia’s regulatory framework for online gambling. This legislation aims to protect Australian consumers by ensuring that only licensed operators can offer gambling services within the country. The Act also prohibits unlicensed overseas providers from targeting Australian players, directing them to more secure alternatives.

Australians who use illegal gambling services are not protected by Australian laws.

ACMA statement

215 illegal gambling services have ceased operating in the country since ACMA began enforcing its new stricter regulations. This latest round of blocking requests brings the total number of gambling and affiliate websites prohibited in Australia to 835. The frequency of bans has dramatically increased in 2023, with the ACMA adding new companies to the list almost monthly.

ACMA remains crucial in enforcing Australia’s gambling regulations, particularly online. The authority first identifies and investigates offshore operators operating illegally in the country. Once these companies are confirmed to be breaching local laws, ACMA takes legal action, including requesting ISPs to block access to their websites.

International Cooperation May Be the Only Long-Term Solution

Website blocking is an extreme measure, usually reserved for illegal operators. The ACMA also actively oversees the regulated market, delivering milder punishments for offenses like licensing issues, advertising violations, or offering prohibited services. The authority treats all operators equally and is unafraid to go after even high-profile companies.

Despite the ACMA’s ceaseless efforts, the Australian market remains beset with offshore operators. The authority recently asked for help from the Curaçao government, as Curaçao-based online gambling companies remain a pressing problem in Australia. These operators have demonstrated no intention to exit the local market willingly and routinely attempt to circumvent restrictions, necessitating international cooperation.

The authority’s proactive approach to identifying and banning illegal operators reflects its commitment to safeguarding Australian consumers. However, legislative issues related to offshore enforcement mean the ACMA can only take limited measures, enacting local bans by ISPs while the offending companies continue running rampant. Despite these challenges, the authority’s ongoing efforts remain instrumental in shaping Australia’s gambling landscape.

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The purpose of the half-year cryptocurrency report is to see how likely cryptocurrencies are to remain part of the gambling industry. The results have been so far promising, with cryptocurrency gambling posting a 16.5% year-over-year in the first half-year of 2023.

Another Successful Period for Crypto Gambling

There were 83.6% more crypto bets placed in H1 2023 compared to H2 2022, SOFTSWISS’ report stated. The data used by the company is from a large swathe of partner operators, as the latest figures come from more than 500 companies that are using the SOFTSWISS platform, and its solutions.

Another noteworthy trend was the overall increase in the bulk volume of crypto gambling. According to SOFTSWISS, as of H1 2023, cryptocurrencies accounted for 29.5% of the total amount wagered during the first half of the year. SOFTSWISS has pointed out a sustained and increasing interest to place wagers with cryptocurrencies.

SOFTSWISS Co-CEO Andrey Starovoitov was similarly pleased with the findings of the report but pointed out that the crypto market still remains sensitive to changes in global events. Business, though, has not been too impacted by the Fear and Greed Index, the company’s boss said:

The SOFTSWISS analysts conducted a correlation analysis between key player activity indicators and the Fear and Greed Index. The analysis revealed that even during the period of relative apprehension in the cryptocurrency market, business indicators remain precisely high.

SOFTSWISS Co-CEO Andrey Starovoitov

When looking into individual cryptocurrencies and trends, Bitcoin continued to be the dominant betting currency for the majority of operators and consumers.

Bitcoin Consolidates Market Dominance

Bitcoin accounted for 76.2% of all betting crypto volume, with Ethereum contracting a little at 9% and Litecoin coming in third with 5.5%. Tether posted 4.7% and Dogecoin accounted for 2.6% of the total betting volume.

Starovoitov acknowledged that there have been some fluctuations but interest in crypto betting has remained unchanged. That is why the company is confident that implementing crypto-centric technologies would benefit not only customers but also operators, ensuring that they continue to grow in the best way possible and benefit fully from this new landscape of opportunities.

Adaptation to emerging trends is particularly important to operators and their audiences, Starovoitov continued and added that cryptocurrency gambling is definitely here to stay, necessitating a closer look and a tailored response to this trend. SOFTSWISS recently appointed Carla Dualib to help with the company’s operations in Latin America, part of SOFTSWISS’ global expansion bid.

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Spelinspektionen, the Swedish Gambling Authority, tasked with the regulation of gambling activities in the country, revealed on Tuesday that it extended the term of its current director general. The regulator confirmed that Camilla Rosenberg, who currently serves as director general, will remain in her role until October 31, 2026.

Rosenberg joined the Swedish Gambling Authority in 2017. Back then, she was appointed to the role of director general of the entity which held the name Lotteriinspektionen at the time. Then, in 2019, when Sweden introduced new regulations related to the gambling market and Lotteriinspektionen became Spelinspektionen, she remained in her role.

Spearheading Spelinspektionen, Rosenberg helped the regulator continue to grow and gain new powers. Not unexpectedly, a prime objective for the regulator is to ensure that all licensees adhere to the established regulations which helps create a fair and safe gambling market for the consumers.

Appointment Comes Ahead of Expected Changes for Sweden’s Gambling Market

The extended term of the regulator’s director general comes after only recently, changes to the gambling regulation granted Spelinspektionen more powers. Under the recent changes, set to launch on July 1, 2023, the Authority would have the right to block electronic payments. The rules enable Spelinspektionen to block payments to and from unlicensed gambling operators, allowing stricter control of the market.

Additionally, the changes will enable the Authority to use a hidden identity for purchasing gambling services. This seeks to expand its options to oversee the market, allowing it to see if operators adhere to the established regulatory framework in Sweden. Spelinspektionen would also have the option to keep personal data when investigating potential match-fixing cases within the sector.

“It feels good to be able to continue working on launching the various parts of the reform and taking the continued important steps for a well-functioning Swedish gaming market.“

Camilla Rosenberg, director general of the Swedish Gambling Authority

Without any doubt, the regulator has seen significant changes under the guidance of Rosenberg. Sharing her excitement, she said that it is thrilling to be a part of a strategic reform for the gambling market in the country. Finally, Rosenberg vowed to continue to help the Authority make changes to ensure a better licensed gambling market.

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MGM-owned operator LeoVegas has posted its Q1 results, reporting a difficult period for the company. The operators’ trading declined as the group recorded drops in several metrics.

LeoVegas posted total quarterly revenue of $101 million (converted to USD), which represents a slight decline of 4% from last year’s results. The company EBITDA, meanwhile, sunk further to a loss of $3.32 million in Q1 2023. Adjusted EBITDA for the period was a loss of $1.18 million, representing a margin of -1.2%.

Gross profit for the three months ended March 31 declined to $65.92 million. Meanwhile, the company also recorded an operating loss of almost $8.8 million – a sharp decline from last year’s positive results.

Operating expenses, meanwhile, doubled and reached almost $290 million. Luckily, the company was able to offset some of the negative impact by divesting its share in BeyondPlay to Bettor Capital for $2.04 million.

LeoVegas closed the quarter with $73 million in cash and cash equivalents – a decline of over $9 million from the results recorded at the end of Q1 2022.

The Operator Struggled in Q1 2023

LeoVegas’ declines are attributable to various headwinds, including a sharp increase in operating expenses and suboptimal performance in certain markets.

Germany’s tight regulatory regime, for example, consistently undermined the operator’s profitability, resulting in serious losses. The Nordics, LeoVegas’ home market, didn’t make things easier for the company either. Its local revenues waned but the group continues to be optimistic about the market’s potential.

The United Kingdom and Spain were profitable markets for the company, helping LeoVegas record increased net gaming revenue from the Rest of Europe region. Despite the setbacks, the company experienced a 17% growth in the region, attesting to its potential.

Still, Q1 remained a largely troubled period for the operator. LeoVegas noted that its business was negatively impacted by the macroeconomic conditions and unfavorable exchange rates. The company’s Rest of World business plummeted by 28%.

LeoVegas hopes that its upcoming initiatives will help it improve profitability. The company just launched the Expekt sports betting brand in Denmark and now hopes to capitalize on opportunities in the country.

At the beginning of this month, on the other hand, the operator acquired Push Gaming in the hopes of bolstering its international growth.

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888 Holdings’ FY22 results and Q1 2023 trading update showed strong performance in key verticals, but UK and Middle East compliance issues dampened performance in these jurisdictions. The William Hill acquisition was a significant investment that had a transformative effect on the group, substantially improving its 2023 prospects. Overall, 888’s leadership stood by its earlier estimates, projecting impressive growth by 2025.

Focusing on Growth Had Its Price

The global online gaming and entertainment company had a turbulent year, relentlessly pursuing growth opportunities at the cost of short-term profitability. The group’s yearly financial results reflected this approach as Adjusted EBITDA rose to £217.9 million ($272.52 million) for an 82% year-on-year improvement. Revenue likewise soared 74% compared to 2021, reaching £1.2 billion ($1.5 billion).

888’s acquisition of William Hill significantly impacted the company’s financials, contributing substantially to overall revenue. However, the purchase significantly impacted the group’s yearly earnings and was one of the primary factors behind the FY22 net loss of £120 million. Lord Mendelsohn remained confident the acquisition would pay significant future dividends.

The combination with William Hill… brought together two exceptional and complementary businesses to create one of the world’s leading betting and gaming businesses.

Lord Mendelsohn, 888 executive chair

The group’s expansion-minded strategy contributed to its rising debt, which reached £1.8 billion ($2.25 billion). The William Hill regulatory issues in the UK and compliance troubles in the Middle East posed further challenges, dampening growth in key jurisdictions. Rising inflation and ongoing global financial pressures meant that pro forma revenue actually decreased by 3% year-on-year to 1.85 billion ($2.31 billion).

888 Is in a Perfect Position to Capitalize on Its Investments

888’s leadership remarked that the FY22 financials matched their expectations, and their 2023 and 2025 estimates remained predominantly unchanged. Although the projected revenue will slightly decrease the following year, the group’s focus on sustainable revenue streams should bolster EBITDA and ensure lasting success. 888 remained confident that revenues could reach £2 billion by 2025, thanks to newly created synergies.

Our clear priorities of integration, market focus, and deleveraging give us confidence in our 2025 targets as we build a stronger and more sustainable business.

Lord Mendelsohn, 888 executive chair

A five-priority strategy outlined 888’s planned approach. The group will focus on fully integrating newly acquired businesses, developing profitable markets, and capitalizing on growth opportunities. 888 will also double down on maintaining its competitive advantage, investing in sustainable growth and steadily reducing adjusted net debt to EBITDA to below 3.5x.

Overall, 888 finds itself in a pivotal position where it needs to capitalize on its prior investments, consolidating its revenue streams. The company’s ability to adapt to changing market conditions will be instrumental in the coming years as the industry continues to evolve. 888 is well-positioned to remain a market leader, provided it follows through on its plans and can deal with rising challenges.

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