FanDuel generated $4.9 million (£3.8 million/€4.5 million) in revenue during its first full month as the official sports wagering platform for the Washington DC Office of Lottery and Gaming (OLG).

In May, the first complete month of its operation in Washington DC, FanDuel reported handling $29.7 million in bets. This figure represents a staggering 450.0% increase compared to the $5.4 million wagered in the same month last year under the previous operator, GambetDC. Players won a total of $24.9 million from their bets with FanDuel last month.

FanDuel officially commenced its role in DC on April 15, following the OLG’s transition from Intralot-run GambetDC, which had been its long-term partner for sports betting.

The $4.9 million generated by FanDuel this May significantly surpasses the $711,282 reported by GambetDC in the same month the previous year. Revenue is calculated by subtracting player winnings from the total bets placed during the month.

Interestingly, the amount generated and wagered with FanDuel exceeds that of all operators combined for any previous month in DC. Other operators active in the DC market include BetMGM and Caesars Entertainment. Last month, the OLG released figures for FanDuel’s first 30 days of operation in Washington, DC, showing $5.0 million in revenue.

The Status of GambetDC in May

While GambetDC has lost its online presence in DC, the brand maintained a minor presence in the market through its kiosks. In May, these kiosks generated $189,095 in revenue from $898,671 in wagers. Players won approximately $709,576 from betting via the GambetDC kiosks.

The future of these kiosks remains uncertain. FanDuel has already announced plans to replace betting kiosks at 63 lottery retailers across DC, indicating that GambetDC’s presence may be short-lived. Although the GambetDC app is still accessible, players can no longer place bets on sports. Existing customers have until October 15 to withdraw any remaining funds from the platform.

GambetDC has faced challenges in DC for several years, with Intralot, its contracted partner, struggling to deliver a competitive product. Consequently, it was no surprise when the OLG approved a request from Intralot to subcontract online sports betting to FanDuel, which allowed FanDuel to launch in DC shortly thereafter.

Beyond the increase in wagers and revenue, the partnership with FanDuel brings additional benefits to the OLG. These include eliminating operating expenses, which previously ranged between $2.0 million and $4.0 million annually. Now, FanDuel manages payment processing, promotions, marketing, and retailer commissions.

Potential for a More Open DC Market

Transferring control to FanDuel might be the initial step towards opening DC to more operators and increasing competition.

On June 12, the DC Council approved the FY2025 budget, which includes the Sports Wagering Amendment Act of 2024. The council unanimously passed the budget during a legislative meeting, with a second vote expected as early as next week.

For a comprehensive overview of the hearing, including details on a defeated amendment that aimed to eliminate the new sports betting plan, click here for the latest from Jill R. Dorson.

Source: “DC betting handle rockets 450% in FanDuel’s first full month”. iGaming Business. June 13, 2024.

The post FanDuel Surpasses Expectations with $4.9M Revenue in First Month in DC appeared first on Keno Wizard.

Nevada’s gambling industry reported total revenue of $1.24bn (£977.0m/€1.15bn) for April 2024, marking a notable increase from the previous year but also indicating a second consecutive month of decline. This figure represents a 6.9% increase from the $1.16bn recorded in April 2023. However, it is a 3.9% decrease from the $1.29bn generated in March 2024. Notably, March’s revenue was already lower than February’s, which had been bolstered by Nevada hosting the NFL’s Super Bowl.

Once again, slot machines remained the leading revenue source for Nevada operators, bringing in a total of $886.8m, which is a 5.9% rise from April 2023. Within the slot machine category, multi-denomination slots were the top earners, generating $586.8m, a significant 26.4% increase from the previous year.

High-stakes slots also performed well, with $25 machines seeing a revenue surge of 137.6% and $100 machines increasing by 14.5%. Conversely, lower-stakes slot machines experienced a year-on-year revenue decline.

Table Games and Card Games Boost Revenue

Revenue from table, counter, and card games, including sports betting, rose by 9.8% to $353.4m. In this segment, blackjack was the most profitable, generating $110.2m, up 16.0% year-on-year. Baccarat also saw a substantial increase, with revenue climbing 72.5% to $76.1m. Roulette followed with a 4.6% increase to $35.9m.

In contrast, craps revenue dropped by 25.5% to $30.3m, and Ultimate Texas Hold’em saw a slight decline of 1.1%, bringing in $15.1m.

Decline in Sports Betting Revenue

The sports betting sector saw a 5.0% decrease in revenue, totaling $30.8m in April. Basketball betting generated the highest revenue at $13.3m, though this was a 12.1% drop from the previous year. Baseball betting revenue increased by 18.4% to $10.7m, and hockey wagering saw a substantial rise of 74.2%, reaching $5.7m.

Football betting resulted in a $5.7m loss for operators, although this was a 17.1% improvement compared to April 2023. Wagering on other sports brought in $6.8m, down 31.6% from the previous year. Notably, $24.5m of all sports betting revenue in Nevada was generated through online wagering.

Las Vegas Strip Revenue Overview

Revenue on the iconic Las Vegas Strip reached $666.1m in April, which is 6.6% higher than the same month last year but 7.0% lower than in March 2024. Slot machine revenue on the Strip increased by 5.1% to $409.3m, with high-stakes machines showing the most improvement. Multi-denomination slots led the category with $276.9m in revenue, up 28.2%.

Revenue from table, counter, and card games on the Strip amounted to $256.8m, a 9.2% year-on-year increase. Blackjack was the top performer in this category, generating $81.7m, up 10.2%, followed closely by baccarat with $76.7m, which saw an 11.6% increase. However, sports betting revenue on the Strip fell by 26.5% to $9.7m in April.

Key Developments in Nevada’s Gambling Sector

Beyond revenue figures, Nevada has seen significant developments in its gambling sector recently. Earlier this month, London-listed Entain received unconditional approval to operate in Nevada. The company currently operates in the US through BetMGM, a joint venture with MGM Resorts. Entain had previously operated under a series of temporary licenses due to concerns from the Nevada Gaming Commission about its activities in unregulated markets. The recent full approval indicates that the Commission now considers these concerns to be resolved.

Additionally, Gaming and Leisure Properties (GLPI) announced a $105m acquisition of three casino resorts in South Dakota and Nevada. This includes the acquisition of Baldini’s Casino in Nevada, which spans nine acres and houses around 492 slot machines. GLPI also secured the Silverado Franklin Hotel & Gaming Complex and Deadwood Mountain Grand casino in South Dakota.

Source: Monthly Revenue Report [pdf]

Nevada Gaming Control Board. May 30, 2024.

The post Nevada Gambling Revenue Drops Again in April 2024 appeared first on Keno Wizard.

The Ohio Casino Control Commission (OCCC) has released its March 2024 revenue report, revealing a notable surge in revenue for the month. The combined taxable revenue from the state’s four casinos amounted to over $94.7 million, marking a significant 13.4% increase from February 2024’s gaming revenue of $83.5 million.

Moreover, there’s a modest 1.4% annual rise in revenue compared to the previous year. It’s worth noting that this revenue encompasses earnings from both slots and table games and excludes in-person sports betting, as online casinos are not yet legalized in Ohio.

While Ohio has yet to legalize online casinos, recent discussions among lawmakers suggest a potential shift in this landscape. Lawmakers have convened to deliberate on the feasibility of legalizing online casinos, citing the state’s interest in this burgeoning sector and the thriving markets already established in neighboring states like Michigan, Pennsylvania, and West Virginia.

Monthly Revenue Surge Across Ohio Casinos

The OCCC’s March 2024 revenue report indicates across-the-board monthly revenue increases for all four casinos. Of the total taxable revenue of $94.7 million, slot revenue contributed $69.0 million, with table games bringing in $25.7 million. Notably, Hollywood Columbus demonstrated the most substantial monthly progress, with a revenue of $25.6 million, reflecting a robust 13.3% monthly growth. Other casinos also saw notable increases in revenue compared to the previous month:

• Jack Cleveland Casino: $24.5 million in revenue, a 13.3% monthly rise
• Hollywood Toledo: $22.5 million in revenue, a 16.8% monthly increase
• Hard Rock Cincinnati: $22.2 million in revenue, up by 10.5% from February

Annual Revenue Trends

Examining the year-over-year performance, there are varied trends among the casinos. Hollywood Toledo and Hollywood Columbus both reported annual rises, with increases of 8.2% and 5.1%, respectively. Jack Cleveland Casino saw a marginal annual increase of 0.4%. However, Hard Rock Cincinnati experienced a notable annual decline of nearly 7.5%, the only casino to do so in March. This contrasts with February, where Jack Cleveland Casino had shown a year-over-year decline.

Recent discussions among Ohio lawmakers have revolved around the possibility of legalizing online casinos. The Study Commission on the Future of Gaming in Ohio, in its initial meetings, has delved into the topic, with upcoming sessions slated to address various aspects, including iLottery, racinos/charitable gaming, sports betting, and daily fantasy sports. Proponents argue that regulating online casinos could aid in addressing issues related to problem gambling while potentially generating significant tax revenue for the state. Estimates suggest that Ohio could generate between $205 million and $410 million annually in new tax revenue if online casinos were legalized.

The success and revenue generated by neighboring states like Michigan and Pennsylvania, where online casinos are thriving, serve as compelling examples for Ohio lawmakers. With these states raking in substantial tax revenues from iGaming, the pressure mounts for Ohio to consider legalizing online casinos, possibly in the near future or by 2025.

Source: “Ohio Casino Control Commission. “Monthly Revenue Report: March 2024.” [pdf]

The post Ohio Casino Revenue Surges in March; Talks of Legalizing Online Casinos Gain Traction appeared first on Keno Wizard.

La Francaise des Jeux (FDJ), the well-known French sports betting, lottery and iGaming operator, has announced its financial results for the first quarter of 2024 and the numbers show a significant increase in revenue.

The company’s revenue in the first quarter amounted to 710 million euros, representing an increase of 7.2 percent compared to the same quarter of 2023. Moreover, the company’s gaming revenue went up by 3.1 percent compared to the first quarter of 2023 to a total of 645 million euros.

The French operator was particularly pleased with the performance of its online games segment, which managed to bring in 100 million euros, a figure which represents almost 15 percent of the group’s total revenue.

The company’s target for revenue growth in 2024 is 8 percent, though, so it will have to do better in the following three quarters in order to meet it. However, with the European Football Championships and the Olympic Games coming up this summer, the company’s revenue from sports betting will surely receive a big boost in the second and third quarters.

The operator’s revenue from its lottery operations also registered an increase of 1.4 percent year-on-year during the first quarter, amounting to 504 million euros. Sports betting and competitive online gaming brought in 141 million euros in revenue, recording an increase of 9.5 percent over the first quarter of 2023.

A Good Start

Stéphane Pallez, chairwoman and chief executive of the FDJ Group, described the company’s results in the first quarter as “a good start” for the year, especially because all the group‘s activities registered growth, from the network of 29,000 retailers to the online gaming business.

Moreover, the revenue from sports betting and competitive online gaming registered an increase despite being compared to a quarter which had seen great numbers as an effect of the impact the World Cup in Qatar had on the entire sporting world.

In fact, revenue from the online sports betting division of FDJ, ParionsSport En Ligne, registered an increase of over 25 percent during the first quarter of 2024, well beyond the other segments of the company’s business.

In other news, the management of FDJ confirmed that the company was still keen on acquiring the Kindred Group, a major international conglomerate of sports betting websites and online casinos. The French company submitted an offer worth 2.45 billion euros in January, attempting to form the second largest operator in the European gaming scene.

Source: “FDJ revenue increases 7.2% to €710m in Q1″. iGaming Business. April 18s, 2024.

The post Francaise des Jeux (FDJ) Revenue Surges to €710M in Q1 appeared first on Keno Wizard.

In its recent trading news, the Rank Group has highlighted a significant 6% year-on-year increase in income for the third quarter, reaching an impressive £182.3 million. This growth trajectory shows the company’s solid performance across its digital and land-based gaming sectors.

Land-Based Revenue Overview

The Grosvenor venues continue to lead in terms of revenue generation for the Rank Group. Despite showing a modest growth rate of 3% in Q3, these venues remain a cornerstone of the company’s revenue stream. The increase in visitor numbers by 5% has contributed to a notable 2% rise in average weekly net gaming revenue (NGR) at Grosvenor, aligning with Rank’s strategic goal of achieving £7.0 million weekly NGR from its Grosvenor venues business.

On the other hand, the Mecca bingo venues have experienced a remarkable 12% earnings surge. This growth can be attributed to a combination of increased visitor numbers, which rose by 5% from last year, and a substantial 7% rise in spending per visit. Notably, this surge in gain coincided with strong trading periods during Mother’s Day and Easter weekends, indicating robust consumer engagement with Mecca’s offerings.

The Rank Group’s success extends beyond the UK, with its Enracha venues division in Spain witnessing a commendable 9% revenue increase, amounting to £10.0 million. This international growth underscores Rank’s ability to capitalize on diverse market opportunities and expand its global footprint.

Digital Growth and Operational Enhancements

Digital revenue saw a significant uptick of 6%, totaling £55.0 million in Q3. The UK digital sector experienced a 4% revenue increase, while Spain witnessed an impressive 20% year-on-year growth. Mecca’s digital net gaming revenue (NGR) surged by an impressive 21% in the UK, showcasing the strong performance of its digital gaming offerings. However, Grosvenor’s digital NGR saw a marginal 1% rise, attributed to a weaker gaming margin stemming from significant customer wins.

To further enhance its digital operations, Rank implemented a new content management system for its Mecca and Grosvenor online platforms during Q3. This system aims to improve operational efficiency and facilitate rapid market responsiveness for customer proposition enhancements.

Looking at the year-to-date performance, Rank Group’s income for the nine months ending in March reached a substantial £544.9 million, marking an impressive 8% increase compared to the previous year. This robust performance is driven by the continued growth of Grosvenor and Mecca venues, along with positive digital revenue trends.

As the fiscal year progresses, Rank anticipates that its strong performance will persist, with operating profit expected to align with market expectations for the year ending June 30. This outlook is bolstered by ongoing operational enhancements and strategic initiatives aimed at maximizing revenue potential.

CEO John O’Reilly said: “We continue to make good progress across both our venues and online businesses. Q3 trading is very much in line with the board’s expectations. Performance continues to improve. We have the very important land-based reforms from the government’s white paper to look forward to, which we hope to start implementing in the coming months.”

Stake Sale in Passion Gaming

Rank has announced its decision to divest its stake in Passion Gaming, an Indian online rummy business. While the financial terms of the deal remain undisclosed, Rank has emphasized that the transaction represents a significant strategic move for the company’s portfolio optimization.

Source: ”Spain and Mecca Bingo revenue surges as Rank hails Q3 progress”, igamingbusiness.com, April 18, 2024.

The post Rank Group Reports Strong Q3 Revenue Growth of 6%! appeared first on Keno Wizard.

The Bristol Casino in Virginia, US, set to become the Hard Rock Casino, has marked a historic milestone by surpassing its previous revenue records in March, with an astonishing $16.3 million in adjusted gross income. This figure, released in a report by the Virginia Lottery, represents a remarkable 9% increase over its previous best month and a staggering 18% surge compared to March 2023.

Bristol Casino Breaks Records in Slot and Table Game Revenue

The Bristol Casino’s success is attributed to robust performances in both major categories of gaming. Slot machine revenue soared to unprecedented heights, crossing the $13 million mark for the first time ever, standing at $13,009,482, surpassing the previous record set in December 2023. 

Meanwhile, table games also witnessed a significant surge, generating over $3 million in revenue for the first time, reaching $3,260,614, outperforming the previous high recorded in September 2022.

Comparing the March 2024 figures to those of the same period in 2023, the adjusted gross income experienced an impressive 18% hike. Moreover, it exceeded the average monthly revenue over the 20 months the casino has operated at its temporary location by a remarkable 19%.

Hard Rock officials had previously announced plans to unveil the newly constructed Bristol casino, alongside a 300-room hotel scheduled to open on-site by year-end. However, the opening timeline for Hard Rock Hotel & Casino Bristol was adjusted in February, with construction costs soaring to over $550 million, significantly higher than the initial projections of $300 million in 2019 and $400 million in 2022. 

Despite the budget increase, construction remains on track for a summer opening, aiming for July.

Bristol Casino’s Revenue Surge Fuels Over $976,000 Payout to RIC

The significant revenue surge for The Bristol Casino translated into a substantial payout of $976,206 to the Regional Improvement Commission (RIC), representing over a dozen local governments in Southwest Virginia. The casino, taxed at 18%, allocates one-third of this amount to the RIC. Legislation mandates that these funds be utilized by local governments within the RIC to enhance transportation, education, and public safety infrastructure.

The RIC encompasses counties such as Lee, Scott, Wise, Dickenson, Buchanan, Russell, Washington, Smyth, Tazewell, Grayson, Bland, and Wythe, along with the cities of Bristol and Norton. Notably, the funds are distributed evenly among the 14 local governments, rather than being allocated on a population-adjusted basis.

The cumulative funds received by these localities now exceed an impressive $16.7 million, reflecting the significant economic impact generated by the Bristol Casino.With its groundbreaking revenue performance and ongoing expansion plans, the Bristol Casino continues to solidify its position as a key player in Virginia’s gaming landscape, promising further growth and prosperity for the region.

The post Virginia’s Bristol Casino Achieves Historic Revenue Milestone appeared first on Keno Wizard.

The online gambling market in Pennsylvania is rapidly growing, which is proven by the fact that revenue smashed the records in February, even though other states recorded a year-on-year decrease in revenue.

Online gambling revenue

According to the report, Pennsylvania generated $184.9 million in online gambling revenue in February.

Overall, the revenue was $499.1 million. Compared to the same period the previous year, an increase of 9.3% is recorded, since in February 2023 the revenue was $456.8 million. However, in January 2024, the total revenue was $464.4 million, so February recorded a decrease of 1.6%.

The main source of revenue in Pennsylvania is still retail slots which generated $202,7 million. The revenue was slightly decreased, but the growth is recorded when considering the number of slot machines decreased from 25,708 to 24,962.

Land-based table games also had a successful period, since the revenue generated from them was $76,6 million, representing an increase of 2.9%. In 2023, the Pennsylvania online gambling market reached a revenue of $131.6 million. Compared to that, total iGaming revenue grew by 40.5% to $184.9 million in 2024.

Online slots generated $125.9 million, 35.6% more than in the previous year, while online table games earned $56.6 million, which represents an increase of 56.7%. Online poker wasn’t as popular as it used to be in 2023, since it generated $2.4 million, 8.3% less than in the year before.

Industry leaders

The casino that saw the highest revenue is Hollywood Casino at Penn National Race Course. Its online gaming operations earned $77.3 million in February, 36.8% more than in the same month of 2023.

The second place took Valley Forge Casino Resort, which generated $44,8 million. The casino operations saw significant growth since the revenue increased by 63.0%. Rivers Casino Philadelphia took the third place, with $29.3 million and an increase of 11.4%.

Sports betting revenue

On the other hand, sports betting isn’t as popular as it used to be in 2023. When it comes to total revenue, it decreased by 30.0% annually, and in February 2024 it was $30.3 million. The online betting sector saw $28.2 million, and retail revenue was $2.1 million.

However, the total handle increased by 10.4%, and in February it was $661.7 million, while in 2023 that number was $599.5 million.

A leader in the sports betting industry was Valley Forge Casino Resort and its partner FanDuel that earned 17.7 million in revenue. The second was Hollywood Casino at the Meadows and DraftKings, with $7.7 million in revenue, and Hollywood Casino Morgantown and BetMGM were the third with $1.2 million. Video lottery terminals saw a decline of 2.4%, with a revenue of $3.2 million, and fantasy sports decreased by 5.2% to $1.3 million.

Source: Fletcher, Robert. “Pennsylvania iGaming revenue reaches record $184.9m in February”. iGaming Business. March 20, 2024.

The post Online Gambling Revenue in Pennsylvania Hits Record appeared first on Keno Wizard.

One of the leading companies in the industry, International Game Technology (IGT), published its financial report, which demonstrated a net profit decrease compared to 2023. However, the revenue was $4.31 billion (£3.37bn/€3.94bn), which represents a growth of 2.0%, following a recorded $4.23 billion in 2023.

Successful year and plans for 2024

Global Gaming and PlayDigital businesses were major reasons for the increase in revenue, while Global Lottery’s results dropped down. However, the lottery business performed better in Q4 than was the case during the whole year, following the success of other departments.

Vince Sadusky, the company’s CEO, commented: “We delivered a strong finish to the year in the fourth quarter, propelling full-year 2023 profits to record levels. A compelling array of products and solutions fuelled broad-based momentum in key performance indicators, driving margin improvement across our Global Lottery, Global Gaming, and PlayDigital segments.”

IGT conducted a restructure in February when Global Gaming and PlayDigital merged with another industry giant, Everi. The operations in total cost $6.20bn. IGT will own a majority of shares, 54%, while Everi will possess 46%. The merger is expected to be finished by the end of 2024 or at the beginning of 2025 when Everi will be renamed.

Sadusky said: “We believe the recent determination to split the business and create separate lottery and gaming pure-play companies, each with experienced management teams and simplified business models, better positions each company to service customers and create significant value for stakeholders.”

Revenue growth

In the past year, IGT’s revenue grew. Product sales revenue was incredibly high – $963 million, which is 11.2% higher than in 2022. However, service revenue decreased by 0.4%, so the company generated $3.35 billion.

Global Lottery was the main source of revenue in 2023, even though the decrease is noticed since it generated $2.53 billion in revenue in 2023. As the main reason for this drop, the company listed a sale of a commercial services business in Italy. If it remained part of the company, a growth of 6% would be recorded.

Global Gaming also achieved significant growth since its operations increased by 9.1% to $1.55 billion. PlayDigital’s revenue also increased by 9.1% to $228 million, which broke the record when it came to this division.

The operations cost $3.31 billion, and services were $1.63 billion. However, non-operating costs increased to $372 million, which is 11.7% higher than in 2023. This means that the profit before paying taxes was $629 million, which represents a 6.8% increase compared to the year before. The company paid $322 million for taxes and $151 million for non-controlling interests, so the net profit was $156 million, which is $156 million lower than in 2022 when the profit was $275 million, so a decrease of 43.3% is recorded. But despite that, adjusted EBITDA was $1.78 billion, which is an increase of 6.9%, and hit the record when it comes to this figure.

Max Chiara, the company’s CFO, said: “We achieved all of our financial goals in 2023. Robust cash generation funded incremental investments in the business and shareholder returns, while driving leverage to historically low levels, putting IGT in a strong financial position as we enter 2024. This gives us confidence in further expanding our investment in the business to fund future growth.”

Source: Fletcher, Robert. “Net profit dips despite revenue growth at IGT in 2023”. iGaming Business. March 12, 2024.

The post Despite Revenue Increase, IGT’s Net Profit Drops Down appeared first on Keno Wizard.

The Spanish online gambling market is growing, and according to the recently published report, the online gambling revenue in the country grew to €315.3 million (£269.8m/$342.0m) during the fourth quarter of 2023, which represents an increase of 0.6% compared to the fourth quarter of 2022. The total deposits increased as well.

Most popular games

But the growth hasn’t been noticed only on an annual level – compared to the third quarter, gross gaming revenue increased by 3.6%.

The main source of revenue was casinos, and it seems its popularity among the Spanish players is increasing even further over time. Casinos brought in €171.3 million, which is 54.3% of the total revenue earned in the fourth quarter in the whole of Spain. The popularity of slot games increased in this key European market, so the revenue generated from slot games increased by 25.9%, while live roulette games earned 15.3% more than was the case before.

Sports betting was also incredibly popular among Spanish players. According to iGaming Business, the revenue generated from sports betting was €114.7 million, which is 36.4% of the total amount collected. Poker generated €25.4 million, which is 8.1% of total revenue.

On the other hand, it seems that poker tournaments aren’t as popular as they used to be. A decrease of 0.5% was recorded compared to the previous period, while poker cash had a negative variation rate of 7.0%.

Spanish players love bingo as well, so bingo generated €3.8 million, which is 1.2% of the total revenue. On top of that, contests earned about €50,000.

Deposits and marketing activities

Players were willing to spend a lot of money on various online gambling activities, so the total was €1.04 billion when it comes to the money the players deposited in their accounts during the fourth quarter, which marks an increase of 9.4% compared to the same period in 2022.

There were 1,269,585 active accounts every month on average, which is 6.9% more than in 2022. But it seems these revenue figures were pulled by old players, since the number of new accounts created dropped by 2.3%, as the monthly average was 129,207 accounts.

The operators have spent €113.0 million on various marketing activities, which is 5.3% more than in 2022. Promotions took €53.0 million, €45.2 million was spent on advertising, while €14.0 million was spent on affiliates. Sponsorships took €750,000.

In Q4, Spain recorded 78 licensed active operators. A total of 49 were licensed for casino games, 43 for sports betting services, nine of them offered poker, three bingo games, and two contests.

Source: Fletcher, Robert. “Spain: online gambling revenue edges up to €315.3m in Q4”. iGB. February 27, 2024.

The post Gross Gaming Revenue Increases by €315.3m in Spain appeared first on Keno Wizard.

The Arizona Department of Gaming, the organization in charge of regulating the sports betting and gambling industry in the American state, has announced that December 2023 has brought record-breaking sports betting revenue.

The gross revenue for the sports betting industry in Arizona amounted to 66.1 million dollars in December 2023, a figure which represents an increase of 22.1 percent over the 54.4 million that were generated in the same month of 2022. Moreover, the revenue recorded in December 2023 was up 62.4 percent compared to the amount generated in November 2023.

The vast majority of that sum came from online sports betting, 65.2 million dollars, while retail sportsbooks attracted just 625,986 dollars in revenue during the month of December 2023. Limited event wagering operators managed to generate revenue of 240,604 dollars during the month.

Slight Decrease in Total Wagers

Despite the increased revenue, the total betting handle recorded a decrease compared to November 2023, when a new record was set by the Arizona sports betting industry. The total wagers in December 2023 amounted to 693.3 million dollars, over 20 million dollars behind the record set in November 2023, but still 21.1 percent higher compared to December 2022.

The online part of the business was again responsible for most of the action, attracting bets worth 685.1 million dollars in total, while retail sportsbooks got 6.4 million and limited event wagering operators just 1.8 million dollars. The month of December also recorded a total of 17.8 million dollars in free bets and promotional credits awarded to players in Arizona, with almost the entire amount coming from online sports betting operators.

This led to an adjusted gross sports betting revenue for December 2023 of 48.3 million dollars, another record for the Arizona sports betting industry. That figure is 30.3 higher than what was recorded in December 2022 and a whopping 139.4 percent higher than November 2023.

When it comes to tax, the Arizona sports betting industry contributed 4.8 million dollars in December 2023: 4.7 million dollars from online operators, 49,703 dollars from retail sportsbooks and 19,248 dollars from limited event wagering operators.

FanDuel Leading the Race

The most successful online sports betting operator in the state remains FanDuel, which posted adjusted revenue of 23.7 million dollars in December 2023 and total wagers amounting to 236.3 million dollars.

That is quite far ahead DraftKings and Crown Gaming in second place, which generated 13.8 million dollars in adjusted revenue and 228.5 million in total wagers. BetMGM ranked third in December 2023 with adjusted revenue of 6.1 million dollars and a total handle of 82.7 million dollars.

The retail side of the business features just two operators in Arizona, DraftKings and Crown Gaming took top spot with 361,037 dollars in adjusted revenue while FanDuel recorded adjusted revenue of 260,248 dollars.

Source: “Arizona Department of Gaming Releases December Sports Betting Figures“. Arizona Department of Gaming. February 26, 2024.

The post Arizona Sports Betting Industry Gets Record-Breaking Revenue appeared first on Keno Wizard.