New York continues to break its online sports betting revenue records month after month, once again publishing unprecedented results in January. According to official data, licensed sportsbooks recorded a total sports betting GGR of $211.5 million.

This figure smashes December’s previous record, attesting to the fact that the New York betting sector is yet to unfold its full potential. For reference, sportsbooks posted revenue of $188.3 million in December 2023.

Sports betting handle, on the other hand, failed to surpass the $2 billion mark just barely as the state’s sportsbooks reported handling a total of $1.96 billion in bets. Despite the slight decrease on December, this figure still represents a significant 11.5% year-on-year increase from January 2023.

While this figure interrupts New York’s $2 billion monthly handle streak, the overall results are still very positive.

FanDuel’s Market Share Exceeded 50%

Taking a look at how The Empire State’s licensed sportsbooks performed, data shows that FanDuel maintained its lead with a handle of $867.1 million. Thanks to that, the betting giant singlehandedly scooped up $109.2 million of the total GGR. This is notably the highest figure ever reported by a single operator in the state.

American betting powerhouse DraftKings came in second, recording a total of $664.8 million bets, which translated into GGR of $71 million. Caesars Sportsbook rounded up the top three with a handle of $198 million and revenue of $13.6 million.

Caesars was followed by BetMGM, which handled $118.8 million, resulting in $10 million in revenue. Rush Street Interactive, meanwhile, recorded a sports betting handle of $50.1 million and a GGR of $3.5 million. PointsBet players, on the other hand, wagered $31.7 million, resulting in revenue of $2.6 million.

Resorts World Bet trailed PointsBet with $6.9 million in bets and $752,478 in revenue. The last two spots were occupied by Bally Bet and Wynn Interactive, which posted $425,689 and $358,497 in revenue, respectively. Bally recorded a handle of $9.4 million while Wynn Interactive handled $8.8 million.

New York Sets Sights on Expanded Gambling Industry

In the meantime, New York continues to fight for the legalization of online casino gaming as Senator Joseph Addabbo introduced a new iGaming bill in the state. Unlike previous proposals, this one would allow the state to also launch online lotteries.

The bill in question just received an amendment and was recommitted to the New York Senate Racing, Gaming and Wagering Committee.

In other New York-related news, it seems that the Downstate casino licensing will be delayed further.

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The New Jersey Division of Gaming Enforcement has published the December 2023 total gaming revenue results. According to the regulator, the state’s gambling operators reported year-to-date revenue of almost $5.8 billion.

Segment by segment, New Jersey’s nine casino hotel properties earned $232.4 million for December 2023. This, according to the authority, reflects a year-on-year increase of 7.8%. In the meantime, year-to-date casino win for New Jersey’s nine casinos stood at $2.85 billion, reflecting growth of 2.2% compared to $2.79 billion for the prior year-to-date period.

Revenue from the online casino segment also increased. In December, The Garden State’s casinos and their online partners reported an internet gaming win of $180.3 million. This figure represents a 19.1% year-on-year growth, exceeding December 2022’s results by almost $30 million. For the year-to-date period, internet gaming win stood at $1.92 billion. This reflects a stellar year-on-year increase of 15.7%. For reference, New Jersey’s operators reported an internet gaming win of $1.66 billion for the prior year-to-date period.

The most significant revenue increase, however, was recorded by the sports betting segment. The vertical recorded revenue of $109.4 million for December 2023, reflecting a 24.8% increase compared to the $87.7 million posted in December 2022. In the meantime, the year-to-date period demonstrates an increase of 31.9% year-on-year to $1.01 billion. For comparison, the state’s sportsbooks recorded revenue of $763 million in the prior year-to-date period.

All Verticals Experienced Some Growth

New Jersey’s casinos, racetracks and their partners reported $522.2 million in total gaming revenue for December 2023. This figure translates to an increase of 14.8% from the $454.8 million reported in December 2022.

As mentioned, the year-to-date total gaming revenue in the state stood at $5.78 billion. This figure, representing the results of The Garden State’s casinos, racetracks and their partners, reflects an increase of 10.9% from the $5.21 billion reported in the prior year-to-date period.

New Jersey Casino Workers Continue to Fight for a Healthier Workplace

In the meantime, New Jersey’s casino workers continue their fight for a smoke-free work environment. As the state heads into 2024, proponents of a smoking ban hope to finally make a breakthrough and fix the loophole that exempts casinos from the Smoke-Free Air Act.

To that end, Senator Joe Vitale, a firm supporter of such a measure, introduced Senate Bill 1493. The bill is backed by 18 out of 40 senators.

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Two prominent casinos in Connecticut, Foxwoods Resort Casino and Mohegan Sun, reported a dip in net revenues for the fiscal year ending September 30, 2023. 

Foxwoods Resort Casino Navigates Challenges in the Era of Online Gaming

Beyond the immediate revenue statistics, both Foxwoods and Mohegan Sun have been navigating the online gaming landscape in Connecticut. In their first full year of legal iGaming operations in the state, both brick-and-mortar casinos reported declines in play. 

Foxwoods Resort Casino, owned by the Mashantucket Pequot tribe, disclosed a net revenue of $636.8 million. Although a modest decrease of 0.5% from the previous year’s $640.2 million, the casino’s annual report revealed a 1.2% decline in gaming revenues. However, non-gaming revenues experienced a 2.4% increase, attributed to a rise in food and beverage sales.

Gaming accounted for 74.5% of Foxwoods’ gross revenue in fiscal 2023, down from 75.5% in the previous year. The casino’s payroll costs rose by $5.6 million, reflecting the addition of around 100 full-time equivalent employees. Foxwoods, which employed approximately 3,248 full- and part-time staff as of September 30, 2023, reported a substantial amount of indebtedness totaling $2.15 billion by the end of the fiscal year.

Mohegan Sun Adapts to Fiscal Challenges and Revenue Declines

On the other side, Mohegan Sun, in its annual report, disclosed a net revenue of $920.2 million, marking a 2.1% decrease from the previous year’s $940.3 million. The decrease was primarily attributed to declining gaming revenue from slot machines and table games. However, this decline was partially offset by higher revenues from food and beverage as well as entertainment.

Mohegan, which owns and manages several properties across the United States, Canada, and South Korea, reported a company-wide revenue of $1.67 billion in fiscal 2023, reflecting a 5.1% increase over the previous year’s $1.59 billion. Mohegan Sun contributed approximately 55% to the company’s total revenues.

According to Mohegan Tribal Gaming Authority‘s Q4 fiscal results, ending September 30, 2023, Mohegan Sun faced a challenging situation, experiencing a 5% decline in net revenue to $224 million, and witnessing a substantial drop in Adjusted EBITDA, plummeting 134% to $56 million.

At the same time, Mohegan proudly announced its inclusion in Newsweek’s America’s Greatest Workplaces for Diversity list for 2024, emphasizing its commitment to fostering a diverse and inclusive culture. 

The casino and hospitality giant views diversity as a critical component of business success and attributes its recognition to genuine respect for individuals from different backgrounds. 

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Global operator bet365 has published its annual report, highlighting a significant year-on-year increase in revenue. However, this favorable metric was offset by a substantial increase in operating loss.

Bet365’s report covers the 52 weeks ended March 26, 2023, and highlights a total gaming and betting revenue of £3.39 billion ($4.32 billion, current rates). This represents a year-on-year increase of 19% from the £2.87 billion recorded during the prior-year period.

In the meantime, the company reported gross profit of £2.87 billion ($3.66 billion), representing a noticeable increase from the $2.37 billion recorded in the 52 weeks ended March 27, 2022. However, the company’s administrative expenses increased dramatically in FY 22/23 to £2.89 billion ($3.69 billion). For reference, this metric stood at £2.36 billion in the prior-year period.

Overall, bet365 reported an operating loss of £24 million ($30 million) for the period, down from a profit of £15 million in FY 21/22. Fair value losses on investments stood at a staggering £62 million ($79 million), down from a profit of £28 million in the prior-year period.

The company’s loss before taxation was £60.19 million ($76.8 million). The company’s total loss for the financial period, meanwhile, reached £69.41 million ($88.5 million). For reference, bet365 recorded a profit of £33 million last year.

After all considerations, bet365’s total comprehensive expense for the 52-week period ended March 26, 2023, was £61.23 million ($78.1 million).

Denise Coates Secures a Solid Paycheck

The company’s precarious position, however, did not prevent the company’s chief executive officer, Denise Coates, from getting an annual salary of £270.7 million. Around £50 million of this total sum came from dividends, cementing bet365’s leader as one of the most well-paid executives for the year.

In the meantime, bet365 continues to pursue global expansion. The company is currently lined up for a license in North Carolina as it continues to seek global expansion. In November, the operator also secured its position as the US Darts Masters’ title sponsor, solidifying its presence in professional sports.

Elsewhere, the Australian Communications and Media Authority recently issued warnings to a number of betting companies, bet365 included, over violations of the country’s in-play betting rules.

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Gaming Innovation Group (GiG) has posted its Q2 financials, reporting all-time high revenues. The company is optimistic about the future and will do its best to maintain its momentum into H2.

As reported by the company, GiG achieved all-time high quarterly revenues at $33.9 million (all figures have been converted to USD). This represents a stellar 40% year-on-year increase, the iGaming and sportsbook solutions provider said.

Adjusted EBITDA for the period was $15.27 million, marking a 68% YOY increase. Adjusted EBITDA margin, meanwhile, increased to 45%, approaching GiG’s goal of 50%.

The GiG Media arm, meanwhile, reported all-time high revenues at $23.7 million with an adjusted EBITDA of $11.2 million. The Platform & Sportsbook division, on the other hand, reported revenues of $10.1 million with an adjusted EBITDA of $4 million.

Additionally, GiG said that profit before tax was $7.2 million, representing a spectacular YOY increase of 197%. Positive cash flow from operations, however, experienced a slight drop from $10.4 million in Q2 2022 to $9.9 million in Q3 2022.

GiG also reported earnings per share of $0.055.

Q2 Was a Productive Period for the Company

GiG also shared a few quarterly highlights concerning the favorable performances of GiG Media and Ask Gamblers.

In Q2, GiG struck a final agreement with Palasino and secured licenses in Pennsylvania, Maryland and Sweden for its Platform & Sportsbook business.

The quarter was especially productive for the supplier, which launched and completed the migration of all GiG legacy Sportsbook clients to Sportnco. Moreover, the company managed to launch two new brands and sign three new Platform & Sportsbook agreements.

As a result of its efforts, GiG secured the Full-service Platform Provider and Multi-channel Supplier of the Year award at the 2023 EGR B2B Awards.

Following the conclusion of the quarter, GiG signed one new deal and three heads of terms for Platform & Sportsbook. At the beginning of Q3, GiG also launched five additional brands and entered new markets. The number of brands powered by the operator is currently 65.

Richard Brown, Gaming Innovation Group’s chief executive officer, called Q2 “another step forward for GiG,” praising the results. He said that his company is excited to continue its growth in Q3.

We now look into the second half of the year with total focus on ensuring strong growth mechanics, continued operational improvement and long-term scalability for GiG.

Richard Brown, CEO, GiG

Meanwhile, GiG just named Richard Carter as CEO of the Platform and Sportsbook division.

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Q2’s impressive growth follows a significant restructuring effort Allied Gaming & Entertainment undertook last year, which aimed to realign its operations and strategic focus for improved financial performance. The company has managed to leverage its newfound financial stability to deliver sustainable financial performance and create a stable foundation for further growth in new and existing markets.

Net Loss Decreased Significantly

Allied’s Q2 revenue recorded groundbreaking growth, rising 182.3% year-on-year to $3.3 million. The company’s multiplatform content operations contributed most to the company’s bottom line, reporting quarterly revenues of $2.0 million. Land-based revenue marked a significantly lower 18.2% increase but remained healthy at $1.1 million.

A lack of foreign currency translation adjustments and a 2.1% decrease in operating costs contributed to a Q2 pre-tax loss of just $691,218, down from $3.8 million for the same period in 2022. Adjusted EBITDA grew accordingly, improving from a loss of $2.7 million in Q2 2022 to a $1.1 million loss.

Q2’s impressive results also contributed to a significantly bolstered first half. Revenue for the first six months reached $4.5 million for a 25% year-on-year increase. With operating costs down 22.0% compared to H1 2022, Allied sits at a net loss of $2.6 million– a significant improvement compared to last year’s $7.5 million loss.

New Initiatives Will Bring Additional Revenue

Q2 2023 marked the second full quarter since Allied Gaming & Entertainment completed its restructuring initiative. The process involved a comprehensive overhaul of the company’s operations, positions, and strategies. Allied aimed to optimize operational efficiency, streamline processes, and enhance the overall customer experience across the company’s offerings in the esports and poker sectors.

These encouraging results indicate a positive trajectory for Allied’s prospects and a hopeful return to profitability. The company founded two new subsidiaries, Allied Mobile Entertainment (AME) and Allied Experiential Entertainment (AEE). These will focus on developing the mobile games market and exploring experiential entertainment venue operations, creating new revenue streams.

We expect that AME and AEE will enable us to break into new markets, creating additional revenue streams and enhancing our financial performance within the next 12 months.

Allied Gaming & Entertainment president and CEO Yinghua Chen 

Although Allied is yet to reach profitability, its recent efforts mark a significant milestone in its recovery efforts. As the company continues to leverage the momentum generated by its restructuring efforts, it is well-poised to capitalize on the continued growth and evolution of the gaming and entertainment industry and achieve sustainable success in a dynamic and ever-changing market landscape.

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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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The past few years have seen Sweden’s gambling industry undergo significant changes, motivated by the government’s commitment to enduring player protection and responsible gambling practices. Despite gambling revenue leveling out, operators in the country can still bring in substantial profits and contribute to a sustainable and socially responsible gambling landscape.

The Industry Has Reached an Equilibrium

In the first quarter of 2023, Swedish-regulated gaming operators recorded revenues of SEK6.6 billion ($609.3 million). These statistics are available via Spelinspektionen, the country’s gaming authority. The regulator uses this data to gauge the trends in the industry, contributing to its informed decisions on potential policy changes.

Q1 revenue was nearly identical to 2022’s results for the same period, though the overall figure fell compared to the last three months. While state lottery and slot games experienced limited growth, reaching SEK 1.4 billion ($129 million), it was not enough to offset losses in other verticals. 

Commercial online gambling and betting, which accounts for most industry revenue, dropped 1% compared to Q1 2022, settling at SEK 4.2 billion ($387.2 million). The third significant sector of games for public purposes also slumped 6%, generating SEK 812 million ($74.8 million), while community games and bingo recorded a modest SEK 38 million ($3.5 million).

Strict Regulations Ensure Sustainable Business Practices

While all operators hope for endless growth, market realities dictate that revenues eventually stabilize. The gradual stabilization of Sweden’s gaming industry reflects the market’s long-term sustainability and is a testament to the regulator’s successful efforts. The country remains an attractive jurisdiction for operators and suppliers, fostering a fair and transparent environment.

Sweden’s approach to gambling regulation involves close collaboration with licensed companies within the industry, enabling a swift response to emerging challenges and fostering a culture of continuous improvement. Spelinspektionen continuously implements new player protection measures, prioritizing their well-being above all else. While such an approach can impact operators’ short-term profits, it fosters a sustainable, people-focused market.

By prioritizing the well-being of its citizens over financial gains and rigorously enforcing its regulations, Sweden sets an example for other jurisdictions. Gambling revenue leveling out means the market has reached an equilibrium as operators focus on attracting players with quality offerings and superior experiences rather than resorting to potentially harmful practices.

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A few days ago, the 149th Kentucky Derby ended, crowning Mage as the winner. The horse covered the mile and a quarter in 2:01.57, to the surprise of bettors who believed that either Angel of Empire or Forte will be the winner.

Mage’s upset of the Kentucky Derby favorites was a major development that ended with Angel of Empire finishing third and Forte falling farther behind. In addition, Mage’s spectacular win marked the first victory for its rider, Javier Castellano, and made its trainer, Gustavo Delgado, proud.

In the wake of this amazing race, Churchill Downs, the company hosting the Kentucky Derby, updates its EBITDA expectations for the event. As reported by Gambling Insider, Bill Carstanjen, chief executive officer of the company, said that his team expects Kentucky Derby Week’s adjusted EBITDA to dramatically increase.

We expect the Kentucky Derby Week adjusted EBITDA to reflect a new record with $14 to $16m of growth over the prior record set last year.

Bill Carstanjen, CEO, Churchill Downs

The CEO added that Churchill Downs will now focus on a year-long celebration and preparation for the jubilee 150th edition of the Kentucky Derby scheduled for May 2024.

This Year’s Race Was the Most Successful Yet

This year’s edition of the Kentucky Derby saw metrics skyrocket across the board. The Kentucky Derby Day program, for example, reached $288.7 million, which is the highest recorded number yet. Meanwhile, Mage’s race, in particular, beat its 2022 counterpart, with the Kentucky Derby Day Program recording $188.7 million.

In total, the program earned $412 million during the entire Kentucky Derby Week, far surpassing last year’s results of $391.8 million.

TwinSpires, meanwhile, reported a record-breaking handle of $73.6 million, surpassing last year’s result of $67.4 million. The Kentucky Derby race was singlehandedly responsible for $47 million of the total handle. For comparison, the gambling brand reported a sports betting handle of $44 million during the 2022 race.

Saturday’s race surpassed the 2022 results in terms of attendance as well. According to official data, a total of 150,335 people visited the iconic racetrack to attend the race. This is a slight increase from the 147,294 guests the signature twin spires attracted in 2022.

Luckily, the Kentucky Derby Day race went without significant problems, despite the recent concerns about the safety of the sport and the horses involved. However, there were protesters voicing their concerns with the greyhound races Churchill Downs is involved in.

In other news, Churchill Downs recently posted a record-breaking Q1 2023 revenue, defying market expectations.

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Veikkaus Oy’s 2022 profits remained roughly in line with last year. Fennica Gaming, the group’s first subsidiary, showed promising results and should soon significantly contribute to the group’s market presence. Despite optimistic remarks from board members, rising political pressures may soon disrupt Veikkaus’ undisputed reign over the Swedish market.

Financials Remained Stable across the Board

The group’s overall performance for the 12-month period ending 31 December is roughly in line with 2021. Revenues reached €1,07 billion ($1,14 billion), a 3% drop compared to last year. Operating income and financial profit also saw little change, remaining respectively at €680.3 million (7$24.97 million) and €680.0 million ($724.67 million). 

Brick-and-mortar venues accounted for 49.7% of gross gaming revenue, while the agency’s iGaming offerings edged ahead, contributing 50.3%. Lotteries continue to be the cornerstone of Veikkaus’ business model, netting €600.0 million ($639.52 million) in revenue. Land-based casinos generated a respectable € 346.7 million ($369.55 million), but betting revenues dropped by 16.9% year-on-year to €123.8 million ($131.97 million).

Expenses also remained relatively stable despite rising inflation. The monopoly paid significantly lower lottery taxes at €36.3 million ($38.75 million) for a 39.8% drop. However, the 3.3% rise in material and service costs of €132.5 million ($141.51 million) balanced the net sum. As a state-owned entity, Veikkaus’ total net income of €671.0 million ($716.4 million) will go toward government initiatives and projects.

Foreign Operators Continue to Siphon Profits

According to Veikkaus’s most recent press release, the ongoing stagnation primarily resulted from several unfavorable factors. CFO Regina Sippel explained that consumer activity still lagged behind pre-pandemic levels despite the group’s venues operating at capacity. She noted that 2021’s manual limits for slot machines, the war in Ukraine, and a challenging economic climate exerted significant pressure on potential gamblers.

The… increase in consumer uncertainty and reduced purchasing power have… affected demand for Veikkaus games.

Regina Sippel, Veikkaus CFO

Veikkaus’ status as a state-owned entity means it remains fully committed to fostering a responsible gaming environment. In 2023, the company plans to introduce compulsory authentication for ticket-based games, covering most of the company’s offerings. However, foreign operators continue to undermine the monopoly’s online market share. They function outside the country’s player protection regulations, putting an increasing number of players at harm.

While revenues remained stable, Veikkaus is facing trouble on the political front. Politicians are becoming increasingly weary of foreign operators siphoning profits overseas while causing harm within the country’s borders. Three leading parties have expressed a desire to end Veikkaus’s monopoly and introduce a licensing system similar to Sweden’s. With plans to transition by 2025, the agency’s competition-free days may soon meet their end.

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