North Carolina’s fledgling online sports betting market is off to a robust start, but the prospect of expanding legalized gaming further this year appears increasingly unlikely. Discussions to extend casino gambling in the state have hit a snag, with House Speaker Tim Moore indicating that last year’s legislative deadlock may impede any progress in 2024.

Legislative Stalemate Hinders Casino Expansion

In 2023, efforts to legalize commercial casino gambling, including proposals to install video lottery terminals (VLTs) in various locations such as restaurants and bars, faced significant opposition from members of the Republican party. This opposition has cast a shadow over current discussions about gaming expansion. Moore highlighted that gaming is the primary issue delaying the state’s budget.

“I do think that the conversation last year as it related to casinos has put a shadow over the discussion about updates to the lottery with VLTs and so forth,” Moore told CBS 17.

Moore initially supported Senate President pro tempore Phil Berger’s attempt to add a casino amendment to the state’s 2023-25 budget bill. Berger’s proposal aimed to create gaming licenses for multiple counties and grant casino licenses to The Cordish Companies. Berger argued that these casinos would retain legal gambling revenue within North Carolina, preventing it from flowing into neighboring states like Virginia. Estimates suggested that legalizing VLTs could generate about $1 billion in annual revenue for the state.

Despite public support for casinos, House Republicans were divided, with concerns about the discussions happening behind closed doors without public input. As a result, Moore withdrew his support for the casino bill, and Berger acknowledged in February that he would not pursue casino legislation this year, leaving the decision to the House.

Online Sports Betting Market Thrives

While casino expansion faces obstacles, North Carolina’s new online sports betting market is thriving. Launched in March, the market has seen players place over $1.3 billion in bets. In April, the first full month of operations, operators reported a handle of nearly $650 million, matching the figures from March, with $105 million in gross gaming revenue.

Promotional bets significantly contributed to the market’s early growth. In March, operators distributed over $200 million in bonus bets and promotions, which decreased to below $80 million in April. Overall, the market showed positive month-over-month growth, with sportsbooks generating $105.3 million in gross wagering revenue in April, and netting $171.7 million in revenue since the launch.

Prominent operators like bet365, BetMGM, DraftKings, ESPN Bet, Fanatics Sportsbook and FanDuel are active in the state, each partnered with a professional sports team or venue as required by state regulations. Additionally, Caesars Sportsbook operates through a partnership with the Eastern Band of Cherokee Indians.

Future Outlook

The North Carolina legislative session extends until July, but forward movement on casino expansion seems unlikely. The success of online sports betting highlights the potential for legalized gaming, yet the legislative hurdles suggest that significant changes to the state’s gaming landscape may remain on hold for now.

Source: “North Carolina casino legalization push hits roadblocks”. SBC Americas. May 28, 2024.

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Amidst a rapidly evolving industry, the SBC Summit North America, held from May 7th to 9th, emerged as an essential event for professionals in sports betting and iGaming. Attendees gathered to explore emerging trends, share best practices, and prepare for an exciting future in the industry.

Rasmus Sojmark, CEO and Founder of SBC, expressed his enthusiasm, stating, “We had nearly 5,000 of you join us this year, a substantial increase from the 3,500 delegates we gathered at the Meadowlands last year. I am always happy to feel your support, and it seems that every year, more and more of you realize how much work the entire SBC team puts into the event. Thank you for making this edition special. It was a blast.”

Engaging Conference Program and Notable Speakers

The summit featured an extensive conference program spread across four stages, with contributions from 300 industry leaders, offering attendees abundant learning opportunities. The event provided a platform to identify challenges, discuss solutions, and explore the potential of North American markets for both regional and global companies.

Among the notable speakers were BetMGM CEO Adam Greenblatt, seasoned professionals like Jan Jones Blackhurst, and former football legend Dan Marino. Insightful perspectives were shared by Nevada Congresswoman Dina Titus on taxation and Shawn Fluharty, President of the National Council of Legislators from Gaming States (NCLGS), who advocated for model iGaming legislation. Donna Orender, former President of the Women’s National Basketball Association (WNBA), added to the diversity of topics covered, ensuring a comprehensive discussion.

Stephanie Maxwell, Deputy Director and General Counsel of the Tennessee Sports Wagering Council, highlighted the event’s value, stating, “Being here and having the opportunity to listen to panellists and learn how they’ve addressed specific issues and pain points, it’s been really helpful.”

Kenneth Fuchs, COO of Caesars Digital, added, “The conference is organized in a way that makes it easy to find what interests you and the topics are generally useful regardless of your role in the industry. Everybody can come here and learn something.”

Networking and Inclusivity

Sarah Brennan, Senior Director of Compliance at BetMGM, shared her perspective as a speaker, noting, “One of the unique aspects of SBC is the very personal interaction prior to participating in this event, which allows you to speak on a panel that’s truly relevant to your personal experience in your professional capacity right now.”

The post-event survey for exhibitors and sponsors revealed a very strong Net Promoter Score (NPS), reaffirming SBC’s dedication to providing unique experiences and value to its customers. With 100 brands showcasing as exhibitors and sponsors, there was a notably diverse representation of companies.

Brennan emphasized, “There’s a big focus on inviting different groups; I saw a lot of vendors this year that hadn’t been at SBC previously, and many regulators are here. SBC does a great job of being very inclusive about who is represented, both from the US and across the globe.”

Sam (Shmulik) Segal, Co-Founder and CEO of MediaTroopers, a long-time sponsor but first-time exhibitor, remarked, “We decided to exhibit as this is our most important market and SBC Summit North America is the most important conference of the year. We always conduct a lot of business here; all of our partners are present. This year, we thought it was time to have a stand of our own so that people who don’t know the company can get to know it.”

Diverse Networking Events and Industry Insights

The show floor buzzed with various networking events, from gatherings for women in gaming to those for the tribal community, as well as meet-ups dedicated to responsible gambling. SBC’s objective of fostering diverse representation at the event was evident through the array of attendees.

Maxwell pointed out, “I’m a regulator in Tennessee, and our motivation (for attending this event) is the opportunity to connect with all the different kinds of people we work with – other regulators, vendors, operators.”

“The event has definitely evolved. There are way more people here. A lot more people, new entries, and new faces, and it’s exciting to see that every year honestly,” added Brett Hoffman, Founder of Gator Wagers.

Fuchs agreed, “Everybody that I generally want to catch up with is here, whether it’s across payments, data, innovation, or other operator peers, or people I know from the media, so it’s a nice mix of the industry.”

Segal added, “It seems that this time it’s even more packed than in previous years – we’ve seen everyone we’re working with in North America, everyone. It was amazing for us.”

In typical SBC fashion, the evenings concluded with networking events held at NY hotspots such as Slate NYC, Magic Hour Rooftop Bar & Lounge at Moxy Times Square, and the iconic Red Bull Arena.

Shawn Fluharty, who apart from his function as President of NCLGS, is also the Head of Government Affairs at Play’n GO, a headline sponsor of the party at Slate, commented, “You have companies from all over the world convening here because they know they’re going to shake hands with the people who are important in the industry and make those connections.”

Slot influencer Kelly Koffler was brief but expressive: “My biggest takeaway from the event is that you guys throw one hell of a party!” The Casino Kelly streamer, summarized the essence of the event well. “There’s a lot of value for anyone doing what I’m doing, because iGaming is only becoming more prevalent, so the more we learn, the more we can give to our viewers. They look up to us to be educated, so this is perfect for that.”

Mark Hicks, Managing Director of the NCAA, remarked, “This is the best event to attend throughout the year. Everybody we need to see is here, and the educational sessions are phenomenal.”

Source: “Networking, Learning, and Celebrating Success: Inside SBC Summit North America 2024”. May 14, 2024.

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Bally’s Chicago Casino, housed within the historic Medinah Temple, has made an impressive debut in the city’s bustling River North neighborhood. Despite being in operation for just three weeks, the casino attracted over 80,000 visitors and generated approximately $6.7 million in revenue, according to data released by the Illinois Gaming Board.

Bally’s Chicago Emerges as State’s Second-Busiest Casino

The figures, while promising, place Bally’s Chicago as the second-busiest casino in the state, trailing behind Rivers Casino in Des Plaines, which reported a substantial $41.5 million in revenue for September. However, Bally’s revenue places it in the middle of the pack among the state’s 15 casinos, showcasing a strong potential for growth.

Bally’s Chicago, which opened its doors on September 9, transformed the historic Medinah Temple into a vibrant gambling venue, featuring 800 slot machines, 56 gaming tables, a central bar, two restaurants, and a coffee shop. The casino’s soft launch was marked by a ribbon-cutting ceremony attended by Chicago Mayor Brandon Johnson and other city officials.

Soo Kim, Chairman of the Board of Directors at Bally’s Corporation, expressed optimism about the casino’s future despite the initial challenges faced during the early phase of operation in a statement for The Chicago Tribune. He stated that it was early days and they were still in the phase where they were working out the kinks, acknowledging the “whispered offering” and traffic disruptions downtown as challenges during the casino’s first month.

One of the notable aspects of Bally’s Chicago’s opening was the unexpectedly younger crowd at the table games, indicating a shift in the demographic compared to other Bally’s properties. Soo Kim expressed enthusiasm about the opportunity to introduce gaming to downtown Chicago, aiming to change the perception of the area as a viable location for such entertainment.

Bally’s Chicago Temporary Casino Soars, Promising Lucrative Future Returns

The temporary casino, operational until 2026, aims to generate between $15 million and $25 million in earnings this year, according to projections. In September alone, Bally’s Chicago contributed approximately $868,000 in state taxes and $695,000 in local taxes, with the city expecting nearly $70 million in total revenue from the casino in 2023, including a one-time $40 million upfront payment from Bally’s.

Looking ahead, Bally’s Chicago has ambitious plans for the future. The Rhode Island-based company won a competitive bid last year and intends to build a $1.74 billion permanent casino at the site of Tribune Publishing’s Freedom Center printing plant in River West by 2026. Mayor Brandon Johnson expressed confidence in Bally’s ability to meet its long-term projections, envisioning an annual tax revenue of $50 million from the Medinah location and $200 million per year from the permanent site.

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With his extensive background and proven track record in the gaming and technology sectors, Doroteia can lead Playbook Engineering into a new era of innovation and growth. His passion for improvement and focus on proactive action aligns perfectly with Playbook Engineering’s vision and will be instrumental in its ambition to remain a global iGaming leader.

20 Years in the Industry Gave Doroteia Unparalleled Insight

Doroteia seemingly possesses all the necessary qualities to head a prominent global betting platform provider like Playbook Engineering. With a background in law and over two decades of relative industry experience, the new CEO seems like the perfect fit. His substantial knowledge will be instrumental in realizing his vision of the company’s future, ensuring its products remain at the cutting edge.

Before joining Playbook Engineering, Doroteia worked primarily in the iGaming, lottery, and sports betting industry, excelling at leadership positions in many high-profile companies. His career in the sector kicked off in May 2000 as he became executive director at Sport Lisboa e Benfica, heading the club’s gambling area.

The new CEO’s successes quickly propelled him to new and exciting positions like co-managing director of gambling-focused holding Nacionalconsult and COO of the Global Lottery Corporation, a leading supplier of proprietary gaming solutions. In January 2020, Doroteia landed his first CEO position as head of the B2C iGaming company Betomall, propelling his career to new heights.

Playbook Engineering Seems in Capable Hands

Doroteia’s prior leadership experience should translate very well to his current position. His time as CEO & Co-Founder of iGaming freelance and consulting company Lottus360 bolstered his already impressive industry knowledge, helping him remain in touch with the most pressing needs of operators. This familiarity with current technical and financial challenges will be invaluable in guiding Playbook Engineering’s strategy.

I’m delighted to… impart my knowledge across the company to ensure our product drives change in the industry.

Ivo Doroteia, Playbook Engineering CEO

The new CEO has displayed an active management style, preferring to stay at the front lines and lead by example. March saw Doroteia attend Gaming Insights Brazil, discussing the industry’s most pressing challenges. He was confident that Playbook Engineering possessed the best platform for regulated markets, promising to popularize the company’s offerings and usher innovation.

Doroteia’s appointment marks an exciting new chapter for Playbook Engineering. The new CEO is well-equipped to drive the company’s growth, foster innovation, and strengthen its focus on quality, reliability, and innovation. With his strategic vision and the collective expertise of the Playbook Engineering team, the provider is poised to achieve new milestones and exceed the expectations of its clients and partners.

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Now, though, the project is set to begin construction and to be finally completed by a 2030-set deadline. Osaka governor Hirofumi Yoshimura feels confident that there is nothing that would disrupt this progress or makee it harder for the project to succeed in the future.

Osaka Is Confident in Project’s Success Come What May

Of course, the new deadline for the project’s completion is already a far cry from what was hoped to be the original opening date set for 2025, when the Osaka-Kansai Expo will be taking place.

That time window was of course rendered unrealistic by a number of factors, among which the withdrawal of bidders, the shutdown of the global economy due to COVID-19 and not least, internal rifts and accusations of bribery and influence-peddling in Japan.

Yoshimura is confident that it has all been for the better, as he hailed the cultural significance of the prefecture and the area in general. Speaking to the public and quoted by Yahoo News, the governor said:

Kansai is an area very deep in history. Traditional Japanese culture is something you don’t get in Macau, Singapore, or South Korea. And those unique points are what we will promote from the resort.

Osaka governor Hirofumi Yoshimura

The future project will be built as a partnership between MGM Resorts International, a US casino giant, and Orix Corp, which is the local Japanese partner for the company. The estimated cost of the resort is not quite yet pinpointed but it will run into the neighborhood of $10 billion. The initial cost needed to be invested to start construction on Yumeshima, an artificial island in Osaka Bay, is put at almost $8 billion.

Opportunity for an Economic Boom

Japan has been keen to see this project through as it largely sees it as an economic boon waiting to happen. According to CLSA analyst Jay Defibaugh, the upcoming resort will have a significant impact on tourism and the economy, as similar projects had in places like Singapore.

Of course, not everyone is convinced that would be the case, with all but a few companies pulling completely out of the race and considering other opportunities. MGM Resorts International is pressing on with its own plans, however, and it will be a weathervane for the success of this undertaking. Should it prove successful, however, the race for the second license for an IR will be cut-throat.

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Gaming and Leisure Properties (GLPI) has published its financial results for the first quarter of the year. The company recorded favorable results with metrics increasing across the board.

As reported by GLPI, the total company revenue increased by 12.7% year-on-year to $355 million. Its income from operations, meanwhile, skyrocketed from $199.8 million in Q1 2022 to $266.8 million in Q1 2023.

The company’s total net income for the period was $188.7 million, representing a stellar 55% increase. The company also recorded adjusted EBITDA of $323.1 million, which translates into a 10% YOY rise.

Adjusted Funds from Operations (AFFO) for the period sat at $248.6 million. The company updated its guidance, saying that it expects AFFO of between $984 million and $997 million for the year ending December 31.

The company also said that it paid its first quarter dividend of $0.72 per share to shareholders as well as a profit dividend of $0.25 per share related to the sale of its Tropicana Las Vegas property.

The first quarter of the year was a time of busy activity for the company. In January, the company called for redemption of its $500 million, 5.375% Senior Notes – a move it completed by February 12.

In January, GLPI also completed the $635 million sale-leaseback of Bally’s Tiverton and Hard Rock Hotel & Casino Biloxi from Bally’s Corporation. The two properties were added to the existing master lease with Bally’s. That same month, GLPI completed a new master lease with PENN Entertainment.

CEO Carlino Praised the Results

Peter Carlino, GLPI’s chair and CEO, commented on the Q1 results, praising the value of his team’s long-term strategy to expand and diversify the company portfolio. He also said that the Q1 growth reflects GLPI’s expansion and diversification into a landlord with 6 tenants with 59 properties across 18 states. Eight of these properties, Carlino noted, were added in 2022 and early 2023.

The CEO said that his team hopes to generate record results in 2023 and continue the ongoing expansion and diversification of its portfolio.

Our disciplined capital investment approach, combined with our focus on stable regional gaming markets, supports our confidence that the Company is well positioned to further grow our cash dividend and drive long-term shareholder value.

Peter Carlino, CEO, GLPI

In February, the company published its Q4 2022 results, once again highlighting the durability of its robust rental streams.

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Camelot, the incumbent operator of Britain’s National Lottery, reported record-breaking ID check rates across its shops in the United Kingdom. The company noted that the results attest to its commitment to safer gambling.

As part of its Operation 18 mystery shopper program, Camelot made more than 11,600 retailer visits. The results of this initiative demonstrated that a whopping 92% of retailers did indeed ask customers for ID as proof of age on their first visit.

Camelot called these results “impressive,” especially when considering that the minimum age to participate in the National Lottery was increased from 16 to 18 in 2021.

In addition to its Operation 18 program, Camelot also ran a variety of other Responsible Retailing training initiatives. As an example, the company’s Retail Team contacted National Lottery retailers more than 160,000 times, offering advice on preventing underage gambling and supporting healthy play.

Speaking of healthy play, the company’s Healthy Play mystery shopping initiative saw employees make over 4,000 store visits, educating retailers on the signs of potential gambling harm. Luckily, 94% of the visited shops passed the healthy play knowledge check, highlighting the importance of regular communication.

To top it off, Camelot reported a strong end of the year with 88% of retailers saying that they were content with the level of service Camelot’s dedicated retailer hotline provided.

Alex Green Praised the Results

Alex Green, Camelot’s retail director, commented on the results, thanking all National Lottery retailers for their dedication to prioritizing player safety. He lauded their efforts in complying with the recently changed age of play, saying that the impressive results of the Operation 18 campaign attest to the hard work of both retailers and Camelot’s team.

Green added that age checks are only one form of player protection. However, retailers’ knowledge of underage play and healthy play was equally impressive, as attested by the mystery shopper programs.

About the Program

Camelot’s Operation 18 is a mystery shopping program that fields youthful adults (since using minors would be against the law) who visits shops across the country to check whether retailers would ask them for ID.

If a retailer sells to these mystery customers three times without demanding an ID first, the National Lottery terminal would be suspended and may even get removed. Luckily, the results of the program show that most of the shops across the United Kingdom are committed to following the rules.

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