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.

With the daily development of the iGaming industry, the numbers showing the increase or decrease in profits of a market are constantly changing. Spain is one of the markets that can boast improvement!

Spain’s gross gambling revenue (GGR) experienced substantial growth in the second quarter of the year, rushing by 55.1% year-on-year to reach €312.6 million. This strong performance was driven by substantial gains in sports betting earnings, which more than doubled during the period.

Total income for the quarter outpaced last year’s numbers and was also 2.5% higher than the first quarter, according to data released by Spain’s regulatory body, the Directorate General for the Regulation of Gambling (DGOJ).

Casino and Slot Machine Revenue Surge

Casino games, which are proven to be one of the most popular games, developed the highest GGR in Q2, totaling €149.9 million, marking a 27.9% boost compared to the previous year and a 4.5% rise from Q1. Slots stood out and its income saw a noteworthy growth of 29.9% year-on-year, while live roulette GGR increased by 8.9%.

The sports betting element witnessed the most impressive evolution, with GGR reaching €133.3 million, marking a staggering 118.9% boost from the previous year. Pre-event sports betting GGR also contributed and grew by 1.8% compared to Q2, while live betting GGR increased by 3.5%. Horse racing bets soared by 22.7%, although GGR from other sports bets fell by 15.1%.

Other Gaming Verticals

Poker GGR reached €25.8 million, a 27.6% increase from the previous year, although it was 5.8% lower than the first quarter. Tournament poker GGR was up by 38.1% approximated to Q2 of 2022, and cash poker GGR also saw a 4.9% increase.

However, Bingo GGR contributed and reached €3.5 million, up by 5.5% from the previous year and also 5.5% higher than Q2 this year. Contests GGR amounted to €140,000, a substantial 1,464.9% boost from last year, but it was 41.5% lower than Q2.

Marketing Expense and Player Activity

Player stakes rose by almost 20%, while withdrawals were 3.0% higher than in 2022 but 2.3% lower than in the first quarter. Licensees’ total marketing spend in Spain reached €96.6 million, with promoting spending up by 7.7% from last year, affiliate spending mounting by 56.2%, and sponsorship skyrocketing by 225.2%. However, promotions were down by 1.7%.

The number of active gaming accounts increased by 11.4% from the previous year to 1,134,993, while the monthly norm for new accounts fell by 3.0% to 102,804 users.

The DGOJ also reported that 78 licensees offered some form of gambling during Q2, with 43 presenting sports betting, 50 delivering casinos, nine contributing poker, three presenting bingo, and two offering contests.

Source: ”Spanish gambling revenue up 55.1% year-on-year to €312.6m in Q2”. iGamingBusiness. September 21, 2023.

The post Spain Market Quarter 2 Gambling Revenue Surges 55.1%! appeared first on Keno Wizard.

The latest figures from the New York State Gaming Commission reveal a remarkable $151.9 million in revenue, demonstrating the robust demand for sports betting and the enduring engagement of local bettors. The sector’s substantial momentum indicates a market that still has the potential to grow as operators consolidate their positions and fight the competition despite high tax rates.

Most Metrics Enjoyed Stable Growth

Although May’s revenues failed to reach March’s impressive 162.8 million revenue, last month was still very successful. Even without March Madness, gross gaming revenue (GGR) grew 38% year-over-year to $151.9 million. These results eclipse April’s GGR of 138.8 million, reflecting the seasonal nature of month-to-month comparisons.

Despite the impressive revenue growth, the wagering handle decreased by 12% from April. The $1.35 billion figure still marks a 7% year-on-year growth, but New York’s nine-month billion-dollar streak may soon end as the NBA and NHL seasons end and bettors only have the MLB to bet on. 

Operator-wise, FanDuel remains the undisputed champion in revenue, bringing in $76 million. DraftKings came in second with $48 million, while Caesars ranked a distant third at $14 million. These results paint a polarizing picture as the top two operators dominate the competition. While such stratification is expected, it may cause smaller companies to exit the market, potentially hurting player choice.

The Industry Remains Healthy despite Heavy Taxes

New York’s 51% tax rate means only a portion of operator handle contributes to their revenues. A significant amount goes to various good causes like youth sports and education grants. In May, $6 million of education revenue was distributed to problem gambling treatment and awareness programs, helping to offset the industry’s negative impact on society.

Despite pushback from operators, New York’s steep tax policy is unlikely to change. The state’s substantial population means that operators can still make millions, but many companies are hard-pressed to make a sizeable profit, even reducing their bonuses and promotions. However, New York lawmakers refuse to budge, especially given the industry’s steady growth.

Overall, May’s financial results reveal that operator concerns regarding sustainability remain largely unfounded. The 38% yearly growth indicates an engaged customer base satisfied with existing betting options. Strict responsible gaming measures and substantial funding for safe gambling initiatives are also instrumental in fostering trust among bettors, encouraging them to use legal and regulated platforms.

The post New York Sports Betting Revenue Surges in May appeared first on Keno Wizard.