Land-based casino – Page 3 – FairOdds Network

December 17, 2024

Another new igaming revenue record for New Jersey in November

New Jersey set a new igaming revenue record for the fourth straight month in November, as all licensed verticals grew year-on-year.

Overall gambling revenue for the month hit $556.9 million (£438.6 million/€530.1 million), the New Jersey Division of Gaming Enforcement (DHE) reports. This is comfortably clear of $482.4 million last year and 11.4% above $499.8 million this October.

Sports betting and igaming were the standout performers in the New Jersey gambling market in November, with both verticals reporting double-digit growth. Land-based casino revenue in New Jersey was also up year-on-year.

After slipping behind online casino’s contribution in recent months, land-based was once again the main contributor to revenue in the month.

Land-based casinos make a comeback

Despite another record month of igaming revenue, the segment slipped back behind land-based casinos in terms of the area that generated the most gambling revenue in New Jersey.

Revenue from land-based casinos in No..

December 13, 2024

Ex-casino exec Sibella to have Nevada gaming licence revoked

The Nevada Gaming Control Board (NGCB) today (13 December) announced a tentative agreement with former MGM Grand and Resorts World executive Scott Sibella, who in January pleaded guilty to failing to file a suspicious activity report while at the MGM Grand.

Sibella is so far the only person involved in a far-reaching illegal sports betting ring to be sentenced.

Wayne Nix, whom Sibella extended credit to despite having knowledge that he ran an illegal book, Mathew Bowyer, who had up to 700 customers playing at his illegal book, and Ippei Mizuhara, the Japanese language interpreter who stole $17 million (£13.4 million/€16.1 million) from baseball superstar Shohei Ohtani to gamble, all await sentencing. The cases are playing out in US District Court in Southern California. All three defendants pleaded guilty and face varying amounts of prison time and fines.

Nix’s sentencing is set for 26 March 2025, Bowyer’s sentencing is set for 7 February 2025 and Mizuhara’s sentencing is schedule..

December 4, 2024

Las Vegas Strip revenue slides 3% in October for fourth straight YoY decline

October gambling revenue figures released today (4 December) by the Nevada Gaming Control Board (NGCB) showed that the state brought in $1.28 billion (£1 billion/€1.2 billion) in gross gaming revenue (GGR) for the month, a year-over-year decline of just over 2%.

Figures for the Las Vegas Strip were the highlight of the report, but not for good reasons. The Strip’s October GGR total of $692 million was a 3% drop year-over-year. That’s the fourth consecutive month of year-over-year declines for America’s gaming capital, which had its best year ever in 2023. For the fiscal year-to-date, the Strip is down more than 6%.

Strip slot revenue ($428.3 million) was up 5.5%, but table games (-14.5%) were tricky again in October. Baccarat revenue, which has become a boom-or-bust category that spurred records last year, plummeted 23.4% to $68.7 million. The Strip is down 33% on the game in the last three months.

Downtown Las Vegas had the worst month of all the southern Nevada markets. Its GGR..

December 2, 2024

Miriam Adelson more than quadruples 2022 Texas gambling contributions

The Adelson family, now majority owners of the Dallas Mavericks, have heavily backed gambling legislation in Texas over the last several sessions. But despite all the dollars put in, Texas politicians have not meaningfully considered the issue.

The Texas legislature meets only in odd-numbered years. During the 2023 session, the house approved a bill that would have allowed for statewide mobile betting controlled by the state’s professional sports teams and other sports entities, with the tax rate set at 10%. A destination resorts bill that included casinos was withdrawn from the house floor without a vote. Besides that, Texas’ lieutenant governor, Dan Patrick, said at that time he wouldn’t call for a vote on legal wagering.

He tweeted, “I’ve said repeatedly there is little to no support for expanding gaming from senate GOP. I polled members this week. Nothing changed. The senate must focus on issues voters expect us to pass. We don’t waste time on bills without overwhelming GOP sup..

November 21, 2024

Massachusetts sets $748.1 million sports betting handle record in October

Consumers in Massachusetts spent $748.1 million (£591.9 million/€710.8 million) betting on sports during October, a new monthly handle record for the Bay state.

The October figure surpasses the exiting record of $678.7 million, which was just set in September, by 10.2%. It is also 30.8% ahead of $571.8 million last year, according to the Massachusetts Gaming Commission.

Players wagered $735.0 million betting online and $13.1 million at retail sportsbooks across the state.

In terms of taxable revenue, operators generated $48.3 million in total for October. This falls 20.3% short of $60.6 million last year and lags 35.9% behind September’s record $75.4 million haul.

Online betting was responsible for almost all revenue, with retail contributing just $5,286 in October. As for hold, the state-wide figure for the month stood at 6.46%. Tax-wise, Massachusetts collected $9.7 million from sports betting, almost all of which related to online wagering.

Can anyone stop DraftKings in Massach..

November 21, 2024

Strong igaming lifts Pennsylvania gambling revenue in October

Gambling revenue in Pennsylvania increased 2.8% year-on-year in October to $496.6 million (£392.6 million/€471.6 million) driven by near-record figures from the Keystone state’s igaming market.

Total revenue for October was ahead of $483.0 million during the same month last year. However, data from the Pennsylvania Gaming Control Board shows a 1.8% drop from $505.9m million in September.

Igaming revenue hits $189.1 million in October

Igaming was undoubtedly the leading segment in October, with revenue up 22.1% year-on-year to $189.1 million. This was just 1.1% shy of March’s $191.1 million monthly record.

Breaking down this market, online slots generated $140.9 million in gross revenue, up 28.3% from last year. Internet table games revenue also increased 7.8% to $45.9 million, although online poker revenue slipped 5.9% to $2.2 million.

Hollywood Casino at Penn National Race Course continues to lead the igaming market. For October it took $69.5 million in revenue, up 11.6% from las..

November 20, 2024

Michigan sets $220.7 million gross igaming revenue record in October

Igaming revenue in Michigan reached a record $220.7 million (£174.1 million/€209.0 million) in October, although the Great Lakes state reported a decline within its online sports betting market.

Gross internet gaming and sports betting receipts from commercial and tribal operators in Michigan hit $253.7 million in October. This comfortably surpasses $205.3 million from last year by 23.6% but falls 2.8% short of $261.0 million in September this year.

Total market adjusted gross receipts, which account for promotional spending, hit $208.5 million, according to Michigan Gaming Control Board (MGCB) figures. This beat last year by 24.3% but missed September’s total by 0.7%.

Michigan igaming market hits new heights

The stand-out highlight for October was record igaming revenue, surpassing the existing all-time high of $215.5m in March this year by 2.4%. Gross igaming receipts were also 37.7% higher than last year and 8.9% above September.

Adjusted gross receipts from igaming were 37.7% ..

November 19, 2024

New Jersey igaming revenue record tumbles again in October

New Jersey reported a 2.6% year-on-year increase in gambling revenue during October, driven by another record breaking month for igaming.

Meanwhile, the Garden State’s sportsbook operators showed evidence of player-friendly NFL results hitting performance. Major operators have flagged this as a risk to fourth quarter revenue in their Q3 results.

Total gaming revenue in New Jersey across all channels and verticals was $499.8 million (£394.4 million/€472.5 million) in October. This exceeds last year’s $487.1 million monthly total but falls 10.5% short of $558.3 million in September this year.

Licensees paid $55.0 million in taxes for the month, with internet gaming again the main driver. It contributed $31.9 million to that total from a 15% gross revenue levy. Brick-and-mortar casinos (taxed at 8% of GGR) added a further $13.0 million, with $9.9 million and $194,771 coming from online (13% tax) and retail sports betting (8.5%) respectively.

Igaming revenue surpasses land-based casin..

November 15, 2024

State of the Union: New Jersey to ban college props? Polymarket under fire and more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

New Jersey bill would ban college-player props

Yesterday (14 November) New Jersey’s house tourism, gaming and the arts committee moved forward a bill that would ban betting college-player prop bets. The bill is likely in response to the NCAA’s campaign to get all US states to ban such bets.

But wagering operators have long argued that banning any kind of bet will only send bettors to the black market. That will take money away from companies and states. And it also puts consumers at risk.

“Player propositions are available on illegal and offshore sportsbooks and removing customers’ ability to place legal wagers will deter bettors from moving to the regulated market,” American Gaming Association SVP of strategic communications Joe Maloney told iGB in May.

Thirteen US states ban betting on college-player p..

November 15, 2024

Philippines gambling revenue up 37.5% in Q3 on online growth

Gross gambling revenue in the Philippines increased 37.5% year-on-year in Q3 after a near-five-fold uptick within the online sector offset declines across the land-based market.

Data published yesterday (14 November) by the Philippines Amusement and Gaming Corporation (Pagcor) shows revenue hit PHP94.61 billion (£1.27 billion/€1.53 billion/$1.61 billion) during Q3. This is clear of the PHP68.79 billion reported last year and 2.7% higher than Q2 this year.

The stand-out result in Q3 was the PHP35.71 billion generated from electronic (or online) gaming, a rise of 465.0%. The Philippines electronic gaming market covers activities such as online casino, sports betting, bingo and specialty games.

Pagcor chairman and CEO Alejandro Tengco talked up the “phenomenal” increase. He said he expects the sector to continue to grow and reach its end-of-year PHP100 billion revenue target in 2024.

“This impressive performance is a strong indication that the use of modern technology and mobile gadge..

November 14, 2024

Q3 online growth fails to offset continued land-based decline in Sweden

Gambling revenue in Sweden hit SEK6.66 billion (£477 million/€574 million/$605 million) in Q3, with growth in the igaming segment failing to offset declines in land-based.

Revenue was 1.3% behind the SEK6.74 billion recorded during Q3 of 2023, Sweden regulator Spelinspektionen reports.

The figure also falls 3.4% short of SEK6.89 billion in Q2 of this year. On top of this, Q3 revenue was the lowest quarterly total since SEK6.58 billion was reported in Sweden in Q1 2023.

Commercial online gambling remains the primary source of gambling revenue in the country by some distance. During Q3, SEK4.33 billion of revenue was reported for this segment, a year-on-year increase of 1.5%. This includes internet-based casino and sports betting activity.

Land-based declines hit Sweden in Q3

However, declines were reported across almost all other sectors of the market. Revenue was down in many core land-based segments, with Svenska Spel’s Casino Cosmopol hit with a 76.5% revenue decline to SEK31 mi..

November 6, 2024

Brazil senate president still expects betting CPI creation despite delays, weeks before legal market launch

Senate president Rodrigo Pacheco still expects a parliamentary inquiry commission (CPI) on betting in Brazil to be established despite ongoing delays, with the legal market just weeks away.

On 8 October, Senator Soraya Thronicke requested the creation of a CPI into betting in Brazil, with the aim of investigating the “growing influence of online virtual gambling games on the budget of Brazilian families”.

The request surpassed the 27 signatures needed, with the commission having 130 days after its establishment to carry out its work. It will have 11 full members and seven substitutes.

The CPI was expected to be installed on 25 October. However, its creation was delayed due uncertainty over which senators would work on the inquiry.

Pacheco maintains the momentum for the establishment of the CPI on betting hasn’t been lost. Its creation is vital, he said, with the legal betting market set to launch in Brazil on 1 January 2025.

“It [the CPI] needs to be installed now and made to work..

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Tag: Land-based casino