Updates in Gambling Industry: Nevada Revenue Growth and more
Nevada Gambling Operators Report 11% Revenue Growth in February
The latest results confirm the growth of the gambling sector in Nevada and recognize its contribution to tax revenue. Nevada’s gambling regulator, the Nevada Gaming Control Board (NGCB), released the latest report outlining the results of unlimited gambling licenses last month. The Gambling Supervisory Organization reported that the total gaming winnings in February this year amounted to $1.24 billion. This result is an increase of 11.15% compared to the corresponding period in 2022.
The latest report confirms the continued growth of the gambling sector in the state. In fact, the $1.24 billion result marks the 24th consecutive month that gaming wins have surpassed the $1 billion mark in Nevada. This result also represents the longest period that state revenues have exceeded $1 billion without a break from month to month. Total gaming winnings for the fiscal year also increased. For the fiscal year to February, total winnings amounted to $9.6 billion.
Wynn UAE Casino Gets Contractors
American gaming company Wynn Resorts has announced that they have selected Bauer International and ALEC Engineering to build a new resort in the United Arab Emirates. The decision was made by Wynn along with Marjan and RAK Hospitality Holding who plan to implement the resort in 2027. The resort will be built in the city of Ras Al Khaimah, on the island of Al Maryan, which was artificial. The resort will have a gaming zone, a 1,000-room hotel, a shopping mall, restaurants, spas, meeting rooms, a conference center and lounges.
Regarding the solution, Marjan Chief Executive Engineer Abdullah Abduli said: “In order to meet and exceed the expectations of investors and all of our stakeholders, we teamed up with best-in-class partners to complete the project on time, which is the largest of its kind in the emirate’s growing hospitality sector.
“Well known for their cross-industry capabilities and expertise in the construction of landmark projects, the appointment of ALEC Engineering and Contracting and Bauer International will ensure the timely completion of the integrated Wynn Resort, which should further boost Ras Al Khaimah’s booming tourism. market.”
Nine sports betting licenses have been issued in Puerto Rico
The Puerto Rico Gambling Commission has issued sports betting licenses to nine companies. According to News is my Business, this was recently announced by the executive director of the Commission, Jaime Rivera-Emmanueli. The two licenses issued are for betting companies. The remaining licenses are issued to providers serving operating companies.
One newcomer is the International Fair Betting Association (IBIA), an anti-corruption service provider. Two more companies have been licensed as betting providers: ASF LTD and Sports Content CO. Both specialize in collecting data and statistical information about gaming leagues.
Previously, the Gambling Commission issued regular retail betting licenses to the Del Mar Casino at the La Concha Renaissance Resort and the Metro Casino at the Sheraton Hotel in San Juan. Operator licenses are renewed every year.
Bookmaker Tipico announces partnership with Dayton Dragons
The sports betting operator Tipico Sportsbook has announced a partnership with the Dayton Dragons. The Dayton Dragons Minor League baseball team is an affiliate of the Cincinnati Reds Major League team. As part of the partnership, the Dayton Dragons introduced a new area of the Day Air Ballpark baseball stadium called the Tipico Centerfield Party Deck. Up to 1,000 new Tipico customers will also have the opportunity to receive two free game tickets and a $20 team store e-gift card. Online sports betting was legalized in Ohio on January 1, 2023, breaking commercial gaming records in the US. David Paskes, commercial director of Tipico North America, said: “Baseball has long been a favorite pastime of Americans, and this is especially true of the Dayton Dragons.
We are thrilled to be partnering with one of the most successful teams in Minor League Baseball to build a truly dedicated fan base with the longest sales streak in MiLB history. This is the level of fan loyalty we strive to create in the Ohio region, and we are thrilled to provide Dragons fans with exclusive opportunities to enhance their love of the game.”
Online sports betting revenue up 31% in New York in February 2023
In February 2023, gross online sports betting revenue in the U.S. state of New York reached $108.3 million. This follows from the report of the Gambling Commission.
Revenue is up 31.4% compared to February 2022. At the same time, it turned out to be 27.5% less than the record high of $149.4 million, reached in January of this year.
Online sports betting volume in February 2023 was $1.47 billion, down 3.9% from $1.54 billion in the same month last year, and also down 17.9% from a record $1.79 billion bet by online bookmaker customers in January 2023.
FanDuel continued to lead the online sports betting market with $53.5 million in revenue from $591.0 million. Second place went to DraftKings with $33.5 million in revenue and $491.3 million in betting volume. Caesars Sportsbook rounded out the top three with $8.5 million in revenue and $192.8 million in betting volume.
Recall that until January 8, 2022, the day the online betting market was launched in New York State, sports betting could only be available by personally visiting the bookmakers of four commercial and three tribal casinos: Rivers Sportsbook (Schenectady), FanDuel Sportsbook (Tioga Downs), DraftKings Sportsbook (del Lago Resort Casino), Turning Stone (Syracuse), Point Place (Bridgeport), Yellow Brick Road Casino (Chittenango) and Resorts World Catskills (Monticello).
U.S. online sports betting market expansion is forecast to slow down soon
A report by a leading analyst at Deutsche Bank showed that despite the legalization of betting in many states, external pressure could affect the entire US market and dampen expansion ambitions for leading companies (such as DraftKings). Texas remains the most anticipated market for legalization, but the bill needs sufficient public support first and will take at least a few years.
Georgia and North Carolina face similar challenges. Both states have several unsuccessful sports betting bills. Bills in Missouri and Kentucky enjoy near-unanimous industry support, receiving overwhelming approval in the lower house. However, experts doubt the bill’s approval in the Senate, as political differences could hinder or even derail the bill.
Yes, all stages of approval bills require considerable time, and it is far from certain that they will ultimately be approved by the Senate.
