Gambling in the USA
Banks Promised $7 Billion for Eldorado to Acquire Caesars. Then the Coronavirus Hit
Banks that agreed to provide over $7 billion loan to Eldorado for the acquisition of Caesars now face an uphill battle to offload the debt to investors as fears over the coronavirus outbreak wreak havoc across the travel and leisure industry.
JPMorgan Chase & Co., Credit Suisse Group AG and Macquarie Group Ltd. agreed to the financing last June. Now, with the takeover expected to close as soon as next month, the underwriters are confronting a tight window to sell bond and loan buyers on the idea of lending to a highly leveraged gaming company just as Americans cancel their vacations, casinos empty out and the conference scene grinds to a halt.
“The best comparison might be 9/11, when people were scared to fly. Now people may be scared not only to travel but also to be in a casino with thousands of people,” Gene Neavin, senior investment analyst and portfolio manager at Federated Hermes, said.
To help justify the transaction, Eldorado is banking on about $500 million of cost savings for the combined company, a number that some analysts view as optimistic. The takeover will boost the company’s debt relative to a key measure of earnings to over seven times, according to credit-rating firms, possibly leading to a downgrade.
That funding– comprising about $2.4 billion of loans to Caesars and $4.8 billion of bonds and loans for Eldorado– is the largest and riskiest to potentially emerge since financial markets began their tailspin last month.
Beyond the broader concerns over global growth that have hamstrung the junk-bond and leveraged loan markets in recent weeks, the travel and leisure sector has been hit especially hard as flying restrictions and fear of contagion prompt people to cancel business trips and delay vacations.
Eldorado Chief Executive Officer Tom Reeg called on investors to stick with the company during an earnings call on Feb. 26, arguing that the deal faces “zero risk” on the financing side.
“We feel very good about the execution that we’ll get in the credit markets. This deal is closing. It’s closing soon,” Reeg said.
eInstants
Kansas Lottery Partners with IWG to Expand iLottery with Retail-Inspired eInstants
Kansas Lottery has officially selected Instant Win Gaming (IWG) as its primary partner for eInstant game content, marking a major expansion of the state’s digital lottery program. The agreement, announced on January 8, 2026, will see IWG supply its full portfolio of digital “scratch” games to Kansas players, building on the lottery’s successful iLottery launch in February 2025.
Strategic Milestone for Kansas iLottery
Kansas becomes the 33rd NASPL/WLA member lottery and the 9th in the U.S. to adopt IWG’s digital content. The partnership focuses on “digital transformation”—taking the mechanics players love from physical retail scratchers and reimagining them for the mobile screen.
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Retail Synergy: IWG will develop games specifically inspired by Kansas’ top-performing retail tickets, ensuring familiarity for long-time players.
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Constant Refresh: Using IWG’s InstantRGS (Remote Game Server), the Kansas Lottery will maintain a consistent roadmap of new titles to keep the digital lobby fresh.
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Rapid Onboarding: IWG’s server is already integrated with the Pollard Catalyst
platform, which powers the Kansas iLottery system, allowing for a seamless technical rollout.
The “Catalyst” for Growth
The Kansas Lottery’s iLottery program originally went live on February 13, 2025, achieving the record for the fastest full-featured implementation in U.S. history (just 10 months from scoping). By tapping IWG, the Lottery is shifting from its “Loyalty-First” phase into a high-growth “Content-First” phase.
“Their experience transforming retail scratch styles into successful digital formats made this partnership an easy decision,” said Stephen Durrell, Executive Director of the Kansas Lottery. “We’re excited for Kansas players to experience the depth and quality of IWG’s portfolio.”
Market Impact and Roadmap
| Feature | Details |
| Partner | Instant Win Gaming (IWG) |
| Integration | Pollard Catalyst Cloud-Native Platform |
| Target Audience | 235,000+ “PlayOn” Loyalty Members |
| Game Strategy | Retail-to-Digital “Scratcher” Mechanics |
| U.S. Context | 9th U.S. State to deploy IWG eInstants |
Jason Lisiecki, Executive Vice President at IWG, noted that the Kansas strategy aligns perfectly with IWG’s leadership in the North American space, focusing on scaling engagement through high-performing, proven mechanics.
The post Kansas Lottery Partners with IWG to Expand iLottery with Retail-Inspired eInstants appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
eInstants
Kansas Lottery Taps IWG to Deliver Retail-Inspired eInstants for Growing iLottery Program
platform, an effort completed in just a few weeks thanks to Catalyst’s modern, cloud-native architecture and the strong collaboration between both teams. This existing integration ensures a smooth, low-friction technical onboarding for the Kansas Lottery.The post Kansas Lottery Taps IWG to Deliver Retail-Inspired eInstants for Growing iLottery Program appeared first on Americas iGaming & Sports Betting News.
Arizona Department of Gaming
Arizona Sports Betting Hits New Record: $967 Million Wagered in October 2025
The Arizona Department of Gaming (ADG) has released its sports betting report for October 2025, revealing a record-breaking month for the Grand Canyon State. Total wagers reached approximately $967.1 million, marking a significant 22.2% increase year-over-year and a 13.6% jump from September 2025.
This performance solidified Arizona’s position as a top-tier U.S. betting market, ranking 6th nationally in total handle for the month, just behind Pennsylvania.
October 2025 Performance Breakdown
The surge in betting activity was driven almost entirely by mobile operators, which accounted for 99.4% of the total handle.
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Total Handle: $967,141,269 (New State Record)
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Mobile Wagers: $961.4 Million
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Retail Wagers: $5.7 Million
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Gross Revenue: $82.0 Million (Before promotional deductions)
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Privilege Fees (Taxes): $5.2 Million collected by the state.
Top Operators by Market Share
The “Big Three” continue to dominate the Arizona landscape, with FanDuel and DraftKings locked in a tight battle for the top spot.
| Operator | October Handle | Mobile Handle | Adjusted Revenue |
| FanDuel | $317.1 Million | $317.1 Million | $13.4 Million |
| DraftKings | $297.8 Million | $293.7 Million | $22.7 Million |
| BetMGM | $102.9 Million | $102.0 Million | $5.0 Million |
| Fanatics | $88.2 Million | $88.2 Million | $4.8 Million |
| bet365 | $55.0 Million | $55.0 Million | — |
Note: While FanDuel led in total amount wagered (handle), DraftKings reported the highest adjusted revenue for the month at $22.7 million.
Fiscal Year-to-Date (FY26) Summary
Through the first four months of the 2026 fiscal year (July–October), Arizona has generated substantial revenue for state funds:
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Total Privilege Fees: $20.7 Million
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Event Wagering Fees: $20.2 Million
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Fantasy Sports Fees: $462,576
The ADG also noted its continued focus on player protection, recently launching the “Too Young to Bet AZ” initiative to combat underage gambling and revoking Underdog Fantasy’s license due to concerns over its prediction market offerings.
The post Arizona Sports Betting Hits New Record: $967 Million Wagered in October 2025 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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platform, which powers the Kansas iLottery system, allowing for a seamless technical rollout.