Gambling in the USA

PlayNJ.com: New Jersey sportsbooks slump while online casinos boom

Published

5 years ago

April 16, 2020

Reading Time: 4 minutes

New Jersey’s retail and online sportsbooks took in a third of the expected handle in March, while online casinos and poker rooms boomed to unseen heights. In all, New Jersey’s sportsbooks lost out on nearly $370 million in sports wagers in March, according to PlayNJ estimates, while online casino and poker revenue smashed the previous record with $64.8 million in revenue.

“Shutdowns from the coronavirus pandemic are affecting New Jersey’s gaming industry in ways that are unprecedented, and that will continue until the country begins to return to some semblance of normalcy,” said Dustin Gouker, lead analyst for PlayNJ.com. “New Jersey’s online casinos are a boon to the gaming industry, which employs thousands and generates millions in tax revenue for the state. But it’s not enough to fully bridge the gap from the revenue lost from sportsbooks and Atlantic City’s land-based casinos.”

New Jersey’s online and retail sportsbooks appeared to be headed for a month of $550 million in wagers. Instead, sportsbooks collected just $181.9 million in bets, according to official reporting released Wednesday. In an industry that has seen consistent year-over-year growth of 50% or more, March’s handle was down 51% from the $372.5 million handle posted in March 2019 and down 63% from $494.8 million in February 2020. March’s handle, which pushed New Jersey sportsbooks past $7 billion in lifetime wagers, was the smallest since sportsbooks collected $95.6 million in August 2018.

European Gaming Congress 2024 (Warsaw, Poland)

New Jersey sportsbooks did manage to produce $13.2 million in gross revenue, yielding $1.7 million in tax revenue for the state. But revenue was down 58% from $31.7 million in March 2019.

Most came from bets made before March 11, when the NBA suspended its season and sent a wave of cancelations through the sports world. That left bettors with just a handful of international events and futures betting, mostly on the NFL. The most significant loss for bettors was the NCAA Tournament, one of the nation’s most important sports betting holidays, which would have generated more than $150 million in New Jersey alone, according to PlayNJ.com estimates.

“With the NCAA Tournament, NBA, and opening of the baseball season canceled or postponed, the loss of March revenue will not be something that New Jersey sportsbooks can make up,” said Eric Ramsey, an analyst for PlayNJ.com. “Until sports are able to get going again, New Jersey’s online and retail sportsbooks will continue to be uncomfortably quiet.

Online betting generated 89.9%, or $163.4 million, of the state’s handle in March. FanDuel Sportsbook/PointsBet led online sportsbooks with $5.7 million in gross revenue, down from $9.6 million in February. FanDuel was followed in revenue by:

Resorts Digital/DraftKings/Fox Bet ($5.1 million, up from $4 million in February).
Monmouth/William Hill/Sugarhouse/TheScore ($849,236, down from $1.3 million)
BetMGM/Borgata ($609,235, down from $1 million)
Ocean Casino/William Hill ($635,620, up from $168,015)
Hard Rock/Bet365/Unibet ($167,314, up from $96,397)
Golden Nugget/BetAmerica ($143,209, down from $308,997)
Caesars Sportsbook/888sport ($44,413, up from $34,183)
Tropicana/William Hill ($17,180, down from $30,558)

FanDuel Sportsbook at The Meadowlands led the retail market with $233,360 in gross revenue, down from $1.4 million in February. FanDuel was followed in gross revenue by:

Tropicana Casino ($42,081, down from $91,899)
Monmouth Park (-$196, up from -$51,888)
Bally’s AC (-$6,654, down from $32,199)
Golden Nugget (-$10,348, up from -$135,314)
Hard Rock AC (-$32,854, down from $19,294)
Harrah’s AC (-$39,058, down from $41,649)
Ocean Casino (-$68,436, up from -$65,868)
Resorts AC (-$93,821, down from $47,143)
Borgata (-$122,207, up from -$318,896)

“Professional leagues are trying to figure out a way to get back out on the field, which is the good news,” Gouker said. “The bad news is there is no way to know when that will be, and it doesn’t appear that it will be particularly soon. This is going to be a long road, not just for sportsbooks, but for everybody.”

Online casinos and poker set new records

Online casinos tell a much different story. With Atlantic City casinos closed and workers sent home across the state, New Jersey’s online casinos and poker rooms shattered their previous revenue record by generating $64.8 million in March. That is up 18% from the previous record of $55.1 million set in January, and up 66% from $39.1 million in March 2019.

Poker, which has languished for years in New Jersey, produced $3.6 million in revenue in March, beating the previous record of $3.1 million set in October 2016. Online casino games easily topped their previous best, too, generating $61.2 million to surpass the record $53.3 million produced in January.

Before March, only online market leader Golden Nugget had ever produced more revenue with its online gambling products than its Atlantic City casino in the same month. The Golden Nugget easily did so again with a record-setting $21.3 million in revenue, and the casino brand for Resorts AC ($13.5 million) did so for the first time. Borgata ($12.2 million) led the remaining list of other online casinos that topped previous bests.

“With Atlantic City casinos closed and sports on hiatus, the importance of online gambling and poker to the state’s gaming industry has never been greater,” Ramsey said. “Online casinos can’t sustain the industry forever, but those with the healthiest online products should be in the best position to emerge from these incredible circumstances. And the tax revenue from online casinos is welcome when so much pressure has been put on the state budget.”

Online casinos and poker generated a record $2.1 million per day during the 31 days in March. That revenue yielded $9.7 million in state taxes.

For more information and analysis on regulated sports betting and online gaming in New Jersey, visit PlayNJ.com/news.

About the PlayUSA.com Network:
The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.

Gambling in the USA

Gaming Americas Weekly Roundup – November 11-17

Published

5 days ago

November 18, 2024

Niji Narayan

gaming-americas-weekly-roundup-–-november-11-17

Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

Golden Entertainment Inc. reported financial results for the third quarter ended September 30. The Company reported third quarter revenue of $161.2 million, net income of $5.2 million and Adjusted EBITDA of $34.0 million. In addition, on November 5, the Company’s Board of Directors authorised the Company’s recurring quarterly cash dividend of $0.25 per share of the Company’s outstanding common stock payable on January 7, 2025 to shareholders of record as of December 20, 2024.

Snoqualmie Casino has announced its rebranding to Snoqualmie Casino & Hotel, reflecting an exciting new chapter in the venue’s history as it embarks on a much-anticipated expansion. Set for completion in mid-2025, this project promises to elevate the guest experience, making Snoqualmie Casino & Hotel a premier destination for entertainment, relaxation and culinary excellence. The cornerstone of the expansion is the construction of a luxurious hotel, which will offer guests unparalleled comfort and stunning views of the Snoqualmie Valley and Mount Si.

Galaxy Gaming Inc., the world’s largest independent developer and distributor of casino table games and technology announced, at a special meeting of its stockholders held on November 12, 2024 (the Special Meeting), Galaxy Gaming stockholders voted to approve the Company’s acquisition by Evolution Malta Holding Limited (Evolution), Evolution AB (publ)’s wholly owned subsidiary. Galaxy Gaming will file a Form 8-K with the U.S. Securities and Exchange Commission reporting the final voting results of the Special Meeting.

Caesars Virginia has announced that its highly anticipated opening date will be Thursday, Dec. 12, 2024. The resort will welcome its first guests beginning at noon. Additional details on the opening festivities will be announced at a later date. Caesars Virginia is a 587,000 square foot casino resort with more than 90,000 square feet of gaming space.

Partnerships

NGX has entered into a strategic partnership with Sportradar, a global leader in sports integrity solutions, which collaborates with more than 180 sports federations and leagues. The agreement aims to support the Brazilian football federations of Rio Grande do Sul, Paraná and Pará, providing detailed reports to ensure the integrity of sporting events and combat fraud.

EvenBet Gaming has announced the launch of its advanced poker solutions in partnership with JugaMax, one of the largest and most respected casino operators in Paraguay. This strategic collaboration marks EvenBet’s debut in the Paraguayan iGaming market, solidifying the company’s expansion within Latin America. The newly established partnership enables the integration of EvenBet Gaming’s poker offering on the JugaMax platform.

Jackpocket, the leading lottery app in the US, and Barstool Sports announced a new collaboration naming Jackpocket as the “Exclusive & Official Digital Lottery Partner of Barstool Sports”. The deal with Barstool follows Jackpocket’s parent company, DraftKings, announcing a similar agreement with the media company in February 2024. This collaboration centers around the integration of Jackpocket in Barstool’s content. Fans can participate in the lottery alongside some of Barstool’s biggest names such as Dave Portnoy, Big Cat & PFT from Pardon My Take – the leading sports podcast in America, Wallo & Gillie from Million Dollaz Worth of Game and more.

The post Gaming Americas Weekly Roundup – November 11-17 appeared first on European Gaming Industry News.

Gambling in the USA

Snoqualmie Casino Announces Exciting Rebranding to Snoqualmie Casino & Hotel Ahead of Major Expansion

Published

2 weeks ago

November 12, 2024

GamingAmericas.com

snoqualmie-casino-announces-exciting-rebranding-to-snoqualmie-casino-&-hotel-ahead-of-major-expansion

The cornerstone of the expansion is the construction of a luxurious hotel, which will offer guests unparalleled comfort and stunning views of the Snoqualmie Valley and Mount Si. With a focus on sustainability and modern design, the hotel will feature upscale accommodations, a full-service destination spa, and amenities that cater to both leisure and business travelers. Plus, there are architectural details inspired by Snoqualmie culture from a modern slant roof hotel design representing the original longhouses of the Snoqualmie Tribe’s ancestors to carefully chosen artwork placed throughout for guests to enjoy.

Snoqualmie Casino & Hotel’s destination spa will offer an immersive escape that blends relaxation with the healing power of nature. Nestled in the serene landscapes of the Pacific Northwest, the spa provides a range of rejuvenating treatments. Experience the perfect blend of wellness and nature where luxury, tradition and innovation come together for an incredibly transformative experience.

“It is my honor and privilege to announce that Snoqualmie Casino has now become Snoqualmie Casino and Hotel. Over the past three years, the Snoqualmie Tribe and Casino have been diligently working to bring a one-of-a-kind, world-class hotel to the Snoqualmie Valley,” said Interim CEO Mary Lou Patterson.

In addition, Snoqualmie Casino & Hotel will expand its gaming floor, introducing an array of new options to enhance the entertainment experience for guests. This expansion will include the latest slots, electronic and traditional table games, as well as a dedicated high-limit gaming area for discerning players seeking a more exclusive gaming experience.

One of the highlights of the expansion is the development of a state-of-the-art 2000-seat entertainment and convention center. This versatile venue will host a variety of events, from concerts to conferences, positioning Snoqualmie Casino & Hotel as a key player in the region’s entertainment landscape. With cutting-edge technology and a focus on guest comfort, the center will attract top-tier talent and events, making it a must-visit destination.

In addition to the award-winning Vista Prime Steaks & Seafood, 12 Moons, and Falls Buffet, a new sports bar and grill will be introduced to provide patrons with the ultimate game day experience. Other new dining options, set to open later, will showcase local ingredients and flavors, ensuring a memorable culinary experience for guests.

Snoqualmie Casino & Hotel recently launched a brand-new valet garage. The dual level indoor and outdoor structure, with 600 additional spaces, doubles the previous capacity for valet parking creating easier access into the casino. This is the first piece of new development at Snoqualmie Casino & Hotel that has opened for immediate use. The entire project anticipates creating numerous job opportunities for local residents, contributing to the economic growth of the Snoqualmie area.

Gambling in the USA

Gaming Americas Weekly Roundup – November 4-10

Published

2 weeks ago

November 12, 2024

Niji Narayan

gaming-americas-weekly-roundup-–-november-4-10

Reading Time: 2 minutes

Latest News

PENN Entertainment and ESPN announced that account linking between ESPN BET and ESPN is now available for customers, creating an even more deeply integrated media and betting experience. By linking accounts, fans now have the ability to seamlessly track upcoming, live and settled bets within the ESPN app and on ESPN.com. With this product enhancement, ESPN BET will soon bring fans more personalised bets and timely promotions based on their favourite sports, teams, players and fantasy rosters.

Accel Entertainment Inc. has announced that it has completed the acquisition of 85% of the ownership interests of Toucan Gaming LLC and LSM Gaming LLC, two Louisiana-based route operators and owners of multiple licensed video poker establishments (collectively, “Toucan”), for approximately $40 million. The combined business will operate as Toucan Gaming throughout Louisiana and will be led by Stan Guidroz, an industry-leading gaming executive and current CEO of Toucan Gaming. Mr. Guidroz owns the remaining 15% of Toucan’s ownership interests and will lead the Accel team supporting Toucan’s continued growth.

INTRALOT S.A. has announced the undertaking of a new project between the British Columbia Lottery Corporation (BCLC), the sole lottery operator for the Government of British Columbia in Canada, and INTRALOT, its US subsidiary, for the provision of an online lottery platform. The project also includes the digitalisation of the existing land-based network. The solution will be based on the Player X platform, part of the Lotos X ecosystem, and adds to the company’s overall partnership with BCLC, which has been extended until 2028.

BetMGM Poker has become the third US operator to offer multi-state online poker. The company has merged its player pools in Michigan and New Jersey. Both states are a part of the Multi-State Internet Gaming Agreement, which allows online poker networks to share liquidity and players in participating markets. The two-state network went live Wednesday afternoon after morning maintenance.

Betsson Group has celebrated its success at the SBC Awards Latinoamérica 2024, winning two prestigious awards: Sportsbook Operator of the Year and Leader of the Year, which was awarded to Kevin Saliba, Commercial Director (Business Development) for Latin America. This marks the second consecutive year Betsson has earned the Leader of the Year accolade, following Andrea Rossi’s win in 2023 – an achievement that underscores Betsson’s consistent leadership in the region.

Partnerships

Play’n GO has announced a new operator partnership with renowned gaming brand Hard Rock Digital for their top-rated Hard Rock Bet online casino platform in New Jersey. The Hard Rock brand is synonymous with entertainment worldwide, and this partnership will see Hard Rock Bet players in New Jersey gain access to hit Play’n GO titles such as Piggy Blitz, Book of Dead and Rise of Olympus 100.

SCCG Management, a global leader in gaming innovation and advisory, has announced a strategic partnership with Chata.AI, a technology provider specialising in self-service, proactive analytics that enables businesses to access real-time insights without requiring extensive technical expertise. This partnership introduces Chata.AI’s technology to the gaming industry, providing operators with powerful tools to streamline decision-making and increase operational efficiency.

The post Gaming Americas Weekly Roundup – November 4-10 appeared first on European Gaming Industry News.