Canada
PlayCT.com: Connecticut opening door to market that could draw more than $1.5B in sports bets annually
Connecticut could evolve into a market that generates more than $1.5 billion in annual sports wagers and more than $100 million in operator revenue according to estimates by PlayCT, which analyzes and researches the state’s regulated online gaming and sports betting market. Meanwhile, online casinos could generate as much as $350 million in gross gaming revenues annually, becoming a huge tax generator for the state.
“Connecticut is a relatively small state, but the market has a handful of attributes that should help it punch a bit above its weight,” said Eric Ramsey, analyst for the PlayUSA.com network, which includes PlayCT.com. “Geographically, the state is in a good place, with the potential to draw significant out-of-state business from New York and Massachusetts. And Connecticut features one of the highest median household incomes in the U.S. Both factors should help the market reach maturity relatively quickly.”
Gov. Ned Lamont, who negotiated the agreements with the Mashantucket Pequot and Mohegan tribes to amend gaming compacts, signed the bill that would legalize retail and mobile sports betting, online casinos, online poker rooms and iLotteries. Now the U.S. Bureau of Indian Affairs will have to sign off on the compacts.
Once that happens, Connecticut will join more than two dozen states with legal sports betting in some form, and join New Jersey, Pennsylvania, Michigan, Delaware, and West Virginia as the only states with full-scale legal online casino gambling.
With a population of more than 3.5 million people, Connecticut could produce more than $1.5 billion in retail and online sports wagering by the market’s third year, according to PlayCT projections. Assuming a 7% “hold,” which is the percentage sportsbooks keep after paying out winning bets, those wagers could produce more than $100 million in operator revenue. With some significant variables still yet to be defined, tax revenue for the state is more difficult to project. But with a hypothetical effective tax rate of around 25%, more than $25 million could be injected into state coffers annually.
Iowa — which launched retail sports betting in 2019 and online sports betting in 2020 — may be Connecticut’s closest comparison in terms of population among current legal sports betting markets. With some 400,000 fewer residents but with a more open market that fosters more consumer choice than Connecticut, the Hawkeye state has produced $572.9 million in online and retail sports bets and $40.2 million in gross operator revenue through the first four months of 2021.
“Connecticut will be a successful market, and likely a significant revenue driver for the state for years to come,” said Dustin Gouker, lead analyst at PlayUSA.com. “The state’s high median income and proximity to New York should be significant contributors to the market’s growth, particularly early on as New York makes its own push into the online sports betting market.”
Online casinos should be even more lucrative, capable of generating close to $350 million in annual gross gaming revenue at maturity, according to PlayCT. If online casinos reach that mark, that would mean as much as $70 million in annual tax revenue for the state.
None of the five states that currently allow full-scale online casino gaming offer a close comparison to Connecticut in terms of market size. But the three largest iGaming markets — New Jersey, Pennsylvania, and Michigan — each generate close to $100 million in operator revenue each month.
“Sports betting grabs more headlines, but in states where it is legal, iGaming has proven to be the far more reliable revenue generator,” Ramsey said. “Plus, history shows that a thriving full-scale online casino gaming market helps spur interest in online sports betting, making it the tide that lifts all boats. And there is no obvious reason that Connecticut won’t follow a similar pattern.”
Powered by WPeMatico
Global entertainment brand SkillOnNet is deepening its existing partnership with Stockholm-based game studio Thunderkick to launch the developer’s unique, engaging slot titles in Ontario.
The Canadian province is one of the most exciting regulated markets in North America, and the Ontario players will now gain access to Thunderkick’s full portfolio of highly acclaimed games via SkillOnNet-powered online casino brands such as PlayOJO, SlotsMagic, and SpinGenie.
Thunderkick is known for its independent, boundary-pushing slot games like Pink Elephants, Esqueleto Explosivo, and Beat the Beast and has established a strong reputation for creativity and originality in the iGaming space. The deal allows the studio to further expand its global footprint while giving Ontario players the chance to enjoy a fresh wave of premium content.
Ontario’s regulated online gaming market, which officially opened in 2022, has quickly become a key market for the iGaming industry, and SkillOnNet was among the first brands to secure licensing in the province. The expansion reinforces SkillOnNet’s commitment to delivering top-tier entertainment in regulated markets globally.
Jani Kontturi at SkillOnNet said: “Thunderkick has been a key partner of ours in other markets, and we’re delighted to bring their outstanding content to Ontario. This region is fast becoming a vital part of our operations, and we’re confident players here will respond just as positively to Thunderkick’s games as they have elsewhere.”
Mariam Dodosh, Account Manager at Thunderkick said: “We’re thrilled to expand our relationship with SkillOnNet and enter the Ontario market together. Our games have a track record of strong performance, and we’re excited to see them go live in one of the most dynamic new regions in iGaming.”
The post Thunderkick’s portfolio makes Ontario debut through SkillOnNet brands appeared first on Gaming and Gambling Industry in the Americas.
Maverick Games has launched sports betting operations in Ontario, through a partnership with Delasport.
Maverick Games will offer Ontarian players a premium sports betting experience, built on Delasport’s superior technology and known for its unique innovative features that players love including personalization, recommendations, gamification, quick bets, player engagement features, and more.
Maverick Games is the second brand to launch on Delasport’s technology in Ontario, with another full turnkey brand set to go live soon. Delasport also recently unveiled its innovative sports betting jackpot network game, SuperPot. The company will showcase this unique product at the Canadian Gaming Summit next month and begin rolling it out to Ontarian operators shortly thereafter.
“We are proud to see Maverick Games live and thriving with our one of a kind sportsbook solution at its core. They have been a fantastic partner from the start, and this launch further demonstrates how fast and efficient our technology is when paired with a clear vision and strong collaboration,” said Rosaire Galea Cavallaro, VP of Business Development at Delasport.
“Maverick Games’s sports vertical is a major step forward for us and launching it with Delasport has been the right move from day one. The platform’s performance and flexibility allow us to deliver the kind of user experience we believe Ontario players deserve. We’re excited to now bring that vision to life,” CEO Matt Rathbun said.
The post Maverick Games Launches Sports Betting Operations in Ontario appeared first on Gaming and Gambling Industry in the Americas.
Tsleil-Waututh Nation (TWN) announced that it has signed a Memorandum of Understanding to acquire the casino business and related real property interests at Hastings Racecourse & Casino (Hastings) in the City of Vancouver from Great Canadian Gaming Corporation (Great Canadian Entertainment).
“We are thrilled to take another important step towards economic self-determination for our Nation in our traditional territory, and we are eager to work with the senior management team at Great Canadian Entertainment to finalize due diligence and execute a definitive agreement, as well as working with the City of Vancouver to ensure the best long-term use of this important asset within the City. We believe that this opportunity is historic for us in many ways, and we look forward to entering the gaming industry in due course,” said Jen Thomas, Chief of the Tsleil-Waututh Nation.
“We are excited about working with TWN on their potential acquisition of the casino operations and related real property interests at Hastings Racecourse & Casino. Recognizing that Hastings is part of the TWN’s traditional territory, we can think of no better entity to inherit this asset, and we look forward to supporting them in the transition after the anticipated close of the sale,” Matt Anfinson, Chief Executive Officer of Great Canadian Entertainment.
The agreement is subject to further due diligence, finalization of financial terms and the execution of a definitive purchase and sale agreement. Once a definitive agreement has been executed by the parties, it is anticipated that the transaction will be subject to customary closing conditions as well as customary approvals by gaming regulatory and other authorities, including certain approvals by the City of Vancouver given its ownership of the real property. It is expected that Great Canadian Entertainment will provide transition services to TWN for a period of time following the anticipated closing.
The post Tsleil-Waututh Nation Signs MoU to Acquire Casino Business at Hastings Racecourse & Casino appeared first on Gaming and Gambling Industry in the Americas.
-
Africa7 days agoAccelerating Ambitions in Africa: SYNOT Games Teams Up with Codium
-
Canada7 days ago
Tsleil-Waututh Nation Signs MoU to Acquire Casino Business at Hastings Racecourse & Casino
-
Africa6 days ago
Uganda: National Lotteries and Gaming Regulatory Board and Uganda Police- Rwizi Region Deepen Ties in Enforcing the Gaming Law
-
Conferences6 days ago
Win Systems will showcase its new range of Gold Club Colors electronic roulettes at PGS.
-
Asia7 days ago
FUN88 Thailand Celebrates 17th Anniversary with 17 Spins, Rewards & Newcastle Match Trip
-
BMM Innovation Group6 days ago
BMM Innovation Group to Participate in Peru Gaming Show 2025
-
betting transaction fee6 days ago
Flutter Response to Illinois Transaction Fee
-
Latest News6 days ago
Light Up the Reels with Explosive Wins in Liberty & Freedom Hold and Win Extreme 10,000
