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Gaming CEOs Cautiously Optimistic About Future Business Climate

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Gaming CEOs remain positive about the industry’s current business situation and many express confidence about future conditions despite persistent concerns about today’s economic environment, according to the American Gaming Association’s (AGA) Gaming Industry Outlook presented in partnership with Fitch Ratings.

Almost all executives surveyed indicated that the present business situation is good (68%) or satisfactory (28%), and most (92%) expect these conditions to continue or improve over the next three to six months. More than one third (38%) indicated they expect future conditions to be better, compared to only eight percent that thought conditions would worsen.

“Our industry remains cautiously optimistic—and has weathered this volatile economy— because of resilient consumer demand,” said AGA President and CEO Bill Miller. “Looking ahead, future consumer confidence and spending remain an outstanding question for our continued growth.”

Despite strong annual revenue numbers to date, macroeconomic factors are tempering the future outlook for the gaming industry. While concerns have eased from earlier this year, two-thirds of gaming CEOs named supply chain issues as a factor limiting operations (65%), followed by inflation and interest rate concerns (62%). Half of executives also identified the uncertainty of the economic environment (50%) and shortage of labor (50%) as impediments to business growth.

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The Gaming Industry Outlook includes two separate indices: the Current Conditions Index and the Future Conditions Index.

Current Conditions Index

The Current Conditions Index of 99.5 shows real gaming-related economic activity is relatively stable compared to the second quarter of 2022, when the industry set a new quarterly revenue record. Looking backward, the Index indicates that gaming-related economic activity has grown at an annualized pace of approximately 4.9 percent over the last three quarters, reflecting real underlying growth, controlled for the effects of inflation.

Future Conditions Index
The Future Conditions Index currently stands at 95.3, indicating that real gaming-related economic activity is expected to decrease moderately over the next six months at a 4.7 percent annualized rate. While the growth expectations of the Gaming Executive Panel remain positive, the Future Conditions Index is dampened by the current Oxford Economic outlook, which anticipates a mild recession in the first half of 2023.

Gaming Executive Panel
Three in four CEOs surveyed (76%) expect the pace of wage and benefit growth to continue to increase over the next three to six months, although there was a slowdown in expectations around the pace of hiring compared to earlier this year.

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For gaming operators, future customer activity is a major question mark with expectations evenly split between expansion and contraction. Among gaming suppliers, half expect the sales of both new and replacement units to increase over the next two quarters, while none expected a decrease in sales.

The strong growth over the past two years has positioned the industry well despite future uncertainty. While respondents noted a significant deterioration in the credit environment, nearly half expected balance sheet health to improve over the next six months.

 

About the Outlook
The AGA Gaming Industry Outlook is presented in partnership with Fitch Ratings and prepared biannually by Oxford Economics. It provides a timely measure of recent industry growth and future expectations. The Q3 2022 survey was conducted between August 30 – September 6, 2022. A total of 26 executives responded, including executives at the major international and domestic gaming companies, tribal gaming operators, single-unit casino operators, major gaming equipment suppliers and major iGaming and/or sports betting operators.

Fitch Ratings is acting as a sponsorship partner in connection with the AGA Gaming Industry Outlook. Views expressed herein do not represent analytical views of Fitch Ratings.

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AGA

DraftKings Set to Launch Mobile Sports Betting in North Carolina on March 11

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Today, DraftKings Incorporated (DraftKings) (Nasdaq: DKNG) announced plans to launch its top-rated online sportsbook in North Carolina on March 11, 2024. This announcement is the culmination of DraftKings’ continued work with stakeholders and regulators across North Carolina to offer fans a responsible form of sports betting. Earlier this year, DraftKings and NASCAR agreed to terms on a written designation agreement, paving the way for the digital sports entertainment and gaming company to operate in the state. Once live in North Carolina, the DraftKings Sportsbook will be available in 27 United States states, in addition to Ontario, Canada.

North Carolina is known for its strong sports culture, housing the majority of the NASCAR industry, professional teams in the NFL, NBA and NHL as well as several universities competing at the Division-I level. Starting from March 11, DraftKings will provide eligible fans in the state several new and responsible ways to get in on the action. DraftKings’ online sportsbook provides a wide variety of betting markets and key offerings such as same-game parlays, in-game betting, special odds boosts and more on a safe, regulated platform with various customer protections in place such as deposit and time limits, access to responsible gaming resource materials, cool off and self-exclusion features along with DraftKings’ all new My Stat Sheet, an innovative responsible gaming feature that shows customers exactly how much time they’ve spent on DraftKings and the total amount of deposits they’ve placed on the platform.

“With the NCAA Tournament right around the corner and the NASCAR season in full throttle, we are thrilled to be launching our top-rated sportsbook app in North Carolina,” the President for DraftKings North America, Matt Kalish, said. “‘The Tar Heel State’ is home to a passionate fanbase and some of the most iconic college basketball programs of all time, making this an exciting time to introduce legalized online sports betting. We’re proud to be working alongside NASCAR as our market access partner and look forward to enhancing the fan experience across North Carolina with a fun, safe and seamless sports betting product.”

To celebrate the launch of legalized mobile sports betting going live in North Carolina, DraftKings, in collaboration with NASCAR, is teaming up with Carolina Panthers legend Greg Olsen for a ceremonial first bet on March 11, 2024. The event will take place at the NASCAR Hall of Fame in Charlotte and feature remarks from Olsen as well as DraftKings Chief Commercial Officer Jeremy Elbaum and North Carolina State Representative Zack Hawkins.

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In addition to hosting the ceremonial first bet in North Carolina on March 11, DraftKings is also recognizing Problem Gambling Awareness Month (PGAM) in March, led by the National Council on Problem Gambling (NCPG) to increase public awareness of problem gaming and the availability of prevention, treatment and recovery services. DraftKings works closely with the NCPG to highlight the company’s responsible gaming initiatives and resources such as cool offs, limitations, key partnerships and mental health services.

Both active members of the American Gaming Association (AGA), DraftKings and NASCAR are committed to promoting the AGA’s Have A Game Plan: Bet Responsibly public service campaign, which educates customers on responsible gaming best practices such as establishing and adhering to a budget and only engaging with legal, regulated operators. DraftKings is committed to creating inclusive and responsible pathways for people to build, create, imagine and innovate through the DraftKings SERVES program.

Eligible customers in North Carolina can access the latest betting markets and more by downloading the DraftKings Sportsbook app available via iOS and Android. DraftKings is committed to providing customers with resources to help bet responsibly. Customers can review DraftKings’ responsible gaming tools here. For additional problem gaming support or services, North Carolina customers can call 1-800-GAMBLER.

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AGA

*MEDIA ADVISORY* AGA to Host State of the Industry Presentation, Release Report on Record-Breaking 2023 Commercial Gaming Revenue

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The American Gaming Association (AGA) will hold its annual State of the Industry presentation with AGA President and CEO Bill Miller on Tuesday, February 20 at 11:30 AM ET/8:30 AM PT.

 

During the presentation, the AGA will release full-year 2023 commercial gaming revenue numbers, discuss gaming’s third consecutive record-setting revenue year, provide analysis on the current gaming landscape, and preview AGA priorities for 2024.

 

Media are invited to a press call immediately following the presentation for Q&A.

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What: AGA State of the Industry: Gaming’s Look Ahead & 2023 Commercial Gaming Revenue Tracker Release

Who: AGA President and CEO Bill Miller and Vice President, Research David Forman

When: Tuesday, February 20, 2024 at 11:30 AM ET/8:30 AM PT

Where: WEBINAR REGISTRATION | PRESS CALL REGISTRATION

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For questions about this event or AGA’s Commercial Gaming Revenue Tracker, contact [email protected].

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AGA

OKTO Joins American Gaming Association

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OKTO, a leading global digital payment solutions provider, proudly announces its ally membership with the American Gaming Association (AGA), the premier national trade group for the U.S. casino gaming industry. The membership solidifies OKTO’s dedication to the highest regulatory standards, continual support for responsible gambling practices, and the advancement of digital transformation in the industry.

As the national trade group representing the U.S. casino industry, the American Gaming Association (AGA) fosters a policy and business environment where legal, regulated gaming thrives. The AGA’s diverse membership of commercial and tribal casino operators, sports betting and iGaming companies, gaming suppliers, and more lead the $329 billion industry and support 1.8 million jobs across the country.

As a member of the AGA, OKTO aims to bolster its ability to provide advanced payment services to regional merchants while actively engaging with local authorities for a secure and responsible gambling ecosystem.

Theo Engelis, OKTO’s Vice President North America, expressed, “Joining the AGA allows us to contribute to the advancement of the American gaming landscape. OKTO is committed to upholding stringent regulatory standards and collaborating closely with local authorities to deliver innovative, secure, and efficient cashless payment solutions in the American gaming industry.”

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OKTO will actively participate in member events to share our unique perspective on the digital payments’ environment. This commitment underscores OKTO’s dedication to remaining at the forefront of the American gaming Industry, fostering industry relationships, and supporting shared business objectives.

OKTO’s membership with AGA highlights its proactive contribution to the industry’s growth and responsible development, showcasing a commitment to excellence, innovation, and the promotion of a secure and responsible gaming environment.

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