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Gambling in the USA

Caesars does not Gain Profit from H1 Revenue Growth in 2019

Niji Narayan

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Photo source: booking.com
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Caesars Entertainment, an American gaming hotel and casino corporation founded in Reno, Nevada and based in Paradise, Nevada, has reported a net loss of $532m (£437.0m/€474.9m) for the first half of 2019, despite also experiencing a year-on-year increase in net revenue.

The US casino giant generated revenue of $4.34bn during the six months to June 30, up from $4.09bn in the corresponding period last year.

Caesars’ casino operations in the Las Vegas market remained by far the biggest source of income during the first half, with revenue rising from $2.04bn last year to $2.21bn.

There was also revenue growth across all areas of Caesars’ business, with food and beverage revenue climbing from $774m to $805m and rooms revenue from $755m to $793m.

However, Caesars reported an increase in operating expenses in the first half, as it spent a total of $3.83bn during the period. Direct casino costs were up from $1.13bn to $1.25bn, while property, general, administrative and other expenses jumped from $883m to $927m.

Caesars also noted an additional charge of $50m in relation to the impairment of intangible assets, although it did see depreciation and amortisation costs drop from $548m to $488m.

Income from operations increased from $407m to $509m, but higher losses in certain areas of the business meant net loss jumped from just $5m in the first half of last year to $532m.

Gambling in the USA

West Virginia Poised to Become First US State to Allow Political Gambling

Niji Narayan

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West Virginia Poised to Become First US State to Allow Political Gambling
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West Virginia appears poised to become the first U.S. state to allow political gambling, a move that would let people turn their Trump-versus-Biden predictions into cash.

The West Virginia Lottery said that officials initially approved a plan to let FanDuel and other sportsbooks offer political wagers, but needed time “to fully work through the implications and research it further.”

In a bizarre sequence earlier in the day, FanDuel went ahead and began offering bets on the presidential election, thinking it already had the approval it needed. But it halted the wagers after about 40 minutes and refunded customers’ money.

According to the odds that FanDuel posted, President Donald Trump is a slight favourite to win re-election, at -110. That means a $110 bet would turn a $100 profit. Senator Joe Biden, the likely Democratic nominee, has +125 odds, meaning a $100 bet would win $125.

FanDuel said it had plans to also let customers wager on who the Democratic vice presidential nominee will be and other national contests.

DraftKings Inc., a FanDuel rival, said it is assessing the situation.

“While we are excited about the possibility of offering odds on politics and elections to our customers in West Virginia, we are taking the time to ensure we evaluate the opportunity thoroughly before posting any lines,” Matt Kalish, North American president of DraftKings, said.

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Gambling in the USA

Scientific Games Wins Iowa Lottery’s Statewide New Gaming Systems Technology Contract

George Miller

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Scientific Games Wins Iowa Lottery's Statewide New Gaming Systems Technology Contract
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Scientific Games Corporation  announces it won the Iowa Lottery’s (the “Lottery) 10-year contract for a new statewide gaming system to serve the lottery and the 2,400 retail locations where Iowa Lottery games are sold. The Iowa Lottery Authority Board voted 5-0 to award Scientific Games the contract and begin negotiations immediately. The 10-year contract may be extended by the Lottery up to five additional years. The Iowa Lottery plans to flip the switch to the new gaming system in the summer of 2021.

Scientific Games was selected as the best choice to meet the Iowa Lottery’s business objectives and upgrade the Lottery’s 2011 technology with minimal disruption to game sales, providing millions of dollars for vital state programs benefitting Iowans.

The Company won the contract based on highest overall score and ability to maximize funding for the Lottery’s beneficiaries. Over the last eight years of the Company’s current contract with the Iowa Lottery, the Lottery experienced an $878 million growth in total retail sales, or an average of $109 million in growth per year. Scientific Games also provides instant scratch games to the Iowa Lottery.

The Iowa Lottery’s gaming systems provider for the past 18 years, Scientific Games will deliver technology to the Iowa Lottery with minimal disruption to retail sales and responsibly generate vital funding for Iowa state programs, like university research, veterans and agriculture.

“Scientific Games appreciates the trust the Iowa Lottery has placed in our Company and our technology to continue supporting programs that help make Iowa a great place to live,” said Pat McHugh, Lottery Group CEO for Scientific Games. “We are also very proud that the hard work of our teams and ability to successfully align with lotteries’ business plans continues to position Scientific Games as the fastest growing lottery systems provider in North America.”

Scientific Games is working with the Iowa Lottery to finalize the contract and plan a seamless switch to the new technology. As part of the new technology rollout, the Iowa Lottery will upgrade to an advanced gaming system, central communications network, retailer terminals, and player self-service kiosks.

Scientific Games is a U.S.-based company providing games, technology and services to more than 150 lotteries around the globe, including nearly every North American lottery.

© 2020 Scientific Games Corporation. All Rights Reserved.

 

About Scientific Games:

Scientific Games Corporation is a world leader in entertainment offering dynamic games, systems and services for casino, lottery, social gaming, online gaming and sports betting. Scientific Games offers the gaming industry’s broadest and most integrated portfolio of game content, advanced systems, cutting-edge platforms and professional services. Committed to responsible gaming, Scientific Games delivers what customers and players value most: trusted security, engaging entertainment content, operating efficiencies and innovative technology. For more information, please visit scientificgames.com.

 

SOURCE Scientific Games Corporation

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eSports

Start Your Engines! PlaySugarHouse.com In New Jersey Is Taking Bets On Virtual NASCAR Races

George Miller

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Start Your Engines! PlaySugarHouse.com In New Jersey Is Taking Bets On Virtual NASCAR Races
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PlaySugarHouse.com is among the first sportsbooks in the U.S.  to drop the flag on virtual NASCAR races.  The sportsbook has been approved by New Jersey regulators to offer betting on the 2020 eNASCAR iRacing Pro Invitational Series.  New Jersey players will now be able to place bets on a virtual auto race and the first race in the series they can bet on is the Toyota Owners 400 in Richmond on April 19.

The Cup Series races are as realistic as can be, featuring real stars of past and present including Jimmie JohnsonKyle BuschClint BowyerDenny Hamlin and Dale Earnhardt Jr.  The series of races, which started March 22, are being broadcast on FOX Sports during typical NASCAR broadcast times and have been huge hits drawing over a million viewers to the fierce iRacing competition.

“We are happy to be able to offer such an exciting and competitive entertainment event,” said Mattias Stetz, C.O.O of Rush Street Interactive, which operates PlaySugarHouse.com.  “It’s also fun to see how these talented drivers will compare in the virtual world of competitive racing.”

The eNASCAR iRacing Pro Invitational Series is offering exclusive entertainment on the premier motorsports racing simulation; the same one used for years by NASCAR’s biggest stars to prepare for real world race events. This form of virtual sports is different than others because the simulator offers a full NASCAR experience down to the dynamics of the car and the real-life differences between track surfaces being raced on. Ultimately, the eNASCAR iRacing Series offers a competitive edge that traditional console videogames just can’t match.

The virtual racing schedule is designed to follow the NASCAR Cup Series schedule, which had to be postponed due to the Covid-19 pandemic. Along with the Toyota Owners 400, the virtual NASCAR series includes the Geico 500 at Talledega and the Cup Series race at Dover and looks to make virtual stops at fan-favorite tracks from coast to coast.

 

ABOUT RUSH STREET INTERACTIVE:

Founded in 2012, Chicago-based Rush Street Interactive (RSI) launched its first betting site, PlaySugarHouse.com, in New Jersey in September 2016.  The company subsequently made history by becoming the first operator in the United States to offer a fully integrated online sportsbook and casino.  In addition, RSI was the first company to launch legal online sportsbooks both in Pennsylvania (PlaySugarHouse.com) and Indiana (BetRivers.com) as well as being the first to open a legal sportsbook in the state of New York (@ Rivers Casino in Schenectady) and, most recently, in Illinois (@ Rivers Casino in Des Plaines).  RSI also operates in-casino sportsbooks at Rivers Casinos in Pittsburgh & Philadelphia and at the historic French Lick Resort in Indiana.  BetRivers.com is also the exclusive official sportsbook partner for the Philadelphia Flyers & Wells Fargo Center.  RSI was the first US-based gaming operator to launch a legal and regulated online sportsbook in Latin America (Rushbet.co in Colombia).  Rush Street Interactive is also the developer and operator of a leading social gaming platform currently deployed at the group’s affiliated land-based casinos and selected third party partners.  Rush Street Interactive was named “Mobile Operator of the Year” in North America at the EGR North America Awards 2019 and “American Operator of the Year” & “Casino Operator of the Year” at the American Gambling Awards in 2019. For more information, visit rushstreetinteractive.com.

SOURCE Rush Street Interactive

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