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Gambling in the USA

Colorado’S Sports Betting Industry Market Should Thrive When Games Are Back On

Zoltan Tundik

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Breckenridge, Colorado - Image by David Mark from Pixabay
Reading Time: 3 minutes

 

Set to launch on May 1, Colorado could attract as much as $6 billion in sports bets annually, according to PlayColorado analysts

Colorado’s fledgling sports betting industry will eventually generate billions of dollars in bets annually, hundreds of millions in operator revenue, and tens of millions in tax revenue, according to estimates by PlayColorado.com, which researches and analyzes the state’s newly regulated sports betting market.

Despite the sports world being indefinitely shuttered in response to the COVID-19 pandemic, regulators are preparing for a May 1 launch of online and retail sports betting. When it does, Colorado will become the 18th state to have some form of legal sports betting. And the Centennial State has a bright future, capable at maturity of generating as much as $6 billion in sports bets annually, $400 million in gross operator revenue annually, and $40 million in annual tax revenue, according to PlayColorado projections.

“With a significant base of existing land-based casinos, a regulatory framework that will be attractive to operators, and one of the largest metropolitan markets in the country to draw from, Colorado is well-positioned to capitalize on sports betting,” said Dustin Gouker, chief analyst for PlayColorado.com. “But assuming the industry does launch on May 1, it will be doing so in unprecedented circumstances with almost no sports to wager on. There are some advantages to a forced soft opening, but it also means that it will be some time before we learn with confidence just how Colorado’s bettors will respond to legal sports betting.”

Colorado regulators have been deliberate in creating a regulatory framework for casinos, opting for a later start date to ensure that the state gets sports betting right. Its 10% tax on net revenue is comparable to some of the most successful sports betting markets. New Jersey, which is neck and neck with Nevada as the nation’s largest sports betting market, levies a 9.75% tax on revenue from retail sportsbooks and 13% on online sports betting revenue. Indiana, the No. 4 sports betting market in the U.S., taxes sports betting at a 9.5% rate.

In addition, Colorado has avoided some of the pitfalls of earlier adopters, such as imposing maximum bet limits, a decision state regulators left to operators.

“Colorado legislators and regulators have made many smart, measured decisions based on input from casinos, operators, and bettors, and that has led to the adoption of an excellent collection of rules and restrictions,” Gouker said. “They have also had the undeniable benefit of seeing what has worked in other states. Colorado’s methodical approach might have been frustrating to bettors by slowing the launch, but there is plenty to be encouraged about. Sports betting operators have inked partnerships and regulators are listening to stakeholders. That will serve Colorado well.”

Until the COVID-19 pandemic subsides, bettors will largely have to wait to wager on anything other than futures on pro sports and a handful of international sports.

In other states, legal online casino and poker wagering has meant millions in additional revenue for operators and states, helping to bolster bottom lines during a difficult time in the gaming industry.

“There is no question that the revenue from online casinos and poker rooms has helped operators in states such as New Jersey and Pennsylvania weather the shutdowns of land-based casinos and essentially all sports,” Gouker said. “Coloradoans will likely someday decide if and when the time is right to legalize online casino wagering. In the meantime, it has put the right framework in place for its sports betting industry to thrive once sports are played again.”

For more information and analysis on regulated sports betting in Colorado, visit PlayColorado.com/news.

Gambling in the USA

Gaming Americas Weekly Roundup – May 17-23

Niji Narayan

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Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! It was again an eventful week at the USA, despite the still-active virus attack.

The good news is that the lock-down and social restrictions to tackle the COVID-19 pandemic have been eased in many states. As a result, most of the industrial sectors are resuming their operations. Same in the case of the gambling sector too. Several gambling companies too have restarted their operations and some others are on way to resume.

We also report new partnership deals, publication of financial results, and COVID-19 relief efforts in this weekly round-up. Read on and get updated.

Partnership Deals

Evolution Gaming signed a strategic agreement with online casino operator Golden Nugget. The deal will see Golden Nugget’s existing online offering further enhanced in New Jersey, and potentially in other US states in the future, by the addition of Evolution’s US online Live Casino services. As per the deal, Golden Nugget’s online players will have access to unique Evolution game types such as Dream Catcher, Side Bet City, and Top Card, as well as other games from the Evolution portfolio.

Also, the leading sportsbook and casino platform provider BetConnections inked an agreement to obtain DS Virtual Gaming’s full list of games. The integration of the games will give players access to a selection of DS VG’s hit releases with HD video content and state-of-the-art graphics.

There was happy news about Konami Gaming too as its SYNKROS CMS has been selected by Jamul Casino to deliver comprehensive gaming enterprise management across the 200,000 square foot destination.

Konami’s SYNKROS will deliver its leading systems technology across Jamul Casino’s 39 live table games, 1600+ slot games, restaurants, bars, and more.

Financial Reports

The Delaware Lottery reported a 39% year on year increase in online gambling revenues for April 2020. While the state’s land-based venues have been forced to close due to COVID-19, players have turned to online sites instead.

Delaware Park, Dover Downs, and the Harrington Raceway generated total revenues of US$856,182, up from US$615,772 the previous year. This number was and also higher than the US$514,959 generated in March this year.

COVID-19 Relief Efforts

The Alabama Food Bank Association received support from Wind Creek Hospitality, a company owned by the Alabama-based Poarch Band of Creek Indians, to help provide 250,000 meals to Alabama families during the COVID-19 pandemic. The support comes at a critical time for food banks in Alabama as they respond to a greater need during this unprecedented crisis.

Announcements

Ulrik Bengtsson, CEO of William Hill, has revealed that the company is planning to launch online casinos in the US in the second half of 2020.

Despite taking a hit to its results in Q1 2020, William Hill is determined to power up quickly in the second half of the year.

Surveys

Fantasy sports site Monkey Knife Fight (MKF) found in a recent survey of its 1000 users that the popularity of golf will soar both on viewership and participation.

Of MKF’s users, 76% reported that they would participate in a fantasy golf prop contest once golf returns. This is in sharp contrast (181% increase) to the 27% that reported ever having played one MKF golf prop contest before the pandemic.

Compliance

The Colombian gambling regulator Coljuegos published the live casino regulations. These regulations allow the country’s licensed gambling operators to offer live casino games from casinos or studios located within Colombia or overseas, subject to the certification of games by an approved testing house.

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Gambling in the USA

Grover Gaming Surpasses $150M Raised for Charities

Niji Narayan

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Grover Gaming Surpasses $150M Raised for Charities
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Greenville-based Grover Gaming has announced that it had surpassed $150 million in monies raised for charities through their charitable gaming and partners across the US.

These partners represent hundreds of charities, organisations, and fraternal groups, including the Loyal Order of the Moose, Veterans of Foreign Wars, the American Legion, the Benevolent and Protective Order of the Elks, the Fraternal Order of Eagles, and many others. These organisations are responsible for the support and care of millions of Americans and Veterans through hospitals, schools, retirement homes, and research centers.

“This is another incredible milestone for our charitable gaming partners. As the past few months have shown, charities and fraternal organizations often take the lead when it comes to providing help and support during difficult times within their communities. We’re proud to help our partners fulfill that mission as we continue to provide the most entertaining gaming experiences in the industry,” Garrett Blackwelder, President of Grover Gaming, said.

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Gambling in the USA

AGS Partners with Kindred to Offer Online Real-money Games in New Jersey

Niji Narayan

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AGS Partners with Kindred to Offer Online Real-money Games in New Jersey
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AGS has partnered with the Kindred Group to provide its online, real-money games for Kindred’s Unibet brand in New Jersey.

AGS has launched on Kindred Group’s nj.unibet.com with six of its highest-performing games: Fu Nan Fu Nu, Golden Wins, Jade Wins, Longhorn Jackpots, Olympus Strikes and Rakin’ Bacon.

“It’s exciting for AGS to partner with the Kindred Group and provide our high-volatility, entertaining, and proven slot content for their Unibet New Jersey online casino. Kindred’s Unibet brand enables us to introduce our popular AGS games to thousands of new fans and to partner with one of the world’s largest online gaming operators,” Matt Reback, Executive Vice President of AGS, said.

“It has been a true pleasure working with AGS on the launch of their games. AGS game titles are certainly well-known to retail players in the U.S. and are proving to be just as popular with online slot enthusiasts who seek high-volatility thrills and popular features like pick’em bonuses, progressive jackpots, and free games. We look forward to growing our partnership with AGS as we expand our reach in the U.S.” Manuel Stan, Kindred Group U.S. Senior Vice President, said.

AGS offers its game content to seven online operators in New Jersey and Pennsylvania, including Rush Street Interactive, Caesars Entertainment, Golden Nugget, Kindred Group, Mohegan Sun, Resorts World and Parx Casino.

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