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Gambling in the USA

PlayNJ.com: New Jersey sportsbooks put Nevada in reach with record January

George Miller

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PlayNJ.com: New Jersey sportsbooks put Nevada in reach with record January
Reading Time: 4 minutes

 

After a month of milestones and a new record handle that topped $50 million, New Jersey’s online and retail sportsbooks are positioned to overtake Nevada for the first time since August 2019, according to analysts from PlayNJ.com.

“New Jersey could very well top Nevada, not just in January, but for the foreseeable future,” said Dustin Gouker, lead analyst for PlayNJ.com. “And assuming that happens, we could be seeing the beginning of New Jersey’s more permanent place as the top market in the country.”

Spurred by basketball, New Jersey’s online and retail sportsbooks generated $540.1 million in bets, up 71.3% from $385.3 million in January 2019, according to official reporting released Wednesday. In December 2019, sportsbooks generated $557.8 million in bets.

With the NFL Playoffs and college football’s national championship, football generated $129 million in bets. But basketball generated $177.5 million, or 32.9% of the state’s January handle.

Nevada has outdone New Jersey in monthly handle for four consecutive months, beginning with the kickoff of the NFL season. But New Jersey appears to be tracking ahead of Nevada, which generated $497.5 million in January 2019 and has never enjoyed a $500 million January in its history.

“While still the most popular sport in New Jersey, football does not quite command the same share of the sports betting market as it does in Nevada,” Gouker said. “Meanwhile, basketball has proven to be a big winner for the state. That puts New Jersey in prime position over the next few months in its race to become the country’s largest legal sports betting jurisdiction.”

January’s handle yielded a record $53.6 million in revenue, up 285% from $18.8 million won in January 2019 and up from $29.4 million in December. January resulted in $6.6 million in tax revenue for the state.

During the month New Jersey reached three impressive milestones: $6 billion in bets ($6.4 billion), $400 million in revenue ($447.1 million), and $50 million in sports betting taxes ($53.4 million) since the industry launched in June 2018.

Online betting remains the key vehicle for growth, generating $471.1 million, or 87.2% of the state’s January handle. In addition, new betting opportunities could help grow New Jersey’s market in February, including online-conducive Super Bowl prop bets, Oscars betting, and even a modest spike in interest from the XFL.

“New Jersey has been on the leading edge since the sports betting market first launched in 2018,” said Eric Ramsey, analyst for PlayNJ.com. “No market has been as innovative, and that is a significant contributor to the rapid maturity of New Jersey’s sports betting industry.”

FanDuel Sportsbook/PointsBet topped the online market once again with $22.2 million in gross revenue, up from $12.1 million in December. Resorts Digital, which is anchored by DraftKings and Fox Bet, generated $15.9 million, up from $9.1 million.

The online market leaders were followed by:

  • Monmouth/William Hill/Sugarhouse/TheScore ($2.8 million, up from $1.9 million in December)
  • BetMGM/Borgata ($2.5 million, up from $995,096)
  • Ocean Casino/William Hill ($2 million, up from $1.2 million)
  • Caesars Sportsbook/888sport ($491,164, up from $64,759)
  • Golden Nugget/BetAmerica ($431,643, up from $102,524)
  • Hard Rock/Bet365/Unibet ($340,933, up from -$294,442)
  • Tropicana/William Hill ($74,379, up from $32,958)

FanDuel Sportsbook at The Meadowlands continued to take advantage of its proximity to New York — posting $4.3 million in gross revenue, up from $2.4 million in December — to continue its hold on the retail market. FanDuel was followed in gross revenue by:

  • Monmouth Park ($883,716, up from $617,410 in December)
  • Borgata ($723,927, down from $1.3 million)
  • Ocean Casino ($377,369, up from -$68,035)
  • Bally’s AC ($164,575, up from $108,437)
  • Resorts AC ($163,436, up from -$406,493)
  • Golden Nugget ($116,266, up from $66,306)
  • Harrah’s AC ($107,424, up from -$107,646)
  • Tropicana Casino ($100,288, up from $71,460)
  • Hard Rock AC (-$4,467, up from -$51,182)

ONLINE CASINOS BLOW PAST $50 MILLION IN JANUARY

New Jersey’s online casino and poker industry enjoyed a $50 million month for the first time, generating a record $55.1 million in January. The total is up 64% from $33.6 million in January 2019.

After posting eight record months in 2019, the market is showing no signs of slowing down. The state’s online casinos recently launched live online slots, adding a new avenue for growth. If online casinos continue their current trajectory, the industry will easily generate more than $650 million in revenue in 2020. That would smash 2019’s record of $482.7 million.

“$700 million in revenue is within reach in 2020, which would have been inconceivable just a few years ago,” Ramsey said. “The industry’s ability to find new areas of growth, along with the symbiotic relationship that exists with online sports betting, will keep online casino gambling moving forward.”

Some other important online casino and poker data from the January report:

  • Online casinos injected $8.3 million into state coffers.
  • The Golden Nugget generated a record $21.2 million in online revenue to lead the market. That again outpaced its own New Jersey casino, which produced $15 million in revenue.
  • Online casinos and poker generated $1.8 million per day during the 31 days in January, up from $1.1 million per day in January 2019.
  • Online casino games attracted $53.3 million in bets, up from $31.7 million in January 2019. Online poker posted $1.8 million, down from $1.9 million in January 2019.

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 (including PlayNJ.com and PlayPennsylvania.com) 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

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.

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Gambling in the USA

Century Casinos Wins Colorado Sports Betting Licenses

Niji Narayan

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Century Casinos Wins Colorado Sports Betting Licenses
Reading Time: < 1 minute

 

Century Casinos Inc. has secured three sports betting master licenses from the Colorado Limited Gaming Control Commission. The licenses were awarded during a special meeting of the Commission held on April 2, 2020.

In addition, the Commission awarded Circa Sports Colorado, the Company’s partner for one of its master licenses, with a temporary Internet sports betting operator license.

The Commission is moving forward with licensing and will meet the May 1, 2020 legislative launch date deadline. Due to the impact of the COVID-19 pandemic on the sports betting industry, the Company is uncertain of the timeline that the Circa mobile sports betting app will launch.

Century Casinos has two more master licenses available in Colorado and is in active negotiations with several potential sports betting partners.

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Gambling in the USA

AGA CEO Statement on the SBA’s Interim Guidelines for the Paycheck Protection Program

George Miller

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AGA CEO Statement on the SBA’s Interim Guidelines for the Paycheck Protection Program
Reading Time: 2 minutes

 

American Gaming Association President and CEO Bill Miller released the following statement on the interim regulatory guidelines issued by the Small Business Administration for the Paycheck Protection Program:

“The American Gaming Association (AGA) is deeply concerned with the interim regulatory guidelines issued by the Small Business Administration (SBA), which preclude small gaming entities and their employees from receiving economic support under the newly-established Paycheck Protection Program (PPP).

“In SBA’s efforts to quickly issue guidance on the PPP, they relied on antiquated, discriminatory regulations that ignore today’s economic reality and the congressional intent behind the CARES Act, which states that any business concern shall be eligible to receive an SBA loan if they meet specific qualifications regarding their number of employees.

“Unless amended, these initial guidelines will irreparably harm one-third of the U.S. casino industry and the hundreds of thousands of Americans that rely on gaming businesses for their livelihood.

“This decision will affect hard-working Americans from Pennsylvania to Nevada, Ohio to Colorado, and everywhere in between who need and deserve the same level of support as anyone across the country during these unprecedented times. Moreover, as the AGA pointed out in a letter to SBA and the U.S. Department of Treasury, the inclusion of gaming businesses in the PPP is critical to help ensure employees can remain connected to their employers, stay off of unemployment, and quickly return to their jobs when this pandemic subsides.

“The AGA urges SBA Administrator Carranza to immediately correct this oversight and extend this needed relief to all of America’s small businesses and their employees, including those in the communities across 43 states that rely on our industry’s contributions.”

Background

  • Casino gaming is vital to local small businesses, supporting 350,000 small business jobs and delivering $52 billion annually in small business revenue, including construction, manufacturing, retail, and wholesale firms.
  • Nearly all (987 of 989) commercial and tribal casino properties have shuttered their doors because of the COVID-19 pandemic. More than half of the 1.8 million jobs gaming supports are at non-gaming businesses, such as restaurants and local shops, which are all dramatically affected by a local casino’s closure.
  • In many states, gaming pays among the highest tax rates of any industry with $10.7 billion in gaming taxes and tribal revenue share payments that support fundamental and critical programs from infrastructure to education.

More information on COVID-19’s impact on U.S. casino industry workers and local communities is available here.

 

Source: americangaming.org

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