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Gambling in the USA

Land-based closures spark 100% rise in US ‘online casino’ searches – BonusFinder research

George Miller

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BonusFinder granted Colorado license ahead of 1st May opening
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The closure of major US land-based gaming venues and cancellation of live sport has sparked a 100% rise in internet searches for ‘online casino’ across North America, BonusFinder.com research can reveal.

The research was carried out using Google Trends from February to the end of March this year and uncovered a sharp spike in players searching for ‘online casino’ following land-based venues switching off slot machines and sports events being rescheduled.

The tipping point came on 12th March when more US players searched for ‘online casino’ than ‘sports betting’ with numbers doubling in the following two weeks.

Since the repeal of PASPA in August 2018, 17 US states have regulated sports betting with only five, including Delaware, Michigan, Nevada, New Jersey and Pennsylvania opening up igaming.

Combined sports betting and online casino ‘handle’ across those US States was more than $1.7 billion in February 2020.

Sportsbook handle is expected to dramatically shrink in March and beyond with operators and states urgently looking to mitigate losses and make up shortfalls. As a result of the surge in online casino interest, lawmakers in states that have already regulated betting could consider fast-tracking igaming.

According to VIXIO GamblingCompliance, New Jersey alone generated $482.7 million in igaming Gross Gaming Revenue (GGR) in 2019 and $52m in February 2020.

Industry trade group, iDevelopment & Economic Association, for example, is already urging states to allow online casino games to replace disappearing revenue, including exploring how governors can use emergency powers to quickly allow online casinos to operate.

Fintan Costello, Managing Director, Bonusfinder.com, said: “The five states that have opened igaming are seeing month-on-month revenue rises with New Jersey leading the way. It has a robust and responsible framework in place to protect players and has shown that online and offline casinos can operate together within the same territory and consistently generate very healthy returns.”

“This is a wake-up call for the 12 states that have already established an online sports betting regime. They should take note of the enormous interest in online casino from players and use this momentum to legislate igaming before we start seeing players turning to unlicensed, offshore sites and the black market.

“The demand will only continue to increase as this unprecedented situation continues, therefore now is the time to focus on providing best-in-class, regulated real-money online casino games that players can enjoy responsibly and that can also help state governments make up revenue shortfalls.”

Last month research carried out by BonusFinder.com monitoring the Swedish market uncovered a spike in Swedish players searching for a basket of black-market keywords. Almost a third of Swedish online casino players are searching online for ‘unlicensed casinos’, with growing numbers turning to black-market brands due to the market’s restrictive gaming regulations.

Gambling in the USA

Playtech Casino launches with bet365 in New Jersey

George Miller

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Playtech Casino launches with bet365 in New Jersey
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Playtech, the world’s leading gambling technology company, today announces it has launched its award-winning Casino content with long-term strategic partner, bet365, in New Jersey.

The launch sees bet365 go live with a selection of Playtech’s best-performing games including Playtech classics like White KingGreat Blue, and Frankie Dettori’s™ Magic Seven.

The partnership marks the first step for Playtech into the US market, with plans to partner with more New Jersey operators in the coming months. This follows Playtech securing regulatory approval for the market just last month. Playtech has also started the licensing process in other US jurisdictions.

bet365 entered the New Jersey market in 2019 and has since been providing its sportsbook and online casino to customers in the state.

A bet365 spokesperson, said: “We’re excited to partner with Playtech in order to expand our content offering to the US market. Given the range and caliber of Playtech’s content, being first to market it is a real differentiator for our platform. We look forward to developing upon our already solid partnership as we continue to grow our Casino offering.”

Shimon Akad, Playtech Chief Operating Officer, said: “This is a significant moment for Playtech and our development in the US. Launching Playtech’s software in the US is a landmark, and we are very pleased to be taking this step with one of our most trusted partners in bet365. With more titles and content launching in the coming weeks and months, there are exciting times ahead. This launch also serves as a prime example of our commitment to partnering with leading operators to bring leading software services and great content to new and growing markets.”

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Gambling in the USA

Michigan’s Sports Betting and Online Gambling To Bring $650M In First-Year Revenue, According to MichiganSharp.com

George Miller

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Michigan's Sports Betting and Online Gambling To Bring $650M In First-Year Revenue, According to MichiganSharp.com
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Sports betting and online casinos could produce as much as $93 million in first-year tax revenue in Michigan, according to projections from MichiganSharp.com.

The first of Michigan‘s online sports betting and casino platforms might launch by the end of 2020. This sets the stage for Michigan to become one of the top online gambling states in the U.S.

Competitive State Tax Rates Make for an Online Betting Hub

Gross revenue from sports betting, both online and retail, will be taxed at 8.4% from the state. Detroit‘s three commercial casinos pay an additional 1.25% city tax.

Michigan hosts 26 land-based casinos, all of which can be expected to offer sports betting and online gaming to the state’s 10-million population at some point.

“All of the pieces are in place for Michigan to become a major hub for sports betting and online gambling,” said Geoff Fisk, analyst for MichiganSharp.com. “Virtually all of the state’s casinos should want a piece of the new market, especially with the attractive tax rates.”

By comparison, New Jersey taxes land-based sports betting at 9.75% and online sportsbooks at 13%. Indiana‘s online sports betting tax is levied at 9.5%, while Pennsylvania taxes sports betting at 36%.

State lawmakers passed House Bill 4916 in December 2019, which legalized both retail and online sports betting. The bill also brings online casinos and online poker to the state, setting the stage for Michigan to become one of the biggest legal online gambling markets in the US.

All 26 of Michigan‘s retail casinos can apply for sports betting and internet gaming licenses through the Michigan Gaming Control Board. In a situation unique to Michigan, the state’s three commercial casinos, as well as the 23 tribal casinos, are eligible to offer internet gaming.

Online sports betting has proven massively successful in Pennsylvania and New Jersey. In both states, online wagering accounts for more than 80 percent of total sports betting revenue.

First-Year Revenue Projections of $650M, According to MichiganSharp.com

MichiganSharp.com projects that the state could bring in as much as $400 million in total first-year sports betting revenue, producing $33.6 million in tax revenue for the state.

“Mobile wagering should be the major revenue driver for Michigan‘s sports betting market,” Fisk said. “The convenience and ease of access of online sports betting opens up a whole new world of opportunities for both bettors and sportsbook operators.”

Online casino and poker revenue will be taxed at 20-28% from the state, using a tier system dependent on earnings. MichiganSharp.com projects that online casinos and poker could earn as much as $250 million in first-year operations, bringing in a possible $60 million in tax revenue.

MichiganSharp.com projects that total revenue from sports betting, online casinos, and online poker, could earn $650 million in year one of operations, resulting in $93.6 million in tax revenue for the state.

For more analysis and news on the latest developments in Michigan‘s legal gambling industry, visit MichiganSharp.com.

 

SOURCE MichiganSharp.com

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EveryMatrix Press Releases

EveryMatrix recruits Erik Nyman to establish US presence

George Miller

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EveryMatrix recruits Erik Nyman to establish US presence
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Technology provider EveryMatrix recruits iGaming executive Erik Nyman to join its Leadership Team and lead the opening of the company’s first US office.

Erik Nyman will lead EveryMatrix’s expansion in the US market by building the organization as President Americas. With over 10 years of experience in the online gaming business, Erik is specialized in new market entries and strategic deals. His leadership and business acumen played a pivotal role in establishing NetEnt in the US.

CasinoEngine, the company’s iGaming and Integration Platform, will be the leading product for the expansion, following its massive success in several European markets.

Ebbe Groes, Group CEO of EveryMatrix, comments: “Expanding into the US is the next step for the organization. We have a strong European presence, very experienced teams, premium products on both casino and sports, so tackling more regulated markets is a logical strategic move for us.

“I welcome Erik to our team, and I personally admire his skills, experience, and determination. I am delighted that we can attract such talent in our Leadership Team. Erik will make our entry considerably more effective and successful.”

Erik Nyman, President Americas at EveryMatrix, says: “EveryMatrix offers the largest variety of products and functionality in the online gaming business. Their platform, entrepreneurial spirit and people have enabled their success, which has accelerated over the last years.

“Today EveryMatrix is among the leading turnkey suppliers in our industry. Success in the US requires great product, dedication and the ability to establish strong beneficial partnerships. The organization possesses all of those qualities, and I am very honoured to lead their expansion into the US and Americas.”

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