NORTH AMERICA New Jersey Fortunes Rise and Fall
New Jersey's online sportsbooks more than doubled the state's combined handle in May, but still fell short of an ordinary May by nearly $400m, according to PlayNJ estimates.
“May's increase is a positive sign, but until major professional sports resume and Atlantic City casinos reopen, the gaming industry will look nowhere near normal," said Dustin Gouker, lead analyst for
PlayNJ.com in mid-June. "But optimism can be found with DraftKings, which has become a darling of Wall Street since it became a publicly traded company. Tat shows just how much confidence investors have in the future of sports betting."
New Jersey's online sportsbooks managed to boost the state's monthly handle to $117.8m, up 115.8 per cent from $54.6m in April, according to official reporting released Friday. But May's handle is down 63.1 per cent from $318.9m in May 2019 and still well short of the more than $500m in bets that would have been made in an ordinary May, according to PlayNJ estimates.
May's bets produced a surprising $9.9m in gross revenue — more than tripling the $2.6m in April 2020 — yielding $1.3m in state taxes. Sports categorised as "other" than football, basketball, and baseball generated $95.4 million in bets in May, up from $88m in May 2019.
"Te bottom-line sports betting numbers aren't pretty, but there is a silver lining in how online sportsbooks have managed to survive these shutdowns," said Eric Ramsey, an analyst for
Nevada
While many of the casinos across the US have started to open, Harrah’s Reno, which has operated for more than 82 years, will see its doors remain closed. According to Caesars Entertainment, Harrah's Reno will remain closed as the state of Nevada reopens casino properties. “Caesars Entertainment Corporation does not plan to reopen Harrah’s Reno after the State of Nevada permits casinos to resume operations. Caesars previously announced on January 15, 2020 an agreement to sell the property to an affiliate of CAI Investments, under which Caesars plans to cease operations at the property and deliver the property to the buyer in the second half of 2020.” CAI Investments bought the property for $50m and plans to turn it into a non-gambling resort.
PlayNJ.com. "New Jersey's operators have been creative in keeping bettors engaged and sportsbooks generating revenue, even when fringe sports are the only real attraction."
Without retail sportsbooks, online sportsbooks were the only revenue generator for the state. FanDuel Sportsbook/PointsBet led the market with $4.3m in gross revenue. Meanwhile, online casinos and poker rooms rose to a new monthly record in May with a combined $85.9m, up 7.5 per cent from the record $79.96m in April and up 134.7 per ceny from $36.6m in May 2019. Online casinos and poker generated a record $2.8m per day during the 31 days in May, up from $2.7m per day in April. Revenue yielded $12.9m in state taxes. Te Golden Nugget's dominance of the market continued with $29.1m in revenue, up from $27.6m in April.
"Land-based revenue will take some time to recover even when it does come back while Atlantic City casinos presumably navigate reduced capacity and relatively weak tourism demand," Mr. Ramsey said. "Because of that, online casinos will be relied upon to bridge the revenue gap, even once land-based casinos reopen. Even if that online revenue can't replace what has been lost from the shutdown, the overall gaming industry would be in much worse shape without it.”
Oklahoma BetConstruct USA partners with Iowa Tribe
BetConstruct USA has launched its Mobile Social Casino System with the Iowa Tribe of Oklahoma. Te agreement provides BetConstruct USA with the opportunity to supply sports wagering to GreySnow Group, an enterprise operated by the Iowa Tribe of Oklahoma, once the proposed legislation amendments gain regulatory approval in the state.
Te Iowa Tribe of Oklahoma owns and successfully operates two land-based casinos and a travel plaza with slot machines located in Oklahoma. Te social platform is integrated with the land-based loyalty programme and will enable the Iowa Tribe to monetise players with virtual currency while building a digital CRM programme to engage patrons off-property.
Anna Shahbazyan, Regional Director of BETCONSTRUCT USA
commented: “Te GreySnow Group are a long-lasting partner of BetConstruct and we look forward also to deploying our Sport Betting system once the regulation is in place. Meanwhile we will work with them to engage and increase their patron base by stimulating the frequency of on-property visits and cross promoting online/offline channels.”
Stephan Burris, General Manager at Cimarron Casino commented: “Cimarron Casino Enterprise is excited to partner with BetConstruct on the launch of the new app. We want our patrons to be familiar with what we believe will be a big part of the future of casino entertainment. Tis application offers a small example of what’s to come while further enhancing our relationships with our patrons through rewards and direct marketing.”
US - Inspired signs SciGames virtuals deal Inspired Entertainment has signed a licensing agreement with Scientific Games to make Inspired’s leading Virtual Sports content available through OpenMarket, Scientific Games’ aggregation platform for sports betting.
Inspired's Virtual Sports use lifelike graphics to mimic the experience of real sports betting, thanks to technology that has evolved over nearly two decades. Each event lasts around 90 seconds and games are designed to be easy to play. Inspired offers the largest array of sports available 24/7, providing a consistent stream of sports betting content even at times when live sports are not feasible. Virtual Sports provide new revenue streams for gaming providers that can be integrated easily into existing sportsbooks and websites. The addition of Inspired’s range of Virtual Sports further strengthens Scientific Games’ OpenMarket content offering. Through a single integration, digital sportsbooks can expand their portfolio with events designed increase bettor engagement.
“Virtual Sports have been a great complementary product to live sports,” said Keith O’Loughlin, SVP Sportsbook, Digital for Scientific Games. “But with major professional sports on hold due to the COVID- 19 crisis, Virtual Sports are helping fill a big void. We’re thrilled to partner with Inspired Entertainment so our partners can offer their customers realistic computer- generated re-creations of their favourite sports, and keep customers engaged between games once live sports are back.”
Inspired President and Chief Operating Officer Brooks Pierce said: "We are very excited about this opportunity to work with Scientific Games in bringing Virtual Sports to their customers’ passionate fans. Inspired has built the largest and most advanced portfolio of Virtual Sports, and we’re tailoring our products with a combination of fast-paced action, ultra-realistic player simulations and a tremendous breadth of bet types. We are looking forward to working with Scientific Games and their wide global reach to bring a continual stream of betting content to their partners’ customers, especially at this time when live sports content is so limited."
US - Intralot appoints Bryon Booth as CEO Intralot has appointed Byron Boothe as Chief Executive Officer. He will assume day-to-day leadership of Intralot, Inc. and continue serving as a Member of the Board. Mr. Boothe, a lottery industry veteran, has served as Interim Chief Executive Officer of the Company since 2019. He had also served as Vice President Government Relations since joining the Company in March, 2007.
Tom Miller, Intralot, Inc.’s Board of Director Chairman, said: “I am incredibly proud of everything our team has accomplished together in just the last year. We have made meaningful progress toward our top Company priorities and just in the last couple of months we have launched our Sports Betting solution in Montana and Washington, DC. The Board and I are confident that Byron is the right person to build on this momentum. He is a seasoned leader with significant experience working with lotteries and regulators, operating efficiently at scale, and delivering value to our Shareholders.”
NEWSWIRE / INTERACTIVE / MARKET DATA P21
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