Tag: Casino

Lahcene Merzoug on PressEnter’s management buyout

Fresh from announcing a management buyout, PressEnter CEO Lahcene Merzoug talks to iGB about the new leadership's strategy and future plans.

So, the cat is out the bag; PressEnter Group will be under new (or should we say old?) management.

There are many questions that remain: Will the new chairman stay the course or head to uncharted waters? What form will the shape of the business’ future growth take? And what’s the plan with the company’s brands?

The business formerly known as Betpoint has reinvented itself before, though only the new owners know what the plan is now. Current CEO and future executive chair Lahcene Merzoug explains in his own words.

What was the rationale behind the management buyout, and what important factors led the executive team to decide to go down this route?

The management team has grown the business into what it is today, so we could clearly see the potential in the company and its operations. When the opportunity to buy PressEnter Group arose, ..

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Pennsylvania online slots revenue hits record high in October

Gambling revenue in Pennsylvania increased 5.7% year-on-year during October, helped by a record performance by the state’s online slots market.

Total revenue for the month amounted to $450.2m (£378.0m/€434.2m), up from $425.9m in October 2021 and also 0.4% more than $448.5m in September this year.

Retail slots were again the primary source of revenue at $199.0m, though this was 2.1% lower than last year. Retail table games revenue was also down 10.4% to $79.3m.

Online slots overtook retail table games to become the second-highest gambling revenue source in the state, generating a record $86.3m, up 22.1% year-on-year. Online tables revenue was also 21.8% higher at $35.7m, though internet poker revenue slipped 12.7% to $2.5m.

Hollywood Casino at Penn National retained top spot in the state’s igaming market by some margin, posting $52.7m in online gambling revenue. Rivers Casino Philadelphia was second with $29.3m, then Valley Forge Casino Resort on $23.4m.

Turning to sports wagering..

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Codere Q3 revenue hits pre-pandemic levels thanks to strong LatAm growth

Spain, Italy and Latin America-facing gaming business Nueva Codere’s Q3 revenue increased 47.2% year-on-year to €343.4m (£300.7m/$357.8m), recovering to pre-pandemic levels.

The robust revenue growth is mainly due to the lifting of Covid-19 restrictions in venues, ensuring a rebound for Codere in almost all markets.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 74.8% to €57.4m from €24.6m in the same period the previous year. Codere’s potent performance in Argentina and other Latin American countries is one important factor in this result.

The company’s adjusted EBITDA margin also rose 2.6% to 16.7% in the three months leading to 30 September compared to the same period of 2021.

Codere country totals

Revenue jumped for Codere in all Latin American markets – most dramatically in Argentina where it increased 146% year-on-year to €98.6m, 122% of the pre-pandemic total. One important factor is that average player spend per visit has incre..

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AGA: Q3 US gaming revenue hits record $15bn

US gaming revenue reached a record $15.17bn (£13.31bn/€15.1bn) in Q3, an all-time quarterly high, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker.

This is a 2% increase on the previous record of $14.81bn reached in the preceding quarter. Subsequently, 2022 is set to surpass 2021 as the highest grossing year of gaming revenue, already at 14.7% ahead of the same period the previous year. The total for the first nine months of the year is also ahead of 2019’s full-year revenue.

“While business challenges remain, high consumer demand continues to fuel our industry’s record success,” said AGA president and CEO Bill Miller. “Our sustained momentum in the face of broader economic volatility points to gaming’s overall health today and provides confidence as we look to the future.”

The industry’s year-on-year Q3 growth rate of 8.8% outperformed the broader US economy’s 2.6% growth rate in the same period.

[Read full story on iGaming Business]

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Flutter CEO: Gambling Act white paper likely pushed back to 2023

Flutter chief executive Peter Jackson said that he thinks that the Gambling Act white paper is most likely to be delayed until next year, as he suspects new ministers will wish to “make their mark” on the document.

Speaking at Flutter’s Q3 earnings call, Jackson said he could not predict the the Gambling Act white paper timeline with any confidence, given that its release had repeatedly been pushed back by personnel changes in government and at the Gambling Commission. However, he said he would think its release was more likely to be in 2023 than this year.

“I don’t know if I can really comment on timing because I’ve tried to comment for the last two years and keep getting it wrong, so I might have lost some credibility there,” he said. “But I suspect it’ll end up coming out after Christmas as there isn’t much time now before Christmas.

“The new ministers I think will want to make their mark on it.”

Gambling Act review delays

The white paper is the next phase in the Gambling Act r..

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The 2022 US midterm elections: What we are watching

As the US goes to the polls for the midterm elections, there are plenty of races that could affect the progress of sports betting regulation and gaming expansion. Paul Girvan picks out the states to watch.

The 2022 US midterm elections, while important in so many ways, contain few issues directly related to gambling regulation.

Rather, they represent an opportunity to extract a thorn that has irritated the body politic and coloured the consideration and adoption of more gaming legislation, whether it be sports betting legislation or casino regulation.

Only in two states does gaming appear directly, or indirectly, on the ballot: California and Georgia.

Register now for this special webinar on 10 November

California

In California, a statewide ballot measures voter approval for constitutional changes, through Propositions 26 and 27.

Polling suggests both the tribal and commercial sports betting ballot measures are doomed to fail.

Prop 26 permits Native American casinos and four..

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EU ups money laundering risk from online gambling to highest level

The European Commission has raised the threat level for money laundering in online gambling to its highest possible rating, and called for lower thresholds for due diligence checks to prevent criminal activity.

The European Commission carries out periodic supra-national risk assessments, determining the risk of money laundering and terrorist financing across the European Union in various sectors. The 2022 edition is the third such risk assessment, after previous versions in 2017 and 2019.

“As with the previous reports, this third edition analyses the present ML/TF risks and proposes comprehensive action to address them,” the European Commission said. “It also assesses the degree to which the Commission’s recommendations for mitigating measures in the 2019 report have been implemented and evaluates the remaining risks.”

One area of particular focus in the report was gambling, with each gambling vertical receiving its own risk assessment.

Online gambling was found to be especially vu..

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Nevada gambling revenue rises to $1.25bn in September

Gambling revenue in Nevada increased 7.8% year-on-year to $1.25bn (£1.09bn/€1.26bn) in September, while the state also reported month-on-month growth.

Revenue in September 2022 was higher than $1.16bn in the same month last year, while the total was also up 3.3% from $1.21bn in August of this year, according to the Nevada Gaming Control Board (NGCB).

Slots remained by far the main source of gambling revenue in the state, generating $858.8m in revenue for the month, an increase of 10.0% from $780.5m last year.

Multi-denomination slot machines were responsible for $448.1m of this total, while penny slots revenue amounted to $299.7m.

Revenue from table, counter and card games reached $390.8m in September, up 3.5% from $377.6m in the same month last year.

Blackjack accounted for $86.4m of this amount, while baccarat revenue stood at $80.1m and roulette revenue for the month amounted to $40.4m.

Turning to sports betting, reported as part of the table, counter and card games segment, r..

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American Gaming Association CEO on the rebirth and renewal of US gambling

Bill Miller could argue that his tenure has seen the most transformative period for the gaming industry since the American Gaming Association was established in 1995. He talks to Robin Harrison about sports betting, gaming expansion, Covid-19, safer gambling and the illegal market in this exclusive interview.

When Bill Miller took charge of the American Gaming Association (AGA) in January 2019, the US commercial gaming industry was poised for a period of explosive growth.

Legal sports betting, thanks to the repeal of the Professional and Amateur Sports Protection Act (PASPA), was rapidly spreading across the US.

The industry as a whole posted its fifth consecutive year of revenue growth for that year, with 2019’s total breaking records at $43.6bn.

The industry generated $10.2bn in gaming taxes for state and local governments with 21 of 25 commercial gaming states posting year-on-year revenue growth. This sum covers annual education costs for 832,000 elementary and secondary scho..

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GB problem gambling trends in focus

This infographic highlights interesting results and recent trends from the Gambling Commission’s quarterly telephone survey on gambling participation. The Problem Gambling Severity Index (PGSI) mini-screen is conducted as part of the survey and the results provide insight into the risks to gamblers in Great Britain.

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Sports betting growth drives PA gambling revenue up 7.9% in September

Gambling revenue in Pennsylvania increased by 7.9% year-on-year in September following a 77.7% jump in sports betting revenue.

Total gambling revenue for the month amounted to $448.5m (£399.5m/€459.1m), which was ahead of $415.7m in September 2021 and also 5.4% higher than $425.4m in August of this year.

Retail slots remained by far the main source of revenue for operators in Pennsylvania during September, though revenue from this area of the market fell 0.2% to $198.5m. Retail table games revenue was also down 2.9% to $81.6m.

However, these declines were more than offset by growth in almost all other sections of the state’s market, including sports betting where revenue rocketed from $28.3m in 2021 to $50.2m this year.

Of this total, $43.0m came from online wagering, with the remaining $7.3m generated at retail sportsbooks. Sports betting handle was also up 11.5% year-on-year to $645.2m.

Valley Forge Casino Resort and FanDuel moved into first place in the sports betting market in..

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New Jersey gambling revenue continues upward trend in September

Gambling revenue in New Jersey increased for the second consecutive month in September, while the US state also reported year-on-year growth across almost all markets.

Total gaming revenue for the month amounted to $485.0m (£430.0m/€493.0m), up 3.0% from $470.7m posted in August and also 6.9% ahead of the $453.6m recorded in September 2021.

Land-based gambling revenue edged up 1.3% year-on-year to $251.7m, with slots revenue up 2.5% to $186.5m, though table games revenue slipped 1.9% to $65.3m.

Online casino revenue also increased by 10.3% from $122.6m to $135.2m, driven by a 10.7% rise in online slots revenue to $133.0m. In contrast, peer-to-peer internet poker revenue was down 8.7% to $2.3m, making it one of only two markets areas – alongside land-based table games – to decline year-on-year.

The Borgata led the way in igaming, posting $41.1m in revenue for September. Resorts Digital was second on $34.19m, marginally ahead of Golden Nugget with $34.18m.

Turning to sports betting ..

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