Industry News
US iGaming: Three predictions for 2024
Paddy Casey, Co-Founder at sports betting and iGaming developer The Unit, lists what we can expect from US iGaming in the coming year, covering regulation, the battle for market share and the importance of martech.
- iGaming continues to flex its muscles
Internet gaming continues to generate extraordinary revenue in the states that have legalized and embraced it. In October, for example, Pennsylvania’s iGaming revenue was up 24% month-on-month to $154.8m; a record month for the state where the total equates to a whopping 3x the sports-betting take. Pennsylvania is by no means a standout state, as New Jersey reported a 13% year-on-year increase in iGaming revenue for September, to $166.8million.
Where iGaming is fully regulated (as we’ve seen in the six states where it is live currently, with Rhode Island expected to launch fully in Q1 or early Q2 in 2024), it drives significant revenue for the state and offers a safe and protected environment for entertainment versus offshore, unregulated casinos. As states look to plug holes in the post-pandemic era, we anticipate at least two or three states will legalize igaming in 2024, with Indiana and New York being the obvious contenders to begin that process early in the year.
As has been the case since the birth of online gaming in the late 1990s and early 2000s, there are obvious fears about problem gaming and revenue streams moving away from bricks-and mortar casinos. Legislators will drive tough, and hopefully innovative, legislation to protect land-based casinos while paving the way for iGaming, which should in fact complement the land-based casinos. Players, much like music fans, will demand access to ‘live entertainment’; whether that’s in Madison Square Garden cheering on Billy Joel, or listening to Piano Man at home while watching the NFL.
The omni-channel experience with iGaming will become more important as BetMGM for example, can deepen its relationship with players through innovations such as its New Jersey Dual Play Roulette, which offers a truly immersive omni-channel experience. Add this to possibilities around loyalty schemes for resort stays, and this will prove super crucial in the CRM and LTV lifecycles.
Aside from the obvious heavyweights, brands which put players first, treat them like the central stakeholder they ought to be, and personalize the user experience through unique and engaging product and gaming content will be the winners.
- Competition creates cash
This year has been a rollercoaster, in terms of acquisitions and market exits. Kindred recently announced it will be leaving its North American experience behind as quickly as possible. Fanatics can now access every key sports betting state via its PointsBet USA acquisition and Penn Entertainment is planning to shoot for the stars by rebranding its sportsbook as ESPN Bet. Add DraftKings, FanDuel, Bet365 and BetMGM into the ring, and that is one hell of a battle for a share of players’ wallets.
Fanatics and ESPN Bet will most likely use their huge marketing budgets to attract the Gen Z bettors and casual sports fans. Winning the battle to attract, and more importantly retain, this key cohort of players will be significant. Marketing dollars will not be enough; product innovation will be crucial in the attempt to give players the experience they demand. They will demand to be entertained in ways they experience elsewhere.
Outside the ‘big three’ of FanDuel, DraftKings and BetMGM, in terms of US gaming market share, it will only be companies who continue to evolve and innovate their own offering that can close the gap. The likes of Entain and Angstrom, who are well known and have large wallets, can buy the maturity and experience needed. They can make inroads with the quality of their product and people, as well as via the acquisition of operators and challenger brands (particularly when more states go live with iGaming).
- Marketing tech and needle-like focus on ROI
With the big three effectively owning the sports-betting market and making gains in the iGaming space, the chasing pack will need to innovate with needle-like focus on ROI.
Martech is crucial for success in an industry that is seeing shifts in CPAs and one that has historically not merged fragmented data very well. As there is no real single view of acquiring through to retention, and almost zero real data, technology is holding operators back in the battle to retain Gen Z bettors and give them the experiences they demand; i.e. personalization.
Therefore, a holistic 360-view of customer data which is then deployed across multiple marketing channels is the key to being competitive in this landscape. As biddable platforms rely more and more on AI, it is essential that data which is representative of quality customers is used. As experienced industry veterans know, standard first-time depositor data is not enough. In fact, relying on incomplete customer insights can be detrimental to revenue.
As we all know, customer acquisition is only the starting point. Retention and cross-sell is essential to delivering the return on ad spend required to sustain campaigns in this competitive market.
The front-of-mind game is where the winners and losers will ultimately be determined. There is no personalization without sufficient marketing technology integration. Personalization is a key cog in the retention machine you must be leveraging.
As a result, a full martech stack is needed to operate an effective marketing department. The gap between the haves and have-nots in this space will widen not just year-on-year, but also month-on-month.
NuxGame, the experienced betting and casino software provider, has been recognised at this year’s EGR B2B Awards, receiving a nomination for its Aggregation Platform.
The EGR B2B Awards is one of the most esteemed events in the industry and this shortlisting solidifies NuxGame’s status as a leading casino software supplier and a one-stop shop for casino operators.
Winners are to be selected by a panel of industry experts ahead of the ceremony at The Roundhouse in London on 13th June.
NuxGame’s aggregation platform boasts over 13,600 slots titles from 135 leading providers, which has recently been bolstered thanks to partnerships with the likes of 3 Oaks Gaming, Vivo Gaming and Hacksaw Gaming.
The nomination follows a strong year for the provider, which has made strides in player retention and acquisition tools for its aggregation platform customers with features such as free spins, network tournaments, live streamer promotions and custom thumbnails.
This latest development for NuxGame serves as a testament to its philosophy of staying ahead of the tech curve and harnessing the latest technologies to provide a bespoke and customer-centric service.
Denis Kosinsky, Chief Operating Officer at NuxGame, said: “The EGR B2B Awards is one of the most important dates in the iGaming calendar, so we are honoured that our leading casino aggregation platform has been shortlisted.
“It’s fantastic to be recognised in these prestigious awards, as we are dedicated to delivering the most innovative casino game aggregation platform for our customers.”
The post NuxGame’s Aggregation Platform shortlisted in EGR B2B Awards appeared first on European Gaming Industry News.
This month The Navajo Nation Gaming Enterprise (Navajo Gaming) honored 186 of its total 1200 team members for reaching significant employment milestones including 15, 10, and 5 years of service for the enterprise. The event at Twin Arrows Navajo Casino Resort in Flagstaff, Ariz. showcased the impact and journey of each hard-working team member, with a special highlight for 29 employees who have served for 15 years.
Less than 10 years after Navajo Gaming was created by the Navajo Nation and charged with the mission of creating jobs, increasing revenues, and stimulating incremental economic development within the Navajo Nation, the gaming enterprise created over 7425 direct, indirect and induced jobs with an overall economic output of over a billion dollars.
“Navajo Gaming employs 1200 people, 85 percent of whom are Navajo citizens. The award-winning AAA’s coveted Four Diamond Twin Arrows Casino Resort shares Navajo Culture through architectural nuances and local artists. Each of the property dining eateries feature ‘Navajo Beef,’ and traditional cuisine of the Navajo people, and our invitation to stay, play and relax at one of our four properties or Travel Center is an open welcome to the Navajo Nation’s beautiful scenic transformation,” Matthew Shunkamolah, Interim Chief Executive Officer of Navajo Gaming, said.
Team members recognized for 15 years of services have worked their way up to a wide variety of position within the enterprise from General Manager and Executive Director of Slots, to Director of Security, Food and Beverage Supervisor and Executive Director of Government Affairs.
Betsson AB has published its interim report for the first quarter of 2024.
Highlights
- Group revenue was EUR 248.2 (221.9) million, an increase of 12%. Organic increase of 25%.
- Casino revenue increased by 19%. Sportsbook revenue decreased by 3% and the sportsbook margin was 6.6% (8.0%).
- EBITDA was EUR 71.6 (54.3) million, an increase of 32%. The EBITDA margin was 28.8% (24.5%).
- Operating income (EBIT) was EUR 57.9 (43.0) million, an increase of 35%. The EBIT margin was 23.3% (19.4%).
- Net income was EUR 42.8 (36.6) million, corresponding to EUR 0.30 (0.28) per share.
- Operating cash flow was EUR 50.0 (48.8) million.
- Net debt was EUR -68.1 (-104.5) million.
- Active customers increased by 15% to 1,281,267 (1,115,641).
CEO’s Comments
“Positive start to the year for Betsson – continued high customer activity and the highest ever operating income”
For Betsson, the first quarter of 2024 was characterised by a continued positive development with high customer activity, good growth and strengthened profitability, as well as new growth-oriented initiatives. Revenue was up 12 percent year over year, and operating income (EBIT) increased as much as 35 percent to a new record level, while the operating margin strengthened to 23.3 (19.4) percent.
After the new president in Argentina took office, a devaluation of the Argentine peso of more than 50 percent was carried out in December, which had a negative effect on reported revenue for the Group in the first quarter. Organically, revenue increased by 25 percent compared to the corresponding quarter of the previous year.
The high customer activity drove strong growth in gaming turnover for both casino and sports betting, with year-over-year increases of 14 and 25 percent, respectively. Casino revenue increased by 19 percent year over year. The sportsbook margin amounted to 6.6 (8.0) percent, which was lower than the average margin for the past two years and meant that the high activity and increased turnover in sports betting was not fully reflected in revenue for the quarter. The lower sportsbook margin particularly impacted revenue in Latin America.
Betsson’s ambition is to generate stable earnings growth in the long run. The strategy to achieve this is based on geographic diversification and growth investments within existing markets, new markets, B2B and M&A. Within existing markets, it can be mentioned that the Betsson brand was introduced on the Italian market in March, at the same time as a collaboration was started with the former superstar of Italian football, Francesco Totti. Italy remains an important market with great potential for Betsson. In addition, Betsson went live in Cordoba, Argentina during the quarter, which means that the Group now offers games under local gaming licenses in three Argentine provinces. In new markets, a new online casino offering was launched in Belgium through the acquired company betFIRST, based on the category A+ license. The license enables a complete online casino offering including slots, table games and live casino. B2B continues to be an important strategic area where previous years’ investments continue to bear fruit and continued to perform strongly during the quarter. In terms of M&A, a gaming operator licensed in the Netherlands that offers casino games via the websites www.goldruncasino.nl and www.goldruncasino.com, and a game studio that develops casino games, were acquired in February. The transaction is subject to an approval from the Dutch gambling authority before the integration work can begin.
Sustainability is an important part of Betsson’s strategy and for the second year in a row Betsson sponsored the Consumer Protection Zone at the ICE gaming fair in London. This part of the fair aims to increase knowledge about responsible gambling and all proceeds from this part go to organisations that work with responsible gambling.
After the positive start to the year, we now look forward to following the final rounds of the European football leagues and cups, before it is time for the best national football teams to measure their strengths in the UEFA Euro 2024 and Copa America in June and July. There is football fever out there and within the entire organisation a number of activities are already underway to ensure that Betsson will be able to deliver a powerful player offering for new and existing customers during these major championships. See you this summer!
The post Betsson Publishes its First Quarter 2024 Interim Report appeared first on European Gaming Industry News.
Gaming CEOs Optimistic on Industry Outlook, Report Evolving Industry Challenges
Arizona Department of Gaming Releases February Sports Betting Figures
New Hampshire Lottery Joins Mega Money Jackpots
THE MONEYMAKER TOUR PARTNERS WITH THE CARIBBEAN POKER SERIES TO HOST FIRST INTERNATIONAL MAIN EVENT
New focus for safer gambling as Clarion confirms launch of Sustainable Gambling Zone
Play’n GO digs deep for the treasures of ancient kings
Atlas-IAC’s CEO Maxim Slobodyanyuk Talks Winning Strategies & Vision for Future Growth in the iGaming Sector
Paddy Power launches new innovative Checkd Dev betting tool Mix ‘N Match
HAWKS TALON GC SET FOR THE STEAL ON APRIL 19TH FOR CHANCE TO ENTER NBA 2K LEAGUE 3V3 PLAYOFF
Continent 8 Technologies adds Cloudflare to its leading Cloud Connect solution
-
gaming2 years agoODIN by 4Players: Immersive, state-of-the-art in-game audio launches into the next generation of gaming
-
EEG iGaming Directory7 years ago
iSoftBet continues to grow with new release Forest Mania
-
News6 years ago
Softbroke collaborates with Asia Live Tech for the expansion of the service line in the igaming market
-
News5 years ago
Super Bowl LIII: NFL Fans Can Bet on the #1 Sportsbook Review Site Betting-Super-Bowl.com, Providing Free Unbiased and Trusted News, Picks and Predictions
-
iGaming Industry6 years ago
Rick Meitzler appointed to the Indian Gaming Magazine Advisory Board for 2018
-
News5 years ago
REVEALED: Top eSports players set to earn $3.2 million in 2019
-
iGaming Industry6 years ago
French Senator raises Loot Boxes to France’s Gambling Regulator
-
News6 years ago
Exclusive Interview with Miklos Handa (Founder of the email marketing solutions, “MailMike.net”), speaker at Vienna International Gaming Expo 2018
