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Gambling in the USA

Strive Gaming Announces New Investment Round to Propel Future U.S. Commercial Growth Ambitions

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OpenBet leads round, positioning Strive as strategic U.S. Player Account Management partner for the global sports betting powerhouse

Strive Gaming, a leading Player Account Management (PAM) platform within the U.S. betting and gaming industry, today announced it has raised a new investment round. OpenBet, a leading content, platform and service provider to the global betting industry, led the round.

OpenBet’s agreement with Strive Gaming complements its existing product architecture and is set to provide increased commercial opportunities for both organizations across North America, including in newly operating tribal markets. OpenBet already holds a strong position within the U.S., with several leading brands entrusting its technology, content and services to power their retail and digital offerings.

The investment deepens the collaboration between both companies and brings their leading platforms to market as a fully-integrated solution. The combined offering includes player protection and regulatory compliance features from Neccton, which OpenBet acquired in 2023.

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Strive Gaming was founded in 2021 by Damian Xuereb and Max Meltzer, who will continue to lead the company and operate independently. Strive Gaming’s PAM solution will retain its platform-agnostic nature while maintaining the deepest integration with OpenBet to drive future expansion opportunities.

Jordan Levin, CEO of OpenBet, said: “This investment in Strive Gaming unlocks major new opportunities for OpenBet and bolsters our position as an end-to-end global industry-leader. With the strength of Strive Gaming’s PAM as a future-proofed solution for the U.S. market, combined with OpenBet’s high standards, we can offer U.S. operators a fully integrated, turnkey proposition that will fuel responsible betting experiences. This new partnership sparks a new chapter in our history, and we are looking forward to working closely with the Strive Gaming team.”

Max Meltzer, CEO of Strive Gaming, said: “Strive Gaming is perfectly positioned to increase our PAM market share and become a leader in the U.S. online betting industry over the coming years. OpenBet is a key, trusted brand in the global sports betting arena, and we welcome the company’s investment, in a move that will take us in a bold new direction, while maintaining our independence. We are extremely excited for our partnership with OpenBet – together, OpenBet and Strive Gaming have expertise across the entire betting industry, combined with strong tech and talent.”

Within three years of its founding, Strive Gaming has emerged as one of the leading U.S. PAM providers in terms of quantity of customers, with partners including Four Winds Casino, Golden Nugget (DraftKings), Desert Diamond and Betsafe.

Strive Gaming’s PAM offering has been specifically designed to address the requirements of U.S. facing operators. It offers speed to market in the complex regulatory environment, and a competitive set of features and functionality, as well as integrations to a wide range of the world’s leading content providers.

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In addition to OpenBet, participants in the investment round included Knutsson Holdings AB, the former largest shareholder of casino content giant, NetEnt before its acquisition by Evolution Gaming. Astralis Capital Management LP, a specialist gaming fund, and a founder of one of Europe’s fastest growing casino operators, also joined the consortium alongside Betsson AB, the global gaming operator that was a seed investor in Strive Gaming’s exponential growth.

Detroit casinos

Detroit Casinos Report $123.86M in March Revenue

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The three Detroit casinos reported $123.86 million in monthly aggregate revenue (AGR) for the month of March 2024, of which $122.26 million was generated from table games and slots, and $1.6 million from retail sports betting.

The March market shares were:

  • MGM, 46%
  • MotorCity, 31%
  • Hollywood Casino at Greektown, 23%

Monthly Table Games, Slot Revenue, and Taxes

March 2024 table games and slot revenue increased 3.8% when compared to March 2023 revenue. March’s monthly revenue was 16.7% higher than February 2024. From Jan. 1 through March 31, the Detroit casinos’ table games and slots revenue decreased by 1.6% compared to the same period last year.

The casinos’ monthly gaming revenue results were mixed compared to March 2023:

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  • MGM, up 4.1% to $56.65 million
  • MotorCity, up 7.2% to $38.35 million
  • Hollywood Casino at Greektown, down 1.4% to $27.26 million

In March 2024, the three Detroit casinos paid $9.9 million in gaming taxes to the State of Michigan. They paid $9.5 million for the same month last year. The casinos also reported submitting $14.5 million in wagering taxes and development agreement payments to the City of Detroit in March.

Monthly Retail Sports Betting Revenue and Taxes

The three Detroit casinos reported $17.25 million in total retail sports betting handle, and total gross receipts were $1.61 million for the month of March. Retail sports betting qualified adjusted gross receipts (QAGR) in March were up by 13.2% when compared to the same month last year. Compared to February 2024, March QAGR was up by $1.7 million.

March QAGR by casino was:

  • MGM: $327,857
  • MotorCity: $538,988
  • Hollywood Casino at Greektown: $731,389

During March, the casinos paid $60,413 in gaming taxes to the state and reported submitting $73,838 in wagering taxes to the City of Detroit based on their retail sports betting revenue.

Fantasy Contests

For February 2024, fantasy contest operators reported total adjusted revenues of $405,342 and paid taxes of $34,049.

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Gambling in the USA

IGT Wheel of Fortune and Powerbucks Slots Award Monumental Million-Dollar-Plus Jackpots in March

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International Game Technology PLC (IGT) announced that its Wheel of Fortune and Powerbucks slots awarded four life-changing jackpots totaling more than $5 million in March.

Lucky slots players won the following million-dollar-plus jackpots last month:

  • On March 8, a Wheel of Fortune slots player won $1,254,996 playing Wheel of Fortune Triple Gold Gold Spin at Beau Rivage Resort & Casino in Biloxi, Miss.
  • On March 12, a Wheel of Fortune slots player won $1,635,694 playing Wheel of Fortune Triple Gold Gold Spin Megatower at The Venetian Resort Las Vegas in Nevada.
  • On March 22, a Powerbucks slots player won CA$1,485,994 playing Wheel of Fortune Lucky Coins On Stage at Chances Casino Kelowna in British Columbia, Canada.
  • On March 30, a Wheel of Fortune slots player won $1,172,262 playing Wheel of Fortune Gold Spin Triple Red Hot 7s at the California Hotel & Casino in Las Vegas, Nev.

IGT Powerbucks slots have paid 56 jackpots of $1 million or more since their Canadian debut in 2016. Wheel of Fortune slots have minted over 1100 millionaires and awarded over $3.5 billion in jackpots since their launch in 1996.

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Gambling in the USA

Gaming Americas Weekly Roundup – April 8-14

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

FanDuel Group, the premier online gaming company in North America and an Official Partner of Churchill Downs Inc., announced five time Entertainer of the Year Luke Bryan and Grammy award-winning R&B singer Ne-Yo as the headlining performers at FanDuel’s inaugural Kentucky Derby Party. The exclusive, invite-only event will take place on Friday, May 3 at Paristown Arts and Entertainment District in Louisville, Kentucky from 7:00 PM to 12:00 AM.

TPI, a leading provider of innovative player communication solutions for the casino industry, has appointed Joe Tingson as its new Vice President of Customer Success. With his unparalleled dedication to his customers, Joe will play a pivotal role as a leader for our digital Customer Success and Product teams.

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PrizePicks, the largest daily fantasy sports operator in North America, has announced plans for its new 33,000 square foot Atlanta Headquarters, which will be located in the Star Metals Building in Midtown Atlanta. The company plans to grow its workforce by 1000 new jobs over the next seven years, the economic impact of which will be $25M to the state of Georgia.

Century Casinos Inc. has announced that it opened its hotel in Cape Girardeau, Missouri, The Riverview. The Riverview is a 69 room, six-story building with 68,000 square feet that is adjacent to and connected with Century Casino Cape Girardeau. The project cost $30.5 million and was financed with cash on hand.

Churchill Downs Incorporated (CDI) has announced the opening of Terre Haute Casino Resort in Terre Haute, Indiana. The $290 million investment includes a casino floor with 1000 slot machines, 36 table games, and a state-of-the-art sportsbook. The 400,000-square-foot entertainment venue also features regionally inspired bars and restaurants including: Four Cornered Steakhouse, Rockwood Bar & Grill, The Soda Shoppe, Crossroads Center Bar and High Limit Bar.

Bragg Gaming Group Inc., a global B2B gaming technology and content provider, announced that Chief Financial Officer (CFO), Ronen Kannor, has notified Bragg’s board of directors (Board) that he will resign from his position to pursue other career opportunities, effective June 3, 2024. The Company confirms that the search for a replacement CFO has commenced.

Partnerships

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EQL Games has partnered with global aggregation leader and NeoGames company, Pariplay, to provide the Virginia Lottery, through an agreement with NeoPollard Interactive, with a series of eInstant iLottery games for their industry-leading digital platform.

JACK Entertainment LLC announced the selection of Konami Gaming Inc.’s SYNKROS to power industry-leading systems technology across its 1.5 million square feet of casino entertainment space. The Ohio-based gaming operator’s portfolio includes a combined 2600+ gaming machines and 85 table games at JACK Cleveland Casino in downtown Cleveland, and at JACK Thistledown Racino, located approximately 10 miles to the southeast.

PrizePicks, the largest daily fantasy sports operator in North America, announced that the company has reunited with the Atlanta Braves as the club’s Official Daily Fantasy Sports Partner for the 2024 season. The partnership extends a longstanding relationship that dates back to 2020, with the two Atlanta-based companies continuing to work together on unique opportunities for their dedicated fans.

The post Gaming Americas Weekly Roundup – April 8-14 appeared first on European Gaming Industry News.

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