iGaming Industry
Rhode Island Could Consider Online Casino Expansion to Boost Gambling Revenue
The state of Rhode Island could follow the example of Pennsylvania and use online casino gambling expansion as a way to fill in the budget gap it has been facing for some time now.
The state has been dealing with some budget problems, which is one of the main reasons why the Governor Gina Raimondo could be looking forward to seeing a change in the gambling revenue structure of Rhode Island by seeking to legalize online gambling.
Over the past few years, the gaming revenue generated across the state of Rhode Island considerably declined, with the RI Lottery Commission’s revenue falling and the construction of the Tiverton location of Twin River being delayed. The gambling operations’ performance in the state also felt the negative impact of the significant competition of online gambling in Massachusetts.
Rhode Island Suffers from Gambling Revenue Decline
As mentioned above, the RI Lottery reported a massive revenue decline in May 2017. This was taken as the first clear sign that the gambling revenue stream generated in the state was hurt. Many of the lottery’ categories reported disappointing results.
According to the last report revealed by the RI Lottery, almost all categories featured suffered a decline. Online lottery performance suffered a nearly $9-million decline, with its revenue falling from $164.5 million in 2016 to $155.6 million in 2017. A $2-million decline was also registered in instant games revenue, while video lottery operations at Twin River and Newport Grand suffered a $6-million decline. On the other hand, the expenses of the Rhode Island Lottery increased by over $3 million.
Probably the largest positive side of the situation was the fact that table games revenue was boosted by $14 million.
The registered decline caused concern in the local budget office, as gaming has been one of the major revenue sources, not to mention it was a segment that has generated continuous profit. That is exactly the reason why local authorities have been seeking ways to boost revenue. According to some media reports, the state of Rhode Island could seek to expand its gambling market in order to do that.
Online Casino Expansion Could Face Challenges
For the time being, online gambling expansion has been widely discussed in relation to the sports betting case of New Jersey’s Governor Chris Christie and NCAA in the US Supreme Court. If the Supreme Court rules in favour of the state, the federal ban on sports betting could be dropped, which could bring exciting opportunities to the gambling landscape. The decision of the US Supreme Court could be expected in the late spring of 2018.
However, except for the new opportunities that a large gambling expansion, and more specifically online casino expansion, could bring to Rhode Island, there are also some downsides. The opponents of gambling expansion in the state have raised a red flag that implementing online casino gambling in the state could seriously hurt the Twin River project, which Tiverton facility construction has already been hurt by a number of delays. Moreover, competition from two Massachusetts casinos that are expected to start operating is expected to further hit the Twin River performance.
In any case, online casino expansion would bring new challenges to Rhode Island if state authorities decide to try filling the existing gap in the budget.
Source: European Gaming Portal
Alejandro Navarro
Betski Secures $345,000 in Pre-Seed Funding for First-ever Tokenized Casino Ownership Platform
Betski is set to launch its online casino ownership platform in Q1 of 2025, enabling users to earn casino profits through digital tokens. The system will allow anyone to receive a share of casino earnings without managing casino operations, marking a new chapter in the multi-billion-dollar iGaming industry. Supported by a $345,000 pre-seed funding round, the platform aims to democratize access to casino earnings and reshape the multi-billion-dollar gaming industry.
Opening Casino Ownership to Everyone
The platform’s tokenization system reshapes traditional casino business rules through an automatic profit-sharing program. Token holders receive a percentage of every bet placed on the platform.
This system eliminates steep entry costs, such as operational expenses, licensing fees, and administrative management. Users can start earning returns without previous casino experience or large capital investments.
“A small group have exclusively enjoyed casino industry profits until now. Our platform opens these earnings to everyone through our tokenized profit-sharing system, turning users into online casino owners,” said Alejandro Navarro, founder and CEO of Betski.
Direct Profit-Sharing Through Tokens
Through a verified digital system, the ownership program distributes Gross Gaming Revenue (GGR) among token holders. Investors have recognized this potential, contributing $345,000 in pre-seed funding that combines gaming entertainment with digital asset ownership. The platform maintains strict security protocols and automated distribution systems for reliable profit sharing.
“The platform distributes real money to token holders from every bet placed by players. This creates a steady income stream for online casino owners – something the traditional casino structure has never offered,” said Navarro.
Global Growth of Online Casino Ownership
The platform has attracted 2400 active Discord members and over 20,000 followers on X (formerly Twitter). These early adopters are expected to participate in test runs of the profit-sharing system once it goes live. Over the next 24 months, the platform will roll out first in Latin America, followed by expansion into European and select Asian markets.
Betski offers casino games, live casino experiences, eSports betting, global lotteries, fantasy sports, and traditional sportsbooks. This variety creates multiple revenue streams for online casino owners. Players can access all gaming options through a single interface, which streamlines the betting experience and maximizes potential returns for token holders.
The team has partnered with major payment processors and marketing agencies to support the platform’s global expansion. These collaborations will facilitate smooth transactions and user acquisition across different regions. The platform meets all regulatory requirements in its target markets, certifying long-term stability for token holders.
New Opportunities for Investment
Following the successful pre-seed round, Betski is now opening its seed funding round to welcome additional participants into its casino ownership platform. This investment opportunity enables individuals and entities to join the platform’s growth journey ahead of its official launch in Q1 2025.
Bradley Khoury
eCOGRA Approved to Operate in Arizona, Indiana and Panama
eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.
This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.
Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.
In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.
“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.
Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”
BetConstruct
BetConstruct to Showcase Latest Innovations at G2E Las Vegas 2024
BetConstruct, a global leader in the iGaming industry, is going to showcase its cutting-edge solutions at the highly anticipated Global Gaming Expo (G2E), taking place from October 7-10.
As the premier event for the global gaming industry, G2E serves as a hub for innovation, driving growth by bringing together industry professionals from around the world to foster business opportunities.
Taking place at The Venetian Expo in Las Vegas, this all-in-one event features both an education program from October 7-10 and an expansive expo hall running from October 8-10.
BetConstruct’s stand is 5230, where the team will showcase an exciting range of products, including the newly launched the Last Battle, a novel loyalty system that is the byproduct of BetConstruct’s commitment to innovation. The company will also demonstrate its comprehensive Sportsbook and Casino Suite, along with DECA, its next-level decentralised casino platform, and Umbrella, an AI-powered risk management solution. These offerings are designed to meet the needs of a diverse range of operators, ensuring seamless and engaging experiences for players across the regulated market.
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