This week’s casino news starts off in Osaka, Japan where MGM Resorts has won the rights to build a casino. Let’s take a closer look at that and at the revenue numbers of sports betting and igaming in the US.
Sports Betting And iGaming In The United States Could Hit $40 Billion in Revenue
Speaking of untapped markets, iGaming and Sports betting in the United States – which is just starting to grow legally – could reel in $40 billion in revenue per year. While those numbers sound lofty, they are merely considering the fact that many states haven’t legalized the pastimes yet, so there is ample room to grow.
Sports betting revenue has already increased 435 percent compared to last year with New Jersey leading the charge. With the football season underway as well, that number is projected to jump even higher. DraftKings, FanDuel and BetMGM are all among the sports betting operators that are bringing in the most revenue.
iGaming is also going to be taking a nice jump. Projections say that they could increase up to $14 billion in revenue by the year 2033. As it stands right now, they are only at $1.5 billion.
MGM Resorts Winner Of Osaka Casino Rights
MGM Resorts were able to become the last company standing in the race to place a casino in Osaka. After partnering with Orix, they gave themselves an edge in the competition and it apparently worked out as Osaka has chosen to go ahead with MGM. Back in July, there were announcements that a $9 billion casino concept was planning to be placed inside the city’s Yumeshima Island.
Osaka wasn’t really left with many options in this race, though. They opted to be really choosy and a lot of other companies decided to drop out of the running. A lot of other competitors chose to pass after rising concerns regarding the tax and regulations placed in the city. The time that it was taking for Osaka to officially choose an operator also killed a lot of their enthusiasm towards the project.
According to a recent announcement, MGM Resorts and Orix are both expected to own 40 percent of the integrated resort. The remaining 20 percent will be split out to other Japanese companies. However, if those companies aren’t involved, both MGM and Orix will float up to 50 percent each. They hope to make lots of money in what many people feel to be one of the ripest gambling markets in the world.
Atlantic City Casinos See Dip in Revenue During August Compared To 2019 Numbers
The latest numbers out of Atlantic City are out and it appears that the casinos in the area weren’t able to keep up with their revenue numbers pre-pandemic numbers. Their nine brick-and-mortar casinos in the state were able to get a total of $262.4 million that month. Compared to their revenue numbers back in August of 2019, they are down 8.4 percent. They are also down 5.3 percent from their July numbers.
However, those numbers take a big jump once you include iGaming and sports betting. Those numbers shoot up al the way to $397.6 million, $58.8 million more than the amount August brought in during 2019. As a matter of fact, it represents a 17 percent increase.
Despite the solid numbers that Atlantic City casinos are bringing in right now, they are still very much in the search for more employees. Hard Rock President, Joe Lupo, said, “We’ve been looking for people all summer long…we’re looking to continue providing some jobs to the local community.” Hopefully they are able to fill the positions that they are looking for and take another jump in their operations. If you’re looking for a job, Atlantic City is the place to be.
Sportsbooks and casinos in the United States continue to make moves. In this week’s news, we’re examining a number of partnerships that took place, including one in Indiana and a first-ever type of deal in Texas.
PointsBet Partners Up with Austin FC
PointsBet Sportsbook is continuing to expand its footprint. Even though sports betting is not legal in the state of Texas, they are still moving in there to get an early jump marketing-wise.
PointsBet has partnered up with Austin FC of Major League Soccer, so expect to see the branding on their gear soon. The company is now going to be the official sports betting partner of this new soccer club and will be promoted all over their new stadium.
It’s the first sports betting partnership created in the state and the first entry into the MLS for PointsBet. However, PointsBet is going to have to wait quite a while before this move could end up paying off.
Despite Dallas Cowboys owner, Jerry Jones, pushing heavily for sports betting to be legalized in the state, lawmakers just aren’t sure whether they want to go through with new laws to change that at the moment. Other big states such as California and New York could see their markets get launched within the next two years, but early estimations point towards Texas not getting serious consideration for legalization until at least 2023. When the floodgates do open up, though, PointsBet is hoping customers flock to them due to the brand awareness.
Atlantic City Casinos Fall Eight Percent Compared To 2019 Numbers In August
Casinos in Atlantic City have been doing everything in their power to recover from the impact of the COVID-19 pandemic. They have had some strong numbers lately and are approaching the pre-pandemic revenues they had back in 2019, as a matter of fact.
Atlantic City casinos were able to reel in a total of $262.4 million from their nine brick-and-mortar properties during the month August. When you include sports betting and iGaming in Atlantic City, their numbers drastically improve. They would eventually round out to $397.6 million, nearly $60 million more than what they were able to bring in during August of 2019.
A lot of people stopped going to the brick-and-mortar properties due to COVID concerns, which is why their online offerings have been so profitable lately. The land-based losses have been offset by the online success, which has sped up the whole recovery process.
Caesars Entertainment, WynnBET Inch Closer To Sports Betting In Indiana
The topic of sports betting in Indiana has been a bit of a touchy subject of late. The Indianapolis Colts initially weren’t in favor of heading that direction but have since made some moves to convince everybody otherwise.
They have now partnered up with Caesars Entertainment and the very next day, they did the type of deal with WynnBET. Both deals have some different aspects in them as Caesars will get naming rights to a lounge in the Colts stadium along with being named the official casino of the organization.
Meanwhile, WynnBET received naming rights to their official tailgate area called Touchdown Town. They also got branding rights for a sports bar in the upper levels of the stadium.
Each of these companies are hoping that these new deals can get them exposure throughout the entire Indiana area – especially in a place where so many sports fans go. WynnBET, in particular, has already been doing everything they can to spread the word about their brand. You may have seen some their advertisements, which now feature Shaquille O’Neal and Ben Affleck.