Industry News of the Day for November 1, 2023
Industry News
- Reuters: Caesars Entertainment Beats Q3 Profit Estimates On Steady Demand In Las Vegas Casinos
- Caesars Entertainment (CZR.O) beat third-quarter profit estimates on Tuesday, as steady demand in Las Vegas casinos helped boost revenue. Discretionary consumer spending has been shifting away from goods and towards experiences, profiting casino operators such as Caesar’s Entertainment. Las Vegas-based casino operators benefited from a 64.3% year-on-year rise in convention attendance in August, according to data from the Las Vegas Convention and Visitors Authority. Caesars reported a profit of 34 cents per share for the quarter ended Sept. 30, compared with analysts’ expectations of 29 cents.
- Gaming Today: IGT’s Q3 Revenue Remains Steady At $106 Billion, Matching Previous Year’s Performance
- IGT released its financial performance for the third quarter of 2023, which concluded on Sept. 30th. The gaming company has maintained its performance from the previous year, matching the revenue figure of $1.06 billion, and it is likely that the fourth quarter of the year will also replicate this pattern. In an IGT press release, the current CFO, Max Chiara, said: “We are pleased with the financial results we delivered in the third quarter, including top-line growth, margin expansion, and strong cash flow generation.”
Colorado
- Sports Handle: Colorado Regulator Appears Poised To Ban All Fantasy Pick’Em Contests
- As the Colorado Division of Gaming continues the process of crafting its fantasy sports regulations, a representative from PrizePicks on Monday said the regulator had evolved from one of the “most progressive to one of the most restrictive regimes” in the country over the last year. The comment from Josh Kirschner on behalf of PrizePicks came during a Division of Gaming rulemaking hearing Monday. It’s been five months since the state hired a new gaming chief after Dan Hartman retired. Colorado is the latest venue in which fantasy sports operators are fighting to have certain styles of pick’em contests included in rules across the country.
Maine
- Legal Sports Report: Maine Sports Betting Market Finally Set To Launch Friday
- Maine sports betting kicks off Friday after a long wait following passage last year. Following more than 18 months of regulatory work, Maine sports betting will launch at 9 am Friday, according to a Maine Gambling Control Unit release Tuesday. Maine bettors can begin account registration and deposits Wednesday. “We’re excited. We’re raring to go,” MGCU Executive Director Milton Champion told LSR last week. “The day after we go live, I’m going to Disneyland. There comes a time when you just need to roll it out, let the wrinkles come, and then iron it out. We didn’t reinvent the wheel or come up with anything new.”
New Jersey
- Play NJ: Soft2Bet Targets ‘Some Sort Of Market Share’ As It Eyes NJ Sports Betting Expansion
- Sportsbook platform operator Soft2Bet is well-known in Europe, and now that their sights are set on the North American market. It’s going to begin in the world of New Jersey sports betting. The gaming operator, based in Cyprus, is targeting the US market – which still has several large states without legal sports betting and more than 40 without online casinos. The sophistication and maturation of the New Jersey betting market, as well as the excellent leadership provided by the state’s Division of Gaming Enforcement (DGE), are cited as reasons that Soft2Bet plans to debut in the Garden State.
North Carolina
- NC Sharp: NC Student-Athletes Will Face Softer Punishments For Sports Betting Infractions
- Earlier this year, the NCAA amended its guidelines for student-athletes who committed sports betting violations. The new punishments dish out softer punishments on loss of eligibility. They will soon become relevant for in-state student-athletes after the expected 2024 launch of online sports betting in North Carolina. The NCAA stands firmly against sports betting, saying that it undermines the integrity of games and jeopardizes student athletes’ well-being and college sports while “demeaning competition and competitors alike.” This means student-athletes cannot bet on sports, even if they live in a legal sports betting state.