Industry News
RETAbet Launches MGA Games Products
RETAbet, a technology company specialised in sports betting, has launched a pack of new content from online slot developer MGA Games.
MGA has provided RETAbet with classic, high-performance titles and a variety of new 3 and 5 reel slots.
RETAbet.es users can now enjoy MGA Games’ most popular slots. Players will find classic Spanish slots such as Mina de Oro PLUS, Roma and Tesoro Pirata, alongside the latest releases like the Spanish Celebrities series, which features The Leticia Sabater Show, Chiquito de la Calzada and the unstoppable casino slot, Dream3Team.
Alongside their premium content, MGA Games offers RETAbet a marketing toolkit for promoting their titles and guarantees a completely dedicated and personalised aftersales service.
Encore Boston Harbor
The Massachusetts Gaming Commission Releases February 2024 Casino and Sports Wagering Revenue
The Massachusetts Gaming Commission reported that the month of February 2024 at Plainridge Park Casino (PPC), MGM Springfield (MGM) and Encore Boston Harbor (EBH) generated approximately $100.57 million in Gross Gaming Revenue (GGR).
Additionally, approximately $52.55 million in taxable sports wagering revenue (TSWR) was generated across the eight mobile/online sports wagering licensees and the three in-person licensees for the month of February.
Gross Gaming Revenue (Casino Gaming)
PPC, a category 2 slots facility, is taxed on 49% of GGR. Of that total taxed amount, 82% is paid to Local Aid and 18% is allotted to the Race Horse Development Fund. MGM Springfield and Encore Boston Harbor, category 1 resort-casinos, are taxed on 25% of GGR; those monies are allocated to several specific state funds as determined by the gaming statute.
To date, the Commonwealth has collected approximately $1.677 billion in total taxes and assessments from the casino operations of PPC, MGM and Encore since the respective openings of each gaming facility.
Sports Wagering Revenue
EBH, MGM, and PPC are licensed as Category 1 Sports Wagering Operators, which allows them to operate a retail sportsbook at their respective property. Category 1 operators are taxed on 15% of TSWR.
BetMGM, Betr, Caesars Sportsbook, DraftKings, Fanatics Betting & Gaming, FanDuel, Penn Sports Interactive, and WynnBet are licensed as Category 3 Sports Wagering Operators, which allows them to operate a mobile or online sportsbook. Category 3 operators are taxed on 20% of TWSR.
Of the total taxed amount for all operators, 45% is allotted to the General Fund, 17.5% to the Workforce Investment Trust Fund, 27.5% to the Gaming Local Aid Fund, 1% to the Youth Development and Achievement Fund, and 9% to the Public Health Trust Fund.
To date, the Commonwealth has collected approximately $118.56 million in total taxes and assessments from the sports wagering operations of licensed operators since sports wagering began in person on January 31, 2023 and online on March 10, 2023.
When an operator’s adjusted gross sports wagering receipts for a month is a negative number because the winnings paid to wagerers and excise taxes paid pursuant to federal law exceed the operator’s total gross receipts from sports wagering, the Sports Wagering Law allows the operator to carry over the negative amount in tax liability to returns filed for subsequent months.
Industry News
Entain Examines Possible Sale of Overseas Gambling Brands
Entain has hired advisers to oversee the possible sale of several of its overseas brands, according to reports.
These brands include Netherlands-based BetCity, which the gambling firm had bought last year.
The Netherlands, last year proposed a plan for tighter deposit limits from the second quarter, which is expected to hit Entain’s annual revenue and profit, the company said earlier this month.
A local offshoot of Ladbrokes in Australia, Sweden-based Enlabs and Georgia-based CrystalBet are other brands that are not integrated into Entain’s main tech platform and under review, reports said.
Wall Street boutique advisory Moelis is advising Entain’s board and the group’s recently formed capital allocation committee, and any disposals will be of brands that are not integrated into the company’s technology platform, which makes them easier to sell.
Entain, like other gambling firms, gained from a rise in online betting during the pandemic, but stiffer regulations in its main markets have hurt its bottom line.
The UK, the gambling firm’s largest market, is expected to put out a review this year, which is said to include a stake cap on slots at 5 pounds ($6.37) and increased affordability checks.
Entain expects its core profit to incur a 40 million pounds hit in 2024 from the regulatory moves in the UK and Netherlands.
888 Holdings
888 Holdings Terminates its Deal with Sports Illustrated
888 Holdings said on Wednesday it had terminated its deal with Sports Illustrated and was looking at options to sell or exit its direct-to-consumer U.S. operations, due to intense competition and low margins.
Sports Illustrated (SI), known for its eponymous sports magazine, had entered the online betting market in an exclusive deal with 888 in 2021 in a bid to entice SI fans.
Sportsbetting in the US took off in the last few years since it was legalised in 2018, with players in the country partnering up with or buying out British gambling groups that have more experience in that field.
But it has been a long road toward profitability for many sports gambling groups including market leader Flutter-owned FanDuel, which turned profitable for the first time only last year.
“In the US, the intensity of competition and requirement for scale means huge investment is required to reach profitability,” 888 CEO Per Widerström said in a statement.
BetMGM, jointly owned by Ladbrokes-owner Entain and MGM Resorts, made its first profits in the second half of last year.
888, which is active in four U.S. states, said it was terminating its agreement with SI-parent Authentic Brands and would pay a termination fee of about $25 million.
The termination is expected to help save 888 about $6 million to $7 million per year in 2024 and 2025, it added.
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