Set to launch on May 1, Colorado could attract as much as $6 billion in sports bets annually, according to PlayColorado analysts
Colorado’s fledgling sports betting industry will eventually generate billions of dollars in bets annually, hundreds of millions in operator revenue, and tens of millions in tax revenue, according to estimates by PlayColorado.com, which researches and analyzes the state’s newly regulated sports betting market.
Despite the sports world being indefinitely shuttered in response to the COVID-19 pandemic, regulators are preparing for a May 1 launch of online and retail sports betting. When it does, Colorado will become the 18th state to have some form of legal sports betting. And the Centennial State has a bright future, capable at maturity of generating as much as $6 billion in sports bets annually, $400 million in gross operator revenue annually, and $40 million in annual tax revenue, according to PlayColorado projections.
“With a significant base of existing land-based casinos, a regulatory framework that will be attractive to operators, and one of the largest metropolitan markets in the country to draw from, Colorado is well-positioned to capitalize on sports betting,” said Dustin Gouker, chief analyst for PlayColorado.com. “But assuming the industry does launch on May 1, it will be doing so in unprecedented circumstances with almost no sports to wager on. There are some advantages to a forced soft opening, but it also means that it will be some time before we learn with confidence just how Colorado’s bettors will respond to legal sports betting.”
Colorado regulators have been deliberate in creating a regulatory framework for casinos, opting for a later start date to ensure that the state gets sports betting right. Its 10% tax on net revenue is comparable to some of the most successful sports betting markets. New Jersey, which is neck and neck with Nevada as the nation’s largest sports betting market, levies a 9.75% tax on revenue from retail sportsbooks and 13% on online sports betting revenue. Indiana, the No. 4 sports betting market in the U.S., taxes sports betting at a 9.5% rate.
In addition, Colorado has avoided some of the pitfalls of earlier adopters, such as imposing maximum bet limits, a decision state regulators left to operators.
“Colorado legislators and regulators have made many smart, measured decisions based on input from casinos, operators, and bettors, and that has led to the adoption of an excellent collection of rules and restrictions,” Gouker said. “They have also had the undeniable benefit of seeing what has worked in other states. Colorado’s methodical approach might have been frustrating to bettors by slowing the launch, but there is plenty to be encouraged about. Sports betting operators have inked partnerships and regulators are listening to stakeholders. That will serve Colorado well.”
Until the COVID-19 pandemic subsides, bettors will largely have to wait to wager on anything other than futures on pro sports and a handful of international sports.
In other states, legal online casino and poker wagering has meant millions in additional revenue for operators and states, helping to bolster bottom lines during a difficult time in the gaming industry.
“There is no question that the revenue from online casinos and poker rooms has helped operators in states such as New Jersey and Pennsylvania weather the shutdowns of land-based casinos and essentially all sports,” Gouker said. “Coloradoans will likely someday decide if and when the time is right to legalize online casino wagering. In the meantime, it has put the right framework in place for its sports betting industry to thrive once sports are played again.”
For more information and analysis on regulated sports betting in Colorado, visit PlayColorado.com/news.
Detroit Casinos Report $104.9M in August Revenue
The three Detroit casinos reported $104.9 million in monthly aggregate revenue for the month of August 2023, of which $104.6 million was generated from table games and slots, and $322,186 from retail sports betting.
The August market shares were:
- MGM, 47%
- MotorCity, 30%
- Hollywood Casino at Greektown, 23%
Table Games and Slot Revenue and Taxes
August table games and slot revenue decreased 2.0% when compared to July 2023 results. August monthly revenue was 0.1% higher than August 2022. From January 1 through August 31, the casinos’ table games and slots revenue increased by 0.8% compared to the same period last year.
The casinos’ monthly gaming revenue results were mixed compared to August 2022:
- Hollywood Casino at Greektown, up 11.7% to $24.4 million
- MGM, down 1.7% to $49.5 million
- MotorCity, down 5.0% to $30.7 million
During August, the three Detroit casinos paid $8.47 million in taxes to the State of Michigan. They paid $8.46 million for the same month last year.
The casinos reported submitting $16.5 million in wagering taxes and development agreement payments to the City of Detroit in August.
Retail Sports Betting Revenue and Taxes
The three Detroit casinos reported $10.0 million in total retail sports betting handle, and total gross receipts were $327,291.
Retail sports betting qualified adjusted gross receipts (QAGR) were down by 80.6% compared to August 2022. August QAGR was down by 32.5% compared to July 2023.
August QAGR by casino was:
- MGM: $85,644
- MotorCity: $195,955
- Hollywood Casino at Greektown: $40,587
During August, the casinos paid $12,179 in gaming taxes to the state and reported submitting $14,885 in wagering taxes to the City of Detroit based on retail sports betting revenue.
For July, fantasy contest operators reported total adjusted revenues of $1.2 million and paid taxes of $101,324.
From January 1 through July 31, fantasy contest operators reported $13.4 million in aggregate fantasy contest adjusted revenues and paid $1.1 million in taxes.
Gaming Arts and Banijay Brands Announce Launch of New DEAL OR NO DEAL Slot Games
Gaming Arts, in partnership with Banijay Brands, the commercial arm of media and entertainment powerhouse Banijay, announced that DEAL OR NO DEAL slot games will premier in Q4, 2023. This exciting new product line will launch with two complementary themes, Golden Briefcase and Briefcase Breaker, released on the beautiful 49″ portrait VertX Grand cabinet.
These games will revitalize the familiar DEAL OR NO DEAL brand on casino floors with fresh content and exciting gameplay. Players will be put in the hot seat in the Deal or No Deal Briefcase Feature, experiencing the same pulse-racing excitement as the hit television game show. The players’ fate is truly in their own hands, whether they choose to take a generous banker’s offer or push their luck until the end.
The games also include dynamic free games, a dramatic jackpot feature, and linked progressive prizes to keep the excitement sky high. A player-selectable multi-denomination screen allows the player to choose a denom and bet that is comfortable for their bankroll.
For players that crave only the action of the Deal or No Deal Briefcase Feature, the Buy-A-Feature option allows the player to instantaneously win the bonus without the need to play through the base game. This Buy-a-Feature option can have additional multipliers up to 10x, multiplying the potential prizes to huge amounts.
Banijay format Deal or no Deal first launched in the Netherlands in 2002. It has been commissioned in over 80 territories worldwide with more than 350 productions.
Mike Dreitzer, CEO of Gaming Arts, said: “We couldn’t be prouder of these great games! Gaming Arts is confident that our new DEAL OR NO DEAL games will soon be amongst the most popular and top performing games on casino floors across North America. These games are the whole package, complete with incredibly exciting and innovative game play offered with a beloved brand that is recognized and followed by millions.”
Jean Venneman, Chief Operating Officer at Gaming Arts, said: “Banijay Brands has been a terrific partner and whose insight and assistance helped lead our game development team to produce these truly remarkable games. These games are a great follow on to our recently launched, Thor’s Thunder which is taking the country be storm, coast to coast.”
Mark Woollard, Banijay Brands Director of Gaming and Gambling, said: “This partnership demonstrates our commitment to bringing flagship brands like Deal or No Deal to life in engaging ways. Through this partnership with Gaming Arts, we are set to deliver another fantastic gaming experience.”
FanDuel Marks Responsible Gaming Education Month with Major Investment in its Responsible Gaming Ambassador Program
September is Responsible Gaming Education Month, and FanDuel, the premier online gaming company in North America, is making major investments in its responsible gaming advocacy efforts with the additions of global soccer icon Carli Lloyd and PGA TOUR rising star Tom Kim who will join FanDuel’s RG Ambassador Craig Carton this season. FanDuel is also introducing a comprehensive series of new initiatives that will leverage a unique combination of talent, content, and partnerships to further the company’s efforts to educate fans on the importance of playing responsibly.
New Responsible Gaming Ambassadors
Soccer icon Carli Lloyd and rising golf star Tom Kim are the newest FanDuel Responsible Gaming Ambassadors. Both Lloyd and Kim will partner with FanDuel to raise awareness of the importance of responsible play and the tools that FanDuel provides to fans to manage their play, including deposit limits, wager limits, time limits, and more. They will appear in future responsible gaming content and join Carton, as well as NFL legend Rob Gronkowski and Kay Adams, Host of FanDuel TV’s Up & Adams, in bespoke advertising to promote responsible play.
“I am excited to be joining the FanDuel team as a Responsible Gaming Ambassador. As sports gambling continues to become more accessible, I think it is critical fans adopt a mindset that gambling is supposed to be a form of entertainment and that tools are available to them within the FanDuel Sportsbook app to stay in control of the way they play. I’m eager to help my fellow ambassadors spread the word on the Play Well lifestyle,” Lloyd said.
“When evaluating a potential partnership with FanDuel, I knew I wanted to be able to use my platform to advocate for responsible play. It is clear everyone at FanDuel takes responsible gaming seriously, and I am proud to join their team as a Responsible Gaming Ambassador and raise awareness among my fans, especially those around my age, and the golf community on and off the course,” Kim said.
New Responsible Gaming Content
This month, FanDuel will premiere its new responsible gaming advertising campaign. FanDuel’s first bespoke television creative entitled “The System” is back but with a new iteration created by FanDuel’s internal creative team. Part two of the multi-media campaign is backed by significant media investment and will air throughout the football season. The advertising heroes FanDuel’s Play Well tools like wager and time limits that customers can set up for responsible gaming play.
FanDuel also recently paired Carton, host of FS1’s The Carton Show, with NFL legend Rob Gronkowski and FanDuel TV host Kay Adams together on new responsible gaming content for fans, including a candid podcast style discussion about problem gambling and its associated risks. During the series the stars will discuss the tools and resources available to help fans always stay in control. In addition, the trio will be featured in a new social series entitled “FanDuel FanDial” where they will be live calling and surprising fans with video calls. During the calls, which capture fans’ genuine reactions, the trio use their impromptu conversations to walk fans through the self-service responsible gaming tools available on the platform. All content will be featured on FanDuel social media channels in the coming weeks.
“Spreading the message of responsible gaming is deeply important to me, and I’m proud to continue working with FanDuel to raise awareness for problem gambling and the tools available to address it. Working with colleagues like Kay and Gronk help destigmatize problem gambling and more importantly help make betting responsibly cool. Adding two more stars, Carli and Tom, to the team is exciting and I can’t wait to collaborate with them. The initiatives we are highlighting during Responsible Gaming Education Month have a year-round impact, and I look forward to elevating our voice to protect as many fans as possible,” Carton said.
Educational Course with Front Office Sports
FanDuel announced it is partnering with Front Office Sports to launch a groundbreaking and first of its kind free responsible gaming educational course housed within Front Office Sports’ Learning platform in early 2024. The course will cover the fundamentals of responsible play and the ever-changing sportsbook industry. Upon completion, visitors will be able to add a badge to their LinkedIn profiles and feature the certification on their resumes. Those interested in signing up can visit fos-learning.com.
“We believe that educating the sports industry at large on what responsible gaming means is an equally important part of our mission to promoting responsible play with consumers. I’m delighted to partner with Front Office Sports to break new ground and have training available that drives a culture of RG in our industry,” Alison Kutler, FanDuel Sustainability and Responsible Gaming Vice President, said.
FanDuel’s Second Annual Play Well Day
On September 26, FanDuel will hold its second annual Play Well Day, hosted in New York City and broadcast to employees across the globe. This employee-only event will focus on the company’s commitment to building a culture that is always focused on customer protection. Play Well Day will include all-day seminars with both FanDuel executives and industry leaders and RG Ambassadors who will discuss the everyday role each employee plays in promoting safer play for fans.
“FanDuel remains steadfast in its commitment to promoting responsible gaming, and we’re thrilled to be rolling out this series of programming to mark Responsible Gaming Education Month. Bringing Carli and Tom on as RG ambassadors who can spread the message of safer play combined with debuting new advertising, social media content and a Front Office Sports training, highlight how we want to elevate the standard for operator efforts on responsible gaming,” Kutler said.
All of these initiatives play a key role in Flutter’s global sustainability strategy, the Positive Impact Plan. Focused on leveraging universal principles to promote responsible gaming across global markets where Flutter operates, the Group has set a goal for 50% of online customers globally to be using a responsible gaming tool by the end of 2026.
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