Spin Cycle: F1’s Return, Q3’s Returns Highlight Week In Gambling

Welcome to “Spin Cycle,” Casino Reports’ weekly Friday roundup of all things impactful, intriguing, impressive, or idiotic in the gambling industry. Pull up a chair, grab a stack of chips and a glass of your beverage of choice, and take a spin with us through this week’s news cycle …

F1, take two

It’s time for another lap.

The Las Vegas Grand Prix returns for its second year this Sunday, and as was the case in 2023, feelings in the local community about the Formula 1 race on the Vegas Strip are mixed.

The Las Vegas Sun reported on how road construction and closures prove costly to some Strip businesses, with Lisa Mayo-DeRiso, a spokesperson for some of those businesses, calling the situation “intolerable for business owners.” The Sun also explored prices in the city, and noted that hotel room rates, Airbnb costs, and race ticket prices are all down significantly from last year.

Meanwhile, some Strip casinos are building off the interest and the influx of visitors with their own special events, perhaps none more so than the Bellagio. The property famous for its fountains has introduced Fountain Walk, a pop-up entertainment row loaded with shops and experiences and, according to a press release, “transforming Bellagio’s main drive into a vibrant hub of activations for Bellagio Fountain Club guests.”

On a somewhat F1-related note, the ongoing Virgin Las Vegas workers strike, a movement presumably hoping to use the high-visibility auto race for negotiating leverage, got uglier Thursday when 57 union members were arrested in a “civil disobedience” demonstration, as the Las Vegas Review-Journal reported. Race day will represent the 10th day of the strike if it hasn’t been resolved before Sunday.

AGA reports industry’s highest-grossing Q3 ever

For all the hand-wringing over challenges for operators, cannibalization of land-based casinos, and so on, the commercial gambling industry just keeps getting bigger and richer. The American Gaming Association reported on Thursday the financial figures for 2024 Q3, and the total commercial gaming revenue came in at $17.71 billion, the highest-grossing Q3 on record. It was also the 15th consecutive quarter that showed year-over-year growth.

Digging in a little deeper:

• Retail casino gambling generated Q3 revenue of $12.38 billion, down 0.9% vs. 2023
• Online gambling produced $2.08 billion in revenue, a massive 30.3% boost year-over-year
• Sports betting provided operators with $3.24 billion in revenue, a 42.4% YoY increase

For the year so far, commercial gaming revenue is ahead of 2023’s figures by 8%, meaning, like every other year following the COVID-impacted year of 2020, the industry is on track for record-setting revenue.

The counting is over (we think) in Missouri

It took about two weeks, but it seems we can now safely say that, yes, the sports betting ballot measure in Missouri passed.

The race was initially called, in the early morning hours after election day, in favor of legalizing sports betting, but as more votes trickled in, the “nays” drew closer. And this past Monday, the Missouri Independent reported that the margin was continuing to get narrower, and it was tight enough that the vote couldn’t be called.

On Wednesday, though, the next wave of votes mostly favored the “yes” side, and finally … it seems … this is over.

The expectation remains that sports betting in the Show-Me State will launch sometime next summer, before the 2025 football season begins.

House Rules: Insights from around our network

LIMITED INFORMATION: Massachusetts requests detailed data from operators on sports bettor limiting [by John Brennan]

TALES FROM THE CRYPTO: Crypto casinos eyeing a future in the U.S. [by Christian Holmes]

SUGGESTION BOX: Wyoming may reconsider online gambling with Spectrum Gaming study and recommendations [by Erik Gibbs]

TOO MANY COOKS: Content and discontent: On affiliate struggles and the commercial-editorial divide [by Steve Ruddock]

MARRIAGE OF CONVENIENCE: 7-Eleven and Jackpot.com partner for digital lottery sales [by Brett Smiley]

ONLINE CASINO IS POPULAR, PART I: Another New Jersey iCasino revenue record — this time exceeding Atlantic City’s retail casinos [by Eric Raskin]

ONLINE CASINO IS POPULAR, PART II: Michigan sets online casino revenue record in October with over $220 million in gross receipts [by Eric Raskin]

ONLINE CASINO IS POPULAR, PART III: Pennsylvania online casinos score second-biggest revenue month in state history at $189 million [by Eric Raskin]

THE WHYTE STUFF: Reel Lives: NCPG Executive Director Keith Whyte [by Brett Smiley]

LEAGUE OF LEGENDZ: Legendz becomes newest entry into the booming social casino and sportsbook space [by Brett Smiley]

ONE STEP BACK: New Jersey lawmakers move to block online lottery sales, prioritizing retail partners [by Erik Gibbs]

SPEAKING FROM EXPERIENCE: The more you know, the more effectively you can regulate [by Richard Schuetz]

CRACKDOWN ON THE CROWN: DraftKings fined, under fire for compliance issues in Ohio and Massachusetts [by Erik Gibbs]

PACKED WITH APPEALS: Antar vs. BetMGM case moving to U.S. Third Circuit Court of Appeals [by John Brennan]

The Shuffle: Other news and views

PIGSKIN IN THE GAME: How sports betting is transforming NFL broadcasting and viewership [Programming Insider]

FED UP, FIRED UP: Casino workers who want smoking to end demonstrate in New Jersey [Associated Press]

BETTING THE UNDER: Is the $11 billion online sportsbook bubble about to burst? [Rolling Stone]

GET OFF OF FACEBOOK: Bogus ads posted on social media claim a Mississippi Coast casino now has online gambling [AOL]

KEYSTONE COPS: Pennsylvania Gaming Control Board issues fines to VGT operators [CDC Gaming Reports]

DONE DUELING: FanDuel settles MLB union lawsuit over use of player likenesses [Reuters]

NOT IN THE STARS: New North Strip resort won’t be named for legendary scientist [Las Vegas Review-Journal]

EX-GOVERNOR VETOED: Chris Christie has plenty to say about gambling legalization, but is he right? [iGaming Business]

INTRA-LOT TO LOOK INTO: D.C. attorney general investigating lottery and sports gambling contract [Axios]

QUEEN GAMBIT: Bally’s stockholders approve Queen Casino merger [Investing.com]

RAPIDS RESPONSE: Gaming panel hears public comments on Cedar Rapids casino proposal [Iowa Capital Dispatch]

The Bonus Round

Completing the Spin Cycle with some odds and ends and our favorite social media posts of the week:

• Victor Rocha, the conference chair for the Indian Gaming Association, can often be counted on for an explosive quote. And he certainly delivered on that front on this week’s New Normal podcast, the latest in a series taking aim at “sweepstakes” casinos. On the topic of whether there can be some sort of collaborative agreement reached between tribes and social/sweeps operators, Rocha said: “This is not a dialogue, this is not a discussion — we don’t negotiate with terrorists.” Deep breaths, Victor. Deep breaths.

• Some fools really insist on being parted from their money, and the Fool of the Week award goes to “zxgngl,” the screen name of a bettor who lost more than $3.6 million on Polymarket wagering on the 58-year-old Mike Tyson to defeat Jake Paul in a boxing match last Friday. I didn’t think the sportsbooks should have even been taking wagers on this farce, but come on, people — if you’re going to risk money, at least think carefully before putting it on the guy who’s nearly a decade older than Wilford Brimley was when he filmed Cocoon.

• Notable news for fans of poker livestreams: The High Stakes Poker Network (HSPN) has now arrived on the Kick streaming network, bringing with it the popular Hustler Casino Live cash games. HSPN will stream poker content 24/7. But if you don’t use Kick, don’t worry — Hustler Casino Live will still be available to stream on YouTube as well. “We believe there are merits to both YouTube and Kick,” Hustler Casino Live’s Ryan Feldman told PokerNews this week.

• We wrap up this week with some news that simultaneously happy and sad. After 35 years in the bookmaking business, Jay Kornegay has announced his retirement, stepping down as vice president of operations at Westgate Superbook. We’re happy for Jay … but sad for the industry. Two bits of good news for those of us who have appreciated Kornegay’s presence: He’s not totally retiring — he’ll remain on as an adviser/ambassador to Superbook; and his shoes are being filled by the more-than-capable John Murray.