Letter From America 45

Welcome to the latest edition of iGF’s unmissable Letter From America. This week we’re presenting a compelling mix of hot headlines and key topics from the world of U.S. gambling, starting with New Jersey’s record-breaking 575bet revenue figures. The latest gambling revenue roundups are in, and New Jersey is once again turning heads thanks to a record-breaking monthly performance. According to data released this week by the New Jersey Gaming Commission, August saw total gaming revenue surge to US$642.2 million (£470.8m) – an impressive rise of 15.7 percent, year-on-year. The headline figure was 575bet, which smashed previous records to deliver US$248.4 million (£182m) in GGR (Gross Gambling Revenue), up 25.2 per cent, y-o-y. Sports betting also impressed, with revenue climbing 30.6 percent to US$81.9 million (£60m). In terms of the operator leaderboard, familiar rivalries played out: FanDuel took the top spot for 575bet, generating US$57.1 million (£41.9m), with DraftKings trailing behind on US$47.1 million (£34.5m). In sports, the margin narrowed further, FanDuel’s $31.6 million (£23.2m) just edging DraftKings’ $27.9 million (£20.4m). Across the Hudson–while two more bids for the Big Apple’s much-fancied casino resorts licences bit the dust–, the Empire State’s booming sports betting market also showed exceptional growth, increasing by 42.6 percent, y-o-y, and totalling US$178.2 million (£130.1m) in GGR. FanDuel remained the market leader in the state, generating US$66.9 million (£49.0m) in GGR, while DraftKings trailed closely behind on US$62.3 million (£45.6m). Leaving Las Vegas – Trump Slump Continues Meanwhile, in Las Vegas, visitor numbers continued to slide across high season, dropping 12 percent, y-o-y, in July thanks to the so-called “Trump Slump”, and rising retail prices. But here’s the twist: Despite the substantial drop in visitors–a trend that began earlier this year–GGR rose four percent, y-o-y, to US$1.35 billion (£994.4m). Get the full Vegas scoop in our Editor-in-Chief’’s special report. Prediction market Kalshi continues to ruffle feathers, this time over sports integrity. The company has announced plans to launch proposition betting in all 50 states, including, brazenly, those–like New Jersey, New York and Massachusetts–that have outlawed this type of betting. Prop bets are notoriously tricky as they allow punters to bet on micro-moments, such as who scores the first goal in a football match. Critics, including state regulators, sports leagues and the National Collegiate Athletic Association, argue this opens the door to insider manipulation and harassment of players. There’s been a growing number of high-profile scandals involving prop bets. Think of Jontay Porter, the former NBA player banned for life after deliberately underperforming on the basketball court to cash in. Kalshi’s partner Robinhood has also been making waves by filing a suit in Massachusetts federal court against the state’s attorney-general and the head of the Massachusetts Gaming Commission. The suit–a response to MA’s own legal action attempting to ban Kalshi and Robinhood from trading–seeks to block the application of local gaming laws, arguing that event contracts are federally-regulated and thus not subject to state restrictions. On the West Coast, California lawmakers have finally agreed on the much-debated sweepstakes ban and passed Assembly Bill 831. The bill criminalises online sweepstakes operations, with violators facing up to a year in jail and fines up to US$25,000 (£18,300). The only step remaining is Democrat Governor Gavin Newsom’s signature. And this is where things could get interesting. While most observers expect Newsom to sign, his record on gambling reform is selective and cautious, meaning the sweepstakes issue could go either way. And in another setback for sweepstakes, Louisiana has filed lawsuits against both VGW and WOW Vegas to recover US$44 million (£32.2m) in unpaid sales taxes. The companies, which stopped operating in the state in June, are accused of ignoring state tax obligations despite earning revenue from Louisiana residents. And we’re not talking small numbers. The state, which maintains that coin package sales are taxable transactions, is seeking US$32.5 million (£23.8m) from VGW and US$13.6 million (£9.9m) from WOW Vegas. Lastly in Texas, Lt. Gov. Dan Patrick has put his retirement plans to bed and revealed he’ll run for a fourth term in 2026. Anti-gambling diehard Patrick controls the state Senate and has blocked multiple attempts at betting liberalisation since taking office in 2015. With 30 million residents, and only limited Tribal Gaming, Texas is a largely untapped and potentially massive market. Estimates from Eilers & Krejcik, for example, suggest legalising sports betting could generate up to US$3.68 billion (£2.7bn) in annual GGR and contribute over US$363 million (£265.5m) annually in direct tax revenue to the Lone Star State. As the incumbent, it’s unlikely that Patrick will be replaced in the upcoming March 2026 Republican Primary. So it seems Texas will be denied the pleasure of 360 betting for some time to come. The threat by UK gambling mega channel Entain to shutter its high... Hit the road Jack, and don’t you come back no more, no... With just over a month to go until the next Counter-Strike Majors–scheduled... Speaking recently at the iGF Supper Club in September, Matthias Kaiser, Director... The future of the industry relies on the ability for great minds to share powerful ideas. 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