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US iGaming Revenue Sets New Record & Surpasses $5 Billion in 2023

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Online Casino - iGaming

The US iGaming industry goes from strength to strength and sets a new revenue record! During 2022, US iGaming companies generated $4.8 billion in revenue, but in 2023, they’ve gone one better and racked up over $5 billion in revenue with still one full month remaining. There’s still a chance the final revenue figure will stand at $6 billion, which would be a massive 25% gain compared to last year’s figures. 

In September alone, iGaming operators posted $542.7 million in revenue. October was another strong month with $453.1 million and represented an almost 20% increase on October’s figures in 2022. New Jersey operators have been killing it recently, earning $166.8 million in gross revenue in October alone. Michigan online casinos also had a strong October, posting $160 million in gross revenue. Not to be outdone by their rivals, Pennsylvanian operators earned a very respectable $154.8 million in revenue and have consistently crossed the $150 million mark in 2023.

Online casinos have been an absolute gold mine for the above states. In 2023, they generated over $1 billion in taxes, and in 2022, they just fell short of the $1 billion mark and generated $981.2 million in taxes for their states.

New Jersey Owes Golden Nugget and Resorts Big Time!

It’s interesting to see how power laws work. Nearly all of the US iGaming revenue comes from New Jersey, Michigan, and Pennsylvania. And in New Jersey, three operators generate the vast majority of the revenue: Golden Nugget, Resorts, and the Borgata.

The Golden Nugget has been having a fantastic 2023 and has consistently been generating revenue above $40 million. In October, they set a new state record when they managed to generate $49.4 million. If you’re wondering how Golden Nugget generated so much revenue, they own the platform powering FanDuel, BetRivers, and Betway and also have their own branded site.

Resorts isn’t too far behind the Golden Nugget in 2023 and also posted it’s best month of the year in October, with $46 million in revenue. It should cross the $500 million revenue mark by the time 2023 finishes. Interestingly, Caesars and Borgata weren’t able to cash in on the booming market and actually have posted YOY declines. But other sites like Tropicana, Hard Rock, and Ocean Casino Resort all go in on the action and have generated record revenue for 2023.

If you thought things were going well over in New Jersey, wait till you see how the market is shaping up in Michigan. FanDuel has been crushing throughout the year, and in October alone, it generated $37 million in revenue. To put things in perspective, in Michigan, FanDuel is slightly outperforming DraftKings and has already smashed its 2022 revenue figures of $258.7 million. It should comfortably cross the $350 million mark by the time 2023 is up.

DraftKings is competing hard against FanDuel in every state, and Michigan is no different. It has experienced regular $30 million back-to-back months throughout 2023 and, like FanDuel, has already blown past its 2022 revenue. We expect DraftKings to end 2023 on around $330 million gross revenue in Michigan.

Connecticut’s iGaming Market Is Booming

The iGaming scene in Connecticut is being propelled along thanks to the strong performances of FanDuel and DraftKings as they did the unthinkable and took more than $1 billion worth of bets in consecutive months. Connecticut has a long way to catch up to reach the other states, but they’re still constantly generating monthly revenue close to the $40 million mark. The Connecticut market has grown at over 30% YOY from November 2022 to November 2023.

The American iGaming market is in a very strong position, with the majority of operators blowing their 2022 revenue figures out of the water. It’s incredible to think just how much revenue operators are generating despite online casinos only being legal in a handful of states. Imagine what will happen when Texas and California legalize online casinos. At this stage, we can’t see any looming recession putting much of a dent in the US iGaming market. We expect revenue figures to explode throughout 2024 and 2025 as more states legalize online gambling.

Sport Enthusiast, Builder of brands, and proud founder of Machina Sports, dedicated to pioneering the fusion of human athleticism with cutting-edge technology. Committed to creating a global platform and brand that celebrates the excitement and innovation inherent in Machina Sports while engaging a diverse community of enthusiasts and athletes worldwide.

Casino & Games

Illinois Players Won’t Enjoy Online Casinos After Legislation Hits Roadblocks

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Online Casino

Online casinos were on the brink of being legalized in Illinois. Unfortunately, both bills weren’t voted on after the exact details of the bill, particularly taxes, couldn’t be ironed out.

State Representative Edgar Gonzalez Jr. and State Senator Cristina Castro both introduced separate but almost identical bills that, if passed, would’ve legalized online casinos in the Land of Lincoln. However, both bills were left to languish in the committee process. For now, the Subcommittee on Gaming, Wagering, and Racing has put the bills on the back burner.

There was no urgency among the politicians to vote on the pieces of legislation. The state budget has been much more stable in recent years. The state government has achieved a surplus over the last three years, and the 2023/2024 fiscal year is predicted to end in a $1.4 billion surplus.

Without pressing budget constraints, the government no longer needs to get creative with generating revenue. They’re likely keeping the legalization of online casinos in their back pocket until they need additional funds.

What Do the Illinois iGaming Bills Entail?

If passed, the bills would authorize an Internet gaming operator to offer internet gaming in Illinois after successfully receiving a license. The operator could run up to 3 individually branded internet gaming skins and would be subject to a 15% tax on revenues.

Online sports betting is already legal in Illinois, and major players include DraftKings, FanDuel, and BetMGM. The regulated online casino market would operate similarly to the established sports betting industry, and many of the same brands would also add casino games.

One of the sticking points with the iGaming bills is the 15% tax rate. Online sportsbooks are currently subject to a 15% tax on gross gaming revenue. However, the government wants to boost it to 20% for low earners and up to 40% for the top performers. 

The government wants to take advantage of online sportsbooks and use their growing revenues to fund the state. However, FanDuel and DraftKings have threatened to leave the state if they’re hit with higher taxes. 

It’s unlikely that the iGaming bills will pass with the old 15% flat tax. At a minimum, that will need to bump up to 20%. However, the state risks destroying the industry before it’s even started if it places too heavy tax burdens on operators.

Players in Illinois are also subject to a 15% state tax if they win over $600 when sports betting. This rule will likely apply to online casinos as well. This tax may disincentivize locals from playing at regulated casinos. Instead, they’re likely to continue playing at offshore casinos where there are no taxes on winnings. 

Will iGaming Ever Be Legalized in Illinois?

As the state legislative session has concluded, now the earliest state politicians can visit the online casino bills in the new year. If the bills are going to get passed, Rep. Gonzalez and Sen. Castro will have to reintroduce new online bills in January 2025.

Castro and Gonzalez’s bills were virtually identical, and both mirrored Illinois’ online sports betting legislation. The politicians believe that online casinos can be a great source of ongoing revenue for the state and help Illinois continue to fund social services while balancing the budget.  

The iGaming industry has struggled to win over lawmakers in the US. Only six states have legalized online casinos, while online sports betting is live in 30 states. Online casinos have proved more controversial, and brick-and-mortar casinos have lobbied hard to keep them banned. 

Neighboring Michigan has managed to successfully balance online and brick-and-mortar casinos. According to the latest research, the introduction of online casinos in 2021 hasn’t negatively impacted brick-and-mortar casino revenue. Hopefully, Gonzalez and Castro will use the Wolverine State as a shining example.

Gonzalez and Castro are no rookies when it comes to campaigning for online casinos in The Prairie State. The lawmakers have submitted numerous pieces of legislation only to see them rejected. However, there’s a very good chance that iGaming will finally be legalized in Illinois in 2025. Let’s hope that the lawmakers can come to a consensus and actually vote on the bill. It’s about time Illinoisans have access to online slots!

Read more: France May Legalize Online Casinos in 2024 or 2025

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iGaming

Rhode Island Reports $31.1 Million in iGaming Wagers in First Month

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Rhode Island iGaming

Rhode Island is the latest state to regulate and legalize iGaming. Bally Casino is the only online gambling operator in Rhode Island and offers slots and table games via a strategic partnership with Stakelogic. The monopolist started its first month of operation on March 4, 2024, and has just reported their results. 

In March, Bally Casino accepted $31.1 million in wagers. The bets were almost evenly split between slots and table games. Bally Casino accepted $15,471,572 in slot bets and $15,636,724 in table game wagers. The most popular table games were blackjack and roulette.

Bally Casino’s Revenue in Rhode Island Revealed

Bally Casino took $31,108,296 in total iGaming wagers and paid out $29,897,749. The result is a monthly revenue of $1,210,547. The return to player (RTP) percentage was 96.1. As is standard for online casinos, the majority of revenue was generated from slot machines. Despite taking slightly more table game wagers, this type of game only resulted in $238,641 in revenue. At the same time, slot machines contributed $971,906 to Bally Casino’s Rhode Island monthly revenue.

This is not surprising, as online slots, on average, have lower RTPs and higher volatility compared to table games. The average slot has a 96% RTP, while blackjack’s RTP can be as high as 99.5%.

Rhode Island Lags Other States in Terms of per Capita Revenue

Despite Bally Casino’s impressive monthly results, Rhode Island is seriously lagging when it comes to per capita revenue. In March, Pennsylvanian online casinos generated $233.1 million in revenue, which is $17.93 per capita. In second place was Michigan, which had $215.2 million in monthly revenue and the highest per capita revenue at $21.52. Rounding out the top three was New Jersey, with $197.1 million in revenue in March and $21.19 per capita.

All the way down in the last position was Rhode Island, with $1.2 million in monthly revenue. This is to be expected, as the state has a population of only 1.1 million. However, Rhode Island was also in last place in terms of per capita revenue, with just $1.1. Delaware has a population similar to Rhode Island but almost four times more iGaming revenue in March.

Online casinos are currently legal in seven states, and the average monthly revenue for March was $6.5 million, and the per capita revenue was $18.34. Rhode Island has a long way to go to reach these figures.

Experts predict it’ll take up to six months for iGaming revenue in Rhode Island to match other states as players adapt and the operator figures out how to meet local users’ needs. Bally Casino will be excited about the potential for growth and, in their first month, has proven there’s an appetite for iGaming in Little Rhody. If Rhode Island just achieves average iGaming revenue, then they can expect their current revenue to increase by 18x!

Sports Betting in Rhode Island Is Also Growing

Rhode Island also has mobile sports betting, which has been live for over one year. The only mobile sportsbook in the state is Sportsbook Rhode Island. The Rhode Island Lottery recently released sports betting statistics and, according to their data, just $45 million worth of sports bets were accepted in March 2024. Sportsbook Rhode Island had an online handle of $37 million in March 2024. Over 80% of sports bets in RI were placed online. This number is set to rise, as in most states, 90% of the handle is generated online.

Online casino players and sports bettors in Rhode Island would benefit from more competition. However, it remains to be seen when the authorities will allow other operators to enter the market. Skilled operators like DraftKings and FanDuel, with their sleek marketing campaigns, are champing at the bit to get access to Rhode Island bettors. Players are likewise keen to take advantage of more bonuses, games, and betting markets.

Despite the impressive figures, Rode Island and Bally Casino have a lot of room to grow. Per capita, Bally Casino’s revenue was only $1.10, while the average among states where online casinos are legal is $18.34. Bally Casino and Sportsbook Rhode Island will be keen to expand their operations across the state. We’ll keep you updated on the latest iGaming and sports betting trends in the RI, which have the potential for serious growth.  

Read more: France May Legalize Online Casinos in 2024 or 2025

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Drone

How Women’s representation in FPV shapes the scene

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KalliFPV’s Journey in the Drone Racing World

But is it? 

It was representation and passion that got KalliFPV into FPV Drone Racing, a\nd her ascent in the drone racing world is more than just a personal triumph; it’s a beacon for diversity and inclusion in a space where both are urgently needed.

A Sky Without Limits

Kalli’s journey isn’t just a story of overcoming odds; it’s a narrative that mirrors the ongoing evolution in STEM — a field continuously enriched by the diverse perspectives women bring. Her path from curiosity to competitive racing sums up a broader truth: when given the opportunity, women not only participate but excel and innovate.

Her inspiration? A blend of familial bonds and a natural inclination towards the mechanics of flight. Initially drawn to the sport by her father’s own passion, Kalli quickly transitioned from an observer to a key player.

“Back in 2022…I was like, dad, I really want to get into flying,” 

Kalli recounted, reflecting on the moment her journey took flight in a FuturePlay Interview. It’s a testament to the power of mentorship and representation. Seeing someone you identify with succeeding can sometimes be all the push you need to get on a similar path.

The Simulator as a Springboard

Kalli’s rigorous dedication to mastering her craft through simulators — a digital proving ground where countless hours are spent refining skills — highlights an essential message about the importance of accessible resources in fostering talent. 

“Most of my practicing I did on simulators. I practiced at least five hours a week,” she shared. 

This statement not only showcases her dedication but also underlines the role of technology in democratising fields like drone racing, making them more accessible to diverse groups.

Breaking Barriers and Building Community

Kalli’s decision to join the all-girls team Mach1 is a vibrant illustration of the changing landscape of drone racing — a world becoming increasingly inclusive. 

“Of course, an all-girls team, of course, I’ll join it,” 

She enthusiastically remarked, underlining the significance of finding a community where she felt represented and supported. Here, Kalli’s narrative intertwines with the larger discourse on the importance of community in breaking down barriers and fostering a sense of belonging.

A New Horizon

KalliFPV is more than a competitor; she’s a symbol of change in the aerial arenas of drone racing and beyond. Her story is a powerful reminder that with passion, mentorship, and access to the right resources, the sky is not the limit but the beginning.

In sharing KalliFPV’s journey, we not only celebrate her achievements but also ignite a conversation about the future of women in STEM and sports. It’s a discussion about the potential that lies in empowering young women to explore, to create, and to dream without limits.

As KalliFPV continues to fly, her content serves as an inspiration — to young girls who look up at the sky and see not a limit, but a vast expanse of possibilities. It’s a call to the community, to mentors, and to organisations to invest in these dreams, to nurture these ambitions, and to watch as they take flight, transforming our world in the process.

What are your thoughts about the representation in sports and scientific fields? 
If you want to watch the entire interview with Kalli – be sure to follow us on YouTube

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