SPORTS BETTING OPERATOR
VOLUME 003 ISSUE 004
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EDITOR’S LETTER
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elcome to the fourth issue of Sports Betting Operator Magazine. Inside you will find engaging discussions relating to sports books, esports and igaming. We start by recognizing the industry’s sad loss of an icon at the start of this year, when 87-year-old Sheldon Adelson passed on 11th January due to complications related to non-Hodgkin’s Lymphoma. The Chairman and CEO of Las Vegas Sands had built a casino empire that stretched from Las Vegas across to Macau and Singapore. Last year, while many businesses were suffering the ill-effects of the Covid, Adelson contributed $4.5 million to the Republican Party in Texas. His hopes were that it would encourage the state to open the state to megaresort casinos. He had previously estimated Texas as a $10 billion a year market. Check-out David McKee’s article, “Venetian on the Brazos.” During the past twelve months, Las Vegas has been significantly rocked by the Covid pandemic. Reviewing the statistics, we note that in November 2019, 88% of the hotel rooms in Vegas were occupied, whereas in November 2020, only 47% of the rooms were filled. For the same period, nearly 60% fewer passengers had passed through the Las Vegas McCarran Airport. As this devastating pandemic enters its second year, casinos and sports books need to ensure they’re reaching their customers. Likewise, suppliers must recognize the value of publications like Sports Book Operator Magazine and Casino Life Magazine in reaching the industry. With Las Vegas as my American base, I have witnessed first-hand the vacant streets and empty casinos both on the strip and downtown. Several casinos sportsbettingoperator.com
ABOVE: Bill Healey, Editor, Sports Betting Operator
visible from my home are still shuttered from April of last year. Not only have I seen the impact of the pandemic, but have also personally experienced the virus. Additionally, each of the Casino & Gaming conferences I had planned to attend in Las Vegas, Sihanoukville, Macau and Manila have been canceled for the past past year and the foreseeable future. Two of the largest sports betting events (by volume) are on either side of this issue. On Sunday, 7th February, the NFL held the Super Bowl, its championship game. Though 3-point underdogs, the Tampa Bay Buccaneers surprised the oddsmakers by upsetting the Kansas City Chiefs 31-9, led by 43-year-old veteran Tom Brady. Issues arose when MGM sports books ran into issues paying client’s Super Bowl bets. Police were reportedly called to multiple MGM properties. Following the release of this issue is the NCAA Basketball Championship, also known as “March Madness”. The championship was cancelled last year due to the Covid pandemic and is confined to the State of Indiana this year, marking the first time in its history that it will be played in one state. All of the 67-games will take place from 18th March to 5th April. One of our features is the Yellow Brick Road Casino & Sports Book, the largest 3
EDITOR’S LETTER sports book in the state of New York. We’re fortunate to catch up with Lynn Segars, General Manager of YBR. A good read is our interview with Michael Pollock, Managing Director of Spectrum Gaming Group. He addresses multiple issues including a summary of the New York Gaming Report, the growth in Sports Betting within the USA, and collaboration between landbased casinos and digital B2B providers. David McKee discusses the State of New York and their move toward allowing Online Sports Booking. The push by Governor Cuomo is driven in part by both the budget strain caused by the Covid pandemic, and also the amount of sports betting leaving the state for New Jersey. David takes an indepth look at a couple significant factors that have led to changes in the industry. One is the growth of esports, which has had an explosive level of investment during 2020 from varied sources including venture capitalists, major league sports teams and others. In his article on Same Game, DIfferent Arena, David digs deep into the impact and expanded use of the internet betting on the sports
Tejus Patel, Co-Founder of RecoverMe chats to Peter White about a vital service aimed at assisting those addicted to gambling. Founded by three doctors in the UK, RecoverMe has developed a mobile app providing self-help to individuals who need assistance in managing problematic gambling habits. This issue covers the significant growth in esports and igaming, and the benefits they bring to land-based casinos. Though the market has suffered significantly in the past year, sports and igaming have had a positive impact, and are likely to be a part of casino operations for a long time. Jim Goodwin, Vice President of Casino & Entertainment Development at Cash Processing Solutions, discusses the benefits coming from the JCM Global selection of the Cash Processing Solutions cash management software solution and advanced high-speed count/sort equipment. Sports Betting Operator wishes you good fortune as we move toward the end of the current pandemic.
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CONTENTS VOLUME 003 - ISSUE 004 3
Editor’s Letter
6 Turning Vision Into Reality Lynn Segars General Manager at Yellow Brick Road Casino chats to Bill Healey 11 Venetian on the Brazos? Las Vegas Sands sets its sights on Texas. By David McKee
CONTACTS Publisher – Peter White peter@outsourcedigitalmedia.com Managing Editor – Bill Healey bill@outsourcedigitalmedia.com
13 New York State of Mind Euphoria, then dismay greet Andrew Cuomo’s embrace of sports betting. By David McKee
North American Associate Editor – David McKee david@outsourcedigitalmedia.com
15 Not for Kids Anymore Esports is driving significant activity in the gaming and hospitality sectors by David McKee
International Editor – Damien Connelly damien@outsourcedigitalmedia.com
22 Same Game, Different Arena Internet play saved sports betting during the Great Shutdown by David McKee
Designer – Stewart Hyde www.totaldesingworks.com
30 Help For Addicted Gamblers Tejus Patel Co-Founder RecoverMe chats to Peter White 35 Processing Solutions Jim Goodwin, Vice President of Casino & Entertainment Development at Cash Processing Solutions, chats with Peter White 40 Vertical Betting MGM Resorts International ‘Entains’ More Action In The Sports Betting Vertical By: Damien Connelly 43 Golden Nugget Online Gaming Will Its Future Be Golden? By Damien Connelly 45 Spectrum Gaming Michael Pollock, Managing Director, Spectrum Gaming Group Interview for Sports Betting Operator by Bill Healey 48 Beating The Odds By Senator Raymond J. Lesniak. Book review by Damien Connelly
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Tel: 44 (0) 1892 740869 W: www.sportsbettingoperator.com Editorial Policy: The views and opinions expressed in Sports Betting Operator remain principally the views of contributors and do not necessarily reflect those of the editor or publishers. The publishers wish to avoid inaccuracies and, whilst every precaution has been taken to ensure that information contained in this publication is accurate, no liability is accepted by the editor or publishers for errors or omissions, however caused. Unless otherwise stated, articles appearing in this publication remain the copyright of the publishers and may not be reproduced in any form without the publisher’s written consent. Printed in the UK by Severn Print Ltd.
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LEAD FEATURE: YELLOW BRICK ROAD CASINO
TURNING VISION INTO REALITY Lynn Segars, General Manager at Yellow Brick Road Casino, chats to Bill Healey
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ased in Central New York State, Yellow Brick Road Casino has invested significantly in their property in recent years. YBR boasts the largest sportsbook in New York and provides top-notch customer service. Sports Betting 6
Operator Magazine is fortunate to connect with Lynn Segars, General Manager of YBR Casino & Sports Book. YBR has recently been through a renovation. What were the changes to the casino? What non-gaming features draw customers to YBR? sportsbettingoperator.com
LEAD FEATURE: YELLOW BRICK ROAD CASINO
THE ENTERTAINMENT EXPANSION FEATURES THE LANES, A SIX-LANE STATE-OF-THE-ART BOWLING CENTER, TWO TOPGOLF SWING SUITE BAYS, POOL TABLES, SHUFFLEBOARD AND AN ADDITIONAL SPORTS BETTING DESK Over the last few years, there have been significant investments made into expanding the experience at YBR Casino, which include the addition of The Lounge with Caesars Sports, the largest sportsbook in New York, new restaurants, a new exterior and adding a 19,400 square foot entertainment wing to the property. The entertainment expansion features The Lanes, a six-lane state-of-the-art bowling center, two Topgolf Swing Suite bays, pool tables, sportsbettingoperator.com
shuffleboard and an additional sports betting desk. Located in Central New York State, would it be correct to say that most of the customers are local? Is there much of a draw from outside of the state? With all of our new amenities and reputation for excellent guest service, we attract guests from around the region who include gamers, sports fans and guests who are looking for a fun and safe night out with friends. 7
LEAD FEATURE: YELLOW BRICK ROAD CASINO
OUR NEARLY 9,000 SQUARE FOOT SPORTS BOOK IS DESIGNED TO ACCOMMODATE MORE THAN 250 SPORTS FANS, DURING NORMAL TIMES WHEN WE’RE NOT LIMITING OCCUPANCY About The Lounge with Caesars Sports at YBR. The YBR Sports Book is the largest in New York State. What are its offerings and what makes it unique? As YBR already has the largest sportsbook in New York, this must put the casino in a good position within the region. How has it been received by customers? Our nearly 9,000 square foot sports book is designed to accommodate more than 250 sports fans, during normal times when we’re not limiting 8
occupancy. We have a custom-built 32-foot LED screen and more than 35 additional large-screen TVs throughout the sports book and guests can also enjoy games at the full-service bar with cocktails and menu items developed by our award-winning culinary team. We also offer six exclusive “Fan Caves,” which offer private loungestyle viewing areas with luxurious leather couches and chairs, guest controlled screens, and personal food and beverage service. sportsbettingoperator.com
LEAD FEATURE: YELLOW BRICK ROAD CASINO We play the sound for the game on our large screen, but guests can listen to any game being shown in the sports book by simply downloading the free “Listen Everywhere” app. It’s a nice feature that our guests really appreciate. YBR has partnered with Caesars Entertainment. What does the partnership bring to YBR’s offerings? Caesars is a global gaming leader, and when it comes to sports betting, they are in a class of their own. Through our relationship, our players are able to exchange and redeem their TS Rewards loyalty points and also have their player tier levels matched, for Total Rewards Points at all Caesars properties. What are the more popular sports available within the sports book? Would it be correct to assume the Super Bowl was a very busy day at the YBR Sports Book? Similar to all sports books, football is king at The Lounge with Caesars Sports at YBR Casino. We just celebrated our second Super Bowl
WE’RE ALWAYS LOOKING FOR DIFFERENT WAYS TO EXPAND OUR GUEST OFFERINGS AND CONTINUE TO PROVIDE THE BEST AND MOST INNOVATIVE EXPERIENCE
in our sports book and it was a very exciting day with football fans enjoying the experience and watching the Big Game together, while others stopped in to make their wagers. Basketball is another popular sport our guests like to wager on, especially with the college basketball tournaments coming up. Are there restrictions on sports betting in New York, for instance is it allowed to bet on college sports within the state? There are some restrictions in place for all sports books in New York, which includes prohibiting wagers on any college game taking place in the state. sportsbettingoperator.com
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LEAD FEATURE: YELLOW BRICK ROAD CASINO At the moment, sports betting in New York must operate from brickand-mortar sportsbooks. Would legalization of online sports betting impact YBR? If New York moves forward with online/mobile sports betting, we’re prepared to provide the best offerings in the state.
About Lynn How did you get your start in gaming, and what led you to Yellow Brick Road? Believe it or not, my first job at a casino wasn’t actually in gaming – I was a hostess at a casino in Atlantic City and was intrigued about a dealer school that was being offered. I enrolled and the rest is history. Throughout my career, I’ve held positions spanning all aspects of a casino – food & beverage, table games, slots, evs – which all gave me the experience that would lead me to join Oneida Nation Enterprises as the General Manager of YBR Casino. I have to say, I really wish I knew about Oneida Nation Enterprises 25 years ago when Turning Stone first opened. The growth here is amazing and Oneida Nation Enterprises is known for creating unique guest experiences. We’re always planning for what’s next, which is exciting to be a part of that constant innovation. What can we expect from Yellow Brick Road Casino in the future? We’re always looking for different ways to expand our guest offerings and continue to provide the best and most innovative experience. Casino Life Magazine wishes to thank Lynn Segars for her introduction to New York’s Yellow Brick Road Casino & Sports Book.
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Photo: Greg Askins
LEAD FEATURE: TEXAS
VENETIAN ON THE BRAZOS? Las Vegas Sands sets its sights on Texas. By David McKee
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e view Texas as a worldwide destination and one of the top potential markets in the entire world. Texas is considered the biggest plum still waiting … in the history of hospitality and gaming.” So said Las Vegas Sands lobbyist Andy Abboud, speaking to the Texas Taxpayers & Research Association. Considering that Sands had recently passed on Japan, to say that Texas is the big enchilada bespeaks confidence. Abboud’s boss, the late Sheldon Adelson, had tagged it as a $10 billion a year market in the past. sportsbettingoperator.com
Adelson, who poured $4.5 million into the Texas Republican Party’s war chest last year, was calling in his marker. He wanted megaresort casinos legalized in the Lone Star State. There have been sputterings of attempted legalization over the years but they usually run into intransigent resistance from both the horse racing industry and the Religious Right. This time Las Vegas Sands is fielding a crack team of lobbyists that includes Karen Rove. The pitch, which continues unabated under new CEO Rob Goldstein, is for a limited number of “destination resorts” that would “blend into the existing infrastructure.” Abboud says 11
LEAD FEATURE: TEXAS
GOING IN SANDS FAVOR IS A $4.6 BILLION BUDGET SHORTFALL IN TEXAS THAT HAS LAWMAKERS SO DESPERATE THAT THEY MIGHT LEGALIZE MARIJUANA, LET ALONE CASINOS budgets should be in the $1 billion-$3 billion range because “you absolutely only get the best companies bidding and they are forced by law to build an incredible facility.” Going in Sands’ favor is a $4.6 billion budget shortfall in Texas that has lawmakers so desperate that they might legalize marijuana, let alone casinos. However, the company faces an immovable opponent in Gov. Greg Abbott. Some have speculated that gambling might come to the Lone Star State through the soft underbelly of sports betting. But Abbott nixed that last year when the state lottery tried to add it to its offering.
Nor will the lottery welcome competition from casinos, while the Texas Baptists Christian Commission has already sounded off against gaming, saying, “We think that the elected members of the Legislature, as in the past, would recognize that this type of opportunity is not economic development and will end up hurting the state more than it would end up helping it.” If anybody could finance and create a $3 billion megaresort it’s Sands and one doesn’t bet against them lightly. But compared to far-right Texas, opening Macao to competition may seem like a cakewalk.
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FEATURE: OSB
NEW YORK STATE OF MIND
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Euphoria, then dismay greet Andrew Cuomo’s embrace of sports betting. By David McKee
here’s nothing like a budgetary dose of Covid-19 for some politicians to have a cometo-Jesus moment about gambling. In the case of New York State Gov. Andrew Cuomo, there has been a dramatic volte-face on the issue of online sports betting. While sports wagering exists in New York, it is only on a small-scale, in-person basis. Cuomo has long opposed mobile wagering on the grounds that it would require a constitutional amendment. No longer. Now Cuomo says it only takes the Legislature’s say-so, as he looks for ways to plug sportsbettingoperator.com
ABOVE: New York Governor Andrew Cuomo
Coronavirus-caused gaps in the Empire State budget. (Cuomo’s even floated the legalization of marijuana.) In a statement announcing his change of heart, Cuomo wrote, “At a time when New York faces a historic budget deficit due to the ... pandemic, the current online sports wagering structure incentivizes a large segment of New York residents to travel out of state to make online sports wagers or continue to patronize black markets ... New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting we aim to keep millions of dollars in tax revenue here at home, 13
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FEATURE: OSB The other shoe drops
market. JP Morgan analyst Daniel Politzer envisions online sports betting coming to market in 2023 and New York garnering $1.25 billion in revenue (not handle) within two years. (This
Getting Cuomo’s wish passed in Albany is not a slam-dunk. The Legislature has been recalcitrant toward gaming expansion in recent sessions, in part due to the failure of upstate casinos to meet their revenue projections. Whether or not Native American tribes have exclusivity will almost surely be litigated. Even so, making a convert of Cuomo surmounts the hurdle that has stymied mobile sports betting in the past. Still, sports betting stocks sold down on the news, mainly because Cuomo wants the state lottery to administer OSB. “I’m not here to make casinos a lot of money. I’m here to raise funds for the state. So we have a different model,” the governor groused. “The implication being there would be a high tax rate, and that the traditional B2C operators potentially wouldn’t be able to enter the market,” wrote Credit Suisse analyst Ben Chaiken. Also, Cuomo’s official request for proposals would only apply to four commercial casinos, putting the three tribal ones on the outside looking in.
assumes favorable tax rates and regulations, hardly a given.) Cuomo would couple OSB providers to existing casinos. FanDuel, DraftKings, FoxBet, bet365 and Bet Rivers already have boots on the ground. BetMGM and Twin Spires could get into the act if Cuomo’s definition of casinos is expanded to include racinos. Caesars Entertainment might also participate, as it is believed to have an agreement with the Seneca Nation’s Turning Stone casino. DraftKings, meanwhile, can leverage its relationships with the New York Giants (football), New York Rangers (hockey), New York Knicks (basketball) and Madison Square Garden to build market share.
“We interpret this as there being a single operator working with the state (presumably at an elevated tax rate), as we have seen with [DraftKings] in New Hampshire (50% tax),” Chaiken explained. If so, that would leave DraftKings, FanDuel, bet365 and Bet Rivers vying for one, all-encompassing license. Another major player that could try to elbow its way in is Penn National Gaming’s Barstool Sports, which might find either the Oneida or St. Regis Mohawk tribes receptive. All of this leaves Cuomo in the catbird seat. As major OSB operators play musical chairs, knowing that only one will be seated when the music stops, the sky’s the limit on what they will have to be prepared to offer.
which will only strengthen our ability to rebuild from the COVID-19 crisis.” How many millions? $72 million by a conservative estimate. New York could also claw back the 20 percent of New Jersey’s sports-betting business that comes through the Holland Tunnel. That’s $837 million in handle right there, in what could be a multi-billion-dollar
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FEATURE: ESPORTS
NOT FOR KIDS ANYMORE Esports is driving significant activity in the gaming and hospitality sectors by David McKee
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sports can no longer be ignored. The sector is blowing up. Covid-19 played a role. Sequestered at home, fans streamed video of esports in record numbers. SafeBettingSites.com clocked 1.6 billion hours of viewing of YouTube Gaming between July and October, a 131% increase. (Facebook Gaming gained 30 million viewers.) For the year to date, YouTube gaming has logged 4.3 billion hours of viewing. No fewer than 107 million people subscribe to the online gaming channel of Norwegian player Felix sportsbettingoperator.com
Arvid Ulf Kjællberg, aka PewDiePie. El Salvador’s 27-year-old Luis Fernando Flores Alvarado comes in a distant second with 38 million subscribers. That’s still a lot of eyeballs. Esports fans are watching 500 million hours of play a week, according to SafeBettingSites. That’s up from 291 million a year ago. During the third quarter, League of Legends was the most watched game with 543 million hours. It was followed by Fortnite (426 million hours) and PUBG Mobile (416.5 million hours), with 60 percent of viewership going to the Battle Royale genre of games. High schools and 15
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FEATURE: ESPORTS
INVESTMENT IN ESPORTS IS GROWING EVEN FASTER: $1.3 BILLION DURING THE THIRD QUARTER OF 2020, A 714 PERCENT EXPLOSION. THAT DOESN’T INCLUDE $17.5 BILLION WORTH OF MERGERS AND ACQUISITIONS. universities have formed competitive esports teams, as revenue from the industry heats up to $1 billion this year, as the sport grows 10 percent annually. Asserts one industry flack, “If you combine the NBA, NFL, MLB, NHL, esports global viewers exceed them combined.” Investment in esports is growing even faster: $1.3 billion during the third quarter of 2020, a 714 percent explosion. That doesn’t include $17.5 billion worth of mergers and acquisitions. Microsoft spent $7.5 billion to obtain operator ZeniMax, second only to Tencent’s $8.6 billion acquisition of Supercell in 2016. The sportsbettingoperator.com
only fly in the ointment is an 11.5 percent drop-off in initial public offerings. It was a ‘mere’ $2.4 billion. Unity Software raised $1.3 billion by going public. No wonder that Esports Entertainment Group spent $43 million to buy GCCircuit and Helix eSports, surely a bargain price if the sector continues to grow as predicted. “The publicly traded company is amassing a number of properties related to esports, but it is doing so with a unique approach by combining games, tournaments, and gambling,” reported Venture Beat. EEG hopes that the revenue from wagering on esports to 17
FEATURE: ESPORTS
FROM HOLLYWOOD COMES TEAM 33, NEWLY FORMED TO TILT AT CALL OF DUTY, CS:GO, VALORANT, WORLD OF WARCRAFT, FORTNITE, LEAGUE OF LEGENDS, DOTA 2, MADDEN, FIFA AND OTHERS. “WE ARE EXCITED TO OFFICIALLY LAUNCH OUR ESPORTS TEAM TODAY, AS THIS HAS BEEN YEARS IN THE MAKING.” buy it time as profits from the games catch up with the investment. It’s not just venture capitalists like EEG, either. Major-league sports owners like the New England Patriots’ Robert Kraft, the Dallas Mavericks’ Mark Cuban and the Dallas Cowboys’ Jerry Jones—all men with a track record of success—have taken the plunge into this new demimonde, in which crowds of spectators watch (and sometimes bet) on teams of youngsters playing video games competitively. The roster signings 18
are becoming as competitive and lucrative as regular sports. Cloud 9 just laid out $6 million to obtain es3tag from Astralis, along with free-agent pacts with “Alex,” “floppy,” “mezii” and “woxic.” That’s chump change for Cloud 9, valued at $400 million. From Hollywood comes Team 33, newly formed to tilt at Call of Duty, CS:GO, Valorant, World of Warcraft, Fortnite, League of Legends, Dota 2, Madden, FIFA and others. “We are excited to officially launch our esports team today, as this has been years sportsbettingoperator.com
FEATURE: ESPORTS
in the making. Some of our players we have signed have won major tournaments all over the world and we are now ready to compete as a team globally. We will be revealing our official roster of players in 2021 from our headquarters in the Hollywood Hills,” said CEO Tyler Gallagher, adding, “We are also selectively accepting applications from pro players all over
train him over the past few years because young gamers are the future, and we want to start training them early. He has shown incredible tenacity and commitment to the team over the last two years and has trained almost daily with our team.” Team 33 will be headquartered in a luxurious Hollywood mansion, one whose celebrity guests have included
the world interested in joining us as we are currently expanding our team.” In a truly eyebrow-raising development, Team 33 robbed the cradle by signing eight-year-old Joseph Deen for $33,000. Deen, aka “Gosu 33,” has been playing esports since the age of six. “While many other teams didn’t take me seriously due to my young age, Team 33 scouted me through Fornite games and let me train and learn with them daily. I couldn’t be
singer/actress Janelle Monae and rapper DMX. Gallagher calls House 33 “a world-class training facility for gamers and a creative space for artists and creators alike … Anyone who is accepted to Team 33 will receive a … setup sent to their home directly. This is to include a state of the line computer, monitor, keyboard, mouse, desk, gaming chair with camera and microphone setup. The value of this setup is almost $5,000 and only going to a selective few that get signed to the team.” The first mover in the casino sector was the Downtown Grand in Las Vegas. However, MGM Resorts International was quick to see the possibilities of esports and, in a move
happier today to become an official member of the team,” said Deen. Added Team 33 CEO Tyler Gallagher, “We have secretly been scouting talent for our roster and games over the last few years and are proud to officially sign Joseph. We made it a point to sportsbettingoperator.com
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FEATURE: ESPORTS
“TWO YEARS AGO, IF SOMEBODY SAID THAT ESPORTS TOURNAMENTS ARE GOING TO BE BROADCAST ON TV, YOU WOULD HAVE GOTTEN A LOT OF EYE-ROLLING. BUT THAT IS WHAT COVID HAS BROUGHT.” that would normally be regarded as heresy, scrapped its LAX nightclub at Luxor on the Las Vegas Strip in favor of an esports arena. It boasts a 50-foot LED wall and broadcasting facilities. Prior to the Covid-19 pandemic it hosted tournaments like Friday Frags (Fortnite) and Saturday Night Speedway (Mario Kart 8). Operator Allied Events even designed it for online play when there’s no local action. “Two years ago, if somebody said that esports tournaments are going to be broadcast on TV, you would have gotten a lot of eye-rolling. But that is what COVID has brought.” said EEG’s CEO, Grant Johnson. His company, 20
he contends, is the only NASDAQtraded esports firm. Licensed in United Kingdom, Ireland, Malta and Curaçao, EEG aims to go after the 18-and-over esports player. After all, studies of the games show the sweet spot of demographics to be closer to the age of 35, Generation X having been weaned on video games. “We think we are going to have this convergence of esports and traditional sports, and I think we’re pretty well positioned there,” Johnson told Beat Venture. A multi-purpose arena in Arlington, Texas, includes a configuration expressly for esports tourneys and casinos are getting into the game. sportsbettingoperator.com
FEATURE: ESPORTS
But nothing says ‘mainstreaming’ quite like the announcement of a series of Atari-branded hotels, each to feature esports arenas, by Scottsdalebased GSD Group. The first was to be in Las Vegas, later branching out
right after the formal announcement, has no Las Vegas real estate and would be building custom-designed hotels at a point in the global economy when it’s much cheaper to snap up distressed hospitality assets. (Colony
to Phoenix Austin, Chicago, Denver, San Francisco, San Jose and Seattle, and boasting amenities targeted to the esports fan, including tournament arenas. Said GSD, “Guests can enjoy the latest in video games, experience cutting-edge immersive entertainment, purchase exclusive Atari Hotels merchandise, and play the night away in retro-style gaming arcades. A speakeasy and fully-equipped nightclub will be available for adult guests, as well as themed restaurants and bars. Atari Hotels delightfully plays with the themes of retro-futurism, pop culture, and nostalgia–offering fun for the whole family.” Whether this comes to fruition is another question. GSD clammed up
Capital recently offloaded a portfolio of hotels for $2.8 billion.) But anything is possible in esports, a giant whose full dimensions remain to be seen.
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FEATURE: SPORT SAVED SPORTS BETTING
SAME GAME, DIFFERENT ARENA
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Internet play saved sports betting during the Great Shutdown by David McKee
ports bettors gotta bet. Yes, even during a pandemic. The latter was one of the best things that could have happened for online sports betting, as quarantined punters placed wagers from the comfort of home. Nor has the pace slowed in the U.S. as casinos have opened, especially with four major leagues—the National Football League, National Basketball Association, Major League Baseball and National Hockey League—all in play simultaneously, thanks to a hiatus in the seasons of all but the NFL (which did skip pre-season games in a concession to Covid-19). 22
“It came right as March Madness was going on. We were doing conference tournaments that were getting cancelled minute by minute, hour by hour,” Jessica Welman, PlayUSA.com analyst said of the cascade of closures. But, as time wore on, she and her colleagues found that, cooped up at home, people wanted some form of sporting entertainment. Even in April, with college basketball, the NBA, MLB and NHL all down for the count, sports betting managed to eke out $140 million (down from March’s $607.5 million). Sports book operators managed, through a mix of desperation and creativity, to create betting excitement around sports as sportsbettingoperator.com
FEATURE: SPORT SAVED SPORTS BETTING exotic (and esoteric) as Belarussian soccer and Japanese baseball. Says Welman, “what we found was states like Colorado that launched sports betting when there was nothing to bet on, essentially, took to some weird stuff. For example, table tennis. Betting on European table tennis contests became this surprising windfall for the operators.” Action began trending back upward: $344 million in May, $447.5 million in June. This coincided with the Great Shutdown of the American casino industry, which meant that the betting was entirely driven by online applications (during normal times it averages 80 percent, according to Fantini Research CEO Frank Fantini). “Mobile and in-game play are very attractive and are not competing with casinos for gambling dollars. They are markets in themselves, so as more jurisdictions open, they continue to grow regardless of whether there are brick-and-mortar casinos,” Fantini elaborates. “It was an opportunity,” says Jason Scott, vice president of trading for BetMGM. “It came at the right time
Colorado casino gambling (and thus terrestrial sports books) are confined to three small towns. “It’s not like Las Vegas. It’s not like I can drive five minutes and be at a casino and bet at a sports book,” continues Welman. “A state like Indiana, most casinos are located on the perimeter of that state, so if you live in Indianapolis there’s not really a casino near you.” Reports MGM’s Scott, “The books are coming back but not to the extent of what they were. The simple fact of the matter is not many people want to travel now. There’s no international travel and not a hell of a lot of domestic travel. What we’ll see longterm is that there will be a migration to digital. When people realize they don’t have to leave their house, get dressed and drive to the casino to have a bet, they can do it online it means they’re more likely to place bets and at different time. So eventually, inevitably, digital will start to erode retail.” Fantini, however, sees a terrestrial upside. “All of the regional casino companies are reporting that sports betting is complementary and is drawing new players to their
for us to manage our product and the customers. It opened their eyes to different sports. Soccer and table tennis were the two where a substantial amount of product were offered throughout Covid and that people bet on. It gave people an awareness that the online casino was still around and it just conditioned people to bet on more and different sports than just what’s on the TV every night.”
casinos. And they can market their resorts and amenities as rewards to online players further strengthening their land-based businesses.” For instance, Welman reports “one odd exception” just outside Cincinnati, Penn National Gaming’s Hollywood Casino Lawrenceburg, where retail handle outdoes its online counterpart, PointsBet. “It outperforms a lot of the apps, actually, and that’s just one of those weird pockets where that’s a working-class, industrial kind of town. There’s a certain amount of distrust with doing things on the Internet or on the phone, or it might just be an older segment of the population that is more comfortable going across state lines to bet at the casino and watch games.”
A new normal? The conventional sports book may never completely come back. Welman cites states like New Jersey and Pennsylvania where online betting was trending toward 85 percent to 90 percent of the market. What’s more, in sportsbettingoperator.com
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FEATURE: SPORT SAVED SPORTS BETTING
Land speed record And, as they watch, sports betting has revved up to a record pace. Majorleague sports began ramping back up in July ($902 million) and—allowing for Covid-19 “bubbles”—were going in earnest by August, when punters put down $2.2 billion, accelerating to $2.5 billion in September, which enjoyed the anomaly of delayed NBA
form of promo dollars.” For instance, Barstool Sports’ muchballyhooed debut in Pennsylvania saw the company lose $3 million at the wickets. This is credited (or blamed) on heavy promotional spending, which at least has the virtue of being tax-deductible … a good thing, too, in Pennsylvania, where sports-betting revenue is taxed at a confiscatory 36
and NHL playoffs, MLB’s stretch drive and the kickoff of NFL season. Huge handle, however, does not translate into enormous profits, for a variety of reasons. Welman explains that “you hear these numbers, these zillions. It’s a low-margin industry. We’ve seen hold, which is just the amount of bets placed, the amount of bets paid out, what’s the difference? That amount is a little over 7 percent in some of these newer markets. In Nevada it’s traditionally been like 10 percent. The books are only making 6 percent but then you have to factor in that these new sports books, the FanDuels, the DraftKings, they’re paying for immense ad buys and they’re throwing huge amounts of money at people in the
percent. “In Colorado, the sports books there have given out more money collectively in promo credit than they’ve made by a couple of million dollars,” adds Welman. “Some of this is like slightly creative accounting.” So did September represent the new normal in sports betting or was it a high-water mark (until more states come on line)? Scott believes the torrid pace can be maintained “because there’s some cannibalism when the four leagues are in play. We saw when football started that turnover in interest in the NBA and MLB dropped. Football’s obviously always going to be king in this country, and when the MLB ran into the NBA it dropped, so there’s a hierarchy.
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FEATURE: SPORT SAVED SPORTS BETTING People are going to follow their money and most people have only got one television to watch them on. So, in a way, four leagues running concurrently was disadvantageous to us, compared to having them spread out during the year.” Welman is more cautious. “New Jersey had $750 million wagered. I don’t think you’re going to scratch that record for a while because September was just this bizarre anomaly of NBA finals, Stanley Cup playoffs, the MLB reaching an important part of its season and starting its postseason, and the return of NFL football. That is a super-mega sports month and it’s just not gonna exist again. So the numbers you would see are anomalous and they’re going to stand as the record for the next several months, at least.”
In any discussion of sports betting, the two 800-pound gorillas in the room are DraftKings and FanDuel, which built a constituency over several years through daily fantasy sports and, once the Bradley Act was struck down by the U.S. Supreme
if not tens of millions of customers from their [DFS]. So they’re have these customers, they already have their credit-card details, they’ve already got their Know Your Customer regime, so they’re ready to bet.” He adds, “That’s not to say we can’t catch them. It’s a game that’s going to be won digitally. It’s going to be won by the company or operator that offers the best experience. That’s an experience with an app that’s easy to use and clean, with markets that are
Court, pivoted immediately to conventional sports betting. As Fantini puts it, “The companies that have the biggest databases of players have two big advantages: They start with a large numbers of players they can market to which means player acquisition costs can be much lower. They don’t have to spend 30 or 40 percent of revenue attracting players.” They command so much market share that the Federal Trade Commission forbade them from merging, lest it create a monopoly. How does a relative newbie like BetMGM (born in 2018) compete? Scott says the DraftKings/FanDuel advantage is “they can go into a new state and they’ve already got millions
easy to locate, to markets that are interesting, good competitive pricing and outstanding customer service. It’s the complete package that will win this game in the long run.” BetMGM has a fan in Welman, who says, “What will be more interesting to me than Barstool will be a company like MGM. MGM had sports betting as a product in Nevada. It wasn’t supergreat. Only this football season has MGM come out full force with apps and launches and promos, and that is a company—given the people in the MGM data base—given the recognition of the MGM casino brand, that’s one that I could see potentially eating into the market share of FanDuel and DraftKings.”
Fighting the Goliaths
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FEATURE: SPORT SAVED SPORTS BETTING
That being said, there are some niche operators who are showing promise. BetRivers, for one. It’s strong in Pennsylvania and utterly dominant in Illinois. It doesn’t hurt that it’s twinned with the most successful casino (by far) in the Chicago area, so it has brand recognition going for it. There are one or two others who could emulate its success story on a regional scale. And there are momand-pop operators in some of the nascent markets. “The question is, are they going to be smaller, regional groups like a BetRivers or we’re seeing in the Washington, D.C., area and Tennessee that there are some homegrown books trying to take on the big players and those are the ones I worry the most,” says Welman, fretting “about just not having the financial firepower to compete with the deals that the big two are offering. Fantini is a believer in Barstool. “Penn National will be a big player with the 60 million-plus users of Barstool Sports combined with Penn’s own huge database of players from regional markets throughout the country. Caesars has gaming’s biggest player database and the expertise, network and database of William Hill 26
US.” It’s got a strategic advantage that Fantini highlights. “It’s also a battle for eyeballs. That is why operators have been signing deals with big media companies. Caesars and William Hill, for example, have deals with ESPN and CBS. That’s millions of viewers exposed to their advertising and their special deals aired smack in the middle of the football or basketball games fans are watching. “Additionally, the databases of brick-and-mortar casino operators like Penn, Caesars and MGM Resorts are more than millions of names. They are actually player loyalty programs that create customer stickiness, and their resorts are powerful marketing tools and customer rewards assets.”
Irrational exuberance? Given the recent run-up in sports betting itself, are stocks being overvalued? “Yes. Sports betting is a $1.4 billion a year revenue business,” says Fantini. “Many projections are for it to grow to $13 billion or $14 billion in several years after most states legalize it. However, there are estimates of $20 billion, $25 billion. I’ve seen as high as $33 billion [in revenue]. Valuations are high in anticipation of sports betting’s positive impact on the companies. Perhaps the most stretched valuation is DraftKings trading at maybe 20 times projected EBITDA six and seven years out. Penn National also is high, but it has its big brick-and-mortar casino business to provide ballast. “To give you an idea of how unrealistic some of those forecasts might be, Deutsche Bank gaming analyst Carlo Santarelli calculates that achieving $20 billion in revenues would require every adult American to bet and to do so at 65 percent higher than New Jersey’s per capita of $51,” fifty-one bucks that Fantini thinks is a reliable metric. “At any rate, investors sportsbettingoperator.com
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FEATURE: SPORT SAVED SPORTS BETTING
paying high prices for stocks based on assumptions of $25 billion or $30 billion revenues are going to be disappointed, especially if they pick losers or pay up for stocks in which sports betting cannot reasonably boost prices sufficiently by itself.” In the meantime, what about those boutique sports that thrived during the Great Shutdown? Were they a blip or are they here to stay? “It was an anomaly,” opines Scott. “The e-sports, the table tennis, there might
Around the world we’ve found they’re really popular to bet on.” Welman’s research leads her to essentially agree, saying “from what we’ve seen it is an anomaly but Colorado is one of the states that publishes betting by sport and table tennis has remained in the top 10 of sports being wagered on. There are people who, once they’ve put in the effort to learn the sport and realize it’s kind of fun, we’ll probably see some converted bettors out of that who continue to make table tennis more popular than anyone ever expected. [But] I don’t think you’re going to have some serious South Korean baseball betting now that the MLB is back.” We asked all our experts to look into their crystal balls to see where sports betting would be in five years. Scott was blunt in his assessment. “There will be some consolidation. The big companies will survive. We’ll see some partnerships with media companies. There’ll be three to four operators, probably running 90 to 95 percent of the market.” Welman perceived a potential cloud
be slightly higher levels than there were prior to Covid but they’re still … the big business is obviously the American sports. We’re seeing more and more business on tennis and soccer. Once tennis comes back and the players are comfortable flying, particularly the ladies—there’s not too many of the big names playing at the moment, the big players only come out for Wimbledon, the U.S. Open, the French Open. We’ll get a bit more activity there but the game is always going to be dominated by the big American sports.” That being said, “tennis is on 365 days of the year. People start to realize that there’s a lot of micro-markets in tennis: betting next point, next game, next set.
on the horizon. “It’s a good thing that people realize sports betting is something that can be done legally for fun but you always have to ask the problem-gambling question of ‘Are we making it too in-your-face and creating a potential problem for ourselves?’ That might play out in the next few years, as we’re seeing it in Europe,” she said.” Intervention is coming to limit just how much of their airtime is dominated by sports betting.” Perhaps mindful of this, some of the major operators are being more discreet in their ad buys than they were two years ago. Like Scott, Fantini sees consolidation on the way, predicting that DraftKings, FanDuel, Barstool
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FEATURE: SPORT SAVED SPORTS BETTING and William Hill/Caesars could end up with as much as 90 percent of the American market between them. “That will leave smaller operators fighting it out for market share and having to pay heavily for customer acquisition. Finally, there are a couple of smaller operators that have shown themselves to be very adept at online gaming—Rush Street and Golden Nugget. Today, they are private companies, but their sports betting operations will be going public later this year through reverse mergers with special purpose acquisitions companies. “One thing to remember about online gaming is that it can be an equalizer for small operators. For example, Golden Nugget is the smallest casino in Atlantic City, but it leads the state in online revenues. As a physical casino, it has fewer hotel rooms and gaming positions than competitors, so its potential is limited by its smaller size. However, online, it has all of New Jersey as its market, the same as the physically bigger operators.” In conclusion, Welman zeroes in on something not previously mentioned: That sports betting will change how we watch sports. “Sports betting itself is going to become very culturally commonplace. It’s not going to be the kind of thing where people are watching a sporting event and Al Michaels is going to hint that the ‘over’ hit. It’s going to be spoken very plainly: These people came in as 3.5-point underdogs and we’ll see integrations on the screen,” especially as sports-betting firms partner with broadcasters. Forget Lefty in the back alley: “Sports betting and any sort of in-the-shadows, negative perception about it is really going to get cleaned up and normal and commonplace.” That sounds like a very good thing. sportsbettingoperator.com
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FEATURE: RECOVERME
HELP FOR ADDICTED GAMBLERS
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Tejus Patel Co-Founder RecoverMe chats to Peter White
ully twenty percent of disordered gamblers contemplate suicide as the ultimate escape from their problems. That’s a sobering statistic. Many of these individuals have already lost their jobs, their personal fortunes, even their families. The situation seems hopeless. But help is on the way. A trio of British doctors has formed RecoverMe, to help problem gamblers beat the grim odds. RecoverMe uses Cognitive Behavioral Therapy (CBT), a course of 30
treatment that focuses on changing unhelpful behavioral patterns and thoughts. Developing confidence and problem-solving skills are among its goals. RecoverMe co-founder Dr. Tejus Patel explains more about CBT and his new service. Can you introduce yourself and your fellow founders? My name is Tejus Patel and I am a junior doctor working in the NHS. I started this project with my fellow two co-founders Minal Jain and Adil sportsbettingoperator.com
FEATURE: RECOVERME Nayeem who are also doctors. We met at the University of Sheffield as medical students 7 years ago. I am currently doing an A&E job in London, Minal has recently spent the majority of the year working in Mental Health and Adil is working in General Practice in Birmingham. What was the inspiration behind RecoverMe? In 2017 Minal and I studied at Imperial College London and published medical research on an app that was successful in creating positive behaviour change for those hoping to quit smoking. On the back of that, we met a gentleman in Sheffield who was being treated for depressive and anxiety symptoms by his GP. He had recently split up from his long-term partner, struggling to hold down a job and was contemplating taking his own life. We were fortunate to spend time with him and understand his current situation. He disclosed to us that the reason for him feeling low was due to a gambling addiction. He started betting at the age of 21 when he was at University, occasionally betting on football matches, however this soon led to him placing larger and more frequent bets. When we met him, he was in his mid 20s having lost tens of thousands of pounds over a short period of time. In addition to this we were becoming aware fellow students at our university who were struggling financially having bet away large sums of money with the extra free time and access to money through student loans. As keen medical students at the time we brainstormed and looked at all the available treatment options as well as what the potential for gold standard treatment would be. Through our literature review we found that Cognitive Behavioural Therapy (CBT) was the most effective treatment for sportsbettingoperator.com
problematic gambling habits and to our dismay at that time over 3 years ago there was only one NHS clinic in the whole of the UK that delivered CBT to manage a gambling addiction. As a result of this and familiarity in the field of mobile apps to create behaviour change, we were inspired to start our journey at RecoverMe. How quick will the RecoverMe App be to install and operate? The official launch date of RecoverMe is the 13th of October. It will be available on both the Apple and Google Play stores. Currently we are at the final stages of development and testing to ensure we are ready for launch. RecoverMe will be available directly to consumers but we expect the majority of users would be referred from organisations like gambling operators, universities, sporting bodies as well as other treatment providers. We are building relationships with leaders in this space to provide most of our users with a free subscription. In terms of pricing we offer great value, the introductory monthly subscription of using RecoverMe is £5.99 and we have discounted the annual subscription greatly for our B2B clientele. How does it work? RecoverMe is a self-help mobile application to support individuals in managing problematic gambling habits. It has been built in collaboration with current problem gamblers, ex-gamblers, psychiatrists and psychologists. RecoverMe is the world’s first app that delivers a structured Cognitive Behavioural Therapy (CBT) programme specially for gambling addiction. It does this through engaging audio recordings as well as thought provoking questions. It works by 31
FEATURE: RECOVERME
addressing an individuals’ unique thoughts and feelings about gambling. The app provides them with the means to self-reflect and subsequently empowers them by giving them the
mental health, relationships and housing and the support section of RecoverMe signposts users to useful organisations and charities. Gambling can be very isolating and for that we
tools to take back control. The Diary allows users to monitor their gambling habits as well as track their progress. Another of the innovative features of the app is the SOS tab. This has been uniquely designed to provide immediate support such as tackling acute urges to gamble. We have developed mindfulness exercises that align with our CBT programme to help users focus on the present and not become overwhelmed by the past or present. The art of Mindfulness has proved beneficial alone in addiction, but research suggests that it is even more powerful when combined with CBT. Problematic gambling habits not only affect an individuals’ finances but also can affect their
direct people towards a moderated peer-peer discussion board where users can connect with one another anonymously to provide extra motivation and assistance.
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Have you tested RecoverMe with individuals and what was the feedback? We have worked extensively with experts in the field and in particular with those who have currently or in the past have struggled with problematic gambling habits. In the summer of 2019, we tested version one of the app. Incidentally it was called Bet On Me and we received excellent feedback and it was all incredibly positive. Everyone who used the app sportsbettingoperator.com
FEATURE: RECOVERME
RECOVERME IS A SELF-HELP MOBILE APPLICATION TO SUPPORT INDIVIDUALS IN MANAGING PROBLEMATIC GAMBLING HABITS. IT HAS BEEN BUILT IN COLLABORATION WITH CURRENT PROBLEM GAMBLERS, EX-GAMBLERS, PSYCHIATRISTS AND PSYCHOLOGISTS. said they would recommend it to a friend who required support. Having said this, we were also given a number of ways we could make our app better so we worked tirelessly to create an ever better version. One of those was to change the name from Bet On Me to RecoverMe due to the potential trigger to gamble for some of our users. We have also worked with the EbE (expert by experiences) group at the Gambling Commission recently who have provided further valuable insights. At RecoverMe, we have always wanted to create a solution that is user centric ensuring that our app caters to their needs. One of our next steps once we have released RecoverMe is to perform research studies looking at how
RecoverMe. The machine learning aspect we are working on predicts when our users are most likely to gamble. We hope to better understand our users through the app so we are able to support them before the gambling thought or action takes place, which can help prevent the lapse.
effective it is.
and determination that inspires us to continue doing what we do. Each individual has their own unique story of hardship, but we see RecoverMe as a beacon of hope and ultimately recovery. The mission of RecoverMe is to reduce gambling related harm and create positive behaviour change. It is saddening to think that 1 in 5 people who suffer from gambling addiction consider suicide – the highest rate amongst any addiction. We hope that RecoverMe provides an opportunity to challenge this statistic by offering an opportunity to access treatment discreetly
Do you think there is a role for AI technology with the future development of the App? Yes, most certainly! This is one of the areas we will be starting to work on very soon. We know that certain personality traits respond to different elements of our therapy in more productive ways than others. We are looking to further iterate the app in a way that delivers personalised therapy that is delivered as a result of multiple variables including personality trait, what individuals gamble on and the severity of their problems. This should provide each user with a unique and truly personal experience when using sportsbettingoperator.com
From where do you draw your inspiration? During the three years we have been developing RecoverMe we have been fortunate enough to speak to hundreds of inspirational individuals who have been devastated by this hidden addiction. Many have shown an incredible amount of strength, courage
How can organisations who are interested in working with you assist? 33
FEATURE: RECOVERME An abundant amount of research has gone in over the years in identifying individuals who may have problematic play, unfortunately only a fraction of these have been able to access the support services they need to target the root causes of their problems making relapse and harm more likely. Working with operators to provide RecoverMe to their users who have been identified as having at risk play will be a step in the right direction. Currently less than 10% of individuals who suffer from problematic play seek help and this is something we aim to change. Gambling operators will be able to bulk purchase licenses for their users so they can access these services free of charge with the aim being free for the end user. What are some of the pivotal moments during the development of RecoverMe that have been crucial in the growth and development of the Course? Downloading our first prototype of the app was an incredible moment for us because we were able to see our vision take form. The feedback we then received really encouraged us - we started off our journey at medical school in the hope of becoming doctors but being able to use that platform to then create solutions for behavioural addictions such as a gambling addiction through the implementation of technology has been our mission ever since! We hope that we can continue to do so! Throughout our journey we have had a number of opportunities such as winning Santander Universities 2019 People’s Choice Award, finishing 2nd at Kickstart - a competition for young entrepreneurs and reaching the Finals at the Founders Forum. We have also been invited to sit on the Panel for the SBC Summit 2020. Moreover, the 34
incredible individuals we have met throughout this journey has really shaped RecoverMe and we are really thankful for the support! What are the plans and objectives for RecoverMe over the next 18 months? One of the powers of developing an app is the ability to reach a large number of people quickly. We hope to provide a life changing tool to every individual who is suffering from problematic gamlbing habits! It is a big ask but we feel that this tool is accessible by a simple download. Each individual has an opportunity to better manage their gambling addiction. In the new year we plan to launch in other English-speaking countries. Following that the plan is to translate the app into different languages to reach those in non-English speaking countries where we have already had a lot of interest! Alongside this is the continued further development of the app to make it as beneficial as we can in people seeking recovery. What is your vision for the future of RecoverMe? We want to redefine the treatment of gambling addiction within the UK and across the world by embracing technology when considering effective solutions for the treatment of gambling addiction. For those whom would like to know more can you provide them your website details and contact information. If anyone would like more information please visit our website at www. recovermeapp.co.uk, but also if you do have any queries or would like to know how you can work with us please do email us at contact@recovermeapp.co.uk sportsbettingoperator.com
FEATURE: CASH PROCESSING SOLUTIONS Jim Goodwin, Vice President of Casino & Entertainment Development at Cash Processing Solutions
PROCESSING SOLUTIONS Jim Goodwin, Vice President of Casino & Entertainment Development at Cash Processing Solutions, chats with Peter White sportsbettingoperator.com
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FEATURE: CASH PROCESSING SOLUTIONS Can we commence this interview with a brief introduction along with an update on your new role involved with this new partnership between companies? JCM Global selected Cash Processing Solutions (CPS) as their partner for its cash management software solution and advanced high-speed count/ sort equipment. This partnership will boost efficiencies and provide advanced technology to casinos of all sizes in the Americas region. The first X Edge installation in the California market marks an exciting start to the partnership. JCM and CPS have more than 125 years of combined experience in cash management solutions, and together, they now offer an end-toend cash handling solution for casino gaming. The JCM Coupon Xpress Desktop TITO/coupon printer has proven a popular choice. What in your opinion are amongst the main reasons for this success? It has the reliability of JCM’s core products, including the GEN5 Thermal Printer, that has made JCM a trusted supplier in the gaming industry. The CouponXpress can be connected to Cage software systems to print TITO tickets, promotional vouchers, and other documents. It can also be used with JCM’s ICB, PromoNet, and FUZION systems. Lastly, the shell casing provides security to the unit to ensure that no one can access the paper or the software inside. Sports Books and Casinos are installing ever more impressive Digital Signage. What are the options now provided by JCM? JCM offers flat, curved, and cube digital signage, and the applications are only limited by your imagination. Some recent installations include 36
Desert Diamond West Valley, where JCM installed digital signage solutions in the sports bar, poker room, bingo room, and stage; MotorCity, with an 80+ foot curved ceiling above the promenade; Resort World New York, with a 21 foot diameter (67 foot circumference) double-sided 2.5mm seamless LED digital signage above the recently expanded electronic table games area; and the new immersive digital art installation at Choctaw Casino – Durant around one of the high limit areas. Each of these unique installations required JCM to collaborate with a range of contractors to meet the customer’s unique goals for their digital signage experience. What are the main benefits for major Resort Casinos provided for customers of the V Edge which is JCM’s high-speed processing solution for large volumes of banknotes and TITO Tickets? CPS’s V Edge is versatility at its core. Its modular design makes it a futureproof, long-term investment that will change as your operation changes. The V Edge can also be used with CPS’s ECM Edge software and JCM’s ICB system. When used with ECM Edge software, the V Edge accurately tracks and reports both 2D barcodes and standard TITO tickets. With JCM’s ICB, it allows the operator to do a realtime audit as assets are processed. Data from JCM’s bill validators are matched with the physical count and can be paused to evaluate any discrepancies. Can you tell us about the key features of the ECM Edge Software ultimate cash management solution for Casinos? ECM Edge software integrates all areas of your casino that handle cash. It connects to any currency sorter and sportsbettingoperator.com
FEATURE: CASH PROCESSING SOLUTIONS
to your casino accounting software, giving you full visibility, control, and traceability. From total asset management to transparent inventory and secure user management, ECM Edge is the complete cash management solution. What are the advantages Gaming and Sports Betting Operators gain with PromoNet JCM’s behavioural-based promotional couponing system? PromoNet gives operators the ability to reward players with customized direct promotions as they play their favorite machine. Using real time data provided by the slot machine, players sportsbettingoperator.com
are given promotional vouchers when they meet reward thresholds that are set in advance by the operator. This means players are motivated to earn their rewards, instead of waiting to be given them. With PromoNet, player behavior can be modified as they try to win rewards for the buffet, a show, hotel room, free play, etc. How would you compare the landbased casino market of today to the one you first joined? The gaming market today is catching up in terms of technology. Casinos are closing the technology gap that existed between gaming and other 37
FEATURE: CASH PROCESSING SOLUTIONS
THE SECRET OF GOOD COLLABORATION IS CAPITALIZING ON EACH OTHER’S STRENGTHS. COMBINING CPS’S SOFTWARE AND COUNT SORT MACHINES WITH JCM’S ICB AND FUZION SYSTEMS. industries when I first started. For example, networking servers have made great strides in efficiency and innovation over the years. I also think gaming regulators are becoming more comfortable with new solutions like mobile wallet and contactless technology. Can you provide us any insights into new products and developments at JCM / CPS Total Solution? The partnership between CPS and JCM is focused on bringing new benefits to JCM’s long-term customers. JCM’s recently completed its first installation 38
of the X Edge count-sort machine in the California market, increasing operational intelligence and efficiency at Coyote Valley Casino. CPS and JCM are working together to provide an end-to-end solution for casinos’ cash management operation. From the moment a player puts their bank note into a JCM bill validator to the time the money is packaged and put into a vault, CPS’s ECM Edge software and JCM’s ICB give the operator visibility like no other cash management system. This revolutionizing combination of technology allows operators to conduct live auditing and sportsbettingoperator.com
FEATURE: CASH PROCESSING SOLUTIONS
access one cohesive database of all areas of the casino that handle cash. What are your most popular contactless systems? JCM’s TITA table game solution reduces touchpoints in the casino. TITA allows players to cash in with a TITO ticket scan or debit card transaction at live table games, decreasing contact between the player and staff. Players can also cash out their chips for TITO tickets at the table game. By keeping chips at the table game, TITA limits the movements of chips around the casino and contact between the chips and staff members for fills and at the cashier’s cage.
customers a complete count room solution. CPS and JCM not only benefit from each other’s expertise, but it also saves time and money for the operator. Websites are an important shop window into an organisations products and services. How will this collaboration between companies be provided on the Web? On JCM’s website, customers can find product brochures, videos, and additional information on CPS’s software solution and count sort equipment. On CPS’s website, JCM is listed as a partner, and there is a link to JCM’s website.
How is the organisation assisting the gaming industry with the various health and safety practices that have been introduced on the Casino and
What are amongst the main aims and ambitions for both companies through this collaboration JCM / CPS Total Solution over the next 6 to 18 months?
Sports Book floors? JCM’s ICB uses system data to make the drop process more efficient by identifying which slot machines need to be dropped and which ones can be skipped. With ICB, the operator can also modify their drop schedule to keep only necessary personnel on the floor, reducing exposure risk, and making it easier to follow social distancing guidelines.
The primary goal of JCM and CPS coming together is to bring new technology solutions to casinos that can have a significant, positive impact to their operations. Each company is bringing several, new patented technology solutions to the market in 2021 that build on the proprietary technologies both companies have invested in through our advanced research and development teams.
What do you think the secret of good collaboration is? The secret of good collaboration is capitalizing on each other’s strengths. Combining CPS’s software and count sort machines with JCM’s ICB and FUZION systems, we now offer our
Is there anything else in your plans in the year ahead? At CPS and JCM, we will continue to connect with our customers, listen to their needs, and partner with them to provide solutions that fit their operation.
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FEATURE: MGM RESORTS
VERTICAL BETTING
M
MGM Resorts International ‘Entains’ More Action In The Sports Betting Vertical. By Damien Connelly
GM Resorts International, an S&P 500® company, made an acquisition play for Entain plc, a FTSE® 100 company. It was a slightly surprising offer, but not wholly unexpected. The rationale was simple and included: 1. Entain has a proprietary B2C and B2B technology stack. This acquisition would enable MGM Resorts to take ownership of that end-to-end technology stack; 2. Entain is MGM Resorts’ sports betting partner in their 50/50 joint venture, BetMGM; and 40
ABOVE: Jette NygaardAndersen CEO Entain
3. This acquisition would have delivered full control of BetMGM to MGM Resorts – beneficial to MGM Resorts as sports betting is rapidly growing across America and companies such as Entain, which has its roots in the UK, have decades of experience in running legal omnichannel, multi-jurisdictional sports betting operations. The premium was 22% to the share price for Entain based on closing prices on 31 December 2020 – not a “Wow” premium. The offer was publicly acknowledged on 4 January by both parties, and withdrawn 19 sportsbettingoperator.com
FEATURE: MGM RESORTS January by MGM Resorts “after careful consideration and having reflected on the limited recent engagement between the respective companies”. On 21 January, Entain announced the appointment of a new CEO – Jette Nygaard-Andersen – with the previous CEO said to have quit, having only been in position since July 2020.
A Good Fit? In my opinion, these companies were not, and are not, a good fit – especially culturally. Rather than being accretive, I think this acquisition would have been value-dilutive; to employees, to investors, and also to the broader stakeholder community. MGM Resorts’ experience is in large-scale, high margin, (mostly) destination properties. Entain is experienced in small-scale, low margin, locals properties, as well as in digital. From a financial perspective, there may have been cost synergies, but from a marketing perspective (especially customer cross- and up-selling), I see a limited fit between Entain and MGM Resorts. Synergies between sports betting and casino customers are limited, and there’s not much overlap between destination and locals customers either. There are spend overlaps between sports betting and casino customer cohorts for resort amenities such as hotel rooms, food and beverage, and live entertainment. However, a base requirement for this acquisition to have been asset accretive would have, in my opinion, been the potential to cross- and up-sell sports betting customers to become destination resort customers. I don’t see that happening in enough volume to make it value-accretive. Additionally, as 5G increases its footprint, I think this will create more and more in-stadia (locals) sportsbooks – except for multisportsbettingoperator.com
ABOVE: William Hornbuckle CEO MGM International
day events such as March Madness. Why would a sports betting customer go to a destination resort if they can go to a stadium and experience sports events live? 5G creates opportunities for customer-facing entertainment companies to grow and extend their customer touch-points, products, and revenues; including being the sportsbook of choice for stadium operators.
A Superior Fit MGM Resorts’ attempted acquisition of Entain shows it is interested in developing its in-house sports betting capabilities. There are, in my opinion, multiple superior corporate and cultural fits for MGM Resorts to build-out its in-house sports betting skillset. Several of these ‘superior fits’ would enable MGM Resorts to offer customers a multi-brand approach, which I think is a necessary development in the sports betting vertical – it is not a vertical where ‘one size fits all’ in branding terms, as is currently the case in this industry. 35 41
FEATURE: MGM RESORTS
I will not name the companies I think are a superior fit here because MGM Resorts is a stock-market listed company, and some of the targets that I think are a superior fit for MGM Resorts are also listed companies … while some are privately owned. One aspect I am confident of – in the sports betting vertical, this will not be the last acquisition offer by a large resort casino company for a sports betting specialist. Indeed, given the acquisition of Barstool Sports (36%) by Penn National Gaming and William Hill by Caesars Entertainment, it is obvious that other major casino operators will make acquisitions short-to-mediumterm as they seek to absorb into their corporate culture, product offerings, and revenues, in-house sports betting technology stacks and (digital) customer experiences. While I can see reasoning as to why MGM Resorts would seek to acquire Entain, I think it was more of an asset splitting play rather than a growth play; MGM Resorts would have kept the assets it wanted (the technology stack and customer databases) and sold off the assets it deemed non-core (especially the retail assets). However, the cultural mismatch would have been the long-term Achilles heel.
RIGHT: Damien Connelly at Borgata Resort Casino
article that organisations should focus on their core competencies, sports betting is a wagering product where customers definitely have demand for resort amenity products like hotel rooms, F&B, and live entertainment. As an example, when I visited MGM Resorts’ Borgata sportsbook in Atlantic City whilst on assignment for Casino Life, I was thoroughly impressed by the quality and variety of amenities and product offered. I believe bringing sports betting in-house can provide accretive stakeholder value to resort casino operators such as MGM Resorts, so long as they don’t overpay for those assets. The fact MGM Resorts did not increase its offer signals that it also recognises this logic. We are all watching avidly the development of the U.S. sports betting market; and, indeed, the global sports betting market, which is also developing quickly. As jurisdictions legalise sports betting, I expect further M&A activity worldwide.
Outsource Vs In-House Referencing the mantra developed in a famous Harvard Business Review 42
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FEATURE: GOLDEN NUGGET
GOLDEN NUGGET ONLINE GAMING:
S
Will Its Future Be Golden? By Damien Connelly pecial Purpose Acquisition
Companies (SPACs) are in fashion. In a 2020 investor presentation, Golden Nugget Online Gaming (Nasdaq: GNOG) estimated its pro-forma enterprise value to be $745 million. As at close of trade 17 February, GNOG’s EV was estimated to be $1.18 billion by Morningstar. In a 2021 prospectus, GNOG described itself as “an online gaming, or iGaming, and digital sports entertainment company focused on providing our customers with the most enjoyable, realistic and exciting online gaming experience in the market … we aspire to live up to the reputation of Golden Nugget, a storied brand in the gaming industry, sportsbettingoperator.com
by providing customers with an online gaming experience consistent with Golden Nugget’s land-based casinos. Our technology is designed to create superior online betting experiences for the avid casino and sports bettor. Our goals have been shaped with these players in mind, both in who he or she is today and who the company anticipates he or she will become as the gaming industry evolves.” In my Last Word in issue 142 of Casino Life titled ‘Pivot Your Operations’, I touched on the opportunities being alluded to in this article’s main image — from a corporate strategy perspective, it’s what Coca Cola called ‘within arm’s reach.’ You can see from the Player Economics slide from GNOG’s 2020 43
investor presentation the value differentials between iGaming, land-based casino, and online sports customers. With an objective of winning ~10% of the U.S. iGaming market, as Tilman J. Fertitta, Chairman and CEO of GNOG stated upon the release of its preliminary, estimated, and unaudited financial results, “2020 was a transformational year for GNOG, which went public, reached $100 million in GGR, and signed market access agreements in multiple states. We look forward to replicating our New Jersey success in many other states and taking advantage of the strong growth of online gaming in the U.S.” I am not an investment professional, so please don’t treat this article as in any way providing investment guidance. It’s just an opinion piece written by someone with an opinion and with industry knowledge. With database overlaps between GNOG and Landry’s, its focus on higher lifetime value (LTV) iGaming customers, the fact I consider there to be other accretive opportunities waiting ‘on the touchline’, and its obvious success in making customers ‘stick’, the future looks golden for GNOG. 44
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FEATURE: GOLDEN NUGGET
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FEATURE: MICHAEL POLLOCK
SPECTRUM GAMING Michael Pollock, Managing Director, Spectrum Gaming Group Interview for Sports Betting Operator by Bill Healey
T
hrough its twenty eight
years consulting in the ever-evolving gambling industry, the Spectrum Gaming Group has continued its global growth advising both public and private sector clients. In our chat with the firm’s Managing DIrector, Michael Pollock, he takes us through their projects in casino gambling, sports betting and igaming. Can we commence this interview with a brief introduction to Spectrum Gaming Group? Certainly. Spectrum Gaming Group is a non-partisan consultancy that specializes in the economics, regulation and policy of legalized gambling worldwide. We have sportsbettingoperator.com
ABOVE: Michael Pollock Managing Director, Spectrum Gaming Group
provided independent research and professional services to public- and private-sector clients since 1993. We have worked in 40 US states and territories and in 48 countries on six continents. Our clients include 22 US state and territory governments, six national governments, 21 Native American entities, numerous gaming companies (national and international) of all sizes, suppliers, lotteries, financial institutions, developers and other gaming-related entities. Can you explain to readers the outline details of the New York Gaming Report? This is one of many comprehensive reports that Spectrum has produced for a variety of states and countries. 45
FEATURE: MICHAEL POLLOCK In 2019, the New York State Gaming Commission retained Spectrum to undertake a comprehensive, statewide gaming study that forecast the potential of casinos in New York City and digital sports betting, forecast the potential of existing gaming without expansion, assessed the current and prospective economic impacts of the gaming industry, provided recommendations on gaming-tax policy, examined the social impacts of expanded gaming, and recommended changes regarding the distribution of horse-racing revenue and live-racing requirements. Sports Betting is clearly an area that Spectrum Gaming has a lot of invested expert consultants. What are the main areas that the organisation has assisted Sports Betting Operators in recent years? In 2018, prior to the major decision by the US Supreme Court that overturned rules that limited legal sports betting, Spectrum spotted an emerging trend and formed the Spectrum Gaming Sports Group to address a variety of issues related to the emerging legalization of sports betting. Since its formation, our Sports Group has performed multiple analyses, including: • Providing market projections and regulatory insights and guidance for the Puerto Rico Fiscal Agency and Financial Advisory Authority; the Governor cited our report in announcing sports betting legislation (2019) • Undertaking an independent analysis/business case of the economic impacts of regulating and operating sports betting through the DC Lottery (2018)
46
• Projecting the size of the prospective sports betting market in Arkansas (2018), District of Columbia (2019), Georgia (2019), Louisiana (2019), North Carolina (2019) and New York (2020) • Advising National Basketball Association, Major League Baseball with financial analysis and policy implications of sports betting in the United States (2018) • Undertaking a California gaming tribe with statewide and local market sports-betting market projections if sports betting were offered at landbased facilities and online (2018) • Writing the RFP for Rhode Island Lottery regarding requirements and selection of sports betting service provider (2018) How can you get hold of a copy of the Spectrum Gaming Sports Betting Report? The report is publicly available, and can be found here: https://gaming.ny.gov/ pdf/Spectrum%20New%20York%20 Gaming%20Study%20Main%20 Report,%20Final.pdf How would you compare the landbased casino market of today to the one you first joined? The casino industry in the United States has enjoyed remarkable growth over a period of roughly four decades and now includes approximately 1,000 casinos and revenues in excess of US$80 billion. The industry has certainly evolved in its offerings as well, and now includes emerging digital verticals in sports betting and igaming. The most notable change has been in the growth of non-gaming revenue streams, including lodging, dining, entertainment and conventions and meetings. They sportsbettingoperator.com
FEATURE: MICHAEL POLLOCK How is Spectrum Gaming assisting the gaming industry through this crisis? Interestingly, we have found that demand has increased for certain services, most notably the need to analyse trends in digital gaming, most notably determining how gaming operators can augment and, in certain instances, replaced their physical visitors with virtual visitors who come in through digital doorways. At the same time, we have been formally and informally advising governments as to how gaming can – and cannot – be the solution to their own fiscal problems. The most important lesson we try to impart is: Gaming is, by definition, a long-term solution. Be very wary of applying a long-term solution to a short-term problem, such as filling an immediate fiscal gap. The solution would outlast the problem, and that needs to be fully considered.
are no longer afterthoughts, but are now central to the business model. The most notable static area has been a relentless commitment to effective regulation. The industry’s success depends on public acceptance of its products, and that has not changed, nor do I expect that it ever will. What do you think the secret of good collaboration is? In any endeavour, the secret to good collaboration is a not-so-secret focus on melding respective strengths. The casino industry has done this, as land-based casinos have cooperated and collaborated with digital B2B providers to create win-win situations. Such collaborations naturally require a willingness for all partners to recognize that they cannot do it all by themselves, and must recognize that they must yield to partners who are better at supplying certain services.
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BOOK REVIEW: SENATOR RAYMOND J. LESNIAK
BEATING THE ODDS
“I
By Senator Raymond J. Lesniak. Book review by Damien Connelly
like the dreams of the future better than the history of the past” – Thomas Jefferson. This quote could equally have been made by former New Jersey State Senator Raymond J. Lesniak. 14 June 2018 saw the end of the 11year epic battle led by Senator Lesniak. 14 June 2018 was the date the first legal wager was placed in New Jersey — at Monmouth Park. It was placed by the then New Jersey Governor Phil Murphy. That first legal wager, however, was not a winning bet. When we met in New York City while I was on assignment for Sports Betting Operator and for Casino Life, Senator Lesniak informed me that it was indeed he who placed the first winning bet in the state of New Jersey — it was a bet backing a European team. This is the kind of industry history that you will uncover by reading ‘Beating The Odds’. When you read this book, you will discover how leagues including the NFL, NBA, NCAA, NHL, and MLB tried to block New Jersey legalizing sports betting. The major American sports leagues eventually came on board. There’s insightful detail about how one of these leagues “went nuclear” before it did “a quick flip-flop.” If it wasn’t for Senator Lesniak and Co, it is entirely possible that the U.S. sports betting industry today would still only be legal in a handful of states. Senator Lesniak’s determination and legal nous made a significant difference in the U.S. Supreme Court (SCOTUS) deciding the federal Professional and Amateur Sports Protection Act of 1992 (PASPA) was unconstitutional. Since SCOTUS overturned PASPA on 48
ABOVE: Senator Raymond J. Lesniak
a 7-2 decision, the U.S. sports betting market has altered and expanded beyond recognition. The global sports betting market has been influenced in a multitude of positive ways as well since the U.S. market started to open up. “Raymond Lesniak was the most influential person in bringing sports betting to New Jersey and other states” – Steve Sweeney, New Jersey Senate President If you are involved in any way with the sports betting industry, Senator Lesniak’s first-hand account of what it took to legalize sports betting across America is a fascinating read — you can order your copy of ‘Beating The Odds’ at https://www.lesniakinstitute.org/ product/book/. More than $21 billion was legally wagered on sports in 2020, according to the American Gaming Association (AGA). That’s a windfall for U.S. state economies where sports betting is legal that they otherwise would not have had. As for the number of jobs created across America due to the achievements of Senator Lesniak and Co, I know not how many there are nor how many there will end up being — sportsbettingoperator.com
BOOK REVIEW: SENATOR RAYMOND J. LESNIAK they will certainly number in the tens of thousands once the U.S. sports betting market reaches maturity. As for consumers, the successful actions of Senator Lesniak and Co will touch millions of Americans each year. Focusing only on the NFL, Super Bowl LV will see an estimated 23.2 million Americans place bets that could total $4.3 billion according to AGA research. AGA President and CEO Bill Miller commented that, “This year’s Super Bowl is expected to generate the largest single-event legal handle in American sports betting history.” All thanks to ‘Team Lesniak.’ More importantly, these wagers will be with legal sportsbooks delivering responsible and safe gambling options to American consumers. Chapter 1 of ‘Beating The Odds’ focuses on how PASPA was a “boon for organized crime and offshore Internet sites.” Senator Lesniak pulls no punches as he details certain history surrounding PASPA and specific individuals and leagues. However, due to the actions outlined in ‘Beating The Odds’, an increasing number of American jurisdictions offer legal sports betting. Again referencing the AGA’s Miller, “Responsible gaming is core to legal sports betting’s long-term success.” In ‘Beating The Odds’, we are also educated about how the overturning of PASPA saved both the horse racing and casino industries — specifically in relation to New Jersey, although this will arguably be the case in other states as well, such as Kentucky and New York; and enabled other states across America to reap the tax, economic, societal, and environmental benefits of legalized sports betting. Fascinatingly titled ‘The Nuclear Option’, readers will also learn of the ploys Senator Lesniak and his team used (and were ready to deploy) in order to succeed against the odds. sportsbettingoperator.com
ABOVE: Senator Raymond J. Lesniak
In The Red, White and Blue Corner… ‘Beating The Odds’ delivers insight to the reader about how and why Senator Lesniak took on the might, power, and budgets of the big American sports leagues and the U.S. Department of Justice to legalize sports betting across America. It even details how, in the early years, his legal firm worked pro bono on this case — that’s how committed to this cause Senator Lesniak was/is. As you read ‘Beating The Odds’, you get a feel for the powerful forces Senator Lesniak had to overcome. Indeed, one quote in particular stood out for me in this booklet: “You will NEVER overturn PASPA” – Jay Moyer, NFL General Counsel All the sports leagues must be happy Senator Lesniak won his epic battle and did overturn PASPA. Focusing solely on the NFL, a Nielsen Sports study commissioned by the AGA estimated that, “The National Football League’s (NFL) annual revenue may increase by $2.3 billion a year due to widely available, legal, regulated sports betting… According to Nielsen Sports, greater fan engagement and viewership could boost the NFL’s total annual revenue from media rights, sponsorships, merchandise and ticket sales…” 49
BOOK REVIEW: SENATOR RAYMOND J. LESNIAK 1. this first-hand account is by the person regarded as the most influential in overturning PASPA; and 2. it uses simple and short language to communicate complex matters.
In reading ‘Beating The Odds’, you will also learn how it was a fortunate (or perhaps unfortunate – that’s for readers to decide) occurrence that triggered Senator Lesniak to take on the might and power of the major sports leagues and the Justice Department simultaneously. By reading ‘Beating The Odds,’ you will also gain insight into the parallels between snowboarding and America’s horse racing and casino industries. ‘Beating The Odds’ also provides fascinating detail on the levers Senator Lesniak uncovered that enabled him, ultimately, to successfully challenge in the U.S. Supreme Court the federal law known as PASPA. Even being a golf partner of President Bill Clinton could not offset the powerful forces Senator Lesniak faced in this complex battle. Intriguingly, there’s a section that touches on indirect interaction with the current President of the United States of America, Joseph R. Biden Jr. Additionally, while we are on the subject of politicians, Senator Lesniak shares with readers his first-hand account of how Governor Chris Christie “came around and helped carry the ball across the finish line.” Compelling And Commandeering The two things I like most about reading ‘Beating The Odds’ are: 50
ABOVE: Senator Raymond J. Lesniak
On the second theme, when you read ‘Beating The Odds’, you will learn the primary point on which Senator Lesniak and Co built their case to successfully have SCOTUS determine PASPA was unconstitutional. There’s fascinating detail on the series and timeline of the legal case and its many setbacks: “Eight legal setbacks? I’m from New Jersey, it takes more than that to stop me” – Raymond J. Lesniak An intriguing part of the history of the legalizing of expanded sports betting across America is that it could have started years before that first legal wager was placed in New Jersey on 14 June 2018. ‘Beating The Odds’ explains to readers the detail on how much of an uphill struggle it was to overcome a federal law supported at that time by the major sports leagues and the U.S. Department of Justice. In recommending to you that you buy and read ‘Beating The Odds’ by Senator Raymond J. Lesniak, I will close by rephrasing our opening quote: “Sports betting has a healthy future across America because Senator Lesniak changed history by not accepting the past.” sportsbettingoperator.com
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