Online Casino News From Around the Globe

Wynn Resorts Suffer Heavy Losses In Q2 Due To Macau Crackdown

The crackdown in the world’s largest gambling hub Macau has now passed the one year mark. As we have reported extensively the once undisputed playground for Chinese VIP‘s and high rolling officials has been the subject of a sustained crackdown of public corruption by the Chinese Government. What many thought would be a short lived campaign has become fixed policy set to say. This has resulted in gaming companies in the former Portuguese colony losing billions of dollars in the last year. Their emphasis has now shifted to focusing more on their resorts and not relying solely on gambling revenues. Casino operator Wynn Resorts is just one of these companies that have been hit hard by the crackdown. They have just released their second quarter revenues which were down from $1.4 billion to $1 billion in the same period last year. Wynn Resorts credit the significant loss in their earnings to the disappointing performance of their Macau Business. EBITDA dropped 37.8% on a year-on-year basis to $295.4 with operating income dropping from $341.3 million last year to $169.1 million in Q2 of 2015. Wynn’s disappointing results were also due to losses in Nevada, the main blow came from their Macau operation that saw operating income fall from $217.7 million in Q2 last year fall to $93.3 million this year. This means that net revenues for Wynn for the first six months of June this year is $2.1 billion which is a far cry from the $2.9 billion in the same period last year. Operating income dropped from $718.2 million to $354.2 million for the first half of the year as…

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Churchill Downs Preparing For Possible Legalization Of Online Gaming In California

The efforts to expand online gambling in the U.S. are largely centered on the State of California. Most industry experts believe that California has the best chance of being the next U.S. state to allow some sort of online gambling. The current state of internet gambling in the US is nothing near any of the forecasts and the amounts generated are a fraction of the potential. As we have reported California has already started advancing proposals that would see legalization become a reality. The infighting mainly between online poker giant PokerStars and the Indian tribes has been the main reason for the delays. Despite all the in house fighting many interested parties like Churchill Downs are already planning for what they believe will be the legalization of online poker. It was reported that Churchill Downs has already been working on developing a platform for a possible internet gambling operation. There were previous reports on this but it was confirmed by a filing with the Securities and Exchange Commission on Wednesday where the Q2 results were released. Churchill’s partners are the Crystal Casino & Hotel in Los Angeles and the Ocean’s 11 in Oceanside. The agreement is reportedly for 10 years starting from the first bet wagered. In terms of the partnership Churchill will jointly provide the platform with card rooms and operate the site that includes poker and real money gambling….

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Daily Fantasy Sports Players Increase Annual Spend To $465

The topic of daily fantasy sports in the U.S. is receiving increased media coverage as some of the largest names in American sports are partnering up with the big players. Without a doubt the largest stakeholders are DraftKings and FanDuel but the recent entry of Yahoo into the DFS sector has shown just how mainstream the fairly new form of online gaming has developed. The recent funding received by FanDuel and DraftKings show just how much potential investors see in these franchises who are both valued at over $1 billion each. Despite their rapid growth the reality is that both DraftKings and FanDuel are in a frenzy to grab as much market share as possible. In fact both companies are not even profitable at the current time. All the millions raised are being poured into marketing and player acquisition efforts which are seen as key to building long term growth. The question as to why these companies are worth so much despite not being profitable was raised recently on CNBC where Eiler’s Research analyst Richard Krejcik gave some fascinating insights  into the industry’s inner workings. Krejcik quoted figures from the Fantasy Sports Trade Association (FSTA) which showed that the Average Annual Spending Per Fantasy player in 2015 was $465 compared to $95 in 2012. The pace at which daily fantasy sports is growing can also be seen from the number of players engaging in DFS which numbers 56 million in North America. To put this in perspective there were only around 1 million in 2005 according to the FSTA. With these figures in mind it is no surprise that some of the world’s largest internet and sporting brands are being very generous in investing with the daily fantasy sports…

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Full Tilt Announce Major Changes After Heavy Declines In Players

PokerStars sister site Full Tilt has not had a good year. They have suffered a massive 44 percent drop in players since the start of 2015. The average number of seats filled in cash games dropped from 1,800 to 1,000. Top management at Full Tilt are naturally been forced to come up with a solution to stop the bleeding. MD Dominic Mansour has come up with a plan to reverse the trend, He is looking to increase the level of recreational players, improve loyalty programs and level the professionals vs. the fish field. Mansour also said that heads-up cash fames will be removed. He explained the logic,” Heads Up games were being adversely impacted by the minority of experienced players who targeted ‘weaker’ opponents rather than take on all challengers, and secondly, new players who tried out the Heads Up games found it intimidating and confusing (asking themselves “why are all these guys not playing each other?”). In short, Heads Up ring games just didn’t form part of a healthy poker ecosystem, which made our decision to remove them easier.” In addition Stud, Draw and Mixed Games were also being remove in an attempt to level the playing field for recreational players. Mansour said,” We also recognize that in the past, a proportion of players have used extensive table selection to their advantage and that those players might not like these changes. Their advantage over other players will now be negated and we don’t think that’s a bad thing. Good things happen to those who play and we believe the changes we’re making will see even more good things happening to more players at Full Tilt.” Pro player Marc Kennedy has also been appointed as its ambassador whose task it is to liaise with players and Full Tilt Senior…

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DraftKings Raises $300M In New Round Of Funding Led By Fox Sports

The battle between DraftKings and heir larger rival FanDuel in the daily fantasy sport betting has been well documented by our staff. What makes this rivalry so much more fascinating is the fact that they are following almost identical paths in their quest to dominate this sector. Only a few weeks after FanDuel raised $275 million in Series E Funding, DraftKings have matched them by raising $300 million in a new funding led by Fox Sports. Fox Sports will now hold about 11 percent equity in DraftKings with the new round o investment. This latest round of funding bring the amount raised by DraftKings to about $426 million to date. Fox President Eric Shanks commented on the deal,“Partnering with DraftKings, a clear leader in this field, is a great opportunity for us to capitalize on the growth of daily fantasy sports for the benefit of our viewers. We’ll work with DraftKings to develop ideas and create content to drive deeper engagement with sports fans across multiple platforms, including our national, local and digital properties.” CEO of DraftKings could not be happier as their company has closed the gap on their rival FanDuel. He said,” To receive this type of support from such an outstanding group of organizations, including three major sports leagues, is an incredible milestone for us and reaffirms our leadership position in daily fantasy sports.” Robins went on to say that the additional funding will be used to focus on strengthening their brand from the competitors with emphasis on social media features as well as expanding to the regions like Europe and Asia. The United Kingdom is set to be the first market for DraftKings to attack. DraftKings will spend over $250 million on Fox networks in the next few years. Unlike the deal with ESPN, Draftkings is not exclusive on Fox Sports so their rivals FanDuel will certainly join them advertising on Fox as well. CEO Robins went on to say,” We were going to spend a lot of money with Fox, anyway, where a lot of live sports content is. Fox has heavy coverage sports that we offer competitions in — M.M.A., Nascar, soccer and golf. We don’t just consider taking their money and spending…

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