AGA Releases Gaming Industry Outlook Report Q1
The USA’s primary gaming association, the AGA, has released this year’s first quarterly CEO industry outlook report, showing both the highs and lows of a “slower but more sustainable” industry. The study examines the industry’s growth and future expectations.
According to the AGA, the Current Conditions Index pegged the market at 102.8 for Q1 2024 and “indicates solid annualized real economic growth in the industry of 2.8%. This includes gaming revenue, employment, and employee wages and salaries.
“Notably, the Current Conditions Index shows gaming expanding faster than the overall U.S. economy which last week reported 1.6 percent GDP growth in Q1 2024.” The Future Conditions Index measured 102.2, meaning the gaming sector is expected to increase by 2.2% in the next six months.
Compared with Q4 2023, which saw an index reading of 108.8, the market is slowing, tempered by high inflation. The study, which also details responses from 32 executives, operators, and tribal operators, found that:
- Most characterized the current business environment as good (44%) or satisfactory (50%).
- Executives are more optimistic about future conditions, with 32% of CEOs expecting business conditions to improve over the next six months, up from 20% in Q3 2023.
- In terms of evolving macroeconomic challenges, execs named inflation (28%), geo-political risks (34%), and uncertainty of the economic environment (34%) as the most significant limiting factors.
CEO and President of the AGA, Bill Miller, commented, “Gaming’s record-setting growth over the last three years has set a new standard for industry success. However, as we enter a period of market normalization, continued investment and innovation in offering world-class, responsible entertainment experiences will be required to maintain industry momentum.”
Minnesota Senator’s Arrest Threatens OSB Bill Progress
Minnesota Senator Nicole Mitchell was arrested on April 22nd in a burglary case that is now being cited as a threat to the progress of Minnesota’s sports betting bill.
Mitchell was arrested in connection with burglary, which she says is a “family situation blown out of proportion.” Mitchell claims she was retrieving her father’s ashes and checking in on a family member with Alzheimer's.
The situation has led to Senator Mitchell's removal from her committee and caucus assignments. The Democrats now need Republican votes to pass any new sports betting legislation during this session.
Caesars Online Casino App Gets Upgrade
“The newly upgraded Caesars Palace Online Casino app delivers on our player promise to raise the bar in terms of functionality, ease of use, and enjoyability.”
Caesars online casino app has a brand new UX, and it’s lightning-fast (near instant loading times). It streamlines the experience by prioritizing games into collections, allowing players to save favorites, and showing the last played titles. Players will find familiar favorites alongside the new design, like great bonuses and the loyalty rewards club.
Michael Mastrangelo, Vice President of Product, iGaming at Caesars Digital, said, “Caesars Palace Online Casino’s refresh is centred around giving our online casino players an experience that stands out from the ordinary.
“Our new mobile app redefines the online casino player experience with seamless functionality and product innovations that are brand new to the industry.”
Fanatics Partners with Continent 8 Technologies
Fanatics Betting and Gaming has swept across US states faster than you can blink, and now they’ve partnered with Continent 8 Technologies in a tech deal that will see Fanatics roll out the former’s betting platform and infrastructure in 20+ states!
Michael Tobin, Chief Executive Officer and Founder at Continent 8 Technologies, said: “We have worked with Fanatics Betting and Gaming – a top-tier US operator – from day one of their launch, supporting them as they have grown state-by-state.
“Fanatics is a high-caliber operator that understands the importance of infrastructure in delivering the top-quality player experience it is building its reputation on. Our leading digital infrastructure solutions provide the reliable connectivity operators need to deploy their online sportsbooks and casinos in regulated US states quickly and compliantly.”
With such fast growth, the tech behind Fanatics’ betting experience must be flawless, scaleable, and adaptable to the varying compliance regulations in different states, also highlighted by Bob Pascucci, Vice President of Technology, Fanatics Betting and Gaming: “Infrastructure is the foundation upon which we build our sports betting and casino experience [...] In Continent 8, we have a partner with an unrivaled reputation for supporting its customers, enabling us to continue to drive growth at pace.”