Time again to empty the notebook.
America’s most-attended gambling industry event, the Global Gaming Expo brings thousands to the Las Vegas Strip each October. A lot gets said there, and this year was no different.
Sweepstakes, Texas, California, Alberta, Florida, offshore operators, and parlays were all topics of conversation at G2E 2024 at the Venetian Expo.
The deluge of casino gambling, sports betting, and iGaming-related speeches, panels, and small talk can be hard to sift through, though. Luckily, you’ve got us here at Covers, as myself and fellow reporter Ryan Butler had our boots on the ground all week at the conference.
Read on, as we will try to get you up to speed on what was said at North America’s preeminent gambling conference.
Sweepstakes season
In 2023, it felt like everyone at G2E was talking about pick’em-style daily fantasy games: are they sports betting? Should they be regulated like sportsbooks? However, the new problem child everyone was seemingly talking about this year was sweepstakes.
Some of that commentary came during a keynote discussion starring Circa CEO Derek Stevens (more on him later). Sweeps might not be on everyone's radar yet, Stevens noted. However, the Circa boss tried to remedy that situation, telling the audience sweeps may have found a legal loophole but are absolutely sportsbooks.
Regulatory reveille
Another hot topic in the legal sports betting sector is the ongoing battle state regulators are waging against unregulated sites. Kurt Steinkamp, chief of staff at the Michigan Gaming Control Board—which has sent out a series of cease-and-desist letters this year to operators it deems are doing business in the state illegally—said those requests are effective.
There could be additional C&Ds to come from the MGCB and other regulators. Moreover, operators who ignore those warnings could find themselves targeted in different ways.
California… still dreamin’
California gaming tribes are looking to 2026 or 2028 to potentially approve sports betting, per James Siva of the California Nations Indian Gaming Association; that’s still a while off, but it's one of the clearer timelines yet we’ve seen for what would be the nation’s largest legal sports betting market.
"We never stop talking about sports betting," California tribal gaming leader James Siva said during today's G2E conference; he said tribes have re-engaged internal talks and are formulating a plan that would bring sportsbook to the state; Siva said timeline could be '26 or' 28
— Ryan Butler (@ButlerBets) October 8, 2024
Texas two-step
The nation’s second-largest potential future sports betting market could also be a reality by the end of the decade along with the state’s first commercial resort casinos, according to Las Vegas Sands SVP Andy Abboud. He said it could come down to as few as a dozen state senators in next year’s legislative session that determine Texas’ gambling fate.
Sands storm
If Texas lawmakers allow a measure on the 2026 ballot that allows Texans to approve gambling, the company best positioned to benefit from that decision believes it will pass easily. More than 80% of Texas voters support putting the measure on the ballot, per a study conducted by Las Vegas Sands, which is leading the push for a resort casino in the Dallas metroplex.
Don’t forget Minnesota
California and Texas are the biggest untapped sports betting markets but Minnesota could beat both to the punch; stakeholders in the Land of 10,000 Lakes already have the framework in place for legal sports betting, per Andy Platto of the Minnesota Indian Gaming Association, and sportsbooks could be approved by next year.
Texas Lt Gov Dan Patrick, who has blocked sports betting & casino gaming legislation, will bring the bill up for a vote IF a majority of fellow Republicans in the Senate support it, Las Vegas Sands SVP Andy Abboud said today; the (more) difficult part will be getting those votes
— Ryan Butler (@ButlerBets) October 8, 2024
But in Oklahoma...
One of the epicenters of tribal gaming may be years away from legal sportsbooks, said Matthew Morgan of the Oklahoma Indian Gaming Association. The tribes are still on uneasy (to put it lightly) terms with Gov. Kevin Stitt and may not even pursue sports betting until he leaves office in 2027.
Alberta taps the brakes
Time was running short for Alberta to launch a new, competitive market for online sports betting and internet casino gambling this year. Now, it’s confirmed that the launch won’t happen until at least 2025, and perhaps not until later in the year.
Service Alberta and Red Tape Reduction Minister Dale Nally said during a panel on Wednesday that the Western Canadian province is still ironing out all the details. However, the iGaming-focused minister was also hopeful he could be telling people all about “an open and free market in Alberta” at next year’s G2E.
Making do, and then some
Many in the online gambling industry would love it if more states legalized internet slots and table games. In the meantime, online sports betting operators are finding ways to make event wagering a more profitable line of business. One panel on Wednesday noted that Nevada used to have an average hold percentage, or win rate, of 4% for sports betting; that's now crept closer to 10%.
The improved margins are due in no small part to the rise of mobile play and the popularity of same-game parlays, which can pay out more to bettors but lose at a higher clip. DraftKings CEO Jason Robins also broke out this crystal ball for some predictions of the industry's future.
New retail future
Six years after in-person sports betting was one of the hottest topics in gambling, leading casino operators are rethinking the retail sports betting environment.
Quote of the Week: “We caught two of these bastards” – MGM CEO Bill Hornbuckle, referencing his company’s work with the FBI to catch two of the hackers that broke through the cybersecurity protections of most Strip casinos last fall.
Quote of the Week (part 2): “I grew up in the South and I can tell you there was a whole lot of sports betting going on whenever Georgia played Alabama. That’s not going to change, just now it’s much more legitimate.” – Nevada Rep. Dina Titus on the expansion of legal sports betting and the growth of pro sports in Las Vegas.
Based on the size of the lineup, one of the hottest clubs in Vegas must be the G2E Starbucks
— Geoff Zochodne (@GeoffZochodne) October 8, 2024
Parlay, please
FanDuel’s projections for future growth will come from existing customers, said FanDuel parent company CEO Peter Jackson; indirectly, that means customers placing more (and more, and more) parlays.
50-50 prospect
Jackson said roughly half of all FanDuel bettors on last Monday’s New Orleans Saints – Kansas City Chiefs game placed a single-game parlay.
Record setters
U.S. commercial gaming revenue hit a record $66.7 billion in revenue in 2023, a figure it's set to eclipse in 2024, according to American Gaming Association President Bill Miller.
NBA in Vegas?
It's not a matter of if but when an NBA team comes to Las Vegas, Circa casino owner Derek Stevens told Covers. He said the only question is which ownership group will take control of the coveted pro basketball franchise in one of America’s hottest sports markets.
Indeed, speaking with people at G2E, it’s hard not to discuss how Vegas has reinvented itself into a total entertainment destination, not just a place for people to gamble. Professional sports are helping to drive that evolution, and MLB and NBA franchises could accelerate it even more.
