No Signs Of Decreasing Table Minimums – Is It Greed?
In 2021, the gaming industry was still recovering, with heavy restrictions left over from 2020. But, conditions improved, and most New England casinos returned to pre-pandemic operating conditions. As a result, 2021 was a record year for the casino industry from New England to Las Vegas. And revenues in 2022 will likely exceed 2021 as Casino Revenue Climbs in 2022 in New England.
January 2022 – Casino Revenue Climbs
The Gambling Industry’s GGR & NGR Show Increase
Coming off of a record-breaking 2021, U.S. commercial gaming revenue in January, reached $4.50 billion, the industry’s fastest-ever start to a year. Combined gaming revenue from traditional casino gaming, sports betting, and iGaming grew by 21.4 percent from 2020 and was up 31.8 percent from January 2021.American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker
Gross Gaming Revenue (GGR) is a key metric used by gambling and betting companies. The equation used is below. It is important to note that gross gaming revenue is equivalent to “sales.”
- Gross Gaming Revenue (💸💲) = Players’ Wagers (🎰💵) minus Players’ Wins (💰🤑)
Net Gaming Revenue (NGR) determines the primary profit share collected by the casino at the end of the month. The equation used is below, excluding operating expenses.
- Net Gaming Revenue = Gross Gaming Revenue⬆ minus the sum of all players’ bonuses (🆓 💵) minus the total of all taxes (🇺🇸💲)
The Gambling Industry uses these two equations to show financial progress and bottom-line profit from month to month and year to year. The totals derived for casino marketing’s GGR and NGR have been steadily climbing for most casinos since the record-breaking year of 2021. But first, look at the latest progress of four New England states with commercial casinos, two of which have legalized sports betting.
Does iGaming Help Add Revenue?
Online mobile gambling provides a considerable increase in revenue due to the lack of factors that brick-and-mortar casinos demand. Speaking of legalized sports betting, iGaming revenue, legal in six states, was $394.0 million in January 2022 – up 81 percent. Here are those states:
- New Jersey reported $137.8 million in igaming revenue,
- Michigan $121.2 million,
- Pennsylvania $108.3 million,
- Connecticut $18.8 million,
- West Virginia $6.8 million, and
- Delaware $1.1 million.
Related Post – iGaming Will Put Connecticut On Top In New England
New England Casino Revenue Climbs in 2022
Above Gallery – Counter Clockwise, starting from the left corner: Foxwoods DraftKings Entrance, Inside Foxwoods DK Sports Book, Sugarhouse online sports betting run by CT Lottery, Mohegan Sun’s Fanduel.
Connecticut gaming wins rose 39.4% to $86.6 million, up from $62.1 million in 2021. That was before Connecticut authorized igaming and sports wagers. But slot revenue dipped slightly.
- Slot revenue in January was $56.7 million,
- igaming revenue was $18.8 million, and
- sports betting generated $11.1 million.
- Maine casino revenue fell 35.4% to $7.1 million.
- Gambling revenue per adult, Jan. 2022: $9.98 (6th lowest out of 27)
- Slots revenue at both casinos declined
- Table Games revenue declined at Oxford but increased at Bangor.
- Maine lawmakers are trying to advance tribal rights – giving the Penobscot, Passamaquoddy, and Maliseet tribes control over the lucrative online sports betting market.
According to the Massachusetts Gaming Commission, Massachusetts gaming revenue rose 43.3% to $82.3 million – up from $57.9 million in 2021.
- Encore Boston Harbor generated $53.9 million, up from $33.3 million in 2021.
- Slot revenue at Encore was $27.8 million
- The table game was $26.0 million.
- MGM had a gaming win of $18.6 million, up from $14.4 million in 2021.
- the table-game win was $4.2 million;
- slots contributed $14.3 million.
- The slots-only Plainridge Park had revenue of $9.8 million as compared to $9.7 million in January 2021. Little but healthy progress.
- Gambling revenue per adult, Jan. 2022: $14.84 (9th lowest out of 27)
- gambling revenue, Jan 2020-Jan 2022: +388.5%
- Total gambling revenue, Jan. 2022: $8.0 million
- Gambling revenue per adult, Jan. 2022: $7.19 (4th lowest out of 27)
- According to figures posted by the Rhode Island Lottery, Rhode Island VLT revenue rose 20.1% to $43.6 million.
- January table games revenue was $9.1 million, a decrease of 11.8% from December’s $10.3 million and 51.3% more than January 2021’s $6 million.
- Rhode Island residents spent $58.6m on sports betting in January, the second-highest monthly total since legalization in November 2018
- Twin River was again the main venue of choice for players, with $18.8m wagered during the month, compared to $6.3m at the Tiverton Casino.
- Gambling revenue per adult, Jan. 2022: $53.20 (7th highest out of 27)
March Sports Betting 2022 Stats (from Legal Sports Report)
|State||Revenue Hold (since March 18, 2022)|
Related Post – Beginner’s Guide to Sports Betting (In New England)
Summary – C’Mon Man! Casino Revenue Climbs in 2022
The gambling industry has had its time to regain its losses. Yet, GGR & NGR show rapid positive financial changes for gambling institutions over twelve to fourteen months. For example, Nevada saw a record 11th straight $1 billion gaming revenue month in February and is coming off a record 2021 that saw $13.4 billion in gaming revenue, fueled primarily by a record $7.07 billion in gaming revenue on the Strip.
So, if casinos across the country are making money hand over fist, why don’t we see positive pre-pandemic changes for the players?
- Staff shortages? C’mon, Man – Do something to get the unemployed back. I don’t believe that EVERY phase of operations is short of staff.
- Table Minimums? C’mon, Man – sure, you don’t make as much on a $5 dice table compared to a $25 table, but offer it. Are you too shallow to realize that it’s not ALL about the money?
- Changing payables to increase the house edge? C’mon, Man – it was hard enough to win anything in 2019. Making it impossible with an expanded house edge is just GREED.
I’m so happy things are returning to a normal state of affairs. But the casino industry needs to look at itself and say, “C’mon, Man” we can do better for all those clients who stuck with us through the pandemic and are returning full force.”
Yes, YOU should. At least stop making it worse.