Posted on

Nj iGaming: Do Falling Profits Give Cause for Pause for Online’s Future in the Garden State?

Nj iGaming: Do Falling Profits Give Cause for Pause for Online’s Future in the Garden State?

Nj iGaming is struggling, despite initially projections that are dazzling hawaii’s Governor Chris Christie.

Is brand New Jersey iGaming in some trouble? That’s the stressing concern numerous folks are now asking following the latest round of financial reports.

The first piece of news to rock the gaming industry in the Garden State was that Atlantic City’s brick-and-mortar venues had suffered a profit drop that is year-on-year.

Comparing 2014’s October take to 2015’s figures, the resort town’s system of live casinos made $197.7 million in the former, contrasted to $191.6 million in the latter.

This disparity represented a 3.1 percent decline and a potential sign that the town isn’t experiencing the regeneration many had hoped for.

Poker’s Poor Performance

Incorporating to this disappointment ended up being the revelation that online poker additionally hit a stumbling block in October.

Looking especially at those numbers, October 2015 had been a thirty days that returned 8 percent more money than hawaii’s operators produced in September 2015 ($1,913,403 vs. $1,771,123).

However, while this news was an optimistic, it absolutely was tinged with another wave of disappointment after it became clear that the month that is latest of operation represented a 2.8 percent year-on-year drop.

In 2014, New Jersey’s collective of online poker sites banked $1,967,905 october. In comparison, October 2015 Continue reading Nj iGaming: Do Falling Profits Give Cause for Pause for Online’s Future in the Garden State?

Posted on

Florida Agrees $3.1 Billion Contract with Seminoles

Florida Agrees $3.1 Billion Contract with Seminoles

Florida governor Rick Scott hails the biggest tribal rev-sharing in history as dispute with Seminoles is put to bed.

The Seminole Tribe’s governmental standoff with Florida governor Rick Scott was finally resolved this following a deal which will see the Seminoles pay $3.1 billion to the state over seven years in return for the right to offer craps and roulette week.

It is considered to be the biggest tribal rev-share agreement in the usa, dwarfing the cut received by the state under the regards to the agreement that is previous.

Florida inked a deal aided by the Seminoles in 2010 which gave the tribe exclusivity on blackjack in the state inturn for $1 billion, spread over five years.

The deal also prevented the expansion of slots gambling beyond that which already existed at a handful of pari-mutuel racetracks, providing the Seminoles a stranglehold on the slots market.

This contract expired on August 1 this season, and the two parties have been negotiating ever since.

No Expansion for 20 Years

The Seminoles, who own seven properties within the Sunshine State, will be prohibited from expanding their operations for an interval of twenty years. And even though gaining the straight to offer craps and roulette, the tribal operator will relinquish its monopoly on blackjack and slots.

This enables the expansion of blackjack into the Miami-Dade and Broward racinos and as much as 750 slots at other venues such since the Palm Beach Continue reading Florida Agrees $3.1 Billion Contract with Seminoles