News and Analysis
Tropicana Casino NJ is Back
Tropicana online casino in NJ opened its virtual doors when legal gambling first kicked off in The Garden State in 2013. In 2022, the brand was taken over by Caesars, and the NJ casino stopped trading. However, last week Caesars announced the official relaunch of Tropicana, NJ.
The new Tropicana Casino mobile app and desktop site feature enhanced functionality, an increased lobby of industry-leading titles, and players will have access to the Caesars Rewards Club.
Matthew Sunderland, Senior Vice President of iGaming at Caesars Digital, said of the relaunch, “Caesars has a legacy in New Jersey with a history of providing a best-in-class gaming experience. The relaunch of Tropicana Online Casino is an important step in our progression toward providing valued customers with the best iGaming products in the industry. We’re confident this new offering delivers an elevated online casino experience with rewards that can’t be matched, similar to the industry-best experiences customers enjoy at Tropicana Atlantic City.”
New York bettors spent $16.40bn on sports betting in 2022
Sports betting in New York launched on January 8th, 2020, and the official figures for the first full year of betting are in, with players spending a whopping $16.40bn (the FY runs from March until April).
Which were the most popular bookies in the state? FanDuel hit first place with $6.82bn in total wagers ($756m in revenue), with DraftKings in second (a $5.02bn handle ($397.5m revenue) and Caesars in third place (a total handle of $2.23bn, revenue of $152.9m).
Operators have registered several concerns over the high tax rate of 51% for New York gambling sites. The average tax rate across US sports betting states is 19%, so comparatively, this is sky-high, presenting as a barrier to entry and profit generation in the market.
Texas Legislators Going for Sports Betting Gold?
HB 1942 looks to legalize online sports betting, establishing a $500 application fee and a 10% tax on revenue. The bill would be introduced with House Joint Resolution 102, amending the Texas Constitution to legalize gambling, which is currently prohibited.
Meanwhile, HB 2843 seeks to regulate casino gaming and sports betting and create the Texas Gaming Commission. This bill would also have a constitutional amendment counterpart.
Either bill will require a two-thirds majority to pass, and as constitutional amendments are necessary, a public ballot is most likely needed.
DK Horse Live in 12 States
DraftKings’ new horse racing betting app, DK Horse, has launched in 12 US states, with more expansion planned before the Kentucky Derby’s kick-off on May 6th. The app was created with Churchill Downs Incorporated.
CO, FL, MA, MI, MO, OR, VI, WA, WV, and WY now have access to the pari-mutuel horse racing app available from DraftKings or Android/iOS stores. Live streaming of races will be available, alongside bonuses and plenty of betting action - check it out.
Kentucky Governor Signs off on Legal Sports Betting
Governor Andy Beshear signed House Bill 551, making way for legal sports betting in Kentucky. The Bill passed by 26 to 12, legalizing nine racetracks to offer on-site retail sports betting. Each may partner with up to three online operators, meaning 27 licenses are available from the Kentucky Horse Racing Commission.
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