Citi forecasts organic growth in Macau GGR through smart gaming tables

DraftKings and FanDuel have emerged as frontrunners in New Jersey, contributing to the state’s second-highest monthly revenue ever. The revenue figures for New Jersey’s online casinos reveal an impressive total of $187.9 million, falling just short of March’s record-breaking $197.2 million.

This figure, while being the second-highest, also marks an 18.2 percent increase year-over-year. In the first four months alone, New Jersey has amassed over three-quarters of a billion dollars, totalling $750.7 million. This is a significant 21.2 percent increase compared to the previous year, which saw a total revenue of $1.92 billion. The state is currently on track to exceed $2.2 billion in revenue this year, surpassing the single-year record of $1.92 billion set in 2023 and the previous record of $1.66 billion in 2022.

In terms of taxation, the state has collected nearly $113 million, with $28.3 million accrued in April alone. The tax rates in New Jersey vary depending on the type of gaming venue, with retail casinos taxed at 8 percent, online sports betting at 13 percent, retail sports betting at 8%, and online casino play at 15 percent.

Examining the top licencees, Golden Nugget Atlantic City leads the pack with over $53 million in revenue. However, Caesars Interactive was the only licensee that failed to meet the $1 million mark.

DraftKings led with $39,238,978, closely followed by FanDuel with $39,063,216. Together, DraftKings and FanDuel accounted for nearly 42 percent of the state’s revenue, outperforming the combined total of the next seven online casinos. Five other online casinos, including BetMGM, Borgata, and Caesars Palace, reported revenues in the eight digits. On the other end of the spectrum, Unibet, which is withdrawing from the United States, reported a loss of more than $6,000, while Jackpot City, a newer online casino, reported just over $25,000 in revenue.

The tax structure for online gambling in New Jersey is quite straightforward and is designed to ensure fair and regulated gambling activities. Here are the key points:

Tax on Winnings: All gambling winnings, including those from online sources, are considered taxable income. Therefore, you are required to report these winnings to the Internal Revenue Service when you file your tax returns.

Tax Rates: The tax rates vary depending on the type of gaming venue:

✅ Retail casinos are taxed at 8 percent

✅ Online sports betting is taxed at 13 percent

✅ Retail sports betting is taxed at 8 percent.

✅ Online casino play is taxed at 15 percent.

Thresholds for IRS Notification: The IRS is not notified unless you win an amount that exceeds certain prescribed thresholds. These thresholds vary depending on the form of gambling that generated the win.

State Tax Withholding: For federal taxes, NJ sportsbooks are required to withhold 28 percent of the winnings if you win $5,000 or more. On the state level, if you win more than $10,000 in a single jackpot, the payer will withhold 3 percent to comply with state laws.

Income Tax Brackets: On the state level, there are seven income tax brackets, ranging from 1.4 percent for the lowest income earners up to 10.75 percent for those at the top of the scale.

Group Gambling Winnings: If a group of people pool their resources for gambling, the paying entity will submit Form 5754 to the IRS when they are filing the W-2G. The IRS will then know that multiple people will be responsible for individual portions of the income.

Penalties for Non-Payment: If you fail to pay taxes on your gambling winnings in NJ, the Internal Revenue Service will apply a Failure to Pay penalty. For each month that you are delinquent, they will increase the amount that you owe by .05 percent. However, the accumulated penalty maxes out at 25 percent..

As the dust settles on the 2023/24 Premier League season, leading online gaming company finds itself in an unusual position. While Manchester City celebrated lifting the Premier League trophy for the fourth consecutive time, bet365 was left to count the cost of a season that ended in a way few could have predicted.

The Day the Punters Won” The final day of the season saw all the favourites win their matches, a scenario that led to bet365 announcing it had experienced a “shockingly bad” end to the season. Steve Freeth, ’s PR man, described the day as one where punters signed off in style with a full house of favourites winning. The 10-fold paid 103/1 at kick-off, with nine teams paying out early thanks to bet365’s 2 Goals Ahead Payout. Adding to the company’s woes was the Acca Boost of 35% for all correct 10-folds, resulting in the biggest payout of the campaign. The company was given a glimmer of hope when VAR checked Kai Havertz’s late winner, but the German’s 89th-minute goal stood, sealing a miserable final day for bet365 but a joyous one for its customers.

However, the weekend wasn’t entirely successful for punters. Saturday saw heavy favourite Tyson Fury suffer defeat at the hands of Ukrainian Oleksandr Usyk in an Undisputed World Heavyweight title fight in Riyadh, Saudi Arabia. This result led to the majority of UK bettors tearing up their bets, handing bet365 a much-needed win. Despite the football results, Freeth noted that the company had a brilliant result in Riyadh with Tyson Fury being edged out on points by Oleksandr Usyk. However, any profit from this event was quickly swallowed up by the football results on Sunday.

As the season ends, bet365 is already looking ahead to the next one. The company has released early odds for the 2024/25 Premier League, with Manchester City a shade of odds-on at 10/11 to win a fifth consecutive title. Arsenal are priced at 9/4, with Liverpool at 8/1. But before that, there’s the small matter of the Euros to contend with. As this season has shown, in the world of sports betting, anything can happen.

Greenlite Ventures has announced its acquisition of NoLimit Technology Holdings. The deal, whose financial details remain undisclosed, is set to conclude following a due diligence period of 30 to 45 days.

NoLimit, a company known for its gaming-related products including the NoLimit Betting Exchange and a crypto-powered Daily Fantasy Sports (DFS) platform, is now part of Greenlite’s expanding portfolio. Greenlite has also expressed its intention to launch a user-friendly cryptocurrency exchange that complies with relevant laws in the future. Greenlite chairman Russell Elbaum expressed his excitement about the acquisition, stating that the launch of their new Sports Podcast Network, led by Defo’s ‘Bury Your Bookie’ show, is set to drive significant daily traffic to NoLimit’s exchanges and platforms. He believes that this will allow them to leverage their celebrity partners and abundant media opportunities to establish a powerful niche in the rapidly growing $300 billion industry. Subtitle: “Continuity and Innovation: The Road Ahead” Post-acquisition, NoLimit founder Rafael Groswirt will continue to lead the business.

He sees Greenlite’s resources and platforms as a means to compete with industry leaders and predicts that Greenlite’s sports and media connections will enable partnerships and white-label collaborations with major players in the sector. Founded in 2014, NoLimit started as a crypto-focused online gaming business based in California. Its first product was a cryptocurrency called NoLimitCoin, designed to support fantasy sports platforms, including NoLimit’s own system. The company has also integrated AI with its cryptocurrency and other products, marking a new era of excellence and innovation in the online sports betting industry.

As Groswirt stated in 2023, “As NLTH integrates AI with our NoLimitCoin cryptocurrency, we are proud to pioneer a new era of excellence and innovation in the online sports betting industry.”

With this acquisition, both Greenlite and NoLimit have opened the doors to investors, partners, and enthusiasts to revolutionise the sports betting landscape.

SkyCity Entertainment Group, a gaming operator in and Australia, has announced a settlement with New Zealand authorities regarding breaches in anti-money laundering and countering financing of terrorism (AML/CFT) regulations. The company has consented to pay a civil penalty amounting to NZ$4.16 million (€2.3 million). However, the agreement is subject to approval by the High Court of New Zealand, with SkyCity expressing its intention to seek a prompt hearing for approval. 

This agreement follows closely on the heels of SkyCity's recent , the Australian financial crimes watchdog, where the company agreed to pay approximately $44.5 million (€41.2 million) for similar breaches at its SkyCity Adelaide property. The NZ penalty specifically addresses deficiencies in SkyCity's AML/CFT risk assessment and program, which remained unresolved until July 2021. These breaches, admitted by the company, span from 2018 to 2023 and primarily pertain to historical issues. 

SkyCity emphasises its efforts to rectify compliance shortcomings, including the overhaul of its Board, the appointment of directors with specialised risk expertise, and the establishment of a dedicated Board Risk and Compliance Committee.  

Additionally, the company has implemented higher due diligence standards, reduced cash thresholds triggering enhanced customer due diligence, and terminated relationships with junket operators since April 2021. Further, SkyCity pledges to implement a mandatory carded plan across its New Zealand properties by mid-2025. 

Julian Cook, SkyCity's Executive Chair, acknowledges the progress made in enhancing AML/CFT systems while expressing disappointment over the breaches. He affirms the company's commitment to resolving regulatory matters promptly, including the temporary suspension of its New Zealand casino operator's license.  

SkyCity remains engaged with Australian authorities for an independent review of SkyCity Adelaide, which was on hold pending AUSTRAC civil proceedings. Cook underscores ongoing enhancement efforts in both New Zealand and Australia, recognizing the ongoing importance of compliance and regulatory adherence.