The casino and gambling industry has been experiencing a series of noteworthy developments. From partnerships and profits to trends and contributions, here's a comprehensive roundup of the latest updates.
Trustly, a global leader in Open Banking Payments, has joined forces with Station Casinos to power the payments behind NFT loyalty marketplace STN Charms. The goal of the collaboration is to revolutionize the gaming experience by reimagining STN Charms' existing loyalty program.
With Trustly's Open Banking Payments solution, players can now make digital deposits and withdrawals within their STN Charms wallets. This partnership signals one usage of Open Banking technology in reshaping loyalty programs within the gaming industry. Trustly already partners with 8,300 merchants worldwide. Notable iGaming partners include LeoVegas and Coolbet.
Despite challenges posed by the pandemic, the United States online gambling market has proven its resilience. A new report by Research and Markets shows that the sector is projected to witness a CAGR of 17.34% over the next five years. The pandemic-induced shift in consumer behavior has led to increased interest in online gambling platforms, as individuals seek both entertainment and profits.
In the US, New Jersey has the biggest regulated online gambling sector. More than a dozen legitimate and authorized online casinos and poker rooms fight for market share. Notably, the rising demand for quick profits has been a driving force behind the market's growth. The integration of technology, particularly virtual reality, and mobile platforms has further enhanced user experiences.
Online casino continues to grow rapidly due to that improvement in user experience and its convenience. The report highlights live casino as one area still at a nascent stage due to regulations. However, licenses have been granted to providers like Ezugi and Evolution Gaming to provide their live dealer games in New Jersey. MGM Resorts, DraftKings, Lotto Direct Limited and 888 Holdings were highlighted as dominant companies in the sector overall.
The MGM Resorts Foundation continues its commitment to local communities by awarding over $2.7 million in grants to nonprofit organizations across regions where MGM Resorts operates. This philanthropic effort is driven by the generosity of MGM Resorts employees, who actively contribute to the Community Grant Fund.
The Foundation's focus on affordable housing, education, family services, and more reflects its dedication to creating a positive impact. Through employee involvement and strategic partnerships, the Foundation has supported numerous charitable causes, solidifying its role as a key player in community welfare.
Atlantic City casinos have demonstrated their resilience by maintaining profitability, despite facing challenges and changes within the industry. While the collective profit of all nine casinos in the second quarter decreased by more than 20% compared to the previous year, the fact that they remain profitable despite rising labor costs underscores their strength.
Factors such as a new labor contract have contributed to this decline. However, key players like Hard Rock, Tropicana, and Ocean Casino have shown their adaptability, posting profits that surpass pre-pandemic levels. The casino industry's ability to navigate changing landscapes while keeping profits intact is a testament to its endurance.