In a significant breakthrough, the Spanish national police arrested a man at Palma Airport believed to be involved in the 2022 MGM loyalty programme hack. MGM had confirmed that their loyalty programme was compromised last year. On 14 June, this 22-year-old UK national was detained while attempting to board a flight to Italy. The arrest warrant for the accused was issued by the FBI’s Los Angeles field office, as reported by CyberNews. The suspect is believed to be connected to the cybercriminal group Scattered Spider, which is alleged to have compromised multiple corporate accounts, including Caesars Entertainment last autumn. The accused reportedly controlled $27 million worth of Bitcoin.
Nearly five years have passed since Colorado legalised digital sports betting, and the state’s tribes are still not participating. Despite the official launch over four years ago, the state has yet to reach an agreement with the Mountain Ute and Southern Ute tribes regarding the operation of digital sports betting and sportsbook kiosks. Central to the debate is funding for Colorado’s water projects, which currently benefits from sports betting revenue. Unlike commercial operators, tribal gaming adheres to different rules, raising concerns that overall tax revenue might decline if the tribes were allowed into the digital sports betting arena.
In the upcoming November elections, Colorado voters will have the opportunity to decide whether to adjust the state’s revenue cap from wagering. The existing cap of $29 million is under scrutiny, with expectations that operators will generate more than $32 million in the coming fiscal year. Such revenue considerations highlight the importance of digital sports betting to state funding projects, particularly those vital for water resource management.
According to Jefferies Capital’s latest report, the landscape of online sports betting appears robust. The handle has surged by 44% over last May, and the gross gaming revenue (GGR) has increased by 30%.
. By June 21, eighteen states had reported their revenue data, showing healthy growth. Likewise, online gambling reports from five states indicated a 27% rise in GGR over the previous year. Thorough analysis by Jefferies pinpointed FanDuel as the market leader, continuing to hold the number one position for eight consecutive months and leading in operations for the fourth month.
Complicating the sports betting environment on the Las Vegas Strip, Truist Securities reported the imminent closure of the Tropicana and The Mirage on July 14, which will reduce available hotel rooms by approximately 4,500. Contrary to expectations that room prices would spike, CDC Gaming Reports revealed that the Mirage’s June and July room rates have dropped by 44%-46% year over year. Third-quarter projections suggest that room rates will likely remain flat compared with last year’s figures, per Truist analyst Barry Jonas.
Adding another layer of complexity to the gambling landscape is a developing insider betting scandal in the UK. National news sources disclosed an additional potential insider bettor wagering on the election date before its official announcement. Consequently, the UK Gambling Commission has expanded its investigation to probe third-party bettors possibly placing bets for politically exposed persons (PEPs). This weekend, Sky News reported Conservative chief data officer Nick Mason as the newest individual linked to the inquiry. Mason, who has taken a leave of absence, denies any involvement in illegal activities.
In a strategic move by the Navajo Nation Gaming Enterprise, John James has been appointed as the new CEO. James brings extensive experience leading tribal casinos and most recently served as CEO for the River Rock Entertainment Authority in Geyserville, California. His new role will encompass overseeing operations at multiple sites, including the Twin Arrows Navajo Casino Resort, Fire Rock Navajo Casino, Northern Edge Navajo Casino, Flowing Water Navajo Casino, and the Navajo Blue Travel Plaza.
As various facets of the gambling world continue to evolve, significant events such as the MGM hack arrest, Colorado’s ongoing discussions with its tribes, the revenue dynamics of sports betting, and leadership shifts in tribal gaming show that this sector remains vibrant and ever-changing.
