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Casino and iGaming Industry: Q3 2023 Outlook


Nevada is expected to continue to grow in the gambling industry, with revenues continuing to increase. At the same time, i-Gaming operators face increasing challenges due to new regulatory rules in different countries. In this context, Bally’s Interactive International, formerly known as Gamesys, positions itself as an operator that has successfully adapted to the new rules. Through this adaptation and the exit of small operators from the industry, Bally’s gains market share and fares better than its competitors.

Nevada On Track to Surpass Record Gambling Revenue

With the football season in full swing and throngs of enthusiastic fans converging on Las Vegas for sports betting and casino gaming, Nevada is well-positioned to surpass its remarkable 2022 revenue milestone of $14.8 billion. 

During the initial two months of the third quarter in 2023, Clark County raked in a substantial $2.2 billion in gross gaming revenue. Figure 1 surpasses the gross gaming revenue generated during the corresponding period in 2022 and 2019. Remarkably, it aligns perfectly with our anticipated monthly gross gaming revenue of $1 billion, with the famous Las Vegas Strip contributing a noteworthy $1.5 billion to this impressive total.

In August, Nevada posted a historic revenue figure of $1.2 billion, a modest increase compared to the previous year and a significant surge over August 2019, when it stood at $952 million. Analysts contend that bad weather hurt August’s earnings, as it had the potential to perform even better. Hurricane Hilary’s presence resulted in numerous flight cancellations to the city, so fewer passengers arrived at Harry Reid International Airport, marking the first time fewer passengers arrived in 2023.

August marked the 30th month in Nevada’s history where the casinos achieved a remarkable $1+ billion in revenue. Over the initial eight months of 2023, Nevada pulled in a staggering $10.1 billion in gross gaming revenue, setting a new record compared to the same period in the preceding year.

New iGaming Regulatory Rules Around the World

The gaming industry is experiencing a rapid transformation with the rapid growth of iGaming. This has ushered in a new era for gaming operators, presenting them with unprecedented opportunities to give players around the world easy access to their platforms. Nonetheless, this surge in iGaming has given rise to concerns among regulators in diverse jurisdictions. Their focus is on ensuring fair gameplay, protecting data, and encouraging responsible gambling. It’s worth noting that regulations vary widely from country to country, making it difficult for operators to expand into new markets.


A recent legislative development in Australia requires that people who play online games must give operators proof of age and identity before they can make any transactions.


The surge of online gaming has prompted several Asian nations, including China, Japan, and South Korea, to consider the prospect of legalizing iGaming. While certain countries have allowed casinos in a bid to enhance tourism, governments are approaching this move with caution, instituting stringent regulations and oversight measures. In general, analysts foresee Asia continuing to be a formidable region for iGaming, largely due to deep-rooted cultural views on gambling.

United Kingdom

The UK Gambling White Paper was released on March 29, 2023, ending years of delays and speculation. The document outlines a series of new regulations designed to protect people at risk of gambling addiction. These measures include affordability assessments, spin limits of £2 and £15, and stricter controls on VIP programs.

Industry Outlook and Target Price

Las Vegas is poised to weather a decline in consumer spending more effectively than regional markets due to its typical demographic resilience in the face of moderate economic shocks. Evidence from past recessions backs this perspective.

Additionally, industry experts foresee Las Vegas benefiting from hosting its first Formula 1 Grand Prix, scheduled for mid-November. Specifically, the event is expected to generate increased tourism revenue and job creation.

On the other hand, there is an increased risk of Bally’s Casinos & Resorts experiencing a decline in their third-quarter results. This risk stems from the potential continuation of reduced consumer discretionary spending.

Entain and 888, two prominent British gambling companies, are expressing concerns about the potential decline in online gaming revenue for both the third quarter and the entire year, citing the impact of stricter regulations. Meanwhile, Bally’s Interactive International, formerly Gamesys, is expected to outperform its competitors due to its proactive approach to adapting to evolving regulatory conditions, including a gradual reduction in slot stakes within its UK operations and the introduction of maximum stake limits across all customer segments.

Despite the potential challenges posed by a decline in consumer spending and stricter regulations, Bally’s is already making notable strides in gaining a larger share of the market, as smaller operators exit the industry. This trend is expected to continue.

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