Posted on: October 10, 2024, 11:36h.
Last updated on: October 10, 2024, 11:51h.
Three of the world’s most prominent trade groups representing the interests of gaming operators in the United States, United Kingdom, and Europe have announced a pact.
On Wednesday, the American Gaming Association, the UK’s Betting & Gaming Council, and the European Casino Association announced a memorandum of understanding that marks the beginning of a cross-Atlantic collaboration to share industry values and priorities. The three organizations each committed to addressing key matters facing the global gaming industry, including ongoing efforts to stop illegal gambling and promote responsible gaming, innovation, and casino security.
This new partnership is a significant step forward in our collective efforts to advance the legal gaming industry and protect consumers around the globe,” said AGA President and CEO Bill Miller. “By sharing our unique resources, we will expand our fight against illegal gambling to new fronts, work together to strengthen responsible gaming, and innovate around business best practices.”
The collaborative announcement came during the Global Gaming Expo (G2E) that is currently being held at The Venetian Expo in Las Vegas. The event concludes today.
Research Focus
The three trade groups, which promote laws and regulations favorable to the casinos and gaming operators they represent, say their alignment will better foster the development of joint research and expedite the implementation of new best practices.
The first initiative, the groups said, will be a law enforcement roundtable in January 2025. The discussion will center on how illegal gambling impacts the regulated industry and puts consumers at risk.
The session will explore strategies to enhance cross-jurisdictional communication and the development of “actionable solutions” to address the challenges associated with illegal gambling, a statement regarding the collaboration explained.
Gaming Getting Younger
The global gaming industry is richer than ever before. In 2023, the US, the richest gaming country in the world, generated almost $110 billion in gross gaming revenue (GGR) from commercial and tribal gaming operations.
Gaming continues to expand worldwide. The United Arab Emirates’ forthcoming casino industry is projected to add up to $5 billion annually in new GGR, while new casinos in the Philippines, Vietnam, and South Korea additionally continue to open.
Macau’s COVID-19 recovery is ongoing. In the US, casinos continue to debut in jurisdictions like Virginia and Illinois, and the global industry’s eyes are heavily fixated on the impending integrated casino resort developments in New York City.
Miller said at G2E this week that the gaming demographic, at least stateside, is finally trending younger. After years of toying with new ideas, including electronic games that included skill elements, as millennials were thought not to enjoy slots nearly as much as their parents and grandparents, Miller says the industry’s innovators have finally found new ways to appeal to younger people. Sports betting has also helped.
A decade ago, the gaming industry was trying to figure out why we weren’t appealing to younger generations. The mantra back then was, well, we’ll get them when they’re 50,” Miller explained.
Miller detailed that the average age of a casino patron in 2019 was 50. Today, it’s 42.
“This is a huge shift,” Miller said. “It’s one that we need to keep driving to stay on the growth trajectory.”