Posted: July 18, 2022, 07:53 AM.
Last updated: July 18, 2022, 7:53 AM.
Last year was a good year for Macau Slot Co Ltd, previously the sole sports betting provider in Macau. As casinos tried to jump-start their operations, the company reported a 31.8% year-over-year profit increase.
A sportsbook Macau Slot Co Ltd operates in Macau. The sports betting operator continues to grow even though it no longer has a monopoly in the market. (Image: GGRAsia)
Macau Slot saw a turnover of MOP629 million (US$77.8 million) last year. This was 15.6% more than the MOP544 million (US$67.3 million) in 2020.
Most of the bets were on football, while basketball was a distant second. Football accounted for MOP415 million (US$51.3 million) and basketball for MOP214 million (US$26.5 million).
Sports betting strong in Macau
The result of the sales increase was a profit of MOP127 million (US$15.7 million). This was MOP 30.1 million (US$13.7 million) more than a year earlier, when Macau was a virtual ghost town several times due to COVID-19.
Earnings were also a significant improvement from 2019. That year there was a MOP profit of $154.8 million (US$19.3 million), a 30% decrease from 2018.
Macau Slot acknowledged that the past few years have been tough because of the pandemic. However, it added that the government has worked tirelessly to contain the spread of COVID-19.
Following the strong results, the company is more confident in expanding its business. While not providing much detail, Macau Slot said it will upgrade its “technology and sports information facilities” to better meet consumer demand.
While it is common to see sportsbooks in casinos in the US, this is not the case in Macau. There are no sports books on the gaming floors and sports betting remains more of a by-product in the gambling hub than a robust alternative.
Macau lock faces growing competition
Macau Slot had a monopoly on sports betting for years. It started accepting football bets in 1998 after the SAR approved its license. Then, in 2000, basketball added. With the advent of casino concessions in 2002, Macau gave the company exclusive control over its legal sports betting.
In June last year, the company received an extension of its license, allowing it to continue for another three years. However, the new agreement between the SAR and Macau Slot emphasized the removal of the exclusivity the company previously enjoyed.
Despite the change, Macau has done little to advance regulation in the sports betting market. As a result, the industry lags behind the other industries.
The SAR’s new gambling laws have also done little to advance sports betting. Macau defines sports betting as ‘games of chance offered to the public’, as opposed to the ‘games of chance’ of casino gambling.
This discrepancy is why casinos don’t post sports books, among other things. That seems sensible now, as Macau continues to shut down its commercial activities due to a new COVID-19 outbreak.
The SAR ordered a partial shutdown of businesses, including casinos, for a week, until July 18. Now, however, the city has extended the order until this Friday.
All residents are required to stay at home except to go grocery shopping or medicine, or for mandatory COVID-19 testing. Those who break the rules risk up to two years in prison.
This post Macau’s Sole Sports Betting Operator Continues Successful Growth
was original published at “https://www.casino.org/news/sole-sports-betting-operator-in-macau-continues-successful-rise/”