Gaming America's 2025 Industry Retrospective

Gaming America's 2025 industry retrospective

Gaming America's Kirk Geller recaps expansion efforts throughout the Americas in 2025, including Brazil's iGaming market, sweepstakes, prediction markets, Tribal gaming and G2E in Las Vegas.

Whether in iGaming, sports betting or still relatively unknown gaming types such as sweepstakes, prediction markets and event contracts, the last 12 months have inspired remarkable innovation across American gaming. Even outside of the titles consumers enjoy on a day-to-day basis, significant trends have developed throughout the year, specifically recent tourism numbers recorded in Las Vegas and maturation across Tribal gaming markets. While events such as the Indian Gaming Tradeshow & Convention and Global Gaming Expo (G2E) help to recap the industry’s growth each year, Gaming America looks back upon the biggest trends that developed in 2025.

LatAm’s growing influence

The very beginning of 2025 saw the launch of Brazil’s fixed-odds sports betting and iGaming regulated market at a federal level, with just under 70 licensed operators beginning to conduct business in the country and 14 of which received definitive licenses. On March 26, the Prizes and Betting Secretariat of the Ministry of Finance (SPA), which acts as the federal regulator of the newly developed market, announced the number of licensed operators had grown to 80, as well as eight companies operating nationwide by determination of court orders.

Developing a sports betting and iGaming market in Brazil did not come easy for regulators, however, as the SPA was forced to publish a new ordinance on January 15 to solve certification delays for sports betting operators given provisional authorization to conduct business in the country. Beginning operations in Brazil certainly came at a cost for sportsbooks, with sportsbooks paying a $4.8m license fee to gain official approval. Shortly after, the SPA also launched a public consultation for its 2025-2026 Regulatory Agenda, including a 45-day window for multiple groups to make written contributions towards the agenda. The Brazil Government would go on to issue an additional 79 operating licenses by the end of May, covering 177 authorized brands, while licensing fees alone brought in approximately BR2.2bn ($400m). By the end of June 2025, Brazil’s Ministry of Finance disclosed online betting taxes had brought in nearly BR4bn since the country first began iGaming and sports betting operations on January 1.

According to reports by Receita Federal, the national revenue service, regulators collected BR3.87bn in revenue, with June alone contributing BR780m, representing the highest single-month figure within the first six-month period. The surge surprised even the most hopeful of analysts which projected smaller returns from Brazil’s market, as the BR3.87bn far exceeded initial estimates. Brazil’s Ministry of Sport received BRL478.9m from regulated betting operators in the first six months of 2025, based upon official data released from the national Secretary of Prizes and Betting. Within this amount, the National Sports System collected BR154.9m, while the Brazilian Olympic Committee received BR47.5m.

Future challenges still remain for the market, though, as a proposed tax rate increase to 18% in October has “created uncertainty among investors, tightened operating margins and even prompted speculation that some licensed operators might surrender their permits due to financial strain,” according to Gaming America contributor and Director of Institutional Relations at Grupo Esportes Gaming Brasil Hugo Baungartner. Baungartner also stated the Brazilian Government expects sector taxation to generate between BR8bn and BR12bn by the conclusion of 2025, anointing Brazil as one of the “most promising iGaming markets in the world.”

But the future of LatAm gaming currently carries as much risk as potential, given some of the issues witnessed with marketing efforts made by operators, specifically the role of influencers in promoting certain brands. In Argentina and Colombia, influencers were under investigation for promoting illegal gambling sites, while Brazilian influencer Maria Karollyny Campos Ferreira was arrested in the state of Tocantins on suspicion of leading a large-scale illegal gambling scheme on September 1. Authorities estimate Ferreira moved approximately $39.5m between 2019 and 2024, as the social media celebrity could face up to 10 years in prison if convicted.

In Chile, the country’s Senate approved a bill regulating online betting platforms in August 2025, as Finance Minister Mario Marcel stated the legislation was required due to fast-expanding activity operating outside the law, including illegal entities conducting business without paying taxes or following regulations. Subsecretary Heidi Berner added that the measure targets risks such as money laundering by requiring platforms to register as companies in Chile, under the supervision of the country’s Superintendence of Casinos, Betting and Gaming.

While the growing potential of LatAm’s iGaming and sports betting market is clear, the risk involved of attempting to grow one’s business without proper regulation has become just as direct. With over 80 operators having gained official licensing in Brazil alone throughout 2025, there is also no shortage of competition making itself known across the region, showcasing the monetary opportunities described by analysts such as Baungartner. As the gaming industry closes the book on 2025 and prepares for what should be an even more eventful 2026, all eyes will still remain focused on the development and maturation of LatAm’s prospective future in the months ahead.

The stakes of new innovation

While the growth of sweepstakes casinos and the game type’s overall evolution may be best exemplified by efforts made in 2024, the commotion around the legality and opportunity of the offering still continued well into 2025. Sweepstakes casinos have seen considerable increases in revenue and popularity in recent years, including annual revenue growth of 89% between 2019-2022 according to research done by Eilers & Krejcik Gaming. Capping off with a $3.1bn reported revenue during 2022, the sweepstakes market closed with revenue figures of over $8bn in 2024, while Eilers & Krejcik projected totals as high as $11bn by the conclusion of this year.

Having come into 2025 with the ability to operate in 48 out of 50 states, sweepstakes operators bore witness to regulators taking a more unwavering approach to regulating the offering, as New York, New Jersey and California all introduced new legislation to prohibit the game type to consumers. New York Senate Bill 5935, which includes provisions that would prohibit the activity of sweepstakes casinos, passed through the state Assembly on June 17, prompting responses from organizations such as the Social and Promotional Games Association (SPGA) and the Social Gaming Leadership Alliance (SGLA).

“This bill doesn’t just target sweepstakes, it sends a chilling message to anyone looking to invest in the next generation of gaming innovation,” a spokesperson for the SPGA said. “Nearly every form of online gaming we know today, including companies like FanDuel, a New York-based success story, began as pre-regulated concepts. This legislation criminalizes that innovation cycle.”

In June 2025, New York Attorney General Letitia James issued cease-and-desist letters to 26 sweepstakes casinos operators, including Virtual Gaming World (VGW), the parent company of LuckyLand Casino, Chumba Casino and Global Poker, which have exited the state at the time of writing. VGW also began the process of phasing out its sweepstakes promotions in New Jersey on July 29, following Senate approval of bill A5447 just weeks earlier.

New Jersey Governor Phil Murphy officially signed bills A5447 and S4282 into law on August 15, prohibiting sweepstakes casinos from conducting business within the state and establishing new penalties for any unlawful gambling operations. Shortly after, in September 2025, California Assembly Bill 831, which seeks to ban dual-currency and prize-awarding sweepstakes operators from the state, officially passed through the state Senate as part of a unanimous 36-0 vote.

Assemblyman Avellino Valencia recently amended the bill to ensure sweepstakes players will remain unpunished and to prevent the criminalization of state lotteries or non-gambling sweepstakes promotions, leading to no signs of resistance for the legislation ever since. The bill did not prevent VGW from signing a new agreement with the Kletsel Dehe Wintun Nation of the Cortina Rancheria Tribe to operate free-to-play online social games in California on August 18, however, as well as associated sweepstakes promotions. The social gaming operator also stated it had been “increasingly engaging” with California stakeholders at the time of announcement regarding the future legality of sweepstakes casinos.

On October 11, California Governor Gavin Newsom officially signed AB 831 into law, officially prohibiting the gaming type and its operators from conducting business throughout the state. The future of sweepstakes casinos certainly remains in question, as state regulators continue to take action against any entity looking to introduce sweepstakes gameplay into its respective market. With a projected $11bn industry still in doubt, how operators go about finding success in states where sweepstakes gameplay has not yet been prohibited will continue to generate headlines as the industry prepares for 2026.

Unpredictable future

No gaming type garnered more attention throughout 2025 than prediction markets and event contract trading, with multiple operators having already taken the steps to begin offering such trading by the start of 2026. On August 20, FanDuel formed a new partnership with derivatives marketplace CME Group to begin the development of “fully funded, event-based contracts with defined risk,” where customers will have the opportunity to “express their views” multiple times a day on numerous markets with “yes” or “no” positions for as low as $1.

“Partnering with CME Group will unlock our ability to bring even more new and engaging products to FanDuel’s fast-growing customer base,” FanDuel Group CEO Amy Howe said at the time of announcement. “We believe there is potentially a wide audience for trading event-based markets and we want to provide a platform that allows our customers to engage in this activity. We are excited to be partnering with CME Group to design new and engaging products, combining innovation with best-in-class regulatory compliance and consumer protections.”

As part of the agreement, CME Group and FanDuel will form a new joint venture to operate a non-clearing futures commission merchant (FCM) and offer access to event-based contracts through the sports betting operator. Expected to debut in late 2025, event contracts will then be listed on and “subject to the rules” of CME Group exchanges and available to consumers through all participating FCMs.

Just days later in September 2025, Underdog Fantasy struck a new partnership with Crypto.com to add event contract trading to its list of verticals, already including sports betting daily fantasy sports (DFS) games. The collaborations will reportedly focus on offering contracts centered around sporting events, whereas FanDuel and CME Group have specifically highlighted trading of finance and economic contracts rather than those related to sports. DraftKings then entered the mix, acquiring Railbird Exchange.

The quickly formed growth caught the attention of regulators from Pennsylvania, Michigan and Arizona at the time of writing, including official warnings sent out by the respective Executive Directors of each to operators conducting business in the state. Arizona Department of Gaming Director Jackie Johnson was the first to issue a notice of such kind on September 17, having said, “If the Department believes that an entity related to a licensee is partnered with a company that is selling event contracts in a jurisdiction outside Arizona in violation of the laws of that jurisdiction, that might impact a licensing decision.”

Henry Williams, Executive Director of the Michigan Gaming Control Board (MGCB), also issued a warning to operators on October 3 that any business involving prediction markets “would not operate in accordance with state gaming laws,” and even out-of-state trading of sporting event contracts would still garner discipline from the regulator.

“The MGCB understands that certain licensees may be considering opportunities to operate, offer or facilitate access to prediction markets, where individuals can buy, sell and trade event contracts that are based on a future event, occurrence or value,” Williams said. “The MGCB writes to make you aware that any involvement in the offering of sporting event contracts, directly or via an affiliate, key person, related business entity or other association, will have implications relative to your licensure in Michigan.”

Finally, Pennsylvania Gaming Control Board Executive Director Kevin O’Toole submitted a letter to the state’s Senators and Congress outlining serious concerns around prediction markets shortly after on October 8. “Sports prediction markets operate under the assertion that they are financial derivatives, or swaps, and therefore claim to not be gambling under state law. These markets effectively create a backdoor to legalized sports betting, operating parallel to, but outside of, the state-regulated system, and without strict oversight,” O’Toole stated.

“The jurisdictional clash carries a significant risk of resulting in inconsistent and inadequate regulation. The CFTC’s framework is designed for derivatives markets often involving sophisticated institutional participants. In contrast, state gaming regulators prioritize consumer protection for the public, implementing detailed measures for responsible gaming, age verification and problem gambling prevention.”

O’Toole also detailed concerns over how long it would take the CFTC to develop a functioning regulatory system and prediction markets oversight, having said, “With all due respect to the CFTC, it would take years for them to create the regulatory system and oversight that state gaming authorities have in place, which would also create a redundancy for a system that already exists and works exceptionally well.

“Even worse, the parallel tracks risk confusing patrons who engage in these markets by utilizing the veneer of a highly regulated market when, in reality, their markets are more akin to the ‘wild west.’” Having spoken to figures such as FanDuel SVP of Public Policy & Sustainability Cory Fox, BetMGM CEO Adam Greenblatt and California Nations Indian Gaming Association Chairman James Siva on the issue during the Global Gaming Expo (G2E) in Las Vegas, it was made clear prediction markets are the center of attention for nearly every entity in gaming. Chairman Siva related the gaming type’s growth to the daily fantasy sports (DFS) scene in California, where operators such as PrizePicks continue to offer services despite pushback felt from Tribal communities.

Shortly prior to the G2E conference, the American Gaming Association (AGA) released its findings into the public opinion on sports events contracts on September 10, as 85% of Americans believe the gaming type should be classified as gambling, while 80% think sports events contracts should be regulated in similar fashion to online sports betting.

“With sports betting operational in 38 states and Washington, D.C., consumers expect prediction markets to follow the same rules and safeguards as state-licensed sportsbooks,” AGA President and CEO Bill Miller said. “This research makes clear: Americans know a sports bet when they see one and they expect regulators and policymakers to treat them accordingly.”

How prediction markets continue to grow could even be the main topic of discussion for next year’s G2E, as the potential success of FanDuel, DraftKings and Underdog may lead to fellow operators partaking in the industry before long. With even fantasy football operators such as Sleeper Fantasy attempting to make headway into the space, the contract trading industry seems set for expansion rather than a regulatory cooldown in 2026.

Native efforts

Recounting the efforts made to expand gaming types such as sweepstakes casinos and prediction markets, there has also been plenty of efforts made from Tribal regulators to ensure sovereignty is put at the forefront of any growth witnessed heading into 2026. Beginning with the Indian Gaming Association (IGA) conference held from March 31-April 3 in San Diego, California, the Tribal gaming industry continuously strives to counteract any business made without proper regulation from its entities, as witnessed in the history of DFS and traditional sports betting.

During the IGA conference in San Diego, Gaming America spoke with Chairman Siva on the potential threat of sweepstakes and prediction markets and how organizations such as CNIGA attempt to remain out in front of potential growth.

“For me, I try to reach out to people who are subject experts in those areas. With prediction markets, I’ve been trying to learn CFTC speech because they have no idea what Tribal sovereignty is and, frankly, they don’t care. So when we go in there and advocate for ourselves, we have to be able to speak their language.

“We have to talk about why sports betting are event markets and not prediction markets, speak to the issues with liability, where that ends, where that stops; and use their own terms to get them to understand why these rules are fundamentally incorrect from their own perspective. Again, it’s a lot of education and it’s a lot of work, doing deep dives into online platforms and long phone calls, Zoom calls and all of these things. It can be really complicated and at the end of the day, as a Tribal leader, my main focus is running our Tribal Government back home, taking care of our Tribal citizens, but these are direct threats to them.”

Tribal communities also lost a valued member in former IGA Chairman Ernest “Ernie” Stevens Jr. after his passing on September 29 at the age of 66, a citizen of the Oneida Nation of Wisconsin and described by the National Congress of American Indians (NCAI) as a “towering advocate for Tribal sovereignty and a peerless champion of Tribal gaming.”

Stevens spent over two decades as Chairman of IGA, during which time Tribal gaming revenues in the US rose from $11bn annually in 2000 to $43.9bn for 2024, having earned recognition in the AGA’s Gaming Hall of Fame.

“Today, the American gaming industry mourns the loss of one of its most transformative and respected leaders, Chairman Ernie Stevens, Jr. As Chairman of the Indian Gaming Association for more than two decades, Ernie was a tireless and passionate advocate for Indian Country and a unifying force in advancing Tribal sovereignty through gaming,” Miller said.

“His work not only helped elevate Tribal government gaming into a powerful driver of economic opportunity but also shaped the broader trajectory of our industry with his unwavering commitment to collaboration, integrity and inclusion. His legacy will continue to inspire us as we work to honor the values he championed so well.”

Certain Tribes discovered ways of expanding gaming collaborations in 2025, as VGW signed a new agreement with the Kletsel Dehe Wintun Nation of the Cortina Rancheria Tribe to operate free-to-play online social games platforms, as well as associated sweepstakes promotions, in California on August 18. The partnership, which also involves the Kletsel Economic Development Authority (KEDA), the Tribe’s economic development arm, certainly came as a surprise to those who witnessed Tribal communities fight against sweepstakes operators throughout the year.

“We are delighted to enter into this partnership with KEDA and look forward to working together to ensure economic opportunities well into the future. We’ve operated in North America for more than a decade, creating not only great games, user experiences and entertainment but ensuring this is done safely, responsibly and at the highest level of standards – in line with our core value of ‘we do what’s right,’” VGW Founder and CEO Laurence Escalante said.

“But we acknowledge that as our business and innovative industry has grown, external interest in what we do has increased, including how we support and engage in the communities where we operate. We take corporate social responsibility seriously and are thrilled to have found a Tribal partner like KEDA.”

Whether fellow Tribes in California follow suit will remain to be seen, as most would fall under the umbrella of wanting to ensure proper regulation is met by sweepstakes operators prior to forming any collaboration. Having fought off the efforts of operators such as FanDuel and DraftKings in the past when each attempted to bypass Tribal regulations in California, the gaming industry is sure to expect continued pushback from respective communities as DFS, sweepstakes and prediction market offerings continue to expand across the US.

New tax, new opportunities

While the first half of 2025 was relatively dominated by talk of sweepstakes casinos and eventually prediction markets, traditional sports betting, both in-person and online, still took hold of its fair share of headlines throughout the year. Following a narrow ballot approval in December 2024, the Missouri Gaming Commission (MGC) announced it would be opening its new sports betting market in one year’s time, as the regulator’s website currently states residents can begin wagering on December 1, 2025.

Having opened the window to submit applications for a direct sports betting license in May 2025, the MGC eventually awarded both DraftKings and Circa Sports direct licenses on August 15, granting each operator the ability to offer sports wagering services within the state without a casino or professional sports team partner. DraftKings, Circa Sports and FanDuel each filed applications for a direct sports betting license in Missouri, having provided reasoning and official statements as part of a Commission meeting held on August 13.

“We’re pleased to secure one of two direct mobile licenses in Missouri — paving the way for us to bring DraftKings’ industry-leading online sportsbook to fans across the state,” DraftKings North America President Matt Kalish said following the MGC’s decision. “Missouri is home to several professional teams and deeply passionate fanbases, and we look forward to enhancing their sports experience with a dynamic and responsible mobile platform.”

Circa Sports CEO Derek Stevens commented: “Winning one of Missouri’s first two untethered mobile betting licenses is a great honor. We came in as the long shot against national giants like DraftKings and FanDuel, but our licensure approval today proves there’s room for a different kind of operator. We didn’t win by trying to be the biggest. We won by staying true to who we are, and I want to thank the Missouri Gaming Commission for recognizing that and giving us the opportunity to bring the Circa Sports experience to the State of Missouri.”

The decision to overlook the number one sports betting operator in terms of US market share raised eyebrows across the space, but FanDuel was quick to adjust by forming a new market access agreement with the St. Louis City SC professional soccer team just hours after the MGC awarded DraftKings and Circa Sports on August 15.

BetMGM will also be joining the three operators in bringing its mobile sports betting services to the state after agreeing to a long-term partnership with Century Casinos on May 27, which has already been granted state licensing. Following a “no man left behind” mantra of sorts, Fanatics Betting and Gaming will gain access to the Missouri sports betting market on December 1 following its multi-year agreement with Boyd Gaming, established on August 25.

The two operators will also open Fanatics-branded retail sportsbook facilities at Boyd Gaming’s Ameristar Casino Hotel Kansas City and Ameristar Casino Resort and Spa St. Charles properties in Missouri, pending receipt of all regulatory approvals. According to a 23-page study released by Eilers & Krejcik Gaming in September 2024, the Missouri sports betting market is projected to generate $3.4bn in handle, $47.5m in taxable revenue, $4.7m in taxes and a 9.8% hold for operators within the first year of accepting wagers.

The research firm also indicates the state’s education fund could receive up to $105m in tax contributions over the first five years of operation. The study helps to showcase the motivation and eagerness of operators that have already been granted licensing to conduct sports betting operations in Missouri, especially as the state currently holds five professional franchises across the NFL, MLB, NHL and MLS.

While opportunity certainly awaits in Missouri, controversy was still found within the sports betting industry’s 2025 timeline when Illinois lawmakers chose to pass House Bill 1928 in June, which introduced a $0.25 per wager tax for the first 20 million bets accepted by a sportsbook, increasing to $0.50 per wager thereafter. Almost immediately, Flutter Entertainment, which owns and operates FanDuel, announced its intention to impose a $0.50 transaction fee on all bets placed in Illinois in response to the state’s sports betting tax hike.

“It is important to recognize that there is an optimal level for gaming tax rates that enables operators to provide the best experience for customers, maximize market growth and maximize revenue for states over time. We are disappointed that the Illinois Transaction Fee will disproportionately impact lower wagering recreational customers while also punishing those operators who have invested the most to grow the online regulated market in the state,” Flutter CEO Peter Jackson said.

“We also believe the introduction of the Illinois Transaction Fee will likely motivate some Illinois-based customers to bet with unregulated operators. These operators do not contribute tax revenue to the state, will not collect the newly announced transaction fee and do not offer the same levels of customer protection that regulated operators provide.”

Following in the footsteps of its fellow Goliath, DraftKings also began imposing a $0.50 transaction fee for all mobile and online sports wagers placed in Illinois on September 1, although the operator also stated it would “immediately” remove the fee should HB 1928 be redacted.

DraftKings Co-Founder and CEO Jason Robins spoke on the decision as part of a CEO Special interview with Gaming America, having said, “It doesn’t make sense to place a tax on a wager that’s greater than the expected revenue that’s going to be earned from the wager, and that’s what’s happening at the low-dollar transactions. I see some operators have chosen to implement a minimum bet amount instead of passing the fee along. We’ll see what different solution works, but doing nothing was not an option.

“I look at it less as we hold the cards and more, the way they implemented the law, we couldn’t do nothing. If you do nothing, you end up losing money on a very high number of bets. We have many wagers that are $0.25, $0.50, $1, $2 and even $5. These are no longer going to be profitable.”

Robins continued: “In some ways, I’m unhappy about it because I feel like it’ll mess up a lot of the market. On the other hand, we are going to see what happens – maybe customers will say the products are better and they’re okay paying a $0.25-$0.50 fee. Maybe it’ll be different based on what people are betting, meaning the lower-dollar bets will go offshore and maybe the people betting more won’t care because it’s a rounding error for them.

“It’s really hard to know how it’s going to play out, but I do think we’re going to find out and, in some ways, that’s not the worst thing in the world. Obviously, I wish it didn’t happen this way, but because everybody’s hand was forced, we’re trying to see what happens when a tax increase actually starts to impact the offering to the customer – which has never happened before.”

Fanatics Betting and Gaming chose to institute a $0.25 per bet transaction fee for all wagers placed within Illinois on July 3, having confirmed the decision reflects the “high cost” of operating throughout Illinois, officially beginning to charge users in the fall of 2025.

Some operators chose a different path to continue generating familiar revenue in Illinois, as BetMGM, Hard Rock Bet and Circa Sports all implemented minimum wager requirements for users of the respective sportsbooks. Hard Rock Bet’s $2 minimum wager went into immediate effect for users in Illinois, while BetMGM sent a notice to consumers that its $2.50 minimum wager action would begin on July 16. Circa Sports CEO Derek Stevens released a statement on August 15 explaining the operator’s $10 minimum bet requirement in September.

“After thoughtful consideration, we believe the best course of action for a low-hold, high-volume sportsbook such as Circa Sports is to raise the minimum wager in Illinois. We are reluctant to compromise our best-in-class betting splits or charge our customers a per-bet fee,” Stevens said.

“Beginning Monday, September 1, a $10 minimum wager will take effect, protecting the vast majority of bettors in Illinois. No one should have to pay a fee to make a wager.”

On August 14, ESPN Bet updated its Illinois House Rules to include a $1 minimum bet requirement for all users within the state, confirmed by operator Penn Entertainment. It remains to be seen what type of effect the new changes will have on sports betting in Illinois, as total handle for August 2025 was reported to be north of $600m by the Illinois Gaming Board for professional sports alone.

25 years in Vegas

From the gaming capital of North America, G2E celebrated its 25th anniversary this year, once again bringing together the most prominent names in the gambling industry and covering a myriad of topics to help create a formal understanding of where the industry stands today. G2E also celebrated the life and ever-lasting legacy of Chairman Stevens, with numerous signs, posters and banners scattered across the convention and expo hall in the The Venetian Resort Las Vegas.

Having been situated in Sin City throughout its duration, it was near impossible to escape G2E without finding time to discuss the recent declines in tourism seen across the Strip in Las Vegas, as discussed by MGM Resorts International President and CEO Bill Hornbuckle during a keynote address.

“Obviously, we’ve been characterized. We all know what’s happened with Canada. We all know what’s happened, particularly this market with Spirit Airlines, in terms of the seats being removed. And so, we are coming out of that,” Hornbuckle said. “But as I look to the future, I think the next 16 months are going to be the best the city has never had or ever seen. And so, what’s on the books, not only with MGM Resorts, but the community at large, literally, is facing up to be the best 16 months.”

According to the Las Vegas Convention and Visitors Authority, hotel occupancy dropped to just 66.7% in early July 2025, while international tourist numbers fell by more than 13% in June alone. Local reports have suggested the increasing prices for hospitality, dining and even basic vacation necessities have driven potential visitors away from Las Vegas, while attractions such as professional sports and The Sphere may be showcasing the city from more of a residential landscape.

While coming to see one’s favorite NFL, NHL and soon-to-be MLB team play one of the local Las Vegas franchises should typically serve as a reasonable excuse to spend time on the Las Vegas Strip, many view it as a chance to save money by staying in a locals-focused resort instead of a tourist-themed establishment. If, by chance, a Las Vegas tourist were to only be in town to see an offering at The Sphere, many have begun asking why is it a necessity to pay the resort fees of a Strip casino when brands such as Station Casinos and Boyd Gaming may be offering lower rates.

Figures such as Hornbuckle and Gaming America contributor Oliver Lovat, who has been on the ground for many of Las Vegas’ most historic shifts in operations, don’t encounter the same freight as others residing in the city, given the various examples of operators such as MGM, Wynn and Caesars finding ways to alter its business strategy. Even Emerald Island Casino & Rainbow Club GM Tim Brooks, featured later in this issue, believes one can already see Strip properties realigning how its marketing to tourists, and adjusting prices to continue being on par with locals casinos such as Brooks’.

Having spent a quarter-century bringing the city’s most prominent figures into one building, G2E served as a transparent view into how difficult it remains for fellow major US gambling markets, such as New Jersey or Pennsylvania, to ever surpass Las Vegas as the gaming capital in the US and North America as a whole. What could result from the recent decline in tourism, however, is an opportunity for local brands such as Station Casinos and Boyd Gaming to expand its respective consumer base to those looking for cheaper alternatives than the Strip.

As the industry already sets its sights on the 2026 edition of G2E, storylines such as sweepstakes casinos, prediction markets and contract trading should continue to dominate headlines going into the new year, with Gaming America also embarking on a new era of media coverage once the calendar flips to January.