It’s time for some predictions for 2024. Since I am from the world of gaming and entertainment, I will provide you with some insight as to what five changes we can expect within the next 12-18 months.
1). The shift to cashless gaming in the casinos. The entire world has shifted from cash transactions to paper or plastic. If your card or checking account is linked to your phone , you can move money in seconds. While casinos have always been slow to embrace technology, this is a no-brainer. The cost of moving and storing cash is a large expense. Since a large segment of patrons will resist a total conversion to cashless transactions, the ideal way would be a cashless pit and all the slot machines adjacent to it. Then embark on your high limit room and sell them on the privacy and safety aspect of going cashless. Your bottom-line offsets the cost of implementation.
2). The NFL and NCAA look at live streaming more games. The NFL Playoff game between the Kansas City Chiefs and the Miami Dolphins was the most watched live-streamed event in history. If you were not already a subscriber to Peacock, the cost to purchase and enroll was $5.99. The Taylor Swift connection added to the audience. Look for the NCAA to do the same thing with a marquee game between two rivals. Imagine Georgia and Alabama along with Ohio State versus Michigan as part of a double header streaming package. The alumni would drive viewership to an unprecedented level.
3). A merger between two sports betting operators. The revenue in gaming is in slots and table games. The excitement is in sports betting and analysis. Retail book making does not have a large profit margin after taxes and payroll. The liquidity is in creating handle and increasing hold percentage. The model of sign-up bonuses does not create brand loyalty. The choices are to innovate and differentiate from the competition or to merge and combine market shares. I would elaborate but if you want more concepts, a direct conversation is available.
4).The economy affects our spending on entertainment. Interest rates and the cost of food will change how we allocate discretionary spending. Expect less spending on big ticket items such as houses and cars. As opposed to seeing several concerts in the summer like Taylor Swift: The Eras Tour and Beyonce: Renaissance, patrons will choose one and wait to see the other on film or a live stream. HBO, Paramount or Prime Video have interest in attracting blockbuster entertainment for a limited viewing period.
5). Fighting for Clicks reaches all time high. In every space imaginable, you will find more podcasts and channels requesting you to subscribe, share or click. Most of them rely on a sound bite and not actual information. If you are seeking legal advice, you should consult with an attorney and not someone who has an opinion about law. If you wish to make a wager on a game, would you want advice from a paid celebrity that never played or from a former athlete or executive that worked or excelled at that sport? Seek qualified opinions from reputable sources that have education, work history or associations to substantiate why you should be allocating your time and attention to them. Lastly, pursue mentorship opportunities from the people that can add value to your endeavors.
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