Report: US tribal betting income will go up in 2023, but profits will be smaller.

 The 26th Annual Indian Gaming Cost of Doing Business report says that the tribal gaming business made a record-breaking $41.9bn in 2023.  The study, which came out at the end of last month, has information from 132 tribal casinos in 18 US states.
 The Pechanga Round Bar
 Even though it set a new high, tribal gaming profit margins went down from 30% in 2022 to 26% in 2023.

 The report was written by Wipfli, a business and consulting company.

 In a press release, Wipfli's leader for the tribal gaming and government business, Grant Eve, said, "The data in this year's report shows how strong the tribal gaming industry is."  "Even though profit margins have shrunk, the company's overall financial health is still good."  It's important for casino owners to use these lessons to plan ahead for the coming economic problems and keep giving back to their tribal communities.

 Key views into tribal gaming
 Some of the most important things to remember from the study are:

 Slot machines bring in the most money for betting tribes.
 Some of the biggest places where money is spent are on marketing, promotions, and salaries.
 Even though sports betting is on the rise, it hasn't yet become a big source of income for tribal casinos, especially when compared to regular casino games.
 Profit margins have gone down for the second year in a row.  In 2021, it was 36%, in 2022, it was 30%, and now it's 26%.
 It's not a surprise that sports betting isn't taking off yet.
 The American Gaming Association says that legal sports betting brought in a record $119.84bn (£91.1bn/€108.1bn) in bets in 2023, which is 27.5% more than in 2022. However, most of that money came from online bookies.

 Based on data from states that separate sports betting income into retail revenue and online revenue, online sports betting may only make up about 10% of all sports betting.  Also, that's being kind.

 That number is more like 1% in some places.  When it comes to New York, retail handle was only 0.3% of all sports betting handle in July.