The global casino and online gambling market continues gaining traction and shows no signs of slowing down, with an estimated growth projection to US$136.30 billion by 2029 according to a report from Statista.
This represents a compound annual growth rate of 6.20 per cent from 2024, which is projected to reach $100.90 billion this year alone, and companies such as Jackpot Digital (TSXV:JJ) are in the thick of the industry’s market growth.
With headquarters out of Vancouver, the company is focused on developing dealerless electronic table games suited for today’s digital age.
In line with this, the company’s presence can be found across North America, Europe, Asia, Africa and the Caribbean. It even has an established presence with major cruise ship brands such as Carnival, Princess Cruises and Holland America as well as a strong land-based presence with orders and ongoing installations in 12 U.S. states.
With 2024 nearing the midway mark of the year, Jackpot Digital has had some notable milestones already, and plenty more to watch for.
Jackpot Digital 2024 milestones
In the company’s Management’s Discussion & Analysis Audited Financial Statements issued at the end of April, the company highlighted a range of successful installations and agreements it has made year-to-date, which include:
- Receiving licensing approval in January 2024 from Mille Lacs Band of Ojibwe Gaming Regulatory Authority, the regulator for Grand Casino Mille Lacs in Onamia, Minnesota. The company is now scheduling the installation of two of its next-generation, dealerless Jackpot Blitz® ETGs at the property.
- Signed a licensing agreement in February 2024 with the Saskatchewan Indian Gaming Authority to install the company’s Jackpot Blitz® dealerless poker ETGs. The installations are subject to Jackpot obtaining the customary regulatory and licensing approvals.
- Signing a licensing agreement in February 2024 to install a Jackpot Blitz® dealerless multiplayer electronic poker table at the Acropolis Gaming Lounge in Kingston, Jamaica, further expanding its growing Jackpot Blitz® casino footprint. The company has already obtained the required certifications for the jurisdiction and is now scheduling installation at the property.
- Receiving licensing approval in March 2024 from Little Traverse Bay Bands of Odawa Indians Regulatory Department. The company is now scheduling the installation of two of its dealerless Jackpot Blitz® ETGs at Odawa Casino pursuant to the signed licensing agreement.
- Deploying three newly designed land-based Jackpot Blitz® casino machines in March 2024 at Jackson Rancheria Casino Resort in Jackson, California.
- Signing a distribution agreement in March 2024 with Jade Entertainment and Gaming Technologies.
- Signing a distribution agreement with A&W Enterprises, LLC in April 2024 to distribute, install and service the company’s Jackpot Blitz® casino machines across tribal casinos in Oklahoma and other regions in the United States.
- Completing the installation of one Jackpot Blitz® casino machine in April 2024 at Chukchansi Gold Resort & Casino in Coarsegold, California.
To achieve these 2024 milestones, in 2023 the company obtained a critically successful GLI certification for its next-generation Jackpot Blitz ETG.
“The next generation version of Jackpot Blitz has been specifically designed to meet the requirements of the worldwide regulated land-based casino mark,” the company said in its meeting notes.
Jackpot Blitz® is a dealerless poker table featuring three of the world’s most popular variations – Texas Hold ’em, Omaha, and Five-Card-Omaha – brought to life through slick 4k graphics on a 75-inch touchscreen, and offered in three formats – pot-limit, no-limit and fixed-limit – designed to attract a diversity of revenue from casual to experienced players
Recent Jackpot Blitz® installation at Jackson Rancheria Casino Resort in Jackson, California.
Jackpot Digital in the news
Earlier this month, the company announced it successfully completed the installation of one of its Jackpot Blitz® casino machines at Lucky Dog Casino in Skokomish, Washington, making this the 73rd Jackpot Blitz® table in the field.
Jackpot Digital also said the company’s order book continues to grow with more than 90 additional Jackpot Blitz® tables, an increase of approximately 123 per cent over the current installation base.
“We are excited to have our next generation Jackpot Blitz® installed at Lucky Dog Casino,” Jake Kalpakian, CEO of Jackpot Digital, said in a statement. “We continue to execute our plan to fulfill our order book. Our stakeholders can expect to see more installations as we move through Q2, throughout 2024 and beyond.”
Investment corner
Revenues in 2023 increased by 44 per cent to more than $2 million on the return to strength of the cruise ship industry but the future for Jackpot lies in land-based casinos with monthly recurring revenues from each installation.
It’s important to stress that Jackpot Digital is only at the beginning of generating cash flow from land-based casinos, so patience might be needed to see this reflected in 2024’s financial statements. The future though is tantalizing as the company sees the potential to install up to 2,000 tables in the next three to five years.
Crucially, with no direct competition, Jackpot Blitz® solves myriad problems for casinos because of automation. From labour shortages to cost reduction and dealing more hands per hour resulting in higher revenues and profitability, it’s no wonder Jackpot Digital is in discussions with many casino groups.
For the company and investors, execution is key, and Jackpot is focused on delivering.
Join the discussion: Find out what everybody’s saying about this gambling technology stock on the Jackpot Digital Bullboard investor discussion forum, and check out the rest of Stockhouse’s stock forums and message boards.
This is sponsored content issued on behalf of Jackpot Digital, please see full disclaimer here.