Good Morning. Put some skin in the game. That’s what executives at M Plus (in Macau) are facilitating, by providing sports broadcasts, noting that some 90 percent of their viewership is also betting on the outcome of the matches they watch. And Hong Kong is keen to horn in on part of that market, looking to start basketball betting, a competitive action that could change Macau’s sports betting landscape. Meanwhile, hopes are high for Golden Week in the gambling hub, bolstered by a strong turnout over Easter.
Indian casino operator Delta Corp experienced a 2.14 percent yearly drop in revenue during the first quarter of 2025, given a slight drop in casino revenue.
According to the group’s most recent financials, total gaming income totaled Rs1.66 billion ($19.52 million)– a quarterly increase of 2.4 percent.
Total revenue in 1Q25 totaled Rs1.96 billion ($23.08 million), a quarterly decrease of 1.07 percent.
Profit for the period totaled Rs164.56 million ($1.93 million), up by an impressive 127.26 percent yearly, and a staggering 360 percent sequentially.
Currently the group notes that it has not provided any provisions for impairment in its recent results regarding the ongoing feud over the Goods and Services Tax (GST) on gaming companies, which multiple enterprises are now disputing.
Delta Corp Limited operates some of the largest offshore casinos in India, including Deltin Royale, Deltin JAQK, and Kings Casino. The company also owns and operates Deltin Suites, a 106-room all-suite hotel with a casino in Goa, as well as Casino Deltin Denzong at the Denzong Regency Hotel in Gangtok, Sikkim.
In addition, Delta Corp owns and operates The Deltin, a 176-room five-star hotel in Daman that is an integrated resort with a proposed casino. The company also owns and operates the online poker site Adda52.com and the online rummy site Adda52rummy.com.
In September, the company announced a strategic move to separate its gaming business from its hospitality and real estate divisions.
M Plus, a Macau-based online sports broadcasting platform, sees approximately 90 percent of its users engaged in sports betting, according to Alan Yung, vice-president of strategic partnerships at the company.
Alan Yung, Vice President of Strategic Partnerships at M Plus Sports Media Company Limited
In an interview with AGB, the executive acknowledged this fact, highlighting how online sports broadcasting has become an indispensable component of sports betting not only in Macau, but also in the rest of the world.
Established in 2017, M Plus Sports primarily focuses on broadcasting and livestreaming football and basketball events, covering popular global competitions like the English Premier League, Italian Serie A, and NBA.
Since multiple football matches often take place simultaneously, people limited to watching television broadcasts might not have access to certain events they’re interested in.
This limitation could indirectly hinder the betting interest of Macau’s sports gambling participants. M Plus’s app addresses this pain point precisely. Yung explained that M Plus collaborates with Macau’s lottery operator – Macau SLOT, allowing users to choose between paying MOP15 ($1.87) per match or an annual fee of MOP2,980 ($371.37) to watch all events through their app.
Regarding the relationship between sports broadcasting and betting, Yung observed, “Generally speaking, users interested in placing bets pay more attention to matches.” He further analyzed, “Without betting behavior, some people, even if interested, might not spend time watching. But with money invested, they’re likely to be more attentive and might even put aside other matters to watch games.” Despite their users’ strong association with gambling, M Plus itself isn’t involved in betting operations.
In Macau, legal sports betting operates through Macau SLOT, which is the only operator for lottery and sports betting in the region. It held an exclusive contract for such business until June 2021, when the government removed its exclusivity. However, no competitors have emerged so far.
Macau SLOT is a subsidiary of Sociedade de Turismo e Diversões de Macau (STDM), which is also the parent company of SJM, one of Macau’s six gaming concessionaires.
Macau residents and tourists can place bets at numerous betting stations throughout the city, as well as through telephone and online platforms. According to 2024 data from Macau’s Gaming Inspection and Coordination Bureau (DICJ), football betting continues to dominate the sports betting market, accounting for nearly 66 percent of total wagers, while basketball represents about 33 percent.
In 2024, Macau’s games of fortune and lottery betting reached MOP57.66 billion ($7.2 billion), with most coming from basketball and football betting, and smaller amounts from horse racing (which closed in April 2024), Chinese lottery, and instant lottery.
Hong Kong’s sports betting push and lessons for Macau
Compared to Macau’s thriving casino industry, sports betting revenue seems insignificant. However, Hong Kong’s active efforts to legalize basketball betting could provide an important reference for Macau to enhance the appeal of its sports betting offerings, potentially intensifying competition between the two regions.
In February’s budget announcement, Hong Kong’s Financial Secretary Paul Chan revealed that the government would actively explore regulating basketball betting activities and had invited the Hong Kong Jockey Club to submit proposals.
The Jockey Club reportedly plans to design a system similar to the existing football betting model, with a proposed 50 percent tax rate, potentially implemented as early as 2026. The government preliminarily estimates this will generate approximately Hk$1.5 billion ($193 million) in tax revenue annually by the fourth year of implementation.
Regarding this trend, Yung believes Hong Kong has certain advantages in creating an atmosphere for sports betting. He noted: “If there’s a large venue showing different types of matches on multiple screens, it creates a better atmosphere.” He explained that sports betting is closely tied to personal interests, “Some people might enjoy watching certain types of events and will bet if they support a particular team or player.”
Hong Kong Jockey Club betting hall
He further pointed out that in Europe, “You can find betting points even at train stations,” while the Hong Kong Jockey Club is actively renovating its betting stations to incorporate dining and leisure facilities, creating a richer experience. He considers this approach highly effective for increasing overall participation, adding: “More comprehensive facilities and a stronger atmosphere help enhance the appeal of sports betting.”
In contrast, while Macau boasts world-renowned casinos and integrated entertainment venues, it still needs to strengthen its diversification in sports betting. Especially after the closure of the Macau Jockey Club, the market is seeking new growth drivers, which might be an opportunity to revisit sports betting strategies.
“I believe market development primarily depends on the government’s attitude,” Yung stated. He pointed out that the gambling industry thrives in Europe and America “because many businesses and enterprises participate in gambling-related projects,” and such openness and diversity stem from government guidance and regulation.
Hong Kong’s openness to basketball betting will inevitably attract more sports fans to participate in betting and might prompt the Macau government to reassess its current gambling policies. Although Macau still operates under a concession system, if it can learn from international experiences and explore the potential of sports betting within the existing framework, it could inject new vitality into Macau’s gambling industry.
Yung concluded that M Plus has secured its position in the competitive market by “capturing the high interest of Macau lottery users in sports events.” Meanwhile, Hong Kong’s latest developments have “added more room for imagination” regarding the future of sports betting in Macau.
In a bid to revitalize the Barra District, Macau gaming operator MGM has teamed up with Coloane Day to launch Barra Mart, a weekend pop-up market set to run for four consecutive weekends starting April 19.
Designed to offer Macau residents and tourists a refreshing leisure destination, Barra Mart features a mix of shopping and dining experiences, making weekends more vibrant and engaging.
Barra Mart features 21 local SMEs, presenting a diverse lineup of daily necessities, including fresh produce, home decor, pet supplies, flowers and plants, handmade crafts, and more. Adding to the experiences are some popular local F&B brands that serve up brunch, coffee, and an array of ready-to-eat options. Visitors can enjoy shopping and savoring light bites while immersing themselves in the cozy weekend ambiance of the Barra District.
William Koi from the Coloane Day said: “The Barra District boasts a rich heritage of East-meets-West culture. It’s a place that’s open, inclusive, and daringly innovative. Hosting a lifestyle market here brings out the unique cultural characteristics of Macau and creates an exceptional street market experience that helps enrich the lifestyle of residents and tourists.”
Set against the backdrop of the Barra District’s iconic Barra Kitchen, Barra Mart introduces the venue’s first daytime market. Seamlessly transitioning into the district’s popular night market, the event blends day and night activities, adding vibrant community vibes to the area.
Embracing the pet-friendly philosophy of the district, Barra Mart welcomes furry companions, making it Macau’s new weekend hotspot for food, shopping, and play altogether under one roof.
Travellers International Hotel Group, the operator of Newport World Resorts, reported a 6% decline in gross gaming revenue (GGR) for 2024, totaling PHP32 billion ($566 million), according to financial results released on Tuesday.
The company, which operates Manila’s Integrated Resort, is the gaming and leisure subsidiary of the Philippines conglomerate Alliance Global Group (AGI).
The company recorded total gross revenues of PHP39.9 billion ($705 million), slightly down by 3 percent compared to 2023.
The mass market segment showed strong performance with gaming revenue increasing by 9 percent from 2023, reaching PHP17.4 billion ($308 million). However, VIP revenue declined by 20 percent to PHP14.6 billion ($258 million).
For the full year of 2024, Travellers International reported net revenue of PHP31.3 billion ($553 million), down 1 percent from the previous year. The company noted that net revenues remained relatively steady as promotional expenses were effectively managed despite the decline in gross gaming revenue.
The company’s financial stability was supported by continued strength in the non-gaming segment. The mass market gaming segment expansion was attributed to increases in volume and steady hold rates, which helped offset weaker VIP performance that suffered from lower rolling volume and reduced VIP win rates.
Non-gaming revenue showed sustained expansion, driven by higher hotel occupancy, improved revenue per available room (RevPAR), and increased MICE (Meetings, Incentives, Conferences, and Exhibitions) activities, all supported by record foot traffic at the complex.
The company’s EBITDA margin improved from 26 percent in 2023 to 30 percent in 2024, which the company attributes to an optimized cost structure resulting in improved operational efficiency.
Travellers International Hotel Group operates five hotel brands with a total of 2,742 hotel room keys. In 2024, the hotels recorded an 86 percent occupancy rate. The company’s gaming operations include 495 VIP and mass gaming tables along with 2,383 slot machines.
Indian authorities have reported that up to seven individuals have died in connection with online betting within just a month.
This alarming statistic follows the announcement by Chief Minister A Revanth Reddy regarding the formation of a Special Investigation Team (SIT) aimed at tackling digital gambling, which remains banned in the state of Telangana, The Times of India reported.
Six of the deceased reportedly died by suicide, while one was murdered by a fellow betting addict.
The most recent case involved a student, who took his own life after losing over ₹2.65 lakh ($3,110). His brother-in-law noted that the deceased began betting during the IPL season, primarily using apps like Slice, Lucky Kismat, and JDB Gaming.
Another victim, a 25-year-old, ended his life after failing to recover investments intended for his sister’s wedding.
In a separate incident, a 22-year-old also died by suicide following significant gambling losses.
Many of the deceased resorted to taking loans from friends or lending apps, often pledging personal belongings to continue betting, which has compounded their financial woes.
Despite a state ban on online betting, users have been circumventing restrictions by utilizing VPNs to access these platforms.
An SIT officer noted that, while registered Indian betting companies have geo-fenced their services to block access from Telangana, many individuals are still able to place bets through unregulated channels, including those operated by foreign entities.
Currently, 70 online betting-related cases are under investigation, with several high-profile cases involving celebrities.
Morgan Stanley’s latest survey reveals that hotel prices in Macau will be softer during the upcoming May Day holiday period compared to both Chinese New Year 2025 and last year’s May holiday.
According to a report, average daily rates (ADR) for Macau hotels during the Labor Day holiday are approximately 14 percent lower than those during the 2025 Chinese New Year period and 2 percent below rates from the 2024 May Golden Week.
The Labor Day holiday, which will run from May 1st to May 5th in mainland China, traditionally represents one of the busiest travel periods for mainland Chinese tourists and is expected to bring a substantial boost to Macau’s visitor numbers, despite the lower rates.
Hotel occupancy is mixed, with a 5 percentage point decrease compared to Chinese New Year 2025, but a 4 percentage point increase versus May Golden Week 2024.
The survey, which compiled data from 28 Macau hotels for the holiday period (including April 30th and May 6th), found notable weaknesses at several properties. Galaxy saw softer quarter-over-quarter ADR and occupancy for both Galaxy Hotel and Hotel Okura, while Sands properties showed weaker occupancy for the Londoner Hotel despite improved ADR.
Morgan Stanley anticipates the upcoming May Golden Week will be similar to, or potentially weaker than, the February 2025 Chinese New Year period. While a first quarter 2025 EBITDA decline (down more than 5 percent year-over-year, on gross gaming revenue up 1 percent year-over-year) is already anticipated by the market, a weak second quarter driven by disappointing May holiday performance could lead to further downward revisions of 2025 earnings forecasts.
Industry rep optimistic about May Day visitor numbers
Despite the projected softer hotel rates, tourism officials remain upbeat about visitor arrivals for the upcoming May Day holiday. This optimism comes on the heels of a successful Easter holiday period that just concluded on Monday.
Andy Wu, president of the Macau Tourism Industry Association, described the Easter holiday performance as “outstanding”, with daily average visitor numbers reaching 130,000, significantly exceeding expectations and showing marked growth compared to the same period last year.
According to media outlet Macao Daily, “This holiday period delivered excellent results. The visitor distribution ratio was favorable, and tourists’ willingness to explore different districts marks a positive beginning that can stimulate the community economy to some extent,” Wu said. “We expect the May Day Golden Week to perform even better.”
According to Wu, Easter holiday visitors were enthusiastic about exploring local cuisine and visiting popular photo spots across various districts, driving community consumption. While he acknowledged that both Hong Kong and mainland Chinese tourists have become more conservative in their spending due to economic conditions, he emphasized that community economies can still thrive as long as visitor flows remain strong.
Looking ahead, Wu suggested enhancing “eye-catching elements” in community activities. With around one week until the May Day Golden Week holiday, the government has planned to establish a temporary pedestrian-only zone in the Old Taipa Village, nearby the Cotai Strip. Wu suggests that public transportation arrangements should be well-coordinated alongside this initiative. When visitors enter the community areas, addressing public transportation is the primary concern.
Drawing from experiences during the Chinese New Year period, it is recommended to provide special shuttle buses to meet tourists’ travel needs and ensure a positive tourism experience.
Macau has long suffered with transportation issues, limiting its goals for increased visitation, especially from long-haul markets.
Singapore welcomed 4.31 million visitors in the first quarter of 2025, maintaining a consistent flow compared to the same period last year, as reported by the Singapore Tourism Board.
China remains the largest source of tourists, with arrivals from the country totaling 831,470, marking a 5.8 percent increase year-on-year.
Factors contributing to this growth include the recent mutual visa exemption agreement between Singapore and China, as well as the influx of travelers during the Chinese New Year holidays and the winter break for public schools in January.
However, March saw a decline in visitor numbers, with approximately 1.3 million arrivals, representing an 11.5 percent drop compared to March 2024.
This decrease was attributed to a high base effect from last year, when Singapore hosted several major entertainment events, including concerts by top international artists, which drew significant crowds.
Singapore’s Ministry of Trade and Industry (MTI) previously announced that they’re expecting the nation’s GDP growth in 2025 to be between 0 and 2 percent.
The biggest near-term risk for Macau is more linked to China’s economic downturn than any geopolitical risks generated by the US-China trade conflict, CBRE analysts defend.
Concerns over potential retaliatory actions against US-based gaming operators in Macau have surfaced in discussions surrounding the latest economic shifts However, CBRE’s latest analysis suggests that such measures would likely be counterproductive, given a potential destabilizing impact on the region.
In the report, CBRE analysts John DeCree and Max Marsh note that ‘Macau’s integrated resorts employ 14 percent of the workforce’—a statistic underscoring their vital role in local employment and economic activity.
Rather than direct actions against operators, CBRE highlights the risks posed by macroeconomic policies that could indirectly affect Macau’s gaming industry. ‘Instead, collateral from broader policies like yuan devaluation or capital flow restrictions pose greater risks,’ the report explains.
China’s economic strategy: a double-edged sword for Macau
China’s high savings rate, with personal deposits reaching RMB158.2 trillion ($21.7 trillion) as of February 2025, is said to present both an obstacle and an opportunity for Macau’s gaming sector.
While recent stimulus efforts have encouraged domestic consumption, savings remain elevated at 10.6 percent of GDP—limiting spending potential.
CBRE points out that if China’s export-driven economy were to falter further, Beijing ‘could be motivated to provide additional fiscal stimulus to unlock the mountain of savings and boost domestic spending, which should support Macau’s gaming demand’.
However, trade tensions could still complicate this equation. The announcement of new tariffs on April 2nd has heightened concerns over economic slowdown risks, with CBRE noting that ‘valuation now reflects even greater economic risk, coupled with regulatory concerns’.
The potential devaluation of the yuan or restrictions on capital outflows would further constrain consumer liquidity, potentially dampening Macau’s recovery efforts.
Despite these concerns, CBRE maintains that the gaming sector’s geopolitical risks remain secondary to fundamental economic challenges. The report underscores that ‘the biggest near-term risk for Macau is fundamental rather than political’.
With gross gaming revenue (GGR) posting a mere 0.6 percent year-on-year growth in 1Q25, the industry’s trajectory already showed signs of slowing before the latest tariff developments.
Whether policymakers choose to stimulate domestic spending or tighten fiscal controls will ultimately shape Macau’s future—determining whether the region remains a global gaming hub or faces prolonged uncertainty.
Soft2Bet has been celebrated for its technological innovation and industry leadership, securing three prestigious awards at The European – Global Banking & Finance / Sustainability & ESG Awards 2025.
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