Will Online Gambling Ruin the Casinos in Atlantic City?

Covid 19 Atlantic City Hardrock Background

The past couple of years have been very interesting for the casino operators in New Jersey. The growth of online gambling now seems to be taking a toll on the casinos in Atlantic City. Some even feel this could eventually lead to many of the casinos here permanently closing down.

Officials in New Jersey are working to protect the state’s land-based casino industry. Now is a great time to talk about how these properties might fare in 2022.

Let’s get into it!

Online Gambling is Taking a Toll on the Casinos in Atlantic City

New Jersey has been one of the country’s major gambling hubs for decades. Atlantic City is home to many popular casinos. These gambling venues helped to draw in tourism from throughout the east coast and generated major tax revenue for New Jersey.

Some of the casino owners here have recently complained about the high tax rates set on their properties. An amendment to the PILOT bill was eventually introduced as a way to lower these tax rates. This amendment was approved last week in an attempt to protect the casinos here from possible closures.

New Jersey’s casino industry continues to face challenges. Many analysts are pointing toward the growing popularity of online gambling in the state. This form of gambling seems to be taking away from the revenue earned inside land-based properties.

Both online casino gambling and online sports betting are legal and regulated in New Jersey. Due to the Covid-19 pandemic, more residents in the state are choosing to gamble online, rather than inside a land-based property. It’s becoming a bigger problem for the casinos here and officials continue working to fix this issue.

It is an unusual time for the entire US gambling industry. Let’s take a quick look at how states in the northeastern area of the country are changing their gambling regulations.

Competition in the Northeastern Gambling Industry is Increasing

For years, Atlantic City was the only real gambling destination in the northeastern US. This small city is still home to a large number of popular casinos. Several other states in this region have expanded their gaming industries in recent years and competition is quickly growing.

Pennsylvania is now home to a massive gambling industry. A variety of popular tribal and commercial casinos are currently operating here. Sports betting is allowed in this state, too. Pennsylvania is also one of the few states to allow both online casinos and internet sportsbooks to operate.

New York once had some of the strictest gambling regulations in the country. Things have changed and both casinos and sports betting are now allowed here. Many are pushing hard to see a Class III casino opened in New York City in the near future.

Smaller states in this region including Maryland and Connecticut are expanding their gambling industries, as well. State leaders across the region are recognizing how much revenue can be earned. More gambling options are appearing in these states every month.

There is no doubt that Las Vegas remains the country’s biggest and most profitable gambling hub. Here’s a quick look at how this city might fare over 2022.

Analysts Expect Another Great Year for Las Vegas Casinos

Las Vegas has been on a roller coaster ride over the last few years. Throughout 2020, it appeared that the city’s casino industry was on the brink of collapse. Things completely turned around in 2021 and the casinos here set new monthly revenue records on several occasions.

Most analysts are expecting another solid year for this city’s casino industry in 2022. Casinos here continue working to provide a pre-pandemic experience for their patrons. That includes removing many of the intense regulations set in place in 2020.

Much of this depends on how the pandemic unfolds next year. New variants continue to surface, causing cases to rise and more health restrictions to be set in place. Even the best experts cannot predict how the pandemic will unfold next year.

2021 proved that Las Vegas can thrive even during these uncertain times. Just about everyone expects 2022 to be an even better year for the city’s gambling industry. Stay tuned for revenue reports to surface here as the months go on!

How do you think the casinos in Atlantic City will fare next year? Does online gambling threaten the properties here? Let us know in the comments section below!

Online Gambling in Pennsylvania Continues to Drive Revenue Growth

Pennsylvania State Seal With Online Gambling Background

Pennsylvania is well-known for having one of the largest and most successful gambling industries in the United States. New reports have just surfaced showing how much money the gambling operators have been bringing in lately. Online gambling in Pennsylvania seems to be generating the most revenue right now.

Pennsylvania allows a variety of online gambling options. Today, we’ll talk about exactly how much money the state’s gambling industry has been bringing in lately.

Let’s get into it!

Online Gambling in Pennsylvania is Bringing in Major Revenue

The entire US gambling industry has grown tremendously over the past decade. Pennsylvania has quickly turned into one of the most successful gambling hubs in the country. Nearly all forms of traditional gambling are legal and regulated here.

A large number of casinos are currently operating in this state. Throughout 2021, these gambling properties have been generating major revenue earnings. That includes this past October, when the state’s casinos set a new all-time revenue record with $425.9 million in GGR.

All of the regulated gambling options here help to bring in a huge amount of revenue. Some are more successful than others. New reports show that the state’s online gambling platforms are the main revenue generators right now.

Pennsylvania’s gambling industry brought in $432.5 million in total gross gaming revenue in November. The vast majority of this revenue is coming in from online gambling in Pennsylvania. Roger Gros, a prominent gambling analyst, spoke about this situation to the media this week.

“I don’t think it’s really bad news for casinos because it really does diversify the revenue that they get,” Gros said. “If, God forbid, there’s another pandemic lockdown, they’ll still have revenue coming in through the online side. I don’t think it’s [Omicron variant] impacting anybody so far. People are just tired of it, and who knows what this omicron thing is doing when it comes to how severe it is.”

Online gambling is growing more popular around the entire country. Let’s take a quick look at where mobile gambling options are set to become available in 2022.

More States Look to Launch Online Gambling Industries

Pennsylvania is not alone in seeing huge revenue earnings from its online gambling industry. Across the country, mobile gambling platforms are proving to be more successful than their land-based counterparts. This is leading many states around the country to launch new online gaming options in an attempt to generate more tax revenue.

Several states seem prepared to launch online gambling options in 2022. That includes several states with large land-based gambling industries set in place. These states recognize how much money can be earned from this industry.

New York seems prepared to launch its first online sportsbooks in 2022. Lawmakers here approved a measure to allow online sports betting earlier this year. Several companies have already been awarded licenses to launch mobile sportsbooks in the state.

Massachusetts may also be on the brink of allowing online sports betting. Lawmakers here came very close to legalizing sports betting in 2021, yet no bills managed to get approved in the Senate. 2022 seems like the year this happens and online sportsbooks are expected to go live here quickly.

Nevada has prohibited online casino gambling for many years. Several major casino executives are now pushing for things to change, arguing that legal online casinos will help to bring the state a huge amount of revenue. We’ll be sure to report on the launch of online sports betting in various states as the months go on.

Gaming Analysts Predict Another Record-Breaking Year in 2022

2021 was one of the best years in history for the US gambling industry. A huge number of states launched their first sportsbooks this year. Many of the biggest casino companies also experienced record-breaking revenue figures on several occasions.

Most gaming analysts predict another record-breaking year in 2022. Many states are looking to expand their gaming industries over the next 12 months. That includes several of the ones listed above set to launch online gambling options.

Many major new casinos are opening around the country, too. Station Casinos has already revealed plans to open several new casinos in Las Vegas. A number of new entertainment venues in Sin City, including the MSG Sphere, will likely also help to generate revenue.

Illinois is also looking to significantly expand its gambling industry in 2022. Many are hopeful to see construction on the proposed Chicago casino begin here next year. Five other casinos are expected to open their doors in this state over the next few years.

Are you surprised to hear how successful online gambling in Pennsylvania is right now? Will 2022 be an even better year for the US gambling industry? Let us know in the comments section below!

More Casinos Push Against Allowing Online Gambling in Nevada

Online Gambling in Nevada

Nevada is home to more casinos than anywhere else in the United States. Recently, many of these casinos have pushed against a controversial new plan being discussed in the state. Now is the perfect time to talk about why these casinos do not want to see legal online gambling in Nevada become available.

Lawmakers seem very interested to expand the number of gaming options available in this state. That could come at the expense of land-based casinos.

Here’s what you need to know!

Lawmakers Continue Looking into Allowing Online Gambling in Nevada

The state of Nevada has been the country’s largest gambling hub since the 1950s. It’s here that many of the most expensive casino-resorts on the planet are located. Last year, these casinos were shut down for months at a time and gambling revenue in the state plummeted.

This seemed to have inspired officials in the state to look into alternative sources of revenue. The Nevada Gaming Control Board will soon meet to discuss whether or not to allow online gambling here. A huge number of gambling fans have supported this move, particularly those not located near any casinos.

Places like New Jersey and Pennsylvania already allow all forms of online gambling. These states bring in a massive amount of tax revenue, as a result. Officials in Nevada now seem to want a piece of that action, as well.

Nevada’s Control Board has not announced when exactly this meeting will take place. It was originally scheduled for May, yet was pushed back indefinitely. It seems likely that this discussion will take place before the end of the year. It seems that not everyone is excited to hear about this meeting.

Major Casino Companies Push Against NV’s Online Gambling Plans

Many gaming analysts have been surprised to see Nevada pushing to allow online gambling. It’s here that many of the most popular casino-resorts are located. These companies have long argued that Nevada does not need internet gambling options.

This week, 28 executives representing 26 different gaming companies all signed a letter pushing against online gambling in Nevada. These officials, including Frank Fertitta III, Michael Gaughen, and Kenny Epstein, believe that this will end up hurting their business. Online gambling will make less interested in visiting local casinos, they argue.

“Reduced jobs in physical gaming locations will hinder the enormous efforts the gaming industry and Nevada are making to recover from the pandemic and hurt the long-term economic growth of our state,” the letter claims.

Many of the top gaming executives in Nevada think these plans need to be second thought. Of course, the decision ultimately comes down to the NV Gaming Board. If this state government body wants online gambling, it will ultimately become available. Stay tuned for updates on this situation over the next few weeks!

Tourism Rates in Las Vegas are Still Increasing

Las Vegas has been the country’s biggest gambling hub for many years. This city has recovered massively from the events of 2020. The casinos here have been reporting massive increases in their tourism and gaming revenue figures over the past eight months.

Fortunately, this trend is continuing. Reports surfaced recently that showed that NV’s gaming revenue surpassed the $1 billion mark for the fourth-straight month last July. It’s clear that people across the country still want to visit and have fun in Sin City.

If things stay on track, this will be the most successful year in history for Las Vegas’ casino industry. Some fear that the rapidly spreading Delta variant could upend those plans. For now, it does not appear to be taking a major toll on tourism.

Do you expect to see online gambling in Nevada anytime soon? Is this fair for the land-based casino operators here? Let us know in the comments section below!

Lawmakers Make New Push to Legalize Sports Betting in Florida

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Republican Rep. Chip LaMarca and Democratic Rep. Anika Omphroy are teaming up to push separate drafts that would legalize sports betting in Florida.

LaMarca will take charge of two bills that will implement the overall policy (HB1317) and set up the requirements for licensing (HB1321). Meanwhile, Omphroy will sponsor the legislation that will establish the tax structure surrounding the sports bets (HB1319).

This isn’t the first time that legislators are seeking to legalize Florida sports betting. But while previous attempts have not succeeded, lawmakers are looking for ways to augment the state’s revenues which have been ravaged by the ongoing pandemic.

Said LaMarca on Thursday:

“Right now, Floridians are sending millions of dollars out of the state every year, mostly overseas to foreign countries, because Florida has failed to bring legal sports wagering to our state. We have an opportunity to keep that money here in Florida. Allowing online and retail sports betting to operate legally translates into millions in revenue. That’s money from Floridians that should be invested in Florida.”

HB1317

According to the proposal, legal Florida sports betting licenses will be limited to tribal properties, casinos, pari-mutuel facilities, and professional sports venues. The license would allow those entities to set up sports betting via website and app, enabling customers to wager on games online. Betting kiosks where sports bets can be placed via touchscreen game stations are also mentioned in the bills.

Only persons aged 21 or older are allowed to place bets on Florida sports. Betting on the NFL and other professional sports will be permitted, as well as for college athletics. However, the bill specifically prohibits betting action on high school games. If passed, the Florida sports betting bill will provide prop bets on player statistics as well as parlays and other bets that combined multiple bets into one.

Sports and Tourism Destination

The NBA finished its 2020 season using a bubble format at Disney World in Orlando. Then this year’s Super Bowl was also played in Tampa Bay, with the home town Buccaneers upsetting the defending champions Kansas City Chiefs at Super Bowl LV.

Florida Gov. Ron DeSantis has been pushing for the Sunshine State to become a top sports and tourism destination in the United States. To do so, visitors would need entertainment choices, and sports betting could be one of those. Having a well-connected sports betting industry will help the state achieve that.

Connecticut Governor Throws Support for State Sports Betting Bill

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Gov. Ned Lamont said last week that he is working on bringing sports betting and iGaming to Connecticut. Per Gov. Lamont, he has been talking to the state’s two tribal casino operators about adding sportsbooks and online gaming to their services.

Said Gov. Lamont about residents heading to nearby states to make sports bets:

“Connecticut should not leave these opportunities for other states to benefit from our inaction.”

Senate Bill 146

SB 146 would authorize the Mashantucket Pequot Tribe and the Mohegan Tribe of Indians to conduct both retail and online Connecticut sports betting on tribal land. The two tribes would also be allowed to run online casino businesses.

Furthermore, the bill proposes that the Connecticut Lottery Corporation to sell lottery game tickets and organize online keno games. The bill also states that the legalization of Connecticut sports betting, online gambling, as well as selling of game tickets and online keno games are subject to “new or amended agreements” with the Native American tribes.

If Senate Bill 146 is accepted, a reasonable set of procedures and data security standards for internet gaming need to be set-up. Likewise, Connecticut sports betting and online gambling will provide revenue to the state in the form of taxes.

Legalization Won’t Happen Overnight

Although the bill’s proposal has been filed, it doesn’t necessarily mean that legalization will happen overnight. The Connecticut General Assembly still has to vote on the bill during the 2021 legislative session, which will conclude on June 9th or four months for legislators to decide whether or not to approval legal Connecticut sports betting.

But COVID-19 has affected badly the revenues of Connecticut, as it has the other states in the U.S. Some lawmakers said last week that legal sports betting can help the state offset revenue losses and that could be enough to convince lawmakers to help pass the bill.

If passed, the bill won’t take effect until 2022, just in time for the fiscal year 2023. According to Democratic lawmakers in the state, if legal Connecticut sports betting goes as planned and the bill is passed, they could see an increase in annual revenues by $47.3M in 2023.

New Legislation Looks to Bring Mobile Sports Betting to Mississippi

Person Browsing a Sports Betting Site on a Tablet
Mississippi sports betting was legalized in 2018 but currently, Magnolia state residents who wish to wager on sporting events must be on a casino property to place a bet. That could change soon.

SB2732, which is authored by Republican Sen. Philip Moran of District 46, aims to allow Mississippi residents to make sports bets using personal computers or mobile devices from anywhere in the state with a percentage of the operators’ profits going to the state in the form of taxes.

Said Sen. Moran:

“Every day millions of Americans in 15 states have access to state-of-the-art mobile sportsbooks, allowing them to place bets on their favorite teams and leagues at home while fostering much-needed tax revenue. Unfortunately, Mississippi law does not authorize online sports betting, but this bill seeks to change that. Mississippi has been leaving money on the table by not authorizing online sports wagering, and it is time to modernize Mississippi’s gambling offerings and do what’s best for Mississippians.”

Pandemic Affecting Budget, Casino Industry

Three mobile sports gaming bills failed last year while one died in 2019. However, with the coronavirus pandemic affecting the state’s budget and the casino industry as well, Sen. Moran believes that this year is the right time for Mississippi to be up to date in the field of sports betting.

Sen. Moran, who serves as the Vice-Chairman of the Senate Gaming Committee, also noted the prevalence of illegal and offshore online betting sites across the country which deprives the state of tax revenues and does not offer consumer protection with regards to responsible gaming and secure payments.

Right Time

Several Mississippi casinos offer sports betting apps but are forced by state law to geofence those betting apps around their property. Moran’s online Mississippi sports betting bill would lift that restriction while also allowing Mississippians to use national-based online sportsbooks like DraftKings and FanDuel.

Currently, a total of 14 states plus the District of Columbia have legalized online sports betting in their jurisdiction. With neighboring state Tennessee joining that group and earning an additional $2M in revenue from online sports betting since rolling out that option last November, Moran believes that the time is right for Mississippi to join the fray.

Andrew Yang Supports New York City Casino Plans

Andrew Yang

For years, several officials in New York have been pushing to open a new casino-resort in New York City. This idea is now beginning to gain attention from powerful individuals in the state. That includes Andrew Yang. New reports claim that Yang now supports the New York City casino plans.

It’s exciting news for gambling proponents in this state. Some, however, feel this isn’t the right time to discuss opening a casino in the city. Today, we’ll talk about what exactly might be coming to New York City in the future.

Let’s get into it!

New York’s Casinos Are Continuing to Struggle

For many years, New York was known as one of the most anti-gambling states in the country. Lawmakers here began cracking down on this industry decades ago due to its connection with crime groups. Some felt that we’d never see a booming casino industry here.

Eventually, the state began allowing Native American-run casinos to begin operating in the state. These grew extremely popular with residents and revenue started to increase. In 2013, officials in New York decided to pass a bill to allow commercial casinos in the state.

This was a huge moment for the country’s gambling industry. It became clear that New York saw the upside in gambling. Several commercial casinos have since opened in the state, mostly in the Upstate area.

2020 proved to be a devastating year for New York’s casino industry. In March, all of the casinos here were forced to shut down. They reopened over the summer, yet all of the casinos in the state have seen extremely low revenue figures since that time. Some are at risk of a permanent shutdown.

New York isn’t alone in this situation. All major casino destinations around the US are seeing extremely low revenue figures right now. It’s a complicated issue that even the top gaming experts are having a difficult time solving.

Could opening a casino-resort in New York City help things? Some certainly think so. That includes one man currently pushing to become mayor of NYC.

More Show Support for New York City Casino Plans

It’s clear that New York has changed its stance on gambling over the past few years. Interestingly, nearly all of the casinos in this state are located in the Upstate area. Many state leaders have been hesitant to allow any casinos in New York City.

Some now feel this is the time to make a change. We’ve seen several states open major casino-resorts lately. Prior to 2020, these venues were proving to be hugely successful. Even Chicago has recently approved a measure to open a new casino-resort.

This week, NYC Mayor-hopeful Andrew Yang gave his opinion on this situation. He addresses the fact that casinos can bring a variety of issues. Ultimately, however, he supports the New York City casino plans due to the massive revenue potential.

“We need big ideas,” Yang tweeted this week. “There are many downsides of casinos but the upside is $700m+ recurring annually largely from tourists now going to CT and NJ. That’s money for teachers, hospitals and other services. We should be trying to grow revenue where possible.”

Yang certainly has a point. Many gambling fans based in New York City are heading to neighboring states to play their favorite casino games. Opening a gambling venue in the city would help to keep this money inside the state.

It will be interesting to see if these plans move forward over the next few years. Many feel that Andrew Yang will end up becoming the next Mayor of NYC. Perhaps he will push these casino plans forward. Stay tuned for updates!

Will New York Approve Mobile Sports Betting This Year?

The casino industry in New York is growing at a steady pace. Prior to 2020, this industry was helping to bring the state valuable revenue in the form of taxes. Hope is that casinos here begin seeing pre-pandemic levels of revenue over the next few months.

As many know, New York also legalized sports betting years ago. Unfortunately, only land-based sports wagers are available here. It’s unusual, as online sports betting has proven to be a far more lucrative industry.

Many are now calling for mobile gambling to finally be approved in 2021. There are several bills to start regulating this form of gambling moving through the legislative process. Many believe lawmakers will give online sports betting the green light this year.

That will be bad news for New Jersey. This state has seen massive revenue figures from its online sports gambling industry over the past twelve months. Many sports fans in New York make the move into New Jersey’s borders in order to place online sports wagers.

If New York’s online sports betting industry goes live, this money will stay inside the state. It’s a similar thought process to the New York City casino plans. Officials in the state are tired of seeing money go into other parts of the country.

Do you think a casino should open in New York City? Would this be successful? Let us know in the comments section below.

New Jersey Sports Betting Fetches $996.3M in Total Bets For December 2020

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New Jersey had another banner month for sports betting .

Figures released by the New Jersey Division of Gaming Enforcement on Wednesday revealed an 8.9% year-on-year increase in revenue for December 2020 with players gambling almost $1B on sports last month.

A total of $996.3M worth of sports bets were placed in December, a record for the most amount of money bet on sports in a single month and the second consecutive month that sports bets topped the $900M mark in the Garden State.

Setting National Records

It represents a 78.6% increase from the previous year and a 6.9% increase from the state’s November 2020 numbers. New Jersey sports betting revenue for December reached $66.4M which beat out Nevada’s $61.8M November figures for the national record. It is a massive 125.6% increase from December 2019 and a significant 31.3% better than November 2020’s $50.6M.

Of the total amount wagered, $929.3M were online bets ( also a national record ) and only $67.0M were wagered at retail locations. Online bets for December were up by 6.6% versus November 2020 and up 90.1% from December 2019. Internet Gaming Win was $99.5M in December compared to $49.3M in the prior period or an increase of 101.6%.

Internet gambling revenue for the month of December 2020 amounted to $99.5M up 101.6% from December 2019. Online casino and slot games revenue totaled $96.4M for the month while online poker win was at $3.0M.

Lifting Gambling Revenues

Online gambling in 2020 help lifted New Jersey’s tax collections in a year where the coronavirus crippled the casino industry. Although the state’s nine land-based casinos have reopened last July after a four-month shutdown, business has not been back to normal. These brick an mortar casinos generated $1.5B in total gambling revenue which is down 44% from the prior year.

In contrast, revenues from online gambling doubled to $970M. New Jersey sports betting, despite sports being halted for four months too, still increased by 33% to $398M. And although the increase in online wagers didn’t make up for the lost revenues in the brick and mortar casinos, they were able to mitigate the losses because online wagers are taxed higher than their retail counterparts.

Michigan Eyeing To Fast-Track Online Gambling

Michigan State Flag
When Governor Gretchen Whitmer’s House Bill 4311 turned into the Lawful Internet Gaming Act, the original plan was for mobile gaming in Michigan to go live in early 2021. However, it looks like the launch will come sooner, even perhaps in late November.

Michigan online gambling looked like a longshot for 2020. There was no rush at all because sports betting was already allowed in retail shops starting last March. But when the COVID-19 pandemic struck, it forced the casinos to close. With establishments and the state losing millions in revenues, authorities found the need to fast track online gaming.

Fast-Tracked

The Michigan Gaming Control Board discussed the proposed mobile gaming laws in a public hearing last week. According to executive director Richard S. Kalm, they expect to submit the final proposal to the Michigan Office of Administrative Hearings and Rules within the next few days. Once approved or after they are amended, they will go to the state legislature’s Joint Committee on Administrative Rules in October.

Once the proposal reaches the legislature, they will do one of two things: pass them or go through the process of passing a law that would reject the rules. Per State Senator Curtis Hertel, it’s more likely to approve the rules as they are and once that is done internet gambling will go live. For the state, the sooner it is rolled out, the better as Michigan online gambling is expected to generate millions of dollars in revenue for the state.

Ready For Online Gaming

The biggest names in the industry are ready for Michigan online gambling. Gaming companies like BetMGM, DraftKings, and FanDuel are already operating in Michigan. Barstool Sportsbook is planning to launch with Greektown Casino in 2021. More are expected to follow.

Once Michigan legalizes online betting, the state is expected to see exponential growth in that industry, just like what happened to Illinois. Online wagering is going to be a game changer in the gaming business in the state. The pandemic has made it difficult for punters to place bets at retail shops. Having the ability to do so online will change that.

Colorado’s Sports Betting Industry is Already Surging

On May 1st, 2020, Colorado became the 18th state to launch its regulated sports betting industry. It’s becoming clear that this was a great move by “The Centennial State.” According to new reports, Colorado’s sports betting industry continues to bring in huge amounts of revenue.Colorado Flag Picture

Sports betting is growing more popular around the country every month. More states are now beginning to take a look at legalizing and regulating this industry. Today, we’re going to check out exactly how much money the sports betting platforms in Colorado managed to bring in last month.

Online Sports Betting is More Popular Than Ever Before

Since March, the entire US gambling industry has been shifting online. Land-based casinos around the county had shut down and more gambling fans began to realize how easy and fun it was to make their wagers online. In many parts of the country, online sports betting is now regulated and taxed.

It’s clear that online gambling is here to stay. Revenue from the industry has been increasing steadily for months. The American Gaming Association recently released a report showing exactly how much money the regulated internet casino and poker industry is generating right now.

According to this report, these casino and poker platforms have already generated $402 million in 2020. That represents a 300% increase when compared to 2019. Incredibly, only a few states currently regulate their online casino industries.

Almost every state has seen its online sports betting revenue increase in 2020. That doesn’t necessarily mean everything is going well, though. Land-based revenue across the country is down considerably. Things are beginning to improve in cities like Las Vegas, yet revenue remains significantly lower than it was last year.

It’s an interesting dilemma for gambling companies around the United States. Many are now focusing more on improving their online gaming operations. State leaders are also beginning to take a closer look at the regulation of this industry.

New reports are now showing how much the sports betting industry over in Colorado is generating.

Here’s an Update on Colorado’s Sports Betting Industry

Lawmakers in Colorado have been interested in legalizing sports betting since PASPA was struck down back in mid-2018. In late 2019, a sports betting bill was finally approved by the House and Senate. Voters approved the bills a short time later. On May 1st, the first state-regulated sports betting platform went live here.

Since that time, this industry has grown immensely. Colorado’s sports betting industry has generated more revenue with each passing month. That’s true once again in July, according to the Colorado Division of Gaming.

The state’s sports platforms generated an incredible $59,183,619.73 in July. That’s a staggering 55% increase from June. As some analysts are pointing out, that includes revenue from the newly-opened brick-and-mortar sportsbooks.

Dustin Gouker, a gaming analyst based in Colorado, gave an optimistic take on the state’s sports gambling market.

“It only took a few days of basketball and baseball games in July to show the demand that is out there in Colorado for sports betting,” Gouker said.  “In just three months, Colorado has established itself as the fifth-largest sports betting market in the U.S, and the number of sportsbook operators in the state is growing rapidly. And with a robust August schedule that includes playoff runs by the Denver Nuggets and Colorado Avalanche, the short-term outlook for the state is excellent.”

There are now eight land-based sportsbooks based in Colorado. 10 different online sportsbooks are operating here, as well. To the surprise of many, baseball, soccer, and table tennis were the most popular sports wagered on in July.

Casinos in Colorado Struggle to Get Back on Track

Colorado is home to a huge number of fantastic casinos. The state legalized Class III casino gambling back in 1991 and now draws in large numbers of gambling fans from nearby states. The vast majority of gaming venues here are located in just three cities.

In March, all the casinos here were forced to close down. It was devastating for the cities that rely on these properties for tourism and employment. By early June, state leaders gave the green light for the casinos to open their doors again.

These properties are now struggling to attract players. Most are now fully operational again, albeit with major safety regulations set in place.

Lawmakers here recently introduced a measure to increase bet limits inside casinos. To qualify for the ballot, 124,632 signatures must be confirmed. The goal is to give more power to the residents who rely on these casinos.

Fortunately, Colorado’s sports betting industry is helping to make up for the lost casino revenue. Revenue from this industry increased dramatically in July. We’ll now need to wait and see how things look in August.

Are you surprised to see how popular sports betting is in Colorado? Let us know in the comments section below!