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Casino

More Casinos Push Against Allowing Online Gambling in Nevada

By James Murray

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!

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Florida, Online Gambling, Sports, Sports Betting, US Legislation

Lawmakers Make New Push to Legalize Sports Betting in Florida

By Brian Walker

Odds Board and Money
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.

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Connecticut, Online Gambling, Sports Betting, Uncategorized

Connecticut Governor Throws Support for State Sports Betting Bill

By Brian Walker

Odds Board and Money
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.

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Mississippi, Online Gambling, Sports Betting

New Legislation Looks to Bring Mobile Sports Betting to Mississippi

By Brian Walker

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.

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Casino, New York

Andrew Yang Supports New York City Casino Plans

By James Murray

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.

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New Jersey, Online Gambling, Sports Betting

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

By Brian Walker

Odds Board and Money

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.

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Michigan, Online Gambling

Michigan Eyeing To Fast-Track Online Gambling

By Brian Walker

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.

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Sports Betting

Colorado’s Sports Betting Industry is Already Surging

By Nickolas Branson

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!

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Atlantic City, Casino

Atlantic City’s Casino Revenue Dropped by 85% in 2020’s Q2

By Nickolas Branson

Like all other major casino destinations, Atlantic City took a major hit over the months of April, May, and June. It was the only three months that casinos here were forced to shut down since the first one opened back in 1978. This week, reports were released that show exactly how much Atlantic City’s casino revenue fell during 2020’s second quarter.Sky View Of Atlantic City

Obviously, casinos in this city saw their earnings plummet. Things have improved since that time, however, and quarter three of this year is expected to be considerably better.

Let’s take a look at how this city’s casino industry fared over the past few months.

Casinos in New Jersey Continue Working to Draw Visitors

New Jersey was one of the first states to take a major hit due to the coronavirus now spreading around the world. Infection rates began to surge here and Governor Phil Murphy eventually ordered all casinos around the state to close down. It was unclear how long this shutdown would last for.

As time went on, Atlantic City started to suffer more and more. A huge number of people in this city rely on casinos for employment. Many local businesses also rely on the tourism that casinos generate to function.

After months of back and forth, state leaders agreed to allow casinos to reopen over the Fourth of July weekend. Several of the top casino-resorts here immediately opened their doors when allowed to. Others took their time to assure things would run as smoothly as possible.

The Borgata Hotel-Casino, Atlantic City’s biggest revenue-generator, opened its doors at the end of July. All casinos in this city are now focused on boosting rates of tourism. This has become much easier said than done.

Many residents of New Jersey and nearby states are unwilling to make the trip to a casino amid the pandemic. Things are still not completely safe inside these gaming venues, even with the safety measures set in place. As a result, revenue here remains considerably lower than it was in 2019.

Things are far better now than they were over April, May, and June, though.

Looking Back Atlantic City’s Casino Revenue During This Year’s Second Quarter

It’s now safe to say that the second quarter of 2020 was the worst in history for the US land-based casino industry. In some states, casinos were shut down for all three months. Some allowed their gaming venues to open at the end of the quarter.

New Jersey is in the latter category. It wasn’t until July that casinos were allowed to reopen, meaning land-based casino revenue was non-existent during this time. This week, the New Jersey Division of Gaming Enforcement released its quarterly revenue report.

During 2020’s second quarter, Atlantic City’s casino revenue fell by an astounding 85%. Casinos here brought in a net revenue of just $121 million during this time. That’s down from the $796.8 million brought in during the same time last year.

Casino Control Commission Chairman James Plousis claims it’s impossible to even compare this year’s earnings to 2019 due to the pandemic.

“It is also noteworthy that, during this period, the casinos undertook an amazing effort and expense to prepare a safe environment for the return of employees and guests,” Plousis said. “That critical investment enabled the casinos to begin welcoming back visitors with appropriate limits in July, and started Atlantic City on the road to recovery.”

He’s certainly right about the massive effort it took to get casinos here operational again. Even today, casinos in this city are working to improve safety measures for patrons and employees. Most of these casinos are also putting special attention on their online gambling operations, too.

Online Gambling Is More Popular Now Than Ever Before in New Jersey

The world’s gambling industry is changing day-by-day. Prior to March, land-based casino revenue was surging and exciting new casino-resorts were being built around the US. Nowadays, online casinos seem to be the most popular option for most gambling fans.

More people see how convenient and easy online casinos make gambling. As of now, New Jersey is one of the few states with a regulated internet casino industry. This regulation is paying off massively, helping casinos companies to stay afloat while bringing the state valuable revenue.

Not long ago, the American Gaming Association released a report showing how much online gaming revenue has grown in 2020. In regulated markets, revenue from these online gambling options has increased by 80%. This may continue to increase, despite many land-based casinos now open around the country.

Other states are taking notice. Several lawmakers have begun presenting bills to legalize and regulate their online casino and sports betting industries. Several prominent analysts expect a surge of new online gambling regulations to begin appearing around the country.

Fortunately, Atlantic City’s casino revenue is beginning to increase with casinos now reopened. That’s great news for residents and employees in the area. Make sure to stay tuned for updates on the casino earnings here over the next few months.

Do you plan on visiting Atlantic City anytime soon? Let us know in the comments section below!

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Casino

US Online Gambling Revenue is Surging in 2020

By James Murray

We’re now in mid-August, and many of the country’s top gambling venues remain shut down. Many felt that casinos would only remain closed for a few weeks. As time goes on, however, more people recognize how difficult it is to reopen casinos right now. Interestingly, US online gambling revenue is surging thus far in 2020.Revenue Increase Figure

States are beginning to take notice of this revenue jump. It’s likely that more state leaders will begin looking into the legalization of this industry soon.

Today, we’re going to look at how much online gaming revenue jumped already this year.

Many Casinos Remain Closed Around the Country

For the past few years, the US casino industry has been growing steadily. Major gambling destinations such as Las Vegas and Atlantic City saw their tourism rates surge. Several massive new casino-resorts were being constructed around the country and some felt we’d entered into a new golden age for the gambling industry.

Things came to a screeching halt in March. At that time, health officials began warning that crowded venues would be prime locations for the new coronavirus to spread. State leaders around the country immediately called for the closure of all casinos.

Some parts of the US were hit harder due to these regulations than others. Places like Las Vegas, for example, took an immediate blow. This city relies heavily on its tourism and gambling industry. An incredible number of jobs were immediately lost due to the casinos shutdowns.

To make matters worse, no one knew when these regulations would be lifted. Casino companies immediately began coming up with plans to safely reopen. It wasn’t until June that casinos in Las Vegas were given permission to start accepting guests again.

Even today, many states are prohibiting their commercial casinos from reopening. Over in New York, a large rally is being held this week to protest these regulations. It’s still unclear when all of the country’s gaming venues will be allowed to reopen. Many will likely be forced to permanently close their doors.

The longer land-based casinos remain closed, the more popular online casino gambling becomes. Reports have just surfaced that show how much revenue the country’s regulated online casino industry is generating right now.

Here’s How Much US Online Gambling Revenue Already Increased in 2020

Online gambling has always been popular in the US. In recent years, several states have chosen to officially regulate and tax this industry. These states are now earning a massive amount of revenue from this industry.

It’s now becoming clear how much money the US online casino and poker industry is earning. This week, the American Gambling Association released a report showing the jump in earnings. The report claims US online gambling revenue tripled in 2020’s second quarter when compared to 2019.

The online poker and casino industry managed to bring in an incredible $402 million through April, May, and June. It’s the largest revenue increase ever recorded. Land-based casinos, unfortunately, saw their revenue dip by more than 80% in 2020’s second quarter.

Casey Clark, a vice president at the American Gaming Association, spoke with Business Insider about this massive revenue increase this week.

“Consumers like convenience,” Clark said. “There was very little competition from brick-and-mortar casinos in the second quarter.”

This trend probably won’t slow down anytime soon. More states are likely to begin looking into the regulations of this industry soon. Casino companies across the country may begin focusing more on their online operations, as well.

Sports betting is growing more popular now, as well. This industry is also becoming highly profitable for many different states around the country.

Online Sports Betting Revenue Continues to Surge

The land-based casino industry in the US wasn’t the only one to be affected by the regulations being set around the country. The professional sports industry was hit extremely hard, as well. All major sports leagues around the country were forced to shut down in March and many have only recently begun to operate again.

Some leagues saw the situation as an opportunity. The UFC became the first league to come back and is now more popular than ever before. Today, the MLS, MLB, and NBA are all holding their seasons, albeit with significant changes set in place.

Online sports betting is now extremely popular around the country. More than 20 states around the country have officially legalized and regulated this industry. Many more are likely to do so over the next few years.

Casino companies around the country saw their second-quarter revenue earnings drop sharply. It’s clear that US online gambling revenue is increasing right now and more of these companies are taking notice. We’ll likely see a major push to regulate internet casino gambling in more states around the country soon.

It’s an extremely unusual time for the gambling industry. Things are changing fast and no one really knows how things will look by the time 2021 rolls around. Make sure to stay tuned for more updates on the country’s casino industry over the next few weeks.

Are you surprised to see how much online gambling revenue has increased? Let us know in the comments section below!