Online gambling paying large to casinos
Only New Jersey, Nevada and Delaware have casino-sponsored online betting but that may change soon as they’re winning big.
US.- Online gambling is still restricted all across the US but three states have legalised it and local casinos operate online betting sites: New Jersey, Nevada and Delaware. New Jersey casinos, for example, were losing money consistenly but with the introduction of casino-operated online betting, gambling venues have turned the tables and revenues have gone through the roof.
As reported by the Huffington Post, experts say that “casinos that sponsor their own online wagering are making a smart play for millennials, many of whom prefer online gambling.” That’s probably why several states are considering legalising the activity, which, unlike offshore-originated online gambling, can be taxed by each state.
Gambling industry consultant Chris Grove runs the website PlayNJ and said to the media outlet that online gambling is key to the growth of casino revenue. “We’ve seen nearly every other form of commerce migrate to the internet — how we shop, how we bank, how we listen to music,” he commented. “It doesn’t make sense that gambling would be an exception to that rule and the early results in New Jersey really drive that point home.”
The New Jersey Division of Gaming enforcement reported a total US$753.5 million of total casino gambling revenue through April this year, which consists of a 1.7 increase when compared to the same period last year. Casino winnings coming from online gambling were up 29.5 percent from same period 2016 to US$80.1 million.
The state revenue was falling by an average of 7.6 percent annually but got back on track thanks to online gambling and increased for the first time since 2006. The state collected US$3.1 million in taxes on online gambling in April, up 23 percent from US$2.5 million in April 2016.
Spokeswoman for the New Jersey department Kerry Langan said to the Huffington Post that gambling raises as much revenue by itself as a small free-standing casino would. “Most of the projections I’ve seen from gaming analysts are that it’s doing well and will continue to do well,” she said.
In Nevada and Delaware results haven’t been as good as New Jersey’s. In the latter, only three casinos sponsor online gambling, and it has generated revenue of about US$200,000 a month in a casino business that has a revenue of about U$50 million per month.
Meanwhile, in Nevada there are two casinos that offer online poker, the only online game allowed in the state. Senior research analyst at the Nevada Gaming Control Board Mike Lawton said “online poker revenue is wrapped into the control board’s report on poker overall, so it’s difficult to determine whether online poker has been a huge hit. But online sports betting, also offered by casinos, has really taken off, increasing 5 percent in the first quarter of 2017 compared to the same period last year,” the Huffington Post reports.
“A lot of the reason for the sports book business taking off is people being able to do it on their phone. It’s a huge convenience,” he said, noting, “We do everything else on our phones.”
