The US iGaming industry appears to be hitting its stride during the pandemic, with year-to-year revenue showing a HUGE increase of 253.6%.
Good news for the US gambling industry: operators saw a 56.4% increase in total gross gambling revenue (GGR) since June! This makes the third consecutive month of growth for the industry.
iGaming appears to be hitting its stride during the pandemic, with year-to-year revenue showing a HUGE increase of 253.6% - equal to $142.9 million USD. In addition, sports betting markets saw an increase of 86.2% - $69 millions USD. This number includes online sports betting with in-person sports betting.
Coming at no surprise to anyone, Nevada holds the edge in GGR when compared to other states in the US. However, this was still a 26.1% decrease from last year. New Jersey was also down 20.9% compared to June of last year.
States on the upward swing in year-to-year GGR were New Jersey (up 1.1%), Mississippi (up 6.3%), and Ohio (up 11.6%).
The pandemic has taken a toll on gross gambling revenue in the US. Tourism is currently down 31%, and brick and mortar casinos are running at half capacity to meet state safety standards. Because of this, states that are dependent on casino revenues (like Nevada) are taking a hit on their state revenue. Meanwhile, states with legalized and regulated online gambling like Pennsylvania and New Jersey are faring better.
With no end in sight to the international pandemic, it’s no surprise that lawmakers are starting to look for other sources of revenues than the usual means -- this includes legalizing online gambling. This includes states like California, who is seeing a mass exodus of workers and residents, New York, currently reviewing Senate Bill S17D that would legalize online gambling, and Florida, which is estimated to have a $16 billion shortage in state revenue over the next three years.
Wall Street market speculators are predicting a surge in online gambling stocks come 2021! Online gambling allows people to enjoy playing from home in a safe environment, paramount given the events of our current times. And as states that have already legalized online gambling continue to see positive revenues, it’s no surprise to see other states starting to take a second look. Because of this, market speculators are beginning to sound the alarms to investors to also start taking a look at online gambling stocks.
Prior to COVID-19, the question was always “if” states were willing to legalize online gambling. Today, the question appears to be more of a “when.” Therefore, one can easily assume that we can expect to see more and more states start looking at ways to move forward on this issue as we recover as a country from the current state of affairs.
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