iGaming will be boosted by sports betting in states where it wasn’t already permitted has been a boon for the gaming industry.
It created new excitement that land-based casinos can use to attract new players to their bricks-and-mortar facilities.
The thrill of the Super Bowl, March Madness, the Stanley Cup, or Game 7 of the World Series can now be translated to actual dollars for casinos, whether it’s wagers on the games or ancillary benefits from rooms, food and beverage.
Mobile betting has proven to be the cash cow of sports betting. In New Jersey, more than 80 percent of sports betting revenue comes from mobile devices in a state where visits to a casino or racetrack to register and bet isn’t always feasible.
While some of the recent states legalizing sports betting are requiring a casino visit to register, it’s generally just for a few months, and mobile registration will be accepted after that time.
So mobile platforms will continue to be the preferred method to wager on sports in the U.S., just as it is in Europe.
And while it seems like billions of dollars are being wagered on sports—because it’s true—the taxes that are derived from those wagers will be substantially less. States that are expecting a windfall from sports betting will be disappointed.
iGaming and online casino company
Casino companies are not immune from the low profits. In a business where a 3 percent-5 percent profit is considered outstanding, the money that falls to the bottom line is reduced even further by the partnerships with sports betting technology companies that further slice up the profits.
In a GGB Podcast last spring, however, Richard Schwartz, the CEO of Rush Street Interactive, said that a substantial number of first-time sports bettors migrated to the company’s online casino in states where both kinds of wagering are permitted and where the profits are more substantial.
He said the key is keeping the platform for UFABET and online gaming simple and allowing players to make the move with as little difficulty as possible.
Once states realize that their taxation dreams are only catnaps, will they understand that online gaming has a greater potential for yet more taxes? In most cases, the legalization of sports betting occurred in a vacuum with no connection to online gaming.
In Michigan, online gaming was recently dropped from a sports betting bill (although it was passed as a separate bill) because of opposition from state politicians—and some tribes—who don’t want their players betting online.
And since by its very name online gaming is conducted on devices, whether it’s a computer, tablet or mobile phone, the popularity of sports betting on these devices may spur more participation by online sports bettors in online gaming. Some sports bettors have never played casino games, so a crash course in casino gaming may be necessary.
But nothing can happen without legislative momentum. The powers-that-be need to be made aware that, just like sports betting, there are illegal online casinos that are taking bets from their constituents.
They can justify legalizing online casinos to destroy the illegal casinos and to create more tax revenues for the state.
In most states, casinos have the rights to sports betting licenses. The same can happen with iGaming. Again, New Jersey provides the model. Online gaming revenue has increased every month since it was legalized in November 2013.
It took a while to figure out how to market it effectively, but with the help of licensed affiliates and targeted marketing, online gaming continues to grow in New Jersey.
And when you consider the extra revenue produced, it is substantial. The Golden Nugget Atlantic City now produces almost as much online gaming revenue as it does at the land-based casino.
Granted, that’s somewhat of an outlier in the New Jersey gaming market, but it’s evidence of what is possible in other states.
So all hail sports betting, but understand that the opportunity to bring more profits to your casino resort via online gaming is still out there and available for the taking.
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