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Are Americans spending their stimulus checks on online casino gambling?
The IRS has now sent out more than 130 million stimulus checks as part of President Biden’s American Rescue Plan. The payments are designed to stimulate spending and help kick-start the US economy, and when the plan was first announced, most Americans said the money would go towards essential expenses like groceries, bills and housing costs. However, there are indications that at least some are using the windfall to speculate with casino games and sports betting.
A booming sector
Some could argue that the gambling sector is one of the few American industries that is not in need of extra stimulation. True, gambling hubs like Las Vegas and Atlantic City felt the pinch harder than most, but evolving legislation has seen a dramatic upsurge in online casino activity across the US that has more than compensated for the revenue drops at land-based facilities over the past year.
It’s a pattern that has been repeated time and again, and not just in the US. Chief Editor Mark Pilarski of Casino Senpai said that they have observed a clear spike in interest worldwide on the topic of online casinos since last March.
Of course, the online gambling market is still in its infancy in the US compared to places like the UK and even Canada. Delaware, New Jersey and Pennsylvania are still the only states that are fully open to online casino gambling, although Nevada also has online poker rooms. Still, in those states, gamblers have been making hay, and all have seen online gambling revenue increase dramatically since the first lockdown took effect 12 months ago.
Sports betting surge
Even if you include Nevada, that still accounts for only eight percent of the population, however, and while there has almost certainly been a certain amount of illicit online gambling activity across state lines, geofencing technology keeps that to a minimum.
The result has seen many would-be casino gamblers turn to the world of sports betting instead. Here, 25 states have now legalized, and more than half of them permit online betting. At the height of lockdown, when the major sports leagues were inactive, this led to the somewhat surreal sight of American sports fans betting on everything from soccer in Belarus to baseball in South Korea. eSport betting also saw a spike in interest.
However, it was when the major franchises got back underway that the full force of sport betting became obvious. Wagers placed on the NBA and NHL have been higher than previous years, and then, of course, at the beginning of February, we had the greatest sports betting barometer of them all in the shape of Super Bowl LV.
In the run up to the game, Bill Miller, the CEO and President of the American Gaming Committee, said: “This year’s Super Bowl is expected to draw the largest single-event legal handle in American sports betting history. With a robust legal market, Americans are abandoning illegal bookies and taking their action into the regulated marketplace in record numbers.”
Miller went on to predict that 7.6 million Americans would place their bets online, Some states have still to release their final numbers, but from the data available so far, it seems that Miller was right on the money. In New Jersey, Super Bowl betting more than doubled over the previous year, while in Pennsylvania it was up by more than 75 percent. Results like these more than make up for the 13 percent drop reported by Nevada due to lower numbers turning up for in-person betting on The Strip.
Recovery offline, too
Having said that, the news from Vegas and Atlantic City is not all bad – indeed, it is positively brimming with optimism compared with this time last year, and it all comes back around to those stimulus checks. Let’s be honest, if you are going to blow a thousand dollars or more at the casino, you’re more likely to want to do that in person than via a phone app.
Vegas is buzzing again since it reopened, and aside from the reduced numbers and the regular sight of people wearing masks, it almost feels like the Sin City of old. And after everything we have gone through, why not – surely there are few better places to celebrate spring break and spend a $1,400 windfall.
Latest News
GR8 Tech Brings “Best Workplace 2024” and Fresh LatAm Insights from BIS SiGMA Americas
GR8 Tech’s participation at the recent BIS SiGMA Americas event held in São Paulo was quite successful, highlighted by winning the ‘BEST WORKPLACE 2024’ award at the SiGMA Americas Awards and holding over 150 meetings with operators and other stakeholders. These interactions have laid a solid foundation for GR8 Tech’s strategic expansion in the region and provided the team with significant insights into the evolving Latin American iGaming market.
A Closer Look at the Brazilian Market and Wider LatAm
“Brazil is not synonymous with Latin America. Each country on the continent has its own unique characteristics,” Evgen Belousov, GR8 Tech CEO.
The most important thing to understand in the LatAm region is that it’s very diverse. There are significant cultural and operational differences that necessitate a localized approach. For example, “Brazil’s rhythm is distinct; life starts in the afternoon, and business interactions reflect this laid-back pace. To thrive here, understanding and integrating into the local lifestyle is essential.”
Belousov further discussed the Brazilian market’s competitive nature, highlighting retention strategies’ crucial role. “The churn rate is high as players frequently shift between operators lured by aggressive marketing. Hence, having robust retention mechanisms, such as real-time tools and enticing bonus mechanics, is crucial to maintaining a loyal customer base,” he added.
Yevhen Krazhan, CBDO, addressed trending compliance and market preferences. “Regulation is a hot topic, with a keen focus on product compliance. Moreover, while classic sportsbooks saturate the market, emerging interests lie in areas like fantasy sports and social gaming, which present new opportunities for differentiation and growth.”
Thomas Carvalhaes, Senior Business Development Manager for the Latin America region, provided his expertise during the panel discussion “Understanding the demands and evolution of the B2B market”, highlighting the demand for localization and intuitive technology. “In Latin America, where many markets are still learning the ropes of iGaming, the simplicity of the technology is key. Products need to be user-friendly to ensure they meet the expectations of a clientele that values straightforward and engaging gaming experiences,” Carvalhaes explained.
Future Directions and Engagements
Building on the insights and achievements from BIS SiGMA Americas, GR8 Tech is actively expanding its presence in Brazil and LatAm, establishing its reputation as a key player in the region. The company is also exploring opportunities in other global markets, with Asia as the next target at SiGMA Asia, scheduled for June 3-6 in Manila, Philippines. This upcoming event presents another fantastic opportunity for GR8 Tech to demonstrate the capabilities of its flagship GR8 Sportsbook platform and forge new partnerships in another exciting and diverse region. We invite all our partners and clients to stay tuned, following our updates at https://gr8.tech/.
Industry News
The International Association of Gaming Advisors (IAGA) Announces 2024 International Gaming Summit in Washington, D.C.
The International Association of Gaming Advisors (IAGA) will hold its 41st International Gaming Summit Monday, May 27 through Thursday, May 30, 2024 at The Ritz-Carlton Washington, D.C.
As a premier event that brings together leaders from all global gaming sectors, the Summit will provide operators, suppliers, attorneys, investors, bankers, regulators and other advisor delegates with an unparalleled opportunity to meet and discuss the most important issues facing gaming.
“We are looking forward to holding this year’s 41st Annual International Gaming Summit in Washington, D.C., and are pleased to announce an agenda that includes a specific focus on some of the key sports betting issues the rapidly expanding US market is facing. As part of this focus, we will bring together representatives from global sports betting operators, regulatory agencies, professional sports leagues and other experts to discuss how the industry’s sports betting stakeholders can better work together to ensure a sustainable, responsible sports betting environment that is built on best practices lessons learned from other markets,” John Stawyskyj, President of IAGA, said.
“Beyond our sports betting focus, our diverse agenda includes discussions on other issues of importance including the growing impact of fraud and cyber breaches on regulated operators, a look into the federal and state lobbying process, an update on what’s happening in other gaming markets outside North America, a deep dive into new technologies and how they might impact gaming and more. I look forward to welcoming our delegates to Washington and participating with them in lively discussions about these critical issues and more,” Stawyskyj added.
Industry News
Marker Trax Appoints John Henderson as Senior Vice President of Operations
Marker Trax, a leader in cashless payment solutions for the gambling industry, has announced the appointment of John Henderson as its senior vice president of operations.
As the company continues solidifying its cashless payments sector leadership position, Henderson joins the team to play a key role in leading strategic planning efforts, executing new operator and customer initiatives, directing pursuit of key performance indicators, and ensuring overall product and technology quality control. He reports directly to, and will work closely with, Marker Trax President Charlie Skinner.
Henderson is a seasoned, energetic industry veteran who brings to Marker Trax more than four decades of success in delivering technology-based business solutions, leading innovation-forward companies seeking to increase their industry footprints and to solidify their market shares.
“We’re cementing our leadership position in the cashless space, and John is the right leader, at the right time, to help guide us there. He has tactical expertise, and a long track record of success in the IT space. More than that, though, he’s always eager to innovate – which aligns perfectly with our philosophy and goals. We’re lucky to have him on board,” Charlie Skinner, President of Marker Trax, said.
Immediately prior to joining Marker Trax, Henderson served as chief information officer at WorldStrides, a global leader in educational travel services, and helped the company navigate a business and IT transformation program. Henderson has also held client partner roles at Accenture, IBM, and Cognizant, and has served numerous global brands including Choice Hotels, Hilton Hotels, MGM Resorts, Wynn, Disney, and Royal Caribbean.
“Every step of his career, John’s shown natural aptitude for client relationship management and large-scale systems integrations, and a keen, tactical eye for optimizing performance at all levels of an operation. At Marker Trax, we’re increasing our market footprint through continual innovation, and John’s tactical leadership will be of tremendous benefit to reaching our goals,” Skinner said.
Henderson’s addition caps a prolific run of recent accomplishments for the company. It recently unveiled its innovative consumer product, Moolah Play, secured renewed commitment from partner and global payments leader Euronet Worldwide Inc., and is introducing its cashless credit technology into more markets around the country.
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