Sports betting helps propel casinos to fourth straight year of revenue gains, up 3.5% to $41.68 billion
It was the fourth consecutive annual increase, the trade group said in its State of the States report.
The expansion helped the sports gaming market grow revenue nearly 65% year over year to $430.2 million. And in 2019, the AGA said data through April showed a 175% increase in revenue from sports betting over 2018, in the months before it was legalized."Legal and regulated sports betting barely scratched the surface of an entrenched black market — comprised of offshore sportsbooks and street bookies," the AGA said. It estimates this market accounts for $150 billion in annual bets.
But the expansion of legal gambling may prove challenging as it provides more competition for existing casinos. The Chicago market is saturated, with gross gaming revenue down 3% year over year, said Harry Curtis, a gaming analyst at Nomura/Instinet. "The first reaction by existing casinos to lower revenues should be layoffs," he said, warning of the "unintended consequences" of expansion.
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