#2 Weekly Digest – Latest News in US Gambling World
The betting market in the USA is an expansive domain that collects millions of dollars every year. However, the impact of COVID-19 has certainly influenced this growth. With land-based casinos reopening again, the sector is trying to compensate for the loss. Moreover, constant efforts are being made to expand online sports betting with the addition of new technology and innovation. On the whole, there is a lot going in the casino industry, and here are the top three highlights.
Newgioco Group Incorporation Receives Kiosks Certification
The sports betting and interactive gaming technology enterprise, Newgioco Group Inc, has acquired certification for Gaming Labs’ International to the GLI 20 standards for Kioski and GLI-33 event wagering systems standards to facilitate GLI 20 standards for Kioski as well as GLI-33 event wagering systems for its Ely’s sports betting platform.
GLI is an independent testing laboratory offering land-based, iGaming, and lottery testing and assessment services to operators, suppliers, and regulators in the gaming industry. The Elys technology has received certification by GLI in compliance with the testing, assessment, and compliance procedures laid out by GLI-33, GLI-33, and the standards by the DC Lottery and Gaming Commission.
The installation of Kiosks will offer efficient transaction of sports betting in licensed betting venues across the United States Of America.
According to Mike Ciavarella, the CEO of Newgioco Group Incorporation, the market opportunity has increased significantly since the demolition of PASPA in May 2018, with approximately 21 states now granting sports gambling through land-based or online channels. Moreover, the company estimated that the Elys technology access could outsize Italy’s foundational market significantly over the next couple of years.
Moreover, NASDAQ had asked the company to submit a detailed compliance plan within 6o calendar days after receiving the latte. This letter addressed how the Newgioco Group Inc. planned to maintain the compliance rules laid out by NASDAQ. Based on the compliance plan, the company was granted an extension of 180 calendar days to regain compliance. Moreover, the company will file the quarterly report as soon as it is practicable within the time frame of 60 days.
US Casinos Will Need Help In Recovering After Amidst the Pandemic
The casino industry in the United States of America is considering tax and regulatory relief from the government in an attempt to recover the implications of the coronavirus outbreak. The industry lost $2 billion in tax revenue due to the four months shut down this year. Although 90% of casinos in the country have opened again, they are functioning with a lot of restrictions to curb the spread of the virus. In such situations, financial aid from the government is needed for casinos and the staff.
The G2E 2020 conference was held online due to the pandemic. Bill Miller, the American Gaming Association President, said that it would need assistance while the industry is resurfacing.
The gaming industry has never experienced such a disruption. Two weeks in March, all the casinos in America were shut down by the government, jeopardizing the 18 million jobs. Workers and their families and small businesses that depend on the casinos have been hit really hard.
Moreover, the states and communities are feeling the impact as well. Along with the impact of COVID-19 on jobs, the business and well-being of the state’s colleagues, family, and friends’ budgets have also seen a significant decline.
Due to the Pandemic, Detroit’s state ended up losing $600,000 in terms of tax reviews. This tax revenue loss accounted for $208 million in Maryland, and in Pennsylvania, this loss stood at $323 million.
The US commercial casino sector is estimated at $43.6 billion in the year 2019, as a decline due to virus-related closures. Additionally, Millar said the casino industry succeeded in acquiring access to pandemic relief funds, which is a part of a significant package, which the Congress assigned this year.
However, he did not mention the exact sum that the industry has received. Casinos are requesting liability protection so that businesses that comply with public health guidelines cannot be sued by a customer who contracts the virus.
Online Sports Betting Become Legal In Tennessee
In April 2019, Tennessee passed the Tennessee Sports Gaming Act, which became law later in July 2019. And on November 1st, 2020, Tennessee witnessed the launch of four online sports betting sites. The state of Tennessee has legalized online sports betting, and it has created a lot of buzz among its citizens. As of now, there are four live sportsbooks that include DraftKings, BetMGML, FanDuel, and Tennessee Action 27/7. According to experts, this legalization is likely to draw gamblers from other states as well.
Contrary to the other 18 states where online sports betting is legal, Tennessee did not need brick-and-mortar betting sites prior to the law coming into effect, which puts it ahead of other states. Moreover, tax revenue generated is predicted to generate a windfall of millions of dollars to Tennessee.
Shawn Bosarge, who is visiting Memphis from Alabama, said that they do not have online sports betting where he came from. And it was legal; people would certainly be interested in it. He added that it is a perfect opportunity to generate revenue. The money can be used in the development of different areas of the state.
The active online sportsbooks are providing new users with exciting promotions to sign-up and begin their betting journey. Here are the sign-up bonuses offered by the currently active sportsbook in Tennessee:
- DraftKings Sportsbook Tennessee: This online website is offering a 100% deposit match to players up to $1000.
- FanDuel Tennessee: The online website offers it’s the risk-free player bet up to $1000.
- BetMGM Tennessee: This online betting website deposits a match bonus of up to $500.
- Tennessee Action 24/7: This online sports betting website is offering its new player’s risk-free bet of up to $1000.
The casino industry has a lot going on for itself. These were some of the top news highlights; we will be back with other industry updates soon.