#6 Weekly Digest – Latest News in US Gambling World
Gambling is the new entertainment source that has also paved the way for bigger winnings. The gambling industry is continuously flourishing in the country as more and more people are engaging in it. Every second transformation that is happening in the industry is giving new shape and meaning to it. Even though the current global pandemic hit the industry, it has managed to bounce back with the same vigour.
If you are a prominent part of the market and engaged in any kind of gambling activities, it is essential to keep an update of all the latest happenings. Here are the weekly updates of the gambling landscapes that you shouldn’t miss.
The Much Needed Revenue From Sports Betting During Pandemic
Since the Covid-19 pandemic, the reports by the latest American Gaming Association revealed that they had received an increase of 47% year-over-year in the third quarter of 2020. The revenue has helped many states in fighting the Covid-19 pandemic. The quarter three results stand in contrast with quarter two when games and sports leagues are inactive. The return of online betting has been like a lifesaver for cash-stressed states.
Out of 50, 35 states experienced a decline in the tax revenues, according to a tax policy center report. Lawmakers believe that legalizing online gambling in the period of a pandemic can become more sympathetic as the industry is on the verge of moving towards a second lockdown. In Q3 of 2020, the betting operations receive higher tax revenue for many states that were in desperate need of funds to cope up with healthcare essentials, unemployment rates, and crippling economies. Pennsylvania, New Jersey, and some other states receive the most bets in October 2020. It is interesting while considering the pandemic situation and social distancing restrictions. New Jersey is moving in the path of breaking the annual record set by Nevada in 2019 of $5.3 billion. In October, the Garden State attained the highest monthly mark by collecting $800 million.
The release of Billy Walters
In a surprising turn of events, Billy Walters, the most eminent and well-known sports gambler in the United States has come out of the federal prison in Florida. The remaining 5 years of his guilty sentence would be spent under residential confinement, which would take place in Carlsbad, California. The main issue was Walters got convicted in the year 2017, because of his charges associated with Insider trading. Because of his vulnerability to COVID-19, he was released from prison, as the pandemic experienced an upsurge across prisons in the United States. The original date for his sentence to come to an end was Feb 14th, 2022. However, under present circumstances, it will end around 22nd Jan, in all probabilities.
Walter had a link to Phil Mickelson, who made a payment of $1.95 million to him, in order to settle all gambling debts. The main accusation against Walter was that he had made a whopping $43 million using the tips for insider trading, and these tips were received from Tom C. Davis, chairman, Dean Foods Co.
November 23-29: Gaming Americas Weekly Roundup
Caesars Entertainment’s Atlantic City resorts have attained the impressive milestone of distributing one million masks to their customers and employees. The Indiana Gaming Commission is expected to revise the order requiring Caesars Entertainment Inc. of selling Horseshoe Casino in Hammond by 2020. The executive director of the Indiana Gaming Commission, Sara Tait, said that the decision regarding Caesars’ disinvestment on the popular online casino is likely to get deferred by one more year.
Due to the rise in Covid-19 cases, the Kansas Lottery has put a closure to in-person claims. Audiences wanted to claim a winning ticket must do so by email. The prize of over $500 must go through the Lottery’s headquarters.
In Illinois, a one-year study on gambling addiction was launched by agencies. And the outcome from the report will be used by the Illinois Department of Human Services. It will help in directing future strategies to eliminate gambling related issues.
Unibet, Kindred Group, has extended the comprehensive product by launching online live dealer tables from Evolution in Pennsylvania. Also, Unibet will offer multiple live Roulette and live Blackjack with many other live casino games.
Increase In the Revenue Earning In Table And Slot Machines
According to the newest Pennsylvania Gaming Control Room, various records were set on the Keystone State. Not only New Jersey and Pennsylvania have sustained post-lockdowns when it comes to online gambling, but also they have built their own. The table games and slot machines also received revenue in double-digit by a decline. As per the reports, Pennsylvania set a new record for the third consecutive month in October, covering the mark set in January 2020. Irrespective of a small population, New Jersey’s online casinos outperformed the Pennsylvania counterparts.
Lawmakers Preparing For Licensing Rules As Online Wagering Imminent In Michigan
Due to Covid-19, the popularity of online gambling is increasing and Michigan online wagers are waiting to receive the green light. Before the residents of Michigan start playing from their desktop, they need to be at least 21 years. Presently, Michigan residents have the right to play Michigan Lottery games online. Gov. Gretchen has signed a legislative package allowing casinos to start operating so that players can bet on the sports.
But due to Covid-19, many sports events got postponed for months. After the sports betting law passed in Michigan in December 2019, after winnings are paid out around 8.4% tax on retail sports bets are collected. Depending on how much a casino is earning, the tax on online gambling will lie between 20 to 28%.
In October, many online casino operators have already revealed the rollout on various online gaming options before the Michigan Gaming Control Board has submitted the approval.