State and local governments are losing out on more than an additional $5 billion a year in tax revenues by not legalizing, regulating and taxing internet casino gambling, according to a recent report issued by gaming company Light & Wonder, previously known as Scientific Games. The report was prepared by VIXIO Gambling Compliance, a provider of gaming research.
On the best U.S. online casinos , which also go by the shorthand of iCasino and iGaming, gamblers are able to play casino games, including slots and table games, on personal devices, such as computers, smart pads and smart phones. As is the case with almost all internet gaming — such as mobile sports betting — the gambler has to be physically located within the jurisdiction where that type of gaming is legal.
What has become apparent regarding iCasino is that despite the high-profile and the popularity enjoyed by sports wagering, it is the online version of casino gaming that is far more lucrative. The Light & Wonder/VIXIO report illustrates the financial implications of states not legalizing that type of gambling.
In 2021, 30 jurisdictions permitted online sports wagering and just six states allowed full iCasino (Nevada allows poker but not online house-banked games).
However, in 2021, iCasino generated $3.71 billion in revenues in the six states that allowed it, just behind the $4.29 billion produced by sports wagering in 30 states, according to American Gaming Association figures. The comparison was even more stark in tax revenues: $970 million in taxes from iCasino compared to $560 million from legal sports wagering.
To be more up-to-date on the financial statistics, the revenue and taxes generated by sports betting will get a big boost for 2022 with New York state going live in January and that state putting a 51% tax bite on online sportsbooks. In the first seven months of 2022, New York online sports betting delivered more than $347 million in state tax money, which is already 62% of the total tax contribution for the 30 states combined that were taking sports bets last year.
However, that doesn’t take away from the strong financial potential that iCasino […]
Click here to view original web page at www.topuscasinos.com
