? This week’s gambling word is all about illegal online gambling. Whether it’s online casinos, poker rooms, and sports books, if they’re accepting American players and non regulated in this country, they are considered to be illegal online gambling. So how big is this black market industry? And what are the existent dangers of playing at these sites?
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?Video Chapters:
▪️ 00:00 – Welcome to This Week in Gambling word
▪️ 00:43 – Las Vegas tape Revenue
▪️ 01:12 – $500 Billion in Illegal Online Gambling
▪️ 02:09 – Illegal Online Gambling and the AGA
▪️ 02:54 – Regulated Offshore Gambling Websites
▪️ 03:19 – Legal Consequences of Illegal Online Gambling
▪️ 03:45 – Financial Consequences of Offshore Online Gambling
▪️ 05:13 – Book of Mrs Claus Online Slot
▪️ 05:51 – Dream Hotel Las Vegas
▪️ 06:53 – End Tag
Illegal Online Gambling in America:
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Gambling word this week comes from the American Gaming Association, who has new data on illegal online gambling in this country. And even with the expansion of online gambling across the country, Americans are still betting at these offshore illegal online gambling websites. So much so, that the AGA estimates over $330 billion a year is going offshore to these online casinos, online poker, and online slots sites sites, costing billions in tax revenue.
Of course, it’s non just the illegal online gambling that’s costing the states so much money. There are also unregulated gaming machines and even the neighborhood sports betting bookies. Estimates are this whole of the activity costs the legal gaming industry $44.2 billion in annual revenue, or nearly half of the $92 billion in combined commercial and tribal revenue in 2021.
AGA President and CEO Bill Miller added to the online gambling word headlines, stating that illegal online gambling and unregulated gambling is a scourge on our society, taking advantage of vulnerable consumers, skirting regulatory obligations and robbing communities of critical tax revenue for infrastructure, education and to a greater extent than.
Illegal online gambling accounts for an estimated $337.9 billion with illegal gambling websites, with a loss of $3.9 billion in state tax revenue. With $13.5 billion in estimated revenue, the illegal iGaming market in the U.S. is nearly three times the size of the legal U.S. iGaming market, estimated to be $5 billion in 2022. With iGaming only legal in six states, nearly half of all Americans have played online slots or table games in the yesteryear year have played with illegal online gambling, whether online casinos, online poker, or online slots.
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