iGaming Revenues Dwarf All Other Forms of Online Gambling; What Does 2022 Hold?
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For the first nine months of 2021, iGaming enjoyed the greatest jump in gross gaming revenue compared to the same three quarters in pre-COVID 19 pandemic 2019.
iGaming revenue from January to September 2021 increased by 644%. Sports betting (retail and online) increased 350%, retail slots 9.8%, table games minus-1.2%, and the gaming industry overall 19. 8%. Only five states, New Jersey, Pennsylvania, Michigan, West Virginia and Delaware have iGaming, and a sixth, Connecticut, launched in September. Sports gambling (Retail & Online) had $3.16 billion in GGR, while i gaming had $2.98 billion.
iGaming is a big source of tax revenue for states. In September in New Jersey, iGaming brought $18.5 million more in taxes than Atlantic City casinos. Sports betting brought a little more than $10 million in September. Michigan has also done well with i gaming since January.
iGaming revenues dwarf all other forms of online gambling.
iGaming is lucrative, both in terms of revenue for operators and in taxes paid to governments. It's harder to get legalized than other forms of gambling.
There are several states ready to launch some type of sports gambling in 2022. An iGaming bill was introduced in Indiana in 2021 but it didn't gain significant traction. In Iowa, the Iowa Gaming Association doesn't expect a serious conversation on the topic in the state legislature in that year. There are serious headwinds for i gaming from several directions.
The industry has to present a comprehensive and effective game plan to deal with problem gambling. Foxwoods Casino in Connecticut has succeeded in persuading policymakers in that state regarding iGaming. iGambling is perceived as a more potentially insidious form of gambling than sports betting.
