Study Shows Online Gambling Could Generate Millions in Tax Revenue

A study released by the University of Nevada, Reno shows that legalizing and regulating online gambling could generate millions of dollars in new tax revenue for states.

The study, conducted by the University’s Center for Gaming Research, found that legalizing and regulating online poker, blackjack, and other casino games could bring in as much as $3.8 billion in new tax revenue for states over a 10-year period.

The study also found that while there would be some costs associated with regulating online gambling, these would be more than offset by the new tax revenue. In addition, the study found that online gambling would be attractive to a large number of Americans, with as many as 21 million adults participating in at least one form of online gambling each year.

The findings of the University of Nevada study come as several states are considering legalizing online gambling. In New Jersey, for example, a bill to legalize and regulate online gambling is currently pending before the state legislature.

If passed, the New Jersey bill would allow licensed casinos and racetracks in the state to offer online poker and other casino games to residents of New Jersey. The bill is expected to generate significant new tax revenue for the state, with estimates putting potential tax revenues at around $100 million per year.

With states desperate for new sources of tax revenue, it seems likely that more states will legalize online gambling in the years ahead. This will provide a boost to the already booming online gambling industry, which is expected to grow from $6.7 billion in 2013 to $21.5 billion by 2018 according to market research firm H2 Gambling Capital.

Online Gambling Accounts for Largest Share of Global Gaming Market

A recent study by market research firm Juniper has found that online gambling accounts for the largest share of the global gaming market. According to the report, online gambling is expected to grow at a compound annual growth rate (CAGR) of 10.5 percent between 2016 and 2021, reaching a total value of $81.7 billion.

This growth is being driven by a number of factors, including the increasing popularity of smartphones and other mobile devices, which allow players to gamble on the go; the growth of social media and online content sharing platforms, which have helped to popularize gambling among younger audiences; and the legalization of online gambling in a growing number of jurisdictions around the world.

The Juniper report also found that casino games are the most popular type of online gambling, accounting for more than half of all global revenue. This is followed by sports betting, poker, and bingo. The regions with the largest online gambling markets are North America, Europe, and Asia Pacific.

Online gambling is facing some challenges, however, including increasing regulation and scrutiny from authorities, as well as growing competition from illegal operators. Nonetheless, Juniper forecasts that the global online gambling market will continue to grow over the next few years.

Report: Americans Gamble More than $100 Billion Annually on Games of Chance

According to the latest figures from the North American Association of State and Provincial Lotteries (NAASPL), Americans gamble more than $100 billion annually on games of chance. Of that, over $57 billion is wagered on traditional lottery games such as Powerball and Mega Millions, while an additional $43 billion is wagered on casino games, including slots, blackjack, and roulette.

While lotteries have been around for centuries, casinos are a relatively new phenomenon. The first casino opened in Las Vegas in 1931, and the industry has since grown to include over 1,000 establishments across the United States.

Casinos are popular because they offer players the chance to win big payouts. Slot machines, in particular, are notorious for their high jackpots. In 2012, a Megabucks machine in Las Vegas paid out a record $39.7 million to one lucky winner.

However, casinos are also risky ventures. Over the past few years, several large casino chains have filed for bankruptcy protection, including Trump Entertainment Resorts and Caesar’s Entertainment Corporation.

Despite the risks, casinos continue to be popular with Americans. This may be due in part to the fact that gambling is addictive; according to the National Council on Problem Gambling, about 2% of Americans are considered “problem gamblers”.

There is no doubt that gambling is big business in America. With over $100 billion at stake each year, it is likely that this figure will continue to grow in the years ahead.

Online Gambling Revenue to Triple by 2020

The global online gambling market is forecast to triple in value by 2020, according to a new report from Juniper Research. The firm estimates that the market will be worth $81 billion by the end of the decade, up from $27 billion this year.

Juniper attributes the growth to expanding access to mobile devices and rising consumer demand in developing markets such as China and India. In addition, the increasing use of virtual reality (VR) technology in online gambling is also expected to drive growth.

“The increasing use of VR in both gaming and other sectors, such as retail and travel, is creating interest in its potential for use in gambling,” said Lauren Foye, research author at Juniper Research. “This is particularly pertinent as players are looking for more immersive experiences.”

According to the report, the Asia Pacific region will account for the majority of the growth, with revenues rising from $11 billion this year to $38 billion by 2020. North America will be the second-largest market, with revenue growth from $6 billion to $24 billion over the same period.

Gambling Industry Expected to be Worth Over $60 Billion by 2019

The gambling industry is expected to be worth more than $60 billion by 2019, according to a report by Technavio. This growth can be attributed to the increasing popularity of online gambling and the growing number of millennials who are gambling.

Online gambling is expected to grow at a CAGR of over 10% during the forecast period. The increasing penetration of smartphones and the availability of high-speed internet are contributing to the growth of online gambling. Moreover, the legalization of online gambling in many countries is also aiding the growth of the market.

The millennial population is also driving the growth of the global gambling market. Millennials are more comfortable with new technologies and they prefer to gamble online rather than visit traditional casinos. In addition, millennials have higher disposable incomes and are more prone to taking risks, which makes them ideal targets for gambling operators.

The global gambling market is segmented into five categories: casino games, betting, poker, bingo, and lotteries. Casino games accounted for the majority of the revenue in 2016 and this segment is expected to grow at a CAGR of over 11% during the forecast period. Betting is the second largest segment and it is projected to grow at a CAGR of over 9% from 2017 to 2021.

The global gambling market is dominated by North America, which accounted for more than 41% of the revenue in 2016. This region is expected to grow at a CAGR of over 10% during the forecast period. The Asia Pacific region is expected to be the fastest-growing region with a CAGR of over 12%. This growth can be attributed to the increasing number of gamers in China and India and the growing acceptance of online gambling in these countries.