Study by Analysis Group Evaluates Economic Benefits of Introducing Legal iGaming in five states
Monday 15 de April 2024 / 12:00
⏱ 2 min read
(Boston).- Economic experts at Analysis Group, one of the largest international economics consulting firms, authored a study evaluating the potential impact of online and mobile gambling (iGaming) if legalized in five states. The study finds that iGaming is treated as complementary to in-person (or land-based) casino gaming by consumers and has the potential to generate revenues of $18 billion for New York, $9.2 billion for Illinois, $3.9 billion for Louisiana, $5.5 billion for Maryland, and $5.4 billion for Virginia between 2025 and 2029, while modestly increasing casino-based revenues. State tax revenues are likewise modeled to increase.
The study authors, Analysis Group Vice Presidents Mickey Ferri and Laura O'Laughlin, based their projections on the economic impact of iGaming in six states where it is already legal – New Jersey, Delaware, Pennsylvania, West Virginia, Michigan, and Connecticut – as well as sports betting data and a consumer behavior analysis to understand how iGaming is currently used in relation to casino gaming. The authors examined the degree of overall market expansion in the iGaming states, including state-specific market characteristics, impacts on casino revenues, and tax implications.
Prior to the legalization of iGaming in the six states studied, casino revenues had been stagnant or in decline. However, with the legalization of iGaming, total market revenues increased by 46% (see Figure 1), and the growth rate of land-based casino revenues increased by an average of 1.9 percentage points per year. Based on the consumer behavior analysis, this rise may be attributed to iGaming's ease of use, portability, integration with other forms of gaming such as sports betting, and ability to provide consumers with an alternative to offshore or illegal gaming.
In fact, more survey respondents reported having increased their land-based casino visitation frequency than reported having decreased it, indicating that iGaming is associated with increased demand for land-based gaming options (see Figure 2).
An analysis of current iGaming states showed a significant correlation between iGaming and sports betting revenue trends due to the parallel nature of consumer adoption and overall revenue impacts. Therefore, available data on sports betting revenue in projection states provides a real-world anchor for modeling prospective iGaming performance in each state (see Figure 3).
The study, The Potential Economic Impact of Legalizing iGaming on Casino Revenues in Five States, was funded by the Sports Betting Alliance. The analysis and conclusions contained in the study reflect the independent judgment of the authors alone.
Visit AnalysisGroup.com to learn more about Analysis Group's capabilities.
Categoría:Analysis
Tags: Sin tags
País: United States
Región: North America
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