..

Trade Group Report: Gambling Economy Hit Hard by Coronavirus

Written by:
Associated Press
Published on:
Aug/14/2020

LAS VEGAS (AP) — The coronavirus and efforts to fight it have hit U.S. casinos and legal gambling businesses hard, leading to a nearly 79% drop in commercial gambling revenue for the second quarter of 2020, the industry’s trade association reported Thursday.

“COVID-19 has undoubtedly posed the most difficult economic challenge the gaming industry has ever faced,” American Gaming Association President and CEO Bill Miller said with the release of a quarterly report showing severe damage to the $261 billion U.S. casino industry.

Slot machines and table games revenue flattened, the report said, after casinos around the U.S. closed in March to prevent people from gathering and spreading the contagious virus.


*6 weeks free trial - test drive - best in the biz
*Deposit with Bitcoin - They'll double it!
*Get your own domain, customized website, logo
*Switch in under an hour, earn mrore $$ for doing so
*Odds featured on DonBest.com
*Thousands of betting options daily + live in-play
*Easy and discreet payment options include gift cards
*Walmart gift cards also accepted
Start Earning Money From Your Sheet Here

But the association in June reported that 2019 had been a record year for revenue in the U.S commercial gambling industry, and Miller said he was optimistic the industry will recover.

“While April and May both experienced year-over-year (revenue) declines north of 90%, June saw nearly 300 commercial casinos reopen,” he said in a statement.

“More than 85% of U.S. casinos are now open,” Miller added, noting the implementation of “stringent, regulator-approved health and safety plans.”

Only sports betting and iGaming showed growth in the first half of 2020 compared with 2019, according to the report.

Sports betting gains — despite widespread cancellation of live sporting events — came from a strong start to the year and increased options for legal play in more states, the association said.

iGaming — although legal and live in just five states — generated more revenue than sports betting in the second quarter. The Las Vegas Review-Journal reported that was a first since the Professional and Amateur Sports Protection Act was overturned in 2018 and all states were allowed to offer sports betting. Online poker is the only iGaming option legal in Nevada.

“Gaming’s record popularity prior to COVID-19, as well our resilience in the midst of such adversity, is evidence of the industry’s foundation for continued success as we emerge from the pandemic,” Miller said in the association statement.

Gambling News

Fixing The Wire Act: Virtual Conference Scheduled October 7

Fixing The Wire Act: Virtual Conference Scheduled October 7

Simply put, the Unlawful Internet Gambling Enforcement Act (UIGEA) is an unfunded mandate requiring banks to prevent certain types of money transfers from being used for the purpose of online gambling in the USA.

5Dimes Agrees to Forfeit Over $46.8 Million to Resolve Criminal Probe

5Dimes Agrees to Forfeit Over $46.8 Million to Resolve Criminal Probe

United States Attorney William M. McSwain announced that the internet sports betting company, 5D Holdings Ltd. (operating under the unincorporated brand name, “5Dimes”) and Laura Varela, have agreed to forfeit more than $46.8 million in gambling proceeds as part of a settlement agreement in a criminal investigation into 5Dimes’ sports betting operation based in Costa Rica that allowed American gamblers to place bets, primarily through its website www.5Dimes.eu, in violation of U.S. law. Beginning in at least 2011, 5Dimes accepted wagers from and made payouts to U.S. bettors, and transferred more than $46.8 million in proceeds earned from its illegal gambling activities in such a manner as to attempt to hide the nature, location, source, and control of the funds.

Caesars Threatens Termination in Bid to Acquire William Hill

Caesars Threatens Termination in Bid to Acquire William Hill

Caesars Entertainment on Monday raised the stakes in a bidding war over William Hill. It has entered into advanced negotiations concerning the potential $3.7 billion takeover.

Best Betting Site Features

Best Betting Site Features

The number of different ways to wager on a sports event has changed drastically throughout the past few years. During this period, the internet has taken sports betting to another level, making it insanely popular worldwide.

Books Have Modest Day With Limited One-Sided Action

Books Have Modest Day With Limited One-Sided Action

The liabilities for Week 3 NFL were relatively low all things considered, but Monday Night Football has the potential to be a classic with KC seeing heavy early action.

Syndicate