Gambling market in Las Vegas continues to boom

There is currently boundless optimism in the gambling metropolis of Las Vegas. The gambling market is booming and casinos are enjoying record-breaking turnover. Gambling is also becoming increasingly accepted by the population. But could the booming gambling market also be a warning sign?

Just a fortnight ago, we at GambleJoe reported that one in two adults in the USA will have visited a casino by 2023. At least that was the result of an analysis by the American Gaming Association (AGA). As a result, more and more people are accepting gambling activities and the dingy image is obviously disappearing more and more.

The majority of the US population accepts gambling

Nine out of ten adults in the United States currently accept gambling. This high level of acceptance has been a particular revenue driver for land-based casinos. As a result, the commercial gaming market was recently able to generate an 8.9 % increase in turnover, totalling over 17.5 billion dollars in the last quarter. In August, we at GambleJoe reported that two million-dollar jackpots were won in Las Vegas within just a few days.

At Caesars Entertainment, the increase in turnover in the digital segment was particularly impressive. In the half-year results, turnover in this segment rose by 27.8% to 276 million dollars. By comparison, Caesars Entertainment's total revenue fell by 0.1% in the same period. It is therefore easy to see how important the digital segment has become for gaming companies.

Other ‘big players’ in the US gaming market include MGM Resorts International, Cherry Gold Casino, 888Holdings and Flutter Entertainment. Last autumn, we reported on a study according to which the gambling industry in the USA creates a total of 1.8 million jobs. Accordingly, the gambling industry makes a significant contribution to the US economy.

Legalisation of sports betting an additional revenue driver

Sports betting has been legalised in more and more US states in recent years. As sports betting is naturally included in the gambling sector, legalisation has had a huge impact on the industry's overall turnover. Last year, the sports betting sector alone generated a total turnover of 120 billion dollars. Of this, 11 billion dollars were the profits of the bookies alone.

This year, it is expected that 35 billion dollars in betting turnover will be generated during the current NFL season alone. Just in time for the start of the new NFL season, US bookies have advertised special deals.

How dangerous is the flourishing gambling market for the US population?

In the USA, it is currently estimated that around 2% of the population is addicted to gambling. Considering the population of around 335 million, this means that around 6.7 million US citizens currently have a gambling problem.

In principle, a booming gambling market naturally harbours the risk that the number of gambling addicts will increase significantly. In the current case, however, the positive sales trend in the industry can be explained primarily by the legalisation of sports betting in many US states.

For this reason, the main focus of those responsible should now be on protecting players from the dangers of sports betting. Live betting in particular harbours a high potential for addiction and many US citizens have had little contact with betting as it was still illegal in the past.

Image source: https://pixabay.com/de/photos/nevada-las-vegas-las-vegas-zeichen-932708/