It’s possible that more than a handful of lawmakers are now wishing they had listened to common sense and not certain backers when developing legislation for online and mobile sports gambling. COVID-19 has proven that iGaming and mobile gambling options are able to provide a much-needed source of revenue for state and local governments, where the activity is authorized, while the retail gambling market continues to drop. Based on recent analysis by H2 Gambling Capital, particularly in the US, legalizing mobile gambling alternatives has proven to be a lifesaver for government budgets.
During the recently-held Sports Betting USA Conference, H2 Director David Henwood shared some insights into how mobile wagers are helping to shore up an otherwise unstable industry. Overall, global gambling revenue has dropped by 26% this year, with retail gambling taking a 39% hit. To put this into perspective, these figures represent the levels, in terms of gross gambling revenue (GGR), that were seen a decade ago.
However, online gambling and iGaming only suffered a decline of 7% during the same time, and will account for 20% of all gambling activity by year’s end. Henwood explains, “The good news is we believe [the gambling industry] will bounce back, primarily because of the phenomenal rise in the percentage share of online, which in the space of a few months has jumped from 13% of all gambling revenues [pre-COVID] to 19% – possibly reaching 20% by the end of the year.” This is putting iGaming GGR on track to reach $1.4 billion, according to H2’s analysis.
Continue reading here.
