Online Gambling Industry Revenue

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In countries where gambling is legal, government revenue from the gambling industry has been rising rapidly. Ever since the advent of the Internet, the gambling industry has grown significantly.

In the UK, for example, between 2009 and 2010, four percent of adults had placed at least one bet online. Today, that percentage is nearing 8%.

Annual Revenue Of Online Gambling Industry

The gambling industry, since its inception, has found new ways to take advantage of new tech developments. The industry is evolving rapidly. Websites that feature, for example, information on best betting apps, have to update their data much more frequently today than before.

Gambling is the act or practice of playing games of chance for a stake. In the vast majority of cases, the stake is money. However, it could be any possession, including the ‘shirt on his back’ if the gambler has run out of money.

Industry

Nevada revenue from gambling industry

New Jersey issued closing orders for its brick-and-mortar casinos on March 16, for example, and while revenues for its casinos fell 61.7 percent that month compared to March 2019, its online.

Online Gambling Industry Revenue Companies

Nevada is a western US state with a population of nearly three million. Its most famous city, Las Vegas, is home to many 24-hour casinos. The Nevada Gaming Commission says that in the Las Vegas strip area alone, there are 45 casinos.

  1. The online gambling industry is projected to grow at a CAGR of 8.77%, during the forecast period 2019 - 2024. This report includes the impact of COVID-19 on online gambling industry.
  2. Gaming Casino Statistics: Data: Total number of commercial casinos in the U.S. 462: Number of states that do not allow gambling: 2: Number of states that allow all types of gambling: 3: Number of jobs provided by commercial casinos: 354,000: Annual state tax revenue generated by commercial casinos: $5,200,000,000.
  3. As the chart below shows, the increases in gaming revenue has been huge, month to month, since March. In March of this year, gaming, over March of 2019, is up 34% in spending.
  4. The revenue generated from online gambling represents (based on my research) the second largest new tax revenue stream in the state since the industry launched in late 2013. So, while it may not be the billion-dollar industry the governor had hoped for, it’s still outpacing all but the recently enacted 23 cent gas tax, which is slated to.

In 2017, Nevada casinos generated $26.2 billion (€23.05bn, £20.06bn) in gambling revenue. This represented a 3% increase compared to 2016.

The total was a new record and meant that gambling tax receipts were once again higher than they had been before the 2007/8 Global Financial Crisis.

UK Government revenue from gambling industry

In the UK, the gambling industry is huge. In 2017, government revenue, i.e., tax, from the gambling industry, reached £13.8 billion.

Ten years ago, gambling laws in the UK were liberalized. Since then, tax revenue from gambling has risen by 65%.

Online

The Gambling Act 2005 came into force in 2007. It allowed TV advertising for sports betting, poker, and online casinos. In other words, it meant that betting firms had direct access into our homes.

Government income from online betting, rose from £817 million in 2009 to £4.5 billion in 2017, says The Guardian. Today, online betting represents more than one-third of the UK’s gambling industry.

Ireland to double gambling tax

Online Gambling Industry Revenue Commission

Gambling tax in Ireland is set to double from one to two percent for both online and retail bets. Duties that the government levies on gambling exchanges will also rise, from 15% to 25% – this is when betting shops (bookmakers) match wagers between customers.

Online Gambling Industry Revenues

The Irish gambling industry warns that the new taxes will ‘kill the industry.’ The Telegraph quotes Paddy Power Betfair which said the new taxes would increase its betting duty bill by £20 million.