Category Archives: Online Casino

Connecticut Governor Ned Lamont signed the House Bill 6451 into law on Friday, May 28, making CT the sixth US state to legalize online casinos and the seventh to have regulated online poker. The bill should take effect on July 1, 2021.

The Governors signature was the final step in the process after the bill had successfully passed the Senate vote on May 26. The House of Representatives sent the bill to the state Senate after passing it with a 122-21 margin.

The final signature was a mere formality as Gov. Lamont had already stated his intention to immediately sign the bill if it were to receive the necessary support from the Senate.

Following the passage of the bill, the Governors Office issued a public statement, announcing a new era of gaming in Connecticut.

By signing this bill into law, Connecticut is now on the cusp of providing a modern, technologically advanced gaming experience that will be competitive with our neighboring states and positions us for success into the future, Governor Lamont said.

Today, we celebrate the result of months of hard work and dedication toward an agreement that is best for the residents of Connecticut and the respective tribal members.

The state of Connecticut has been toying with the idea of regulated online gambling for a long time now. It was back in 2011 that Dannel P. Malloy, the state Governor at the time, expressed his opinion that CT legislators should look into regulating online gambling.

The bill received an overwhelming support both in the House and in the Senate, where it was passed by a 28-6 margin. Three Republicans and three Democrats stood together against the CT gambling bill, expressing their concerns about dangers of excessive gambling that could ensue.

On the flip side, the new bill stands to generate $30 million in the next fiscal year, with the potential to bring in $83 million per year by 2026. Online gambling will be taxed at 18% on gross revenues for the first five years, followed by the 20% taxation rate for the remaining five.

Although the bill has been signed, there are still certain wrinkles that need to be ironed out before residents of Connecticut are able to play poker and casino games online.

The bill only allows the Mashantucket Pequot and Mohegan tribes to offer online casino and poker games. However, before this can happen, the compact between the state and the two tribes needs to be changed, and these changes must be confirmed by the US Department of Interior (DOI).

Tribes will only be allowed to have one online operator offering games outside of tribal lands, which means that, as things stand right now, there is room for just two poker sites in CT to kick things off.

The Connecticut Lottery Corporation (CTC) will also benefit from the new iGaming bill, as it will be allowed to offer select online games. However, that language certainly does not cover online poker.

With the population of 3.6 million, Connecticut does not represent a huge market, so major US operators like PokerStars USA, WSOP USA, and BetMGM USA will probably not be overly concerned if they are not able to get their foot in the door early on.

At the same time, the CT online gambling bill does not contain language that would prohibit multi-state agreements. This means that the state will likely seek to enter existing or create new interstate agreements in the near future, which would significantly improve its position in the regulated US market.

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Connecticut Governor Signs Online Poker, Casino and Sports Bill into Law - Pokerfuse

June 02, 2021Chad Holloway

Last week, Connecticut legalized online gaming, including both casino games and poker. After Governor Ned Lamont (D) signed House Bill 6451, The Constitution State became the seventh state to legalize online casino games and seventh to regulate online poker.

The legislation, which amends the Class III gaming compacts, also legalized both online and in-person sports betting and keno, online lottery draw games, and various fantasy contests. The states two tribes, Mohegan Tribe and Mashantucket Pequot Tribe who operate Mohegan Sun and Foxwoods respectively, will be allowed to offer all forms of online gaming, while the Connecticut Lottery Corporation (CLC) is limited to sports betting and online lottery draw games.

By signing this bill into law, Connecticut is now on the cusp of providing a modern, technologically advanced gaming experience that will be competitive with our neighboring states and positions us for success into the future, Governor Lamont said in a press release.

Now that the bill, which passed the state legislature in late May and the Senate last week, has been signed into law, the Lamont administration and the tribes will seek approval from the Bureau of Indian Affairs at the U.S. Department of Interior to amend the states compact with the tribes. The federal agency must approve the changes to the compact before online gaming and sports wagering can begin in the state.

He continued: I am confident that the federal government will see fit to approve these amendments to our compact, and in the coming months we can launch a modernized, 21st-century gaming experience in Connecticut.

As part of the deal, the states general fund will receive monthly payments of 13.75%-20% of gross revenues from both tribes as well as the CLC. They also receive a yearly payment of $500,000 from each tribe and $1 million from the lottery, funds that will help problem gambling programs.

Mohegan Tribal Council Chairman James Gessner Jr. said: The Mohegan Tribe is thankful to Governor Ned Lamont and our partners in the General Assembly for their cooperative efforts to legalize online gaming and sports wagering, efforts that will keep Connecticut competitive with surrounding states when it comes to gaming entertainment. This is a major accomplishment, reached with overwhelming bipartisan support. The advantages of these changes will be felt statewide, to the benefit of Connecticut residents and our tribal members, at a time when our governments are collectively working to recover from the pandemic and provide vital services.

Mashantucket Pequot Tribal Chairman Rodney Butler added: Gaming is more than a business to our tribe, it is the way we fund our government, pay for our childrens education, care for our elders, and provide healthcare to our members. The agreement not only ushers in a new modern era of gaming, but it solidifies our tribal/state partnership for years to come.

With a population of 3.6 million, Connecticut sits ahead of other online poker-friendly states such as Delaware, West Virginia, and Nevada, but is considerably smaller than Pennsylvania, New Jersey, and Michigan.

Theres no word on what the tribes will do, but partnering with the likes of PokerStars, partypoker US, or possibly Caesars Interactive seems like a real possibility. Likewise, while its not spelled out in the bill, itd make sense for Connecticut to join an interstate compact to enjoy the benefits of shared liquidity.

However, before any of that happens, the state and tribes have to have their compacts approved by the federal government, which will have 45 days to act once edited compacts are signed and submitted. Like several states before it that passed online gaming legislation, expect it to take a bit of time (i.e. a year or so) before games are actually up and running.

For more on online gaming coming to Connecticut, check out this news report from NBC Connecticut:

Images courtesy of Gov. Ned Lamont.

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Last week, Connecticut @GovNedLamont legalized online gaming, including both casino games and poker.

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Connecticut Legalizes Online Gaming; Becomes 7th State to Pass Online Poker - PokerNews.com

The Constitution State has finally enabled online gaming fans to enjoy their favorite games on the web.

Connecticut has become the seventh state to legalize online poker and the sixth to regulate online casinos after Governor Ned Lamont put his signature on House Bill 6451. This bill also regulates sports betting in Connecticut, and it is expected to be put forward from July 1, 2021.

Connecticut legislators have been developing a plan that would help them regulate online gambling for quite some time. After the bill got approved by the Senate and the House of Representatives, the Governor gladly signed it and marked the start of a new gambling era for Connecticut.

In a public statement issued after the bill was passed, the Governor expressed his personal opinion on the matter:

By signing this bill into law, Connecticut is now on the cusp of providing a modern, technologically advanced gaming experience that will be competitive with our neighboring states and positions us for success into the future. Today, we celebrate the result of months of hard work and dedication toward an agreement that is best for the residents of Connecticut and the respective tribal members.

Apart from putting a stop to offshore gambling activities, Connecticut will also profit in terms of finance. Namely, the bill is expected to bring $30 million during the next fiscal year, while the annual profit is predicted to reach $83 million by 2026.

When it comes to taxes, during the first five years upon signing the bill, the state will impose an 18% tax on gross revenues. However, over the following five years, the tax will be 20%.

The bill specifies a certain way in which online gambling will be allowed to take place in Connecticut. Right now, only land-based establishments owned by the Mohegan and Mashantucket Pequot tribes have the right to offer online poker and casino games. Unfortunately, this means that there wont be enough space in Connecticut for all the big names like PokerStars, WSOP, and others.

Each of these tribes will be allowed to have one online operator in charge of offering gambling activities in Connecticut, which is a total of two websites on the state level. Also, the Connecticut Lottery Corporation (CTC) will have the right to offer certain online games. Nevertheless, before any further steps can be made, the current deal between the tribes and the state must be altered and approved by the US Department of Interior (DOI).

Finally, the new iGaming bill contains nothing that would prevent Connecticut from taking part in interstate agreements. In other words, we can expect such moves in the future, as they would place Connecticut on top of the list of pro-gambling states.

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Connecticut Welcomes Online Poker, Casinos, and Sports Betting - Beat The Fish

Our new exclusive market research report entitled Global Online Gambling Game Software Market 2021 by Company, Regions, Type and Application, Forecast to 2026 published by MarketsandResearch.biz exhibits the important aspects that are estimated to shape the growth of the market over the forecast period. The market status and current scenario in terms of the indicators and key statistics have been presented by the report. The global Online Gambling Game Software market research report provides market size, market share, growth rate, revenue, and CAGR reported previously along with its forecast estimation. The report conveys pin point investigation of key market segments, market share, specific geographical regions, key market players, and trends in the market.

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The research throws light on information on competitors strategic alliances and strategies in the target market. This analysis gives a good picture of the industrys current condition. It provides businesses, investors, consumers, manufacturers, service providers, and distributors with valuable tools for evaluating the global Online Gambling Game Software market. The market is analyzed with respect to individual growth trends, prospects, and their contribution to the total market.

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Global Online Gambling Game Software Market 2021 Current Scope, Comprehensive Insights, Growth and Forecast 2026 The Courier - The Courier

The gambling industry witnessed some drastic changes throughout the years. In the past, people had to travel to the nearest land-based gambling establishment to play their favourite casino games. The advent of technology was and still is the driving force that helped the gambling industry evolve. In the mid-1990s, the Internet exploded in popularity, leading to the exponential growth of the online gambling industry.

In the beginning, players could choose from a limited number of gambling sites. But running a web-based casino turned out to be a very prosperous business. Hence, a growing number of people decided to dip their toes into the market and start up a virtual casino. Presently, the gambling industry is oversaturated with online casinos and new ones spring up every day. To stand out from competitors, online casino operators offer mouth-watering bonuses.

Keeping their fingers on the pulse of the latest technology trends is also important for successful casino operators. Now, it seems that virtual reality (VR) is making waves in the online gambling industry. Even though this technology is relatively new, it found its place in different walks of life for training purposes. The gambling industry also managed to successfully implement virtual reality, attempting to lure in new players.

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Perhaps, many people associate virtual reality with sci-fi movies and gamers wearing huge goggles. If we have to define the term virtual reality, we would say that it is a three-dimensional artificial environment that replicates a realistic experience and shuts out the real world. Virtual reality would not be possible without special equipment that includes a headset. The price of the headset usually determines its quality.

Oculus Rift is a high-end VR headset, but it is not cheap. It will cost you approximately 400 for a basic pair without extras. But if you are a casino player, you will certainly need a headset to play VR games. Other high-quality VR headsets include Samsung Gear VR, Google Cardboard, Google Daydream View, and HTC Vive VR. The companies at the forefront of VR development are Samsung, Google, Facebook, TCL, and HTC.

It is interesting to examine how exactly VR works to immerse people into an entirely different world while sitting on the couch in their living rooms. The different types of headsets are not that different in terms of their size and shape. However, the way they project the images varies greatly between the different headset models. In a nutshell, VR headsets are mounted displays. Headsets need to be connected to a console or computer to transmit video.

VR headsets are often referred to as goggles due to their technology that uses two LCDs (one per eye), pixels, and lenses placed between the eyes. The lenses change the angle from which 2D images are projected to replicate the way our eyes see the world. VR headsets come with an important feature called the field of view. Headsets with a wider degree of field provide a more immersive experience.

At least 60 frames per second are required to avoid disorientation and headache. Headsets most distinctive features are head tracking and motion tracking. Thanks to them, the picture in front of your eyes moves as you move your head.

A few gambling sites have already embraced virtual reality technology. Although the choice is very limited, the virtual casinos that offer VR gaming options are licensed and reputable. However, industry insiders believe that it will not take long until more VR online casinos appear on the gambling scene. A growing number of people buy VR headsets and accessories, meaning that such casinos will certainly appeal to a horde of people. The global VR gambling industry is set to grow from $0.4 billion in 2017 to $2.4 billion by 2024.

Virtual casinos are expected to attract the attention of gamers and people above 30 years old. Interestingly, VR casinos offer more than 3D animations. They provide players with a lifelike casino experience by welcoming them to the casino floor. VR casinos allow players to interact with each other thanks to a live chat feature. Some online bookmakers are also eyeing the opportunity to implement VR to offer a one-of-a-kind betting experience.

Virtual reality casinos have to employ a new gaming platform compatible with VR technology. Casino operators can develop a VR environment by employing 360 video technology. In a nutshell, it allows players to be a part of the game and move around in it. Unfortunately, the technology is still in its infancy but we expect that it will soon be widely available.

Many people believe that augmented reality and virtual reality are two terms denoting the same thing. However, these are different notions. Augmented reality overlays virtual images to your view of the real world. In addition, augmented reality does not require the use of special equipment. The most avid example of a game that is based on virtual reality is Pokmon Go. Virtual reality, on the other hand, aims at immersing people in an artificial experience by completely excluding the real world.

Apart from the multiple advantages VR casinos offer, we have to mention that avid casino fans are likely to spend more time and money on gambling. This might affect vulnerable players and youngsters, posing more risk of problem gambling.

The web-based casino SlotsMillion will always remain in history as the worlds first virtual reality gambling site. It was launched in 2014 by Alea Gaming Group. In 2021, the interactive casino changed its owner and now it operates under the umbrella of the Maltese-based company SLTM Ltd. The gambling site carries a stamp of approval from the Malta Gaming Authority and the UK Gambling Commission.

Its gaming portfolio is courtesy of reputable software companies from the likes of Playn GO, NetEnt, Playtech, Microgaming, Quickspin, Pragmatic Play, Yggdrasil, Wazdan, and others. SlotsMillion is home to over 3,000 slots and table games compatible with different portable devices. It is crucial to mention that not all games are available in virtual reality.

To play the games in virtual reality, casino fans need to download SlotsMillion virtual casino application. If you have Oculus Rift goggles, you will enter an entirely new casino world. However, casino enthusiasts who do not have the headset can see the virtual casino in 3D on their PCs. The application automatically recognises whether the goggles are plugged in or not.

To add extra excitement to the overall experience, you can see other players wandering around the casino, but none of them will be able to see your game screen. Casino devotees can play VR games in demo mode.

As we already hinted above, VR is in its early stages. Hence, it is not a bolt from the blue that the available VR casino games are not a lot. However, casino enthusiasts are treated to some nail-biting slots and table games. The tech-savvy software company NetEnt was the first to introduce a VR slot Gonzos Quest VR.

Other emblematic VR slots are Jack and the Beanstalk, Miss Midas, Thunderstruck II, Twin Spin, Starburst, and several more. If you have never played VR games, we would like to advise our readers to first try the games in demo mode as these are different from all other casino games you have ever played.

To play VR games, casino aficionados need to have a VR headset. In addition, the PC or laptop should meet certain technical requirements that depend on the type of goggles you intend to use. In 2020, Oculus Rift officially announced that it will stop supporting Windows 7 and 8.1. At the moment, Oculus Rift requires Windows 10. Check the table below to learn more about the technical specs your PC should have to support VR casino games with an Oculus Rift headset.

Virtual reality is a growing trend that took the online gambling world by storm. Even though the technology is far from mature, virtual reality already attracted the attention of thousands of casino fans. Industry insiders believe that virtual reality is to drive the online gambling industry to a whole new level. It allows better interaction between players and a fully immersive virtual reality. What is more, it will keep slot fans on the edge of their seats as the VR technology will be able to provide them with an authentic feel.

A large number of web-based casinos are expected to embrace virtual reality to lure in new signees and retain their existing patrons. Software companies will release a lot more virtual reality casino games to please the needs of all kinds of players. Of course, technology will keep on developing to push the boundaries of the industry even further. We believe that the price of VR headsets will drop soon as the technology will become more mainstream.

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Virtual Reality - The Future of Online Casino Gambling - Casino Guardian

MARK PAZNIOKAS :: CTMIRROR.ORG

Sen. Cathy Osten, whose district is home to two casinos, outlines the expansion bill. Debate was relatively brief. At right, Senate Majority Leader Bob Duff speaks to staff.

A bill legalizing sports betting and online casino games and lottery sales in Connecticut won final passage late Tuesday night on a 28-6 vote in the Senate, an effort to boost state revenues and help casino employment rebound in the states struggling southeastern corner.

Passage came after a relatively brief debate, an anticlimactic ending to a multi-year push to expand the customer base of Foxwoods Resort and Mohegan Sun, two tribal casinos squeezed by competition in New York, Rhode Island and Massachusetts and a temporary closure forced by COVID-19.

This has been a long and strange trip to get to this point, said Senate Majority Leader Bob Duff, D-Norwalk.

Gov. Ned Lamont has promised to sign the bill and immediately seek federal approval of necessary amendments to the states gambling compacts with its two federally recognized tribes and casino owners, the Mashantucket Pequot and Mohegan tribal nations.

His administration broke a deadlock with the tribes, who have exclusive rights to casino gambling, and negotiated a framework for the first significant expansion of gambling since the casinos opened in the 1990s. For better or worse, the legalization will be central to Lamonts legacy and, most likely, a re-election campaign next year.

This is about so much more than gaming and gambling, said Sen. Cathy Osten, D-Sprague, whose district is home to both casinos, which have a combined payroll of about 12,000.

This really is an important economic development bill. Thats what it is, said Senate President Pro Tem Martin M. Looney, D-New Haven. This is worth celebrating to finally reach this point.

Connecticut would be the third New England state after Rhode Island and New Hampshire to legalize sports betting since the U.S. Supreme Court removed federal restrictions in 2018. New York and New Jersey also have sports books.

CT Lottery and both casinos would share the rights to sports betting online. It also would be available at the casinos and up to 15 sports bars or other facilities licensed by the lottery.

The bill puts Connecticut among a half-dozen states with online casino gambling, effectively giving any adult physically in the state the means to gamble 24/7 on a smartphone, tablet or computer.

The state will collect taxes of 18% initially on online casino gambling, increasing to 20% after five years; and 13.75% on sports betting and fantasy sports. It is projected to generate $28 million in the fiscal year beginning July 1 and increase in subsequent years.

The opposition came from lawmakers concerned about problem gambling, plus those angry that the bill suspends for 10 years the authorization granted in 2017 for the tribes to jointly build a casino off I-91 in East Windsor to compete with MGM Springfield. The tribes hadalready shelved the project indefinitely.

We know there are going to be addiction issues, said Sen. Tony Hwang, R-Fairfield, who argued that the state was inviting a significant increase in problem gambling. I hope Im wrong.

The bill bans betting on collegiate sports in Connecticut, but Sen. Kevin Witkos, R-Canton, said the restrictions on referees, coaches and other participants in sports from wagering were insufficient.

I certainly dont want a Pete Rose moment here in Connecticut, Witkos said. But he said he would nonetheless vote for the bill, hoping to add further restrictions in subsequent legislation.

The bill assesses levies on the tribes and lottery for contributions to problem gambling services.

Each of the casino owners will be required to contribute $500,000 annually, and the lottery will increase its contribution by $1 million, to $3.3 million.

The bill also outlines a framework for safeguards, such as periodic reminders of how long a gambler has been online, limits on credit and the ability to self-exclude. The Department of Consumer Protection will retain its current jurisdiction over gambling.

Im heartened by the safeguards, said Sen. Mae Flexer, D-Windham. I wish there was more.

Flexer called the vote one of the toughest, but the economic impact of the casinos and the need to support their potential growth outweighed her fears about problem gambling.

Sen. John Kissel, R-Enfield, said he was skeptical about the adequacy of the safeguards or Connecticuts understanding of what lies ahead as gambling goes online.

I think the dangers are rife here, said Kissel, who voted no. We need to take careful analysis of the states that have gone down this road.

Opposed were three Democrats and three Republicans. The Democrats: Saud Anwar of South Windsor, Derek Slap of West Hartford and Patricia Billie Miller of Stamford. The Republicans: Hwang, Kissel and Craig Miner of Litchfield.

Missing the vote were Sen. Matt Lesser, D-Middletown, who was at the Capitol earlier Tuesday evening, and Sen. Dennis Bradley, D-Bridgeport, who was arrested Tuesday morning on federal charges.

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Sports betting, online gambling win final passage in Connecticut - The CT Mirror

You all believe that online gambling is here big money is present and that all players enjoy it for this purpose only. The truth is much different. In addition, online casinos do affect the working process more than you may believe. Today, we are going to discuss the positive and negative effects of this process and explain all you need to know.

Positive Effects

An online casino may look like a completely different thing than a brick and mortar establishment for this purpose, but they do have a lot of similarities. These affect the working process as well. There are a few cases where we can see these effects and we must add that they are impressive.

Lets also add that these days you can enjoy 5 dollars minimum deposit sites that are just amazing. You can make a small deposit and play all the games you like at these casinos. Many of these sites can be seen atcasinosterson where you can also find a lot of details about each one, which is an interesting fact.

One of the most important things about how online gambling affects the working process is taxes. All of these sites must pay a lot of taxes to the country where they are located at and this is impressive. Just imagine the profit of an online casino paired with the biggest casino win. You can imagine how much money that country will get. If we add big slots as well, you can see that this is one of the most important and the most spectacular, positive effects.

Online casinos also offer new jobs. For instance, a gambler must use payment, customer support, software developers such as Microgaming and so much more. All of these and so much more are controlled and possible thanks to countless people behind the screens. If we add live dealers as well, we can see a huge market for new employees that have been growing for a long period of time.

There are a few more things we would like to mention. Online gambling is more about having fun and enjoying than a huge win. The next thing to know is that this industry has been on the increase for decades and it is expected to reach stunning levels in the future years. Believe it or not, this is one of the fastest-growing industries in the world and it affects all countries and all continents. It is fun, offers countless perks, and is beneficial for the economy. Thats why we were able to see various laws that legalized online gambling in specific countries.

Negative Effects

Nothing is perfect so we can see some negative effects in this case scenario. The biggest one is gambling addiction. It can be developed when using minimum deposit sites, sports betting, or anything else. If that happens, you can see that a person wont be able to work, he will need help and all of that costs money.

Honestly, this is the only issue that we can see and the only positive fact is that free help is present as well and it can be obtained in most countries. Sadly, not all of countries offer this perk.

Dont forget that you can lose money gambling which is a well-known fact. Always gamble with money you can afford to lose and focus your attention on having fun and enjoying, rather than actual winnings.

Gambling is one of the largest industries online and in the world and it has all kinds of effects on the working process, the economy and so much more. Playing at a mobile casino is very appealing and something that billions of people have been using for years. If done correctly, it is 100% safe and something that can help you make a significant profit and have a better life.

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Positive and Negative Effects of Online Casinos on Working Process - The Southern Maryland Chronicle

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Anyone who has ever used these web translation services will have experienced the lower quality involved, and when the players are looking to get the most out of their online casino experience, this is no time for faulty translation.Having these translations performed by the authoring site to ensure the meaning is carried over properly into other languages is a big advantage and even necessary given the players are staking their time and money gambling online and want to receive the proper guidance from the sites they rely on for this.

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SlotsForMoney.com Now Offering Their Casino Expertise in 16 Languages - PRNewswire

Technology has changed the landscape of many industries and the online casino industry is no different. Thanks to recent technological advancements, everything has become very convenient and easy for users around the world.

Not so long ago, smartphones were a rare thing but now almost everyone owns such types of phones. Having a smartphone is not only a sign of status, but it has also plenty of uses for people they can surf the internet, connect with people and enjoy entertaining videos, etc.

The online casino industry has tried to make the best use of this trend by producing games that are appropriate for mobile gaming. Since people carry around their phones everywhere they go, it is most convenient for them to play their favourite games on these gadgets. Not everyone can spare an ample amount of time to open their laptops and computers for having some fun gaming. However, with smartphones, even the most fleeting breaks could provide a good opportunity to play some exciting games.

Thanks to modern technology, there are a lot of different methods that people can now use to conduct their financial transactions. One of these ways that are becoming enormously popular is cashless payments employing third-party services for making transactions.

Online casinos have gone even a step further in this regard, with some of the sites even accepting crypto currencies and Bitcoin for payments. And to get players to use these payment options, they also give lucrative online casino offers to their customers.

Augmented reality and virtual reality are the technological advancements that are taking the whole world by storm. A lot of industries are embracing this technology and they are reaping the rewards. Now e-commerce & retail, fashion, real estate, education and tourism are all recognising the power of this technology.

Online casino gaming isnt behind the other industries, with the application of augmented reality and virtual reality also greatly benefiting them. Using this technology, players can now feel like they are playing in a real-world casino. It provides players with the ultimate gaming experience. With the AR/VR technology, the online casino industry has managed to create a more exciting format to attract new gamers.

Security is one of the biggest challenges in the modern world that is becoming increasingly more dependent on technology. Hacking incidents and data breaches have become more common, and so people want greater security when they are using the services of certain websites.

The good news for gaming enthusiasts is that there are certain authorities who regulate and ensure the security and safety of online casino sites. This way gamers can be certain that the details they share online will not be compromised and they can use the services of the sites without any worries.

Just like other industries are now using artificial intelligence, online casinos are also taking advantage of this technological advancement. One can find chatbots on the online platforms, helping players in understanding various processes and providing great customer service whenever users face problems. While the games also have AI incorporated and this technology comes into play when users play against the machines.

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How the online casino industry was changed by technology - TechRound

It has not been a great month for US sports betting operators.

The leading publicly listed companies have seen their market caps cut almost in half. And a key concern for investors is a shrinking total addressable market (TAM) in the country.

Heres a quick rundown of some negative news in recent weeks:

Those four states account for a third of the US population. All now look like tough perhaps impossible places to make money in the near-term.

BetMGM recently called for a long-term US sports betting TAM of $14 billion. DraftKings called for a mature market TAM of $22 billion.

Yet these projections do not come with specifics about which states will legalize. And it is hard to reach those numbers without the big four states.

Its becoming increasingly clear that the basis for many of the more optimistic TAMs is questionable, said Regulus PartnersanalystPaul Leyland in a recent note. New York and now Florida present far more problems than opportunities for the queue of US digital stakeholders.

It could get worse too. Deutsche Bank warned clients recently that other states might mimic the NY model if it proves to be good for the states tax take.

Similarly, Florida could be a template for California and other tribal states looking to legalize sports betting.

As gaming consultancy Eilers & Krejcik put it in a newsletter:

Past in US sports betting policy (e.g. the New Jersey model) is no longer prologue.

A shrinking TAM is not the only problem for operators. The recent legislative movements highlight another issue facing firms: everyone wants a slice of the pie.

New York wants its 50% cut, the Seminole Tribe wants a 40% cut, and the NFL is getting $120 million a year for its official league data rights. Then sportsbooks must pay market-access fees and fund giant advertising deals with networks like CBS and NBC.

Those costs help explain why regulated sportsbooks are not laying $20,000 a pop on golf matchups like their offshore counterparts.

The market is going to be huge but there are so many people looking for a slice of the same pie, said Gavin Kelleher, a gaming analyst at stockbroker Goodbody. If we look at the market over the next 10 years, I question the sustainability of being in one or a handful of states. Its so hard to compete without pan-national scale.

The importance of scale is not new. But it is only becoming more important as costs rise and opportunities shrink.

For example; a well-capitalized giant can afford to bid 50% of GGR for a license in New York and lose money for five years. But many cant afford to subsidize the future like that.

Similarly with market-access fees: every casino in Michigan (for example) wants to work with FanDuel or DraftKings, and is willing to take a smaller cut of revenue to do so.

It is the same with marketing. DraftKings has said previously it is three times more cost-efficient to advertise nationally than locally. As a result, smaller firms are finding it hard to cut through the marketing firewall put up by the big operators.

This is the case even in theoretically wide-open markets.

Colorado sports betting, for instance, recently reached 20 operators. But only the usual suspects are making an impact.

Eilers noted:

According to our proprietary tracking, the Colorado market remains top-heavy as none of the smaller brands have been able to capture meaningful share.

Over in Michigan, the top four firms had an 84%share of handle in April. The remaining eight operators split 16% among them.

So what next?

Consolidation is perhaps inevitable, especially as share prices dip and it is no longer so easy to raise free capital.

The current environment might favor the US casino chains like Caesars, Penn, MGM and Ballys, who all see cash flow from their retail properties.

There is also not much help coming from online casino.

Returning to those operator TAM estimates, BetMGM called for $13.4 billion in annual iGaming revenue at maturity. DraftKings called for $40 billion from iGaming when including Canada.

Those projections, as much as anything, helped drive massive valuations for US operators. But the iGaming momentum has not materialized as many envisaged during COVID.

Other than Michigan, no state has legalized iCasino in the aftermath of the pandemic, said Deutsche analyst Carlo Santaralli in a note this week. And Michigan was approved for iCasino prior to the pandemic.

Santarellis research found that the brick-and-mortar casinos in Pennsylvania and New Jersey have been slower to rebound than other regions.

A regional subset of casino properties tallied by Deutsche grew GGR by 19% in April 2021, compared to 2019. But properties in NJ and PA actually declined.

To Santarelli, that suggested some cannibalization from online gaming.

After all, PA online casino has been generating $65 million per month over the last 13 months. That is a huge amount of money to be entirely new gambling spend, though the pandemics limiting effect on the overall economy cannot be dismissed.

As such, we think the rollout of iCasino is likely to be a lot more challenging than most expect, Santarelli wrote. We think there is some merit to cannibalization of traditional casino operations, which would thereby lessen the desire of certain casino operators to push for legalization.

Subsequently, Deutsche called for a 2027 iCasino TAM of $4.9 billion, including $3.3 billion from currently legalized states. Thats a far cry from the operator-generated projections.

To sum up then: the online betting and gaming pie now looks smaller than many hoped. And it is being divided into many pieces beyond operators themselves.

Small wonder, then, that valuations are coming down across the board.

Originally posted here:

Lean Dregs And TAM: Why Addressable US Sports Betting Market Shrank - Legal Sports Report