2020 Gambling Highlights

As we approach the end of a rather turbulent year such as 2020 it is worthwhile to remember the events that impacted gambling:

  1. Pennsylvania regulates online gambling

Pennsylvania is the fourth and biggest state to legalize and regulate online gambling. The new law allows for online casinos, online poker, sports betting, and more. Data published by the American Gaming Association, the total gross gaming revenue of Pennsylvania casinos amounted to approximately USD 3226.92 million in 2017, which was the second highest after Nevada. Regulation of online casinos in the state is expected to increase the number of downloads of various online casino games and add more revenues in the overall online gambling market.

  1. Mergers and Acquisitions loom in the horizon for 2021:

The US gambling market is very fragmented with regional, national, and international players interacting in the space. As COVID-19 19 shrank income levels and new demographics drive gambling away from the presential mode venues need to step up the entertainment value of venues to attract customers. This investment demands a larger size which can be attained through M&As. 

  1. New Jersey Bounced back:

After many flat months, New Jersey online gambling revenue has begun to swell. Gambling venues will most likely bring us $ 93 million only in October. Sports betting also rose by 30%. 

  1. Surge for OnlineCasinoScams.com 

This platform has had a very successful year. As Covid19 drove gamblers home online became the highway to place wagers. Online Casino Scams.Com helps online casino players avoid getting scammed. With presence in the business since 2004 the platform saw its business grow by 40% in 2020 due to the increased in new online gamblers who sought its support. 

  1. Gambling market Post COVID 19 pandemics:

Presential gambling places will remember 2020 as their worst year for many decades. To be sure, land-based gambling properties took the biggest hit in the entire industry with overall reduction of about 60%. Online gambling on the contrary took a boost. The increased number of players led to more significant revenue, and the estimated market size at the end of 2020 will be $66.7 million. That is a 13% growth compared to $58.9 million in 2019. 

  1. 5Dimes settled with the DOJ.

The popular and successful sportsbook created by the mathematical genius William Sean Creighton settled with the DOJ a long-standing dispute over the execution by 5Dimes of activities deemed illegal by the Us Government. 

According to the September 3oth, 2020 press release by the  Eastern District of Pennsylvania “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”

The agreement came as a surprise to many industry observers as most had thought that Ms Varela would close shop down and discount losses. But evidently Ms Varela is a very entrepreneurial lady who cleaned up the name of the company and is betting of its future growth in the US market with a host of newly acquired licenses which have been requested. Many think 5Dimes could now become a very sought-after acquisition target.

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