Last updated: August 14, 2024
Campaign For Fairer Gambling and Yield Sec delve into the illicit gambling landscape in the US, revealing a $9.5 billion market across New York, Minnesota, and New Jersey alone. Despite regulatory efforts, 800 illegal operators persist, prompting calls for data-driven regulation to combat unfair competition and protect state revenues.
In an attempt to gain more information on the size of the illicit betting industry in the United States, CFG, alongside Yield Sec, which together form the Campaign for Fairer Gambling (CFG), have undertaken a thorough research based on the data received from 2023.
Despite the fact revealed by the American Gaming Association that the offshore gambling market has a significantly large share, recent activities have shown some negative inclination.
Still, it remains problematic for any gambling firm targeted by regulation and constrained by taxes and restrictions to counter black market forces. It is worth noting that illegitimate casinos abscond with taxation incidences and are founded on tax exemptions.
Both CFG and Yield Sec have reported that the black market is currently worth a staggering $9. The internet user forecast for 2023 of $5 billion across New York, Minnesota, and New Jersey only suggests potential untapped pockets across the United States of America.
This figure constitutes a fourth of the total illegal Gross Gambling Yield in the web-based betting arena in America, which stands at $40.92 billion. This was according to the Combined Filmography and Geography report by CFG and YS, known as the USA Report Two, which indicated that 92 billion.
Again, the report details the funding of Illegal, gross gaming revenue across the selected states in addition to the huge resources channelled towards the more rampant Illegal online casino gaming and sports betting.
Both CFG and Yield Sec continue to work in coordination and share information about the said problem to push for the intended actions to deal with the complications of the unlawful gambling market.
CFG’s founder, Derek Webb, strongly believes that more actions must be taken to help solve the issue at hand. Webb is less inclined than AGA CEO Bill Miller, suggesting that illegal internet poker operators have an uncontested predominance.
Webb commented that while the government has made a good attempt at engendering legislation, regulations, and tax rates beneficial to the sector, the expression has produced a meagre effect on the number of illicit operators.
In more than 800 cases across the three states under consideration, owners and managers of various facilities remain ignorant of state laws regulating commercial activity. This highlights the significant challenges confronting the industry. But there is a way for the sector to unite and retaliate going forward.
Legislators can take immediate action by using the data that CFG and YS have compiled to help inform decisions about regulation and how to address the ongoing issue of illegal gambling in the nation. This is at a time when regulated operators are opening up shop in large numbers, but they are still at a disadvantage in some areas due to unfair competition.
Ismail Vali, the CEO and founder of YS, was equally committed to using data and analysis to reveal what he has called a “stark reality”—namely, that the offshore gambling market continues to have more power than is deemed appropriate.
