Analysts are saying that a Donald Trump presidency could mean a boon to casino business players. After all, there remains a significant possibility of the US legalizing sports betting soon. Trump himself has said he is “OK with it.”
According to the present scenario, there are only 4 states in the US where one can legally engage in betting – Oregon, Montana, Delaware and Nevada.
Donald Trump To Legalize Gambling?
But all of this can change once Donald Trump takes office.
According to Sara Rayme, a senior vice-president for Washington-Based American Gaming Association, lobbyists for the casino industry will be seeking an overturning of the 1992 ban on betting next year.
“He was a former casino owner, he understands the business,” said Rayme in a statement.
According to American Gaming Association, the illegal sports betting industry rakes in $149 billion annually. This could be a huge revenue generator for the US government, if it is brought under law.
For starters, the government can openly control it, even deem it taxable. Trump has echoed these exact thoughts during his campaign.
“I’m OK with it, because it’s happening anyway,” said Trump, reports Bloomberg. “Whether you have it or don’t have it, you have it. It’s all over the place.”
But it is still unclear if Trump meant online casinos, which is legalized in three states so far. Some of the people in the business such as Las Vegas Sands Corp. Chairman Sheldon Adelson are opposed to the idea of online gambling.
Online Gambling Can Boost State Revenue And Tourism Industry?
The fact that legalizing online casinos could boost the tourism industry in the US has been recognized by the American Gaming Association.
According to American Gaming, the casino gaming experience is one of the most sought after tourist demands in the nation and due to a language barrier, online gambling might be the ideal choice for the foreigners.
Moreover, legalizing online casinos in the state of Washington alone could generate over $150 million annually, estimates Online Poker Report.
Meanwhile, analysts from Technavio Research estimate that the online gambling industry will be worth $4 billion by 2020. A CAGR of over 51 percent is also expected from this year onward.
Recently, federal courts had turned down New Jersey’s efforts to legalize sports betting.
Donald Trump has called upon major players in the casino business to plan his post-inauguration day party. This is being considered as reason to be optimistic about the future of betting for the US casino owners.
Wynn Resorts Ltd. Chairman Steve Wynn, Las Vegas Sands Corp. Chairman Sheldon Adelson and Treasure Island casino owner Phil Ruffin are some of the members of his inauguration committee, reports Bloomberg.