As the landscape of gambling continues to evolve, one of the burning questions on the minds of both industry insiders and independent bookies alike is the potential impact of casino cannibalization. With the legalization of online casinos gaining momentum across various states, concerns have been raised about the potential negative effects on existing brick-and-mortar establishments. However, recent research challenges these concerns, suggesting that the introduction of online casinos may actually benefit traditional casinos in a state.
Shedding Light on the Data for Bookies
A recent study conducted by Eilers & Krejcik Gaming, commissioned by iDEA Growth, has shed new light on the dynamics of casino cannibalization. Contrary to popular belief, the research indicates that the legalization of online casinos can lead to a positive impact on land-based casino revenue. According to the findings, states with both physical and online casinos experienced an average quarterly increase of 2.44% in land-based casino revenue following the introduction of mobile casino apps.
Jeff Ifrah, Founder, and General Counsel of iDEA Growth, emphasized the significance of these findings, stating that the research provides compelling evidence that online gambling acts as a catalyst for growth rather than a competitor to traditional casinos.
The Path of Online Casinos
Moreover, the study predicts an annual boost of 1.7% in casino revenue for a typical state following the legalization of online casinos. Matt Kaufman, Managing Director of Eilers & Krejcik Gaming, highlighted that states that have introduced online gambling have been more likely to see declines in land-based casino revenue flatten or even return to growth compared to states without online casinos.
These findings challenge the notion of casino cannibalization and suggest that the integration of online gambling may serve as a complementary force to traditional casinos, driving economic growth and fostering consumer protections.
Implications for Independent Bookies
For independent bookies navigating the ever-changing landscape of gambling, these insights carry significant implications for business strategy. While concerns about casino cannibalization may loom large, the data suggests that online gambling presents an opportunity for differentiation and growth.
As states consider the legalization and regulation of online casinos, independent bookies must ensure they have the correct infrastructure in place to operate their online casinos profitably and efficiently. By leveraging cutting-edge technology and offering unique gaming experiences, independent bookies can position themselves as leaders in the evolving world of online gambling.
While concerns about casino cannibalization persist, recent research suggests that the integration of online casinos may ultimately benefit existing brick-and-mortar establishments. For independent bookies, embracing this shift presents an opportunity to innovate, differentiate, and thrive in an ever-expanding market.
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