New report – $673.6 billion wagered annually with illegal operators
Gambling with reputable operators (you know, the ones that aren’t illegal) seems like an easy task, right? You check to make sure a particular casino is legal, licensed and registered with a regulated gaming authority. And once you’ve done your due diligence, you place your bets. Which means that there shouldn’t be that much interaction with illegal or unscrupulous operators. Job done.
Unfortunately, the reality of gambling with illegal operators is a little different. As shared in the new black market report recently released by the American Gaming Association (AGA). The AGA’s findings show that American players wager approximately $673.6 billion with illegal operators each year. A figure that has jumped 22% in just three years.
With the current market share of the black market gaming sector sitting at 31.9%. This represents a full third of the gambling market in the USA. Meaning that only two-thirds of the market is regulated. The estimated annual revenue from the unregulated sector sits at a massive $53.9 billion. With an annual state gaming tax revenue loss of $15.3 billion.
That’s a lot of illegal money
These big numbers represent a big concern for the market. Approximately $466.2 billion flows into slots and table games each year. Making the iGaming sector the biggest culprit in unregulated gambling.
Added to this is the fact that statistics show the number of players accessing both legal and illegal sites has tripled to a significant 49%. When compared to results from three years ago.
Bill Miller, AGA President and CEO, explains: “Illegal gambling operators are thriving at the expense of American consumers, siphoning billions in tax revenue from state governments and undercutting the efforts of the legal market. It’s time for a national crackdown on the pervasive illegal market that is draining state coffers and putting people at risk.
“These bad actors operate in the shadows with zero consumer protections, no responsible gaming obligations, and no economic return to the communities they exploit. Combating them requires not only stronger US enforcement. But also continuing to work closely with our international partners to shut down offshore operators and hold them accountable.”
The AGA and the government recognize the need to address the imbalance of black market gambling, and as a player, you can take action too. Always vet any online casino thoroughly before placing your bets with them. And make sure that they have the necessary licensing and regulations in place, for your own protection and peace of mind.