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Gambling in the USA

Online gambling could be legalized in the US, and this is how

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Online gambling could be legalized in the US, and this is how
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From the moment of signing The Unlawful Internet Gambling Enforcement Act in 2006 the iGaming industry of the US had ceased to exist whereas the potential gross gaming revenue was estimated at over $5.6 billion.

 

However, the adopted actions are not yielded with positive results, because the offshore gaming still operates as real cash wagering, and as so called free-to-play “social casino”, encouraging a player to make a deposit without the ability of withdrawal. This state of affairs contributes to growth of multi-million offshore companies just on Facebook and grants them to work without paying tax.

Although the Act was a requisite measure to withstand the unregulated gambling market, it also put an end to country’s profit at the amount of $5.6bn per year and, moreover, it closed the IT sector from further developing iGaming software. Such a rush decision gave Europe an opportunity to build the great gambling empire grossing at $17bn after tax with the growth rate of 328% from 2005 to 2015.

Switzerland experience proves that even with casino tax reaching 90% from their net profit, the business effectiveness still persists. For US that would mean $20 bn dollars of taxes annually and tens of thousands working places across the country. That sum could have been spent for building of 4 brand new airports every year with the capacity of 30 million passengers each. Within the last 11 years there were a few attempts to defraud the industry by launching poker sites in certain States. Nevertheless, it still remains unclear how liquidity would be moved Interstate or in offshore.

According to the Internal Revenue Code, all gambling winnings are considered as income. At the moment only pools are taken to be fair and more transparent for taxing purposes. That is why totalizers are still functioning in the US in spite of the struggling legislation process of poker sites. The total pools’ revenue during March Madness 2017 was about $10.4 billion, but these figures could raise significantly if the whole gambling industry functioned to its full potential.

But is there any way to expand the boundaries as to create reasonable and regulated gambling online? Blockchain may be the answer, guaranteeing players with the security that is particularly necessary in both sports betting and pools model.

The blockchain-based system should involve the US bank and IRS to make all the transactions visible for the government. A bookmaker liquidity is granted as a crypto-currency and a player’s deposit is treated as a standard currency conversion with no additional fees. On that basis any bet becomes secured by the bookmaker liquidity and all the winnings are paid out simultaneously with the score coming in.

The excellent part of blockchain is a smart contract, digitally signed with the computed hash between two or more parties. The main advantage of a smart contract is its non-alterability that eliminates fraud options. Thus, banks are able to confirm the transactions and IRS to control the taxing, while a bookie turns to a service company. That’s it.

Stakers, a startup from Malta, was the first company in the market offering smart contracts to its players. Residents of the US and America can not be accepted to play at Stakers.com. This Information is meant for educational purposes only.

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Gambling in the USA

Gaming Americas Weekly Roundup – July 15-21

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

Instant Win Gaming (IWG), a leading supplier of eInstant games to NASPL and WLA-member lotteries, has congratulated the Pennsylvania Lottery on becoming the first in the US to launch eFastPlay, a new eInstants category offered by IWG. In Pennsylvania, the Lottery is branding this new category as EZ “eInstants”. The Lottery’s new EZ category broadens the appeal of its online programme to players who prefer a more simplified instant play experience.

Advanced Casino Solutions (ACS), a leader in targeted marketing and player engagement solutions for the gaming industry, announced a significant upgrade to its cutting-edge product, the Precision Insights & Engagement (PIE) platform. This enhancement further refines the capabilities of PIE, providing even more detailed insights into visitor behaviour and setting a new industry standard for data-driven marketing.

Relativity Acquisition Corp. announced that it has entered a letter of intent (LOI) providing for a proposed business combination (the Transaction) that will result in Relativity acquiring 100% of the outstanding equity and equity equivalents of Mazaii Corp Ltd. The Transaction values the Company at an initial enterprise value of $500 million.

Innovative Technology Americas Inc. has appointed Jeff Tash as its Business Development Manager for North America. Jeff will focus on the amusement and vending industries, identifying and generating new sales opportunities. Innovative Technology specialises in note handling equipment and age and identity verification technology.

A subsidiary of Betsson AB has obtained its first local licenses for the newly regulated market in Peru. The licenses cover online casino and sports betting for the Betsson and Betsafe brands. Further, licenses for the Inkabet brand are expected to be obtained soon.

The National Council on Problem Gambling (NCPG) has launched the Tribal Advisory Council. While NCPG has worked with Tribal gaming entities for many years, the formation of the Tribal Advisory Council represents a deeper level of collaboration to address matters of responsible gambling and problem gambling that are of importance to Native American communities.

Partnerships

Bally’s Twin River announced that it has partnered with nationally recognised Maverick Gaming to elevate the poker room experience and rebrand the poker area to the Bally’s Maverick Poker Room. The collaboration aims to create the ultimate poker experience for players of all levels, increase revenue generated by the Bally’s poker offering and create new jobs. Bally’s will continue to operate and manage the poker room which consists of approximately 23 tables, all located on the smoke-free second floor of the casino.

CT Interactive has launched its games on Juegalo.com, a prominent Chilean online casino brand. This partnership marks a significant step in CT Interactive’s strategic expansion within the Latin American market, extending the company’s footprint in Chile. The integration of CT Interactive’s diverse game portfolio on Juegalo.com offers players in Chile access to a wide range of high-quality, engaging and regulation-compliant gaming content.

Ontario Lottery and Gaming Corporation has entered into a partnership with the Canadian Olympic Committee and Canadian Paralympic Committee and has become the Official Ontario Lottery Partner of Team Canada for the upcoming Paris 2024 Olympic and Paralympic Games.

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Gambling in the USA

Gaming Americas Weekly Roundup – July 8-14

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

The CT Lottery has launched its iLottery platform. Players can participate in the fun of online lottery and their favourite draw games by visiting ctilottery.org or by downloading the CT Lottery mobile app on the iOS platform (Android app to follow next month). The app comes with exciting new features that allow players to personalise their lottery experience, such as saving favorite numbers and wagers, grouping preferred games for easy purchasing and setting limits for wagering and time spent on the app.

Talking Stick Resort, an enterprise of the Salt River Pima-Maricopa Indian Community (SRPMIC), announced that it was named “Best Casino” in azcentral.com’s 2024 Community Choice Awards. The casino-resort was nominated along with three other casino properties in the Valley by the public as part of the East Valley, Best of the Desert portion of the awards programme.

International Game Technology PLC announced that IGT PlayDigital recently added the highly anticipated Prosperity Link game to its iGaming content library in the US. This development makes the widely recognised casino game available for commercial iGaming operators in Pennsylvania, Michigan, New Jersey, Connecticut and West Virginia.

Raketech has announced that the Company has reached an agreement to divest its non-core US advisory business. The total sale proceeds amount to USD 2.25 million settled partially on closing and via an ongoing revenue share agreement.

Partnerships

NetBet Mexico and popular online gaming provider Octoplay have announced an agreement that will make Octoplay’s games available for NetBet Mexico customers to enjoy. Despite only being founded in 2022, Octoplay has rapidly established itself as an influential member of the iGaming industry, developing multiple entertaining and popular slots such as Lollicat, Eternal Clash and Shaolin Panda Chaos Reels – which are among the flagship new Octoplay titles being made available to NetBet Mexico customers.

SCCG Management, a leading global advisory firm in the gaming industry, has announced a sponsorship partnership with Blurify, an award-winning expert in software development with a niche focus on the iGaming sector. This collaboration aims to leverage SCCG’s extensive client partner ecosystem and deep market insights with Blurify’s technological expertise to explore new opportunities and drive innovation in the gaming industry.

International Game Technology PLC has announced that its subsidiary, IGT Global Solutions Corporation, has signed a seven-year contract with the Colorado Lottery to install all-new world-class products and solutions. The contract is expected to run through July 12, 2032, and includes seven, one-year extension options. As part of the new contract, the Colorado Lottery will receive IGT’s Aurora central system, replacing the current lottery central system.

JCM Global (JCM) has installed its award-winning iVIZION bill validator and ICB Intelligent Cash Box system at the historic Fair Grounds Race Course & Slots in New Orleans. JCM upgraded its UBA bill validator to iVIZION and installed ICB on each of the 620 slots at Fair Grounds. Previously, JCM installed its GEN5 Thermal Printer at Fair Grounds, and now with iVIZION and ICB, the path is open for the property to take full advantage of JCM’s FUZION technology in the future.

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Gambling in the USA

Innovative Technology Americas welcomes Jeff Tash, Business Development Manager

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Innovative Technology Americas, Inc. welcomes Jeff Tash, Business Development Manager for North America. Jeff will focus on the amusement and vending industries, identifying and generating new sales opportunities. Innovative Technology specializes in note handling equipment and age and identity verification technology.

Welcoming Jeff to the US team, Lauren Fabbri, Business Development Manager for the gaming side of the business, said, “Jeff joined us back in March and hit the ground running spending his first day in the Innovative booth at the Amusement Expo show in Las Vegas!  Jeff has settled into life at Innovative Technology and is already connecting with our amusement and vending customers across America and Canada.”

Commenting on his role, Tash said, “I am really enjoying working for Innovative! The overwhelming support and enthusiasm from both the team and our customers on my first day at Amusement Expo validated my choice to join ITL. I’m up to speed with all our products and really enthusiastic to share them with the many contacts I have in the industry.”

Fabbri continued, “Jeff has 15+ years in the amusement industry, primarily with OEMs in a sales and business development role, so has an extensive book of contacts including manufacturers, distributors, route operators and parts providers. He will be responsible for monitoring industry trends, identifying growth opportunities and emerging markets, conducting product demonstrations and facilitating strong client relationships.  Jeff has phenomenal relationships and has already demonstrated his ability to motivate decision makers when representing us at trade shows, meetings and events.”

Concluding Tash said, “I am eager to provide reliable and innovative product solutions to the amusement industry and customers, and continue to ensure note handling remains at the forefront of the amusement and vending industries. I am excited to collaborate with Lauren and the rest of the North American team in the growth of the GAV (Gaming, Amusement, Vending) markets. Innovative is an organization with a strong sense of purpose and a passion to support its employees, and I am privileged to be a part of this.”

 

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