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Most Recent Online Casino News
Online Gambling Beating Las Vegas Sportsbooks
Internet sports betting has overtaken Las Vegas-based sports books. A
2002 US Congressional Report said global online gambling revenues were
over $4 billion, with over $2 billion bet by US residents. Bear Stearns
estimated the global online gambling market would have been worth over
$5 billion if credit card issuers had not blocked transactions with
offshore betting and gambling sites. Nevada, where sports betting is
legal, took under $2 billion in 2002, a ten-year low.
This can be partially explained by the fact that slots are squeezing
other types of gambling from Las Vegas casino floorspace. Slots account
for 70% of Nevada casinosÂ’ profits. Another reason is that, apparently,
Nevada bookmakers are referring business to the offshore sports betting
sites. Also, the online sports books tend to offer better odds than Las
Vegas, as well as generous sign up bonuses unavailable in Nevada.
The report found that US online gamblers and heavy internet users
share many of the same demographics: According to David Lee of Mandalay
Bay casino, 77% of online sports bettors are male.
Read the
entire article at:
Online Casino News
2004 Online Casino News Archive
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