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AGA CEO Bill Miller Describes the Situation of Online Games and Sports Betting

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A few days after the end of the Super Bowl the CEO of the American Gaming Association Bill Miller talks in a meeting with Yahoo Finance Live about the state of the gaming industry and the growth of sports betting with a focus on the outlook for the industry.

In the United States, revenue derived from online games and betting in 2021, reached a record $ 52.99 billion. Revealing these numbers is the Commercial Gaming Revenue Tracker report, published by the American Gaming Association (AGA).

According to Bill Miller – CEO of the American Gaming Association – “The gaming industry is growing at a record pace, hiring back in droves and supporting our communities as they rise again. It’s a testament to our collective resilience, as well as the expansion of gaming and record popularity among Americans, factors that will propel us long into the future.”

According to the AGA, the total amount reached would represent an increase of more than 21 percent, compared to the previous record in 2019. Significantly upward figures when you consider that in 2020, the pandemic forced the casino gaming industry to close its doors across the United States.

The Commercial Gaming Revenue Tracker report states that in 2021, gaming revenue increased at a much stronger rate, compared to the economy as a whole.

However, the picture outlined by the AGA is not complete, as key events such as meetings and conventions, business travel and international travel – in short, all those activities that were considered normal before the pandemic – are missing from the picture.

Indeed, the delay of business and international travel, the cancellation of convention activities, and the slow return to normal of services in physical facilities dedicated to gaming, continue to have a heavy impact on the casino industry as a whole.

Bill Miller’s statements on online gaming and sports betting at Yahoo Finance Live

Recently, American Gaming Association CEO Bill Miller sat down with Yahoo Finance Live to talk about the state of the gaming industry and the world of online sports betting, at a time when several U.S. states are engaging in regulation and legalization of casino betting and gaming.

Miller’s statements come just a few days after the Super Bowl, one of the major events that was estimated to register $7.61 billion in wagers.

According to Miller, for the first time in the history of the industry, it went well over $50 billion in commercial gaming revenue. We’re talking $53 billion, which is a 77% increase year-over-year and 21% increase over 2019, considered the best year in gaming industry history.

Currently, although forms of betting are legal in most of the United States, some states such as Utah, Georgia and South Carolina, are still not convinced of legalization.

In 2021, the betting market expanded to include seven new U.S. markets that have joined. There are now 33 states in the United States and the District of Columbia where you can actually bet on a sporting event. Although there has been massive growth in sports betting activity, a number of U.S. states will likely never legalize any form of gaming, according to Miller.

The pandemic has accelerated the public’s shift to online betting

Miller’s thinking is that the sports betting industry doesn’t always just bring in revenue for bookmakers, as there are times when bookmakers make money and others, when bookmakers make less money. The sector is suffering from both the inability to travel freely and the slow recovery of live events in the gaming industry. Despite a year marked by positive records it is undeniable that one of the main changes that has taken place in the industry has been adaptation.

Fortunately, the major bookmakers moved from physical facilities to the online experience, ensuring an omni-channel experience.

Even though people couldn’t physically go to sporting events or play slot machines, they always had the ability to place mobile bets over the years. Certainly, the pandemic has provided the impetus to accelerate the modernization of payments and digitization of the industry.

However, these aspects are simply an evolution of the industry that had already begun in the years before the pandemic itself. Since not everyone can go to Las Vegas and its resorts, betting operators offered the option of betting online, wherever and whenever you want.

Miller argues that the pandemic has effectively redefined the way Americans interact with the world of gaming and sports betting. In fact, sports fans are engaging in a different way with both their favorite teams and sports. And fortunately, legal slot online, are providing a safe alternative to the public for their entertainment and betting options.

California and Florida: two big states that don’t allow sports betting

In Bill Miller’s meeting with Yahoo Finance Live, the issue of some big American states also emerges: California and Florida. These are places where sports betting is not legal and one wonders what could happen in the future.

Bill Miller cannot say for sure if sports betting will become legal in Florida or California first. But according to his assessment we are facing different problems.

In Florida probably the main problem that prevents the legalization of betting comes from the institutions, in other words the courts. In California, on the other hand would not be according to the CEO of the AGA, an institutional issue, but an issue debated on the playing field of voters. And in recent years, it seems that voters have resoundingly supported the expansion of sports betting, while for the courts, the situation is unclear.

However, according to Bill Miller, California and Florida will soon come to legalize gaming activities as well, and perhaps even Texas with the one-year gap.

Bill Miller is president and CEO of the AGA, with more than three decades of experience on Capitol Hill representing business interests in Washington and resides in Washington, DC. He holds a B.A. Degree from the University of Maryland and a law degree from American University. Miller currently manages and has started a variety of businesses, including financial institutions and restaurants. His commitments also include funding several technology start-ups.

 

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