Online Gambling Soars in the US

Online Gambling Soars in the States

Casinos across the US are closed and sports betting are now evaporating. With this situation of casinos, casino style gambling is showing bright spot for the industry.

The internet gambling revenues of New Jersey excluding sports betting increased to 66% in March. The 66% increase is equivalent $65 million according to the recent report of the state. Slots and table games like blackjack are included in online gambling. New Jersey in leading in the internet gambling.

Allen on Online Gambling Revenues

Thomas Allen is a gaming analyst from Morgan Stanley. In a written note, he said that Morgan Stanley believe that the impact of the coronavirus pandemic could encourage more states in legalizing online casinos and sports betting.

States that permits online casino-type games are small in number. Included in this number are New Jersey, Pennsylvania and Nevada. Over 15 states allow online sports gambling. Nevertheless, the number is even greater when allowing sports betting at physical casinos.

Allen wrote that the revenue in online gambling of New Jersey is on the track to surpass $700 million this year. The mentioned revenue does not include the revenue of sports betting. The revenue of the state in online gambling last year was $483 million. The contributors to this massive increase are the shift of bettors coming from traditional casinos and online sport bettors.

Meanwhile, sports bettors are playing against inadequate offerings. For instance, there was a horse rounding around the country. One of the locations was Gulfstream Park in Florida. Other sports are open for betting. This includes the table tennis from Russia and pro basketball and darts from Taiwan.

Diamond Eagle

The collapse in online sports betting does not affect the investors to keep their excitement for Diamond Eagle Acquisition (DIAC). DIAC is a special purpose company that has a deal to team up with the internet sports betting leader, DraftKings. The share of the Diamond Eagle gained 49 cents to $16.58 on Friday.

The gain in the share of Diamond Eagle is up about 50% this year. The stock trading of the company was about $10 before the announcement of merging with DrafKings in late 2019. This year, many casino stocks are off about 40% or even more. Shareholders of Diamond Eagle are schedule to vote on the merger on Thursday. Once approved, Diamond Eagle will change its name to DraftKings.

Diamond Eagle has a considerable market value of $5.8 billion. This is according to a fully reduced share count of around 347 million shares. That is noticeably above the market values of Caesars Entertainment (CZR) at about $5 billion ranger, Penn National Gaming (PENN) and Eldorado Resorts (ERI) both at about $1 billion range. The strong price stock of Diamond Eagle is the manifestation of its investors’ enthusiasms.

Often times, online sports betting are done using mobile phones. Many bettors are comfortable in wagering on sports using their phones. Using mobile phones are even more comfortable for them once professional sports continue compare to going on traditional casinos for traditional games.

Allen spoke his view about the possibility of legalizing online casino and sports gambling on more states in the US. According to him, coronavirus would likely to bring negative impact to the states. With this, the states will be force to look for new sources of taxes.

Additionally, legalization and the roll out of online forms of gambling is faster compare to building bricks and mortar casino. Lastly, online can be at least a little balance to the lost revenue during this phase of social distancing today.

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