'Demand is not as endless as the legislature would like to believe,' he said in a research note on June 4.Ī day prior, David Katz, a gaming industry analyst at Jefferies, had said, 'Historical evidence suggests competitive impact could reach 10%-20% of EBITDA,' especially for operators like Penn National Gaming, Boyd, Eldorado and Caesars. 'The first reaction by existing casinos to lower revenues should be layoffs,' he said, warning of the 'unintended consequences' of expansion.

The Chicago market is saturated, with gross gaming revenue down 3% year over year, said Harry Curtis, a gaming analyst at Nomura/Instinet. The governor's signature will pave the way for the state to offer six new casinos – expanding the total in Illinois to 16. ' MGM and Caesars are well-positioned given their regional and Vegas presence that they can leverage with industry-leading loyalty programs,' Dan Wasiolek, an analyst at Morningstar, said.īut the expansion of legal gambling may prove challenging as it provides more competition for existing casinos.įor instance, Illinois is the only state where gaming revenue declined in 2018, down 2.5%. The liberalization of casino gambling benefits some companies more than others. It becomes the 25 th state to allow such facilities. Arkansas just approved a gambling referendum in November to authorize four new casinos. The number of states authorizing commercial casinos is also growing. It estimates this market accounts for $150 billion in annual bets. 'Legal and regulated sports betting barely scratched the surface of an entrenched black market - comprised of offshore sportsbooks and street bookies,' the AGA said. And in 2019, the AGA said data through April showed a 175% increase in revenue from sports betting over 2018, in the months before it was legalized.īut the legal industry still has a mighty challenge in the form of illegal sports wagering. The expansion helped the sports gaming market grow revenue nearly 65% year over year to $430.2 million.

Seven states adopted sports wagering legislation by year's end: New Jersey, Delaware, Mississippi, New Mexico, Pennsylvania, Rhode Island and West Virginia. In May 2018, the Supreme Court overturned the Professional and Amateur Sports Protection Act, clearing the way for sports betting outside Nevada.

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