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Online betting turnover surpasses Las Vegas wager intake

Discussion in 'Casino Industry Discussion' started by oldman, Nov 19, 2004.

    Nov 19, 2004
  1. oldman

    oldman Dormant account

    Location:
    New York, man :)
    Online sports betting industry appears to be one of the most fast-growing Internet business sectors as some wagering sites have doubled their wager intake since 2002.

    According to MSN, the worldwide wagering industry is expected to lure at least $3 billion in sports bets this year, surpassing the $2.5 billion or so gathered by Las Vegas gambling resorts. E-betting industry has a great potential since the Internet services go on their expansion over the globe.

    Rob Gillespie, founder of the BoDog sportsbook commented on the e-betting popularity: “Once they try betting online, Vegas seems a hassle. If you go to Vegas, books have from 5-25 windows, and they cannot accommodate more people than that at once. We can take thousands of simultaneous users. Shopping for the best line for your play in Vegas is difficult as you have to physically go from book-to-book. Shopping for lines on the Internet takes seconds. Take those facts, plus not having to spend time and money driving and parking to place your bet and cash your tickets, and it is easy to see why sports betting online is so popular.”

    US College students who are fond of Internet technology get deeply involved in online betting despite it is prohibited by the law. According to National Gambling Impact Study Commission, illegal sports gambling in general is currently estimated to grab at least $80 billion a year. Las Vegas in Nevada, the only state offering legal gambling service, has never met competition. However, online sportsbooks had to promote their specials in a fierce competition with other online bookies in order to attract more visitors. At the moment, online bookies are well prepared to defend their business in rivalry.

    “I’m pessimistic, there’s no growth, except when another Steve Wynn property opens up. We’ve seen our handle amount of wagers go down slightly every year, though our hold percentage wagers they keep goes up,” said Robert Walker, director of the race and sports book at The Mirage.

    However, online betting is a growing thread. Walker said, “I’m sure we’ve lost business to offshore books. There’s no doubt about it,” he said. Vegas sports bookmakers totally depend on tourists, who should get a long trip, spend money on a hotel just in order to wager ten dollars on a game. Many punters prefer staying at home and betting online. The only one advantage they can’t find in the net is special experience.

    “There’s excitement. There’s camaraderie,” Walker said. “The sports book exemplifies what Vegas is all about.”
     

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