Traditional and virtual games can complement each other – research
We live in an era of allowing things that were previously prohibited. And news about this or that relaxation periodically appears from different parts of the world. While Germany is allowing cannabis, the US and other countries are beginning to take a more lenient approach to gambling.
There are countless options in the modern world of gambling and entertainment, and one of the most successful is iGaming – online gambling with the possibility of winning real money. Despite its relative newness, iGaming has already managed to gain popularity among players around the world. Apps like Melbet or Parimatch are very popular all over the world.
However, many doubt the possibility of online gambling coexisting with traditional casinos and its ability to make money. But industry research suggests that both forms of gambling can successfully complement each other and generate profits, and this is an important factor for the development of the gambling industry as a whole.
The revenues of the gambling industry are on the rise
Economic analysis of recent years has led to surprising findings in the gambling and entertainment industry. Research has shown that in six US states including New Jersey, Delaware, Pennsylvania, West Virginia, Michigan and Connecticut, where iGaming is legal, land-based casino revenues increased by almost 2% after the introduction of iGaming. This finding confirms the ability of iGaming and traditional casinos to co-exist and complement each other rather than compete.
This may have a quite simple explanation. It is likely that having downloaded the Melbet app on this site or having played in the apps of other brands, a large number of newcomers were attracted to the subject of gambling. It is quite natural that some of them subsequently visited and land-based casinos in the case of their availability in their location.
An interesting fact is also the total gaming revenue in states where iGaming has been introduced, which in 2023 was 46% higher than before its introduction. These findings represent important data for understanding the outlook for the gambling industry and show that iGaming can be a significant source of revenue for states where it is legal.
Against the backdrop of the findings, officials are considering introducing iGaming in Maryland by submitting a ballot initiative to voters. The proposal has sparked controversy among House and Senate leaders, as well as Governor Wes Moore. However, a legislative financial analysis shows potential revenues for the state of more than $200 million, spanning through fiscal year 2029. These results demonstrate iGaming’s significant potential and its ability to bring revenue to the states, opening new opportunities to grow the gaming industry and increase revenue streams to state coffers.
Projected Revenue
Maryland has become a target for gambling and entertainment in recent years, and studies have shown the potential benefits of introducing iGaming in the state. According to the study, if iGaming is approved, Maryland’s regular casinos would see a $224 million increase in revenue. The data suggests a positive impact of iGaming on traditional casinos and the potential for different forms of gambling to coexist.
The study also predicts a dynamic market for iGaming and land-based casinos in Maryland within five years of the law’s passage. Total gambling revenue in the state is projected to increase from $2 billion in 2024 to $3.9 billion in 2029, a 91% increase. The findings indicate the significant potential for the development of the gambling industry in Maryland and the potential for substantial revenues from iGaming and land-based casinos.
The study has an important impact on the General Assembly’s decision on the introduction of iGaming in the state of Maryland. If enacted, the state can expect not only an increase in gambling revenues, but also a boost in economic growth and the development of the entertainment industry as a whole. Against the backdrop of a stagnant state economy, this is of particular importance.
