CFG Study Raises Concerns about US Offshore Gambling
Summary
The Campaign for Fairer Gambling (CFG) recently released a report, aided by Yield Sec, that highlights troubling trends in states that have legalised online gambling without sufficient regulation of unlicensed operators. The study indicates a significant increase in consumer losses in these states, revealing the flaws in the current regulatory framework.
Key Points
- States that have legalised online gambling experience significantly higher consumer losses compared to those without any legalised form.
- In states permitting online sports betting only, gambling losses average 0.77% of income; in those allowing both sports and casino games, this jumps to 1.12%.
- A staggering 74% of online gambling Gross Gaming Revenue (GGR) flows to unlicensed operators due to regulatory gaps.
- CFG criticises existing regulations as a ‘systemic failure’ to manage the online gambling environment effectively.
- The report advocates for urgent reform to enhance enforcement against unlicensed platforms.
Why should I read this?
If you’re interested in the evolving landscape of online gambling in the US, this article is a must-read. It pulls back the curtain on how regulatory failings are harming consumers and highlights the urgent need for reform. Understanding these dynamics is crucial for anyone involved in or affected by the gambling industry.
