The Supreme Court decision determining that the Professional and Amateur Sports Protection Act of 1992 (PASPA) is now unconstitutional has open many a door. Or pandora’s box, depending on who you ask. It is now up to the states to determine not only the legality of sports gambling, but also the regulation and taxation. Then there’s the moral implications, the mob implications, and the implication of a cash grab on the backs of gamblers.
It’s a political minefield for some. A political win for others. Some states have laid the groundwork and had regulations in place waiting for the SCOTUS decision. Other states are years away. It’s a mess to figure out but a lucrative mess of tax revenues and fees no state can ignore. And after all the questions are asked and all the regulations are written and the taxes are calculated, one question will remain: What about the internet?
Any state looking to capitalize on the Supreme Court’s decision should tackle right off the bat though. Most gamblers are gambling online and they like it that way. Online poker rooms, sports betting, and casinos have been around as long as the internet has been. Regulated or not. There are enough options on the web, gamblers can place a bet on anything they like or play a hand any time they want. And, of course, leading this charge are the millennials.
A study by YouGov profiles has found that the vast majority of millennial customers have backed online gambling. Preferring to gamble on the internet than in a real casino. And, to make matters worse for real world gambling, about half of millennials find casinos to be depressing. The older generations also prefer gambling online. Just not in a landslide like millennials. United States customers aged 35 and over have a better view of casinos in comparison to millennial customers. Older customers see the value of MGM Grand or Caesar’s Palace as something bigger than just gambling.
These are resorts offering fine dining, entertainment, and exclusive retail. These can be family vacations or business conventions. Things most millennials haven’t had to consider. And it shows in the research. However, the millennials are gambling more than everyone else too. About three times as much when it comes to online betting. So, you may not find many millennials at your nearest casino but it isn’t because they aren’t gambling, they’re just elsewhere. Somewhere with good wifi.
For the states looking to legalize gambling this is important information to know. Don’t waste time worrying about where casinos are placed or how late a sportsbook can stay open. Casinos and sportsbooks aren’t built in a day but websites can be. Online gambling is where the big revenue will be coming from and it’ll be the millennials gambling. Online gambling will have to be addressed first. Millennials are constantly blamed for ruining industries because they choose to use the internet to their advantage. Maybe millennials aren’t ruining anything at all. Maybe those industries never took the younger generation seriously enough to save themselves.
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