The casino industry in the United States has been thriving and growing throughout the country for quite some time, but things have started to change again. The sports betting industry is one of the fastest growing industries in the United States, and it has affected casinos in several states. Some casinos and folks in the industry were hesitant to accept this new change, but more and more of them are starting to embrace it.
Most states that legalize sports betting have decided to let the casino industry have the first shot at opening up a sportsbook or a sports lounge. Other states have allowed for new casinos to be built with the promise that a sportsbook or sports lounge would be built at the same time. This might cost the casino some additional costs up front, but the potential return is well worth the investment.
It seems that there becomes more interest in sports betting as more opportunities arise. Online sports betting has been more popular in the US, but there is still a need for more sportsbooks to be built in the casinos. Increasing sportsbooks has definitely created new jobs throughout the country, but it has also created a need for more sports betting domains. Many new sports betting domains are being developed to support the increase in sportsbooks & wagering activity.
What is a Sportsbook or Sports Lounge?
A sportsbook is a place where sports bettors can go to place a bet or several bets on sports. Sportsbooks are a licensed facility that has the authority to offer and take bets, and they have all of the betting lines listed. Most of the time these sportsbooks have an electronic ticker that displays all of the current betting lines, and they are updated in real time.
A sports lounge is just like a sportsbook, but it is usually just like a sports bar that is built inside of a casino. Sports lounges will feature the same electronic tickers that a sportsbook will, but they will usually include a restaurant/bar as well.
One thing that both places have in common is an abundance of televisions where sports bettors can watch the games that they have placed a bet on. As the sports betting continues to grow and become more popular, then sportsbooks and sports lounges will become more advanced.
What it Means For Casinos
The casino industry is largely ran by Native American tribes in many states across the United States, and they are a big reason that this change has been a slow moving process. The tribal nations did not want to lose out on their tremendous revenue, and they fought back against the legalization of sports betting in several states. Some states, such as Florida, have still not been able to legalize sports betting, because the tribal nations are too politically strong.
Things started to change for some in the casino industry when they saw the numbers pouring in that showed a huge revenue for the casinos and the state. Sports betting has become a much more popular form of betting than table games, and casinos needed to find a way to get a piece of the action. The casino industry was forced to work closely with the states that legalized sports betting to be sure that they were included in any future law.
Most casinos had some extra space to expand, and they used that space to create a sportsbook on-site. Other casinos were forced to buy up some new land to create a sportsbook or sports lounge, and some of these are still waiting to be open for business. This created a “problem” for some casinos, but the answer is going to be more money for their business.
Most Casinos Need Partners
There are certainly casinos in the United States that knew a little something about the sports betting industry, but there were also several of them that did not. The thought of opening up a sportsbook or a sports lounge was a daunting task, but they were able to find help in a hurry. Casinos turned to major sports betting companies to form a partnership that would allow them to make a smooth transition.
Companies such as FanDuel and DraftKings were lined up and waiting to strike deals with casinos in the US, and they found several willing partners across the country. Other casinos ran by companies such as Hard Rock or MGM had little trouble integrating a sportsbook into their day to day operations. Each state has different rules as to who can operate the sports betting industry inside of the sportsbook, but most of the time it requires the casino to find a partner that has a background in the industry.
Iowa, New Jersey Had Huge 2019
There were a number of states that really took advantage of the new sports betting laws in 2019, and Iowa and New Jersey were two of the best. The state of New Jersey actually surpassed Las Vegas, Nevada in total revenue for a few months, and their industry continues to grow. New Jersey did most of their damage through the online betting platform, but the casino industry saw tremendous growth in sportsbooks as well.
Iowa didn’t legalize sports betting until late in 2019, but they got things up and running in a hurry. It seemed that Iowa was opening up a new sportsbook or sports lounge every few weeks, and there are several ready to open up in 2020. Other states are looking at these two states as examples of what needs to be done in order to bring in a ton of revenue.
