“At the end of the day, we see that the model is not sustainable,” says Jason Angelides. “Companies are paying a large bounty, up to $2,000, to acquire a customer and bring them to their apps. Then they provide no differentiation of product. The majority of gaming apps are very similar.”
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The total taxable gaming revenue for sports betting in August was $8,386,361, with $7,407,202 coming online, up 34.2% from $6.25 million in July. The state tax revenue was just over $1.15 million in August
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The survey comes more than four years after the Supreme Court effectively legalized commercial sports betting in the United States. As of this month, 35 states and the District of Columbia have authorized the practice in some form, with Massachusetts becoming the latest state to do so in August.
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He said there are lingering concerns, particularly among some state legislators, that internet gambling could cannibalize revenue and customers from brick-and-mortar casinos — even though the gambling industry itself has established that has not been the case.