WATCH: Chris Grove On The Future Of Sports Betting, iGaming

Posted by Admin August 14, 2024 Gambling

Last Updated:
Aug 14^th, 2024

In the future, a single gaming app could offer sports betting, horse racing and casino-like games resembling slot machines, says a leading industry analyst.

This evolution in online gambling might come as online sports betting operators, while staying within legal boundaries, seek innovative ways to expand, said Chris Grove, general partner at Acies Investment.

“Where there’s a will there’s a way, and there’s absolutely a will,” Grove said during a recent episode of Gambling.com’s “The Edge.”

The video interview with Grove on “The Edge,” which includes remarks about a proposal by DraftKings to apply a surcharge to winning bets, was conducted on Aug. 2. On Aug. 13, DraftKings issued a statement on X, saying it has listened to customers and “decided not to move forward with the gaming tax surcharge.”

Sports Betting, Online Casino Gambling Hot Topics

Also on “The Edge,” Grove discusses:

The status of legal sports betting expansion beyond the current 38 legal states:

“It was inevitable at some point that that pace was going to slow down. Thirty-eight is a pretty healthy number out of 50.”

“The states that are left are left for a reason, and I’m not sure that any of the states remaining are going to be low-hanging fruit at this point.”

“The current environment is one where I would say a lot of voters have shifted toward the negative when it comes to sports betting.”

The possibility of higher taxes on sports betting revenue in more states:

“The industry set the stage for this by effectively negotiating with New York and accepting the 51% tax rate.”

“Tax rates almost never go down for regulated gambling, so if they move in any direction they are likely to drift up.”

Whether more states will legalize online casino gambling (slots, craps, etc.):

“I think the path ahead for online casino expansion is incredibly difficult.”

“I’ll think you’ll get more sports betting states in the next couple of years than you will online casino states.”

Sports betting operators “look at how sports betting has been authorized, and they ask themselves, ‘What kinds of products can I build here that get as close to replicating the casino experience as possible within that existing authorization?’”

“You look at what you want to do and then you look at what you legally can do and you find a way to square that circle.”

“Anything can be turned into a slot machine, apparently. Bingo can be turned into a slot machine. Horse racing can be turned into a slot machine. I’m sure sports betting can be turned into a slot machine or something like it.”

“If we don’t get online casinos via the traditional method of the Legislature authorizing it, I think you’re going to find operators willing to look for other ways to get to a similar end.”