Illegal gambling costing United States $9.5 billion, says report

A new report conducted by Yield Sec shows that the US is losing 9.5 billion dollars to illegal gambling. 

The study was conducted on behalf of the CFG (Campaign for Fairer Gambling). According to the research, three major states lost the amount to illegal markets in 2023.

In addition, the gaming corporation found that the States lost around 40.9 billion dollars in sports betting and online gambling revenue to the black market in 2023. When it comes to the American Gaming Association, the figure is estimated at a whopping 44.2 billion dollars.

In addition to the report, the CFG requested users read the latest gambling news to get a better idea of the market’s current standing. The CFG also asked Yield Sec to undergo extensive research for three states in May.

These states were:

  • New York (only online sports)
  • Minnesota (no online betting)
  • New Jersey (online sports betting and iGaming)

Derek Webb, the CFG founder, addressed the issue in a recent interview. Webb stated that illegal operators are still not challenged despite legal gambling expanding vastly. These three major states are accommodating 800+ illegal operators without regard for the law.

That is why the CFG has commissioned Yield Sex to buy web data. Yield Sec used the data with AI to quantify the unregulated and illegal gambling business in the States. 

The AI algorithm also determined whether users’ searches ended at illegal or legal gambling platforms. Yield Sec’s head of public relations, Yasmine Scott, explained the process.

Scott confirmed that the data is tracing and assessed at the meta-level. The company looks at the audience, builds their profiles, and tracks the activity. The company does not know which sites a user is personally hopping between. However, it does see an IP address in the state.

With AI’s help, Yield Sec tracks IP traffic to legal and illegal websites in that state. The AI model can also see how much time the unique IP spends placing wagers and how often the user returns to the platform.

This data assesses the benchmark gross revenue figures across the black markets in every state.

Edna Boykin

Edna Boykin started her career as a financial news writer. And, she was withal active in stock trading. From the commencement of her vocation, she is passionate about online poker games. As she likes to play poker and roulette, she knows the casino industry exhaustively. She recently joined Times of Casino as a news writer. She regularly contributes in-depth breaking stories and news updates of the casino industry.

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