A recent report revealed that the US gambling industry is generating more than $40 billion a year. In fact, the amount wagered by American citizens is nearly 2,800 percent higher than the amount wagered in 1974. In 1996, Mirage Resorts Inc. was named one of Fortune magazine’s 10 most admired companies. And Steve Wynn’s casino empire has a $1 billion line of credit with Bank of America. Meanwhile, gambling interests hired as many as 48 lobbyists during the 1995 legislative session in Texas and Virgina.
Despite the recent financial troubles faced by the industry, the US gambling industry still has tremendous potential. According to the American Gaming Association, the gambling industry in the USA supports 1.8 million jobs in 40 states. However, the industry has undergone a difficult history in the US, with anti-gambling laws in place since the great depression. As a result, the industry has been heavily regulated since then, and some of these laws haven’t been revised since the 1960s. In addition, the use of the internet has changed the industry, as well as the laws that govern it.
State and local governments collect revenue from state-sanctioned gambling, such as casinos, parimutuel wagering, and sports betting. Additionally, they also get a share of the revenues from lotteries. The remainder of the revenue goes to prizes, retailer commissions, and other administration costs.
