Gamblers Drop $32.4 Billion To U.S. Tribal CasinosGross Gaming Revenue Grows Four Percent Y-O-Y |
|
The National Indian Gaming Commission announced this week that gambling winnings for tribal casinos across the country are continuing to grow to record levels.
The commission said that gross gaming revenue in fiscal year 2017 totaled $32.4 billion, up 3.9 percent compared to FY 2016. The FY 2017 revenue was calculated from the independently audited financial statements of 494 gaming operations, owned by 242 federally recognized tribes.
The U.S. commercial casino market, of which Nevada, home to Las Vegas, controls about 30 percent, is worth more than $41 billion annually. In calendar year 2016, combined gaming revenue from commercial and tribal casinos passed $70 billion for the first time.
A region that includes California and the northern part of Nevada remained the largest tribal gambling market in the nation in FY 2017. Winnings there grew 7.3 percent to nearly $9 billion.
“All of Indian Country has worked very hard to maintain a flourishing and constantly growing gaming industry,” said the Chair of the NIGC, Jonodev Chaudhuri. “The successes of Indian gaming in the 30 years since IGRA prove that the foundational principles of federal Indian law should remain at the forefront of any future public policy discussions.”
At a press conference announcing the gaming revenue total, Chaudhuri commented on tribal gaming’s place in the rapidly expanding legal sports betting market in America. The market for legal sports wagering could grow to as much as $6 billion within the next five years. The U.S. Supreme Court in May ruled that all states can legalize sports betting.
“Whether we are talking about sports betting or whatever is next on the horizon, we want to make the point that the success of Indian gaming, that flows from the respect of tribal sovereignty, should be kept in mind regardless of what the emerging market is that we are discussing,” Chaudhuri said. “With regards to sports betting in particular, sports betting is currently referenced in our regulations as a Class III game…because it is Class III, it will largely be based on whatever the given compacts are of the given state where sports betting may be available.”
Chaudhuri said the NIGC will provide technical assistance to tribes across the country as it pertains to involvement in sports betting.
The four percent uptick in FY 2017 matched growth in the previous fiscal year. Here’s a graph of the past 10 years of tribal gaming revenue, courtesy of the NIGC.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
