New Mexico Reports Casino Revenue Decline
Posted on July 23, 2019 at 1:07am
The gaming industry isn’t exempt from commercial ups and downs; few global industries are. Even so, this is currently a major concern for gambling and betting operators doing business in New Mexico. Recent statistics published by State Legislature shows a definite and marked decline in the revenue and tax contributions generated mainly by racetrack casinos; irrespective of whether static or contracted.
The shrinking revenue, which has been pinned at a 10% overall decline for the period 2012 to 2018, applies to state-run operations as well as tribal-run endeavours.
Illegal Online Gambling
One of the most likely culprits for the steady decline and slow-down is the rise of online gambling. Online gambling is currently still illegal in New Mexico but this hasn’t exactly deterred black market operators from laying claim to their slice of the gambling pie.
Local regulators have been slow to catch on to the fact that people no longer want to go to the effort of each and every time having to head to a physical casino to get their money’s worth in betting and casino games entertainment. And with so many seemingly-above board alternatives available online, why not indulge in the creature comforts of entertainment right at home and readily available 24/7 instead?
A Change Is Needed
Many countries have started to grow wise to the fact that online gambling is the future of the casino business. That’s not to say that casinos have reached the end of their hey-day, but the reality is that people want options. And when having to choose between hanging a round for hours on end waiting for one’s favourite slot to become available and simply being able to log on effortlessly from a computer or mobile device and enjoy hours of immediate play, its quite obvious which of the two sides will be drawing the losing straw.
The fact that sports betting remains illegal in all counties poses major problems too. This is made worse by the fact that tribal operators aren’t specifically prohibiting bets. The situation is one of disparity and perceived double standards. This is in return having the effect of bettors indulging in online sports betting activities despite the illegal status, simply because “so many others are doing it in anyway”.
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