Posted on: 07/11/2024, 05:50h.
Last updated on: 06/11/2024, 04:01h.
On Tuesday, former President Donald Trump emerged victorious in the presidential election. In addition to deciding the future head of state and important parliamentary seats, the US elections also had an impact on gambling. The result is likely to cause both joy and dejection in the industry.
The US state of Missouri is emblematic of the mixed consequences of the elections for gambling. There, voters were able to vote on two proposals for the future approval and licensing of gambling. The decision is twofold.
Yes to sports betting, no to casinos
In Missouri, on the one hand, it was about the legalization of sports betting. In addition to sports betting providers, the petition was supported by the state’s major sports clubs.
Nevertheless, the result was even closer than the presidential race. Of the 2.9 million ballot papers cast, sports betting supporters were able to secure a razor-thin majority of just over 10,000 votes. This means that 50.23% voted for the introduction.
The supporters of legalization were correspondingly satisfied. Bill DeWitt III, president of the St. Louis Cardinals baseball team, stated:
Missouri has some of the best sports fans in the world, and they rooted for their favorite teams on Election Day.
The big US bookmakers should also feel like they are winners. DraftKings and FanDuel alone invested $41 million in advertising for the sports betting permit in the run-up to the elections.
However, the losers include Casino-Corporation like Caesars Entertainment. They failed with their plan to approve another casino in Missouri with the voters. According to the Election Commission, a good 52% of voters ultimately voted against re-licensing a venue on the picturesque Lake of the Ozarks.
Gambling fans in Virginia had more success. The approval of a casino in the city of Petersburg was up for vote there. In the regional election, the overwhelming majority of 82% voted in favor of permission. The lucrative prospects of the project are likely to be a deciding factor. The planners therefore assume that the future location could generate revenue of around USD 2.8 billion over the next ten years.
As in politics, the results of the US elections also show a deeply divided society when it comes to gambling. In addition to the large block of supporters, there is a similarly large group of opponents of new venues and offerings. It remains to be seen whether and how these will come to terms with each other in the future.
