According to Victor Strategies’ Executive Vice President Gene Johnson, the gambling industry is under siege.
During Tuesday’s session “Bringing Down the Hammer on Sweepstakes and Other Illegal Gaming Activities” at the Indian Gaming Association Tradeshow and Convention in San Diego, Johnson spoke of a wave of activities, including cryptocurrency, prediction markets, illicit markets and sweepstakes that are infiltrating the gambling ecosystem.
The financial loss is tremendous. According to the American Gaming Association, the offshore operators generated $402 billion in handle during 2024 and $17.3 billion in revenue.
“There are questions about the legality, but every legislator I’ve spoken to, there’s consideration this is gambling,” Johnson said.
