US – Evolution’s Todd Haushalter says fair taxes will help US market reach maximum potentialBy Phil - 25 March 2022
Evolution’s Chief Product Officer Todd Haushalter believes that regulators overseeing the nascent online betting and gaming industry in the United States should take a leaf out of the land-based sector’s playbook.
Amid a whirl of M&A activity on behalf of suppliers to the US industry, Haushalter compared the current state of the market with the .com boom of the late 1990s and early 21st Century.
However, the live casino specialist predicted that the iGaming revolution in the US can prove to be every bit as successful as its most optimistic proponents expect as it rolls out from state to state.
That is, provided that taxation levels do not become prohibitive in order to free up suppliers to innovate and serve players with the best possible range of products.
Nevada taxes brick-and-mortar casinos at a maximum rate of 6.75 per cent of GGR, comparing favourably with New York’s current 51 per cent tax imposed on GGR from sports betting.
Mr. Haushalter said: “’Feverish’ or ‘frenzy’ are the first words that come to mind when it comes to describing the market as things stand. The excitement around the business is incredibly high and it reminds me of the early days of the .com boom.
“Everyone knows that online gaming will be massive in America, since this is the world’s largest gaming market already. As a result of this, we are seeing many companies investing heavily today to secure their place in the future of online gaming.
“What is needed now is the same thing that made the great land-based markets flourish – low gaming taxes and a great offering. Nevada and New Jersey have the lowest gaming tax rates in America and inevitably have seen the most investment. They also offer everything a tourist could ask for.
“In online gaming that means offering the full range of sports betting, all types of slots, skill-based games, table games, and of course Live Casino with its innovative game shows.”
Las Vegas-based Mr. Haushalter will make the trip east to speak at the upcoming boutique and investment event iGaming NEXT New York City ’22, which takes place on May 12-13, 2022, in Manhattan.
Delegates at the event will be educated on what is happening on the ground in the US, with tracks focusing on investment opportunities within the industry, as well as the convergence between iGaming and the metaverse and the consequent opportunities this will present.