BREAKING: New data from Yield Sec reveals a staggering 74% of the US online gambling market is likely illegal. This shocking analysis, backed by the Campaign for Fairer Gambling, uncovers a hidden landscape of illicit online casinos, sports betting, and cryptocurrency transactions that regulators are struggling to control.
The report highlights an urgent crisis as illegal gambling operations continue to thrive across the United States. Yield Sec founder Ismail Vali emphasizes that the rise of illegal gambling, particularly through cryptocurrencies, poses a significant challenge that lawmakers have yet to address effectively. “Just because you have regulated a market doesn’t mean that crime is automatically going to disappear,” Vali stated.
The findings are alarming. In states like California and Texas, which lack regulated gambling markets, illegal activities contribute a staggering $5.5 billion and $4.5 billion, respectively, to the underground market. In contrast, Ohio, which does have regulated gaming, only sees 15% of its $6.2 billion gambling market operating legally, with approximately 917 detected operators.
Authorities are raising concerns about the rapidly growing use of cryptocurrency in illegal gambling. Yield Sec’s research indicates that tens of thousands of crypto casinos exist worldwide, many exploiting regulatory loopholes. Vali insists that ignoring these developments will only exacerbate the issue.
Using sophisticated tracking methods originally developed for counter-terrorism, Yield Sec claims to have uncovered accurate data on illegal gambling volumes. Vali explains that their methodology, initially employed to combat threats like ISIS, has been adapted to monitor events such as the Super Bowl and March Madness with high precision.
Despite the grim picture painted by Yield Sec, questions remain. How can this firm report such alarming numbers when mainstream research organizations fail to provide similar estimates? The discrepancies raise concerns about the reliability of the data and the true scope of illegal gambling in the United States.
As this situation develops, attention is focused on state lawmakers and regulators to address this growing crisis. The future of online gambling regulation hinges on their ability to combat the illegal market effectively. Stay tuned for further updates as this urgent issue unfolds.
