New Mexico Gaming Revenue Slowly Dropped From 2013 to 2018
According to a new report from the New Mexico Racing Commission and Gaming Control Board, New Mexico's tribal casino revenue sharing has dropped roughly 10% over the last 5 years.
Between 2013 and 2018, the annual revenues split by tribal casinos in New Mexico fell from $69.7 to $62.8 million, according to the Legislative Finance Committee Hearing Brief.
On top of those numbers, non-tribal gaming tax revenue, which is a huge feature in the state tax income feed, went down a total of three percent over the same time frame to $61.6 million.
Revenue Dropping, but Net Win Rose
Taking a deeper look at the New Mexico Gaming Control Board first quarter numbers (ending on March 31), the net win actually went up from $195.1 million to $202.3 million over the last year.
For the tribes, the biggest jumps were Sandia Pueblo who went up from $42.3 million to $46.7 million and Tesuque Pueblo went up from $4.9 million to $8.3 million. Jicarilla Apache Nation fell the most from $1.08 million to $374,400.
The New Mexico gambling landscape flaunts a total of 24 casinos from the various tribes and six other Indiana sponsored gambling venues. On top of that, there are five racinos that are licensed in New Mexico.
New Mexico’s Outlaw Betting
Sports betting remains illegal by technical terms in the state as nothing has been passed but the native American tribes have not actually mandated anything against it.
In fact, one venue allows you to place sports bets: the Santa Ana Star Casino and Hotel Sportsbook. They opened last October and it would seem wise if many of the other tribe Casinos follow suit.
“Hundreds of millions of dollars are spent each year through illegal sportsbooks and shady overseas internet operations,” Santa Ana Star Casino Hotel Chief Executive Officer John Cirrincione said in a press release on Oct. 16, 2018.
“It is good to see that sports betting will be strictly regulated and brought out of the shadows around the country. Our sportsbook will be highly regulated to include betting maximums very low by industry standards. Our goal is to provide a more fun and entertaining gaming experience for our guests."
The state officials estimated that the sports betting market specifically at the racetrack casinos could potentially make $21 million in revenue at a 26 percent tax rate.
The betting landscape in New Mexico is heavy on the tribe casinos and rightfully so. If they can figure out how to establish more sportsbooks and provide online options, that will dwindle down the clear use of an illegal online sportsbook market. These numbers are not the best when looking at first glance, but it can be sorted out with some changes and improvements all around.
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