Las Vegas Sands to enter US sports betting market

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Las Vegas Sands which is the casino operator is now readying itself to enter into sports betting market of the United States.

This is the departure from the stand against online gambling that was earlier displayed by Sands’ founder.

Understanding the current trend, which is largely inclined towards online gambling and betting, Sands Group’s President Rob Goldstein who now is acting CEO/chairman is reportedly in talks with unspecified number of prospective sports betting technology partners.

The shares of the Casino operator spiked a little after breaking of the news but closed on 0.4%.

However, there has been no official confirmation of the news by any of the Sands’ authorities.

The decision of Las Vegas Sands to enter the online betting market stems from the revenue derived by operators in the States of New Jersey and Nevada.

New Jersey became America’s top betting state in the year 2020 where 93.6% of the revenue was generated from its digital sportsbook component. New Jersey overtook Nevada in the record revenue generation.

Sands Group needs to go through more marketing and needs to increase its presence in the United States as the only state where it is active is Nevada.