Prepared for: NationalAssociation Against iGaming February2025 Prepared by: The Innovation Group101 Convention Center Dr. STE 600Las Vegas, NV 89109702.852.1150 Economic Impacts ofiGaming Expansion Table of Contents EXECUTIVE SUMMARY..........................................................................................................6 ECONOMICIMPACTANALYSIS...................................................................................................14REVENUEMODELS.....................................................................................................................16iGaming Revenue..................................................................................................................16Brick-and-Mortar Cannibalization–Approach One (Percent of Land-based)...................17Brick-and-Mortar Cannibalization–Approach Two (Percent of iGaming)........................21Distributed Gaming Revenue................................................................................................23Non-Gaming Amenity Revenues...........................................................................................24LABORIMPACTS........................................................................................................................29iGaming Jobs........................................................................................................................29Land-based Gaming Jobs.....................................................................................................30Labor Summary.....................................................................................................................33TAXIMPACTS.............................................................................................................................34 ECONOMIC IMPACT PROJECTIONS.................................................................................37 ECONOMICIMPACTMODELING..................................................................................................37Interpreting Results...............................................................................................................37SUMMARY..................................................................................................................................56 QUALITATIVE IMPACTS.......................................................................................................58 DEVELOPMENT ANDEXPANSION................................................................................................58PROBLEMGAMBLING.................................................................................................................59A Review of the Research......................................................................................................59APPENDIX: THE US IGAMING LANDSCAPE....................................................................72 IGAMING IN THEUNITEDSTATES...............................................................................................72Delaware...............................................................................................................................72New Jersey............................................................................................................................73Nevada..................................................................................................................................74Pennsylvania.........................................................................................................................75West Virginia........................................................................................................................75Michigan...............................................................................................................................76Connecticut...........................................................................................................................76Rhode Island.........................................................................................................................77 DISCLAIMER.............................................................................................................................78 List of Tables Table 1: Economic Effects of iGaming..........................................................................................6Table 2: Economic Impacts of iGaming by State (Based on Average of Two Methods DescribedWithin, 20% iGaming Tax Rate)....................................................................................................7Table 3: 2024 iGaming Revenue per Capita 21+............................................................................9Table 4: Projected iGaming Market Size by State–2029..............................................................9Table 5: Estimated iGaming Impact on Land-Based Casino Net Gaming Revenue....................10Table 6: P