Is iGaming cannibalizing land-based casinos? Gene Johnson of Victor Strategies weighs in

Whether online casino cannibalizes land-based venues is a US debate that "won't go away", and it shapes where operators can expand. Gene Johnson, an executive vice president at Victor Strategies with 37 years in gambling, reads the numbers with Low Rollers host Eric Raskin.

In this episode

• Johnson says iGaming does cannibalize land-based play, as substitution always happens, but studies of land-based declines are "very misleading" (12:50); some losses come from other land-based competition, and Maryland's land-based revenue has plateaued without iGaming (14:14, 14:33).

• He cites New Jersey's July numbers: land-based up 7%, online up 12%, sports betting up 30%, and overall revenue up 12%; year to date, land-based is up 3% and online 15% (14:53, 15:06).

• New Jersey land-based revenue peaked at about 5.2 billion in 2006; the state took close to 7 billion across all verticals in 2025 and 4.2 billion so far in 2026 (15:43, 16:07).

• Asked about a new online casino state, he calls Maryland a likely candidate but even one state this year "ambitious", and sets the over/under at "half a dozen" states by the end of 2030 (19:55, 20:28).

• Sweepstakes casinos are "in retreat", sees prediction markets "now on the defensive", and expects their endgame to be divesting sports contracts (24:21, 28:38, 29:13).

• Raskin questions a Gallup poll showing gambling participation falling from 64% to 45% that was limited to people who pick up the phone (3:33, 4:35).

Episode from Low Rollers by Casino Reports, published on YouTube.