This week’s guest on the Straight to the Point Talking Shop Podcast is Mark Stewart, Executive Vice President and General Counsel at the Cordish Companies and a board member of the National Association Against iGaming (NAAiG).
Mark shares his journey into the gambling industry, starting as a deputy attorney general in Pennsylvania, and his involvement in the 2004 Pennsylvania Race Horse Development and Gaming Act.
Mark discusses the evolution of gambling in Pennsylvania, from the introduction of slot machines to the expansion of table games and the rise of iGaming, a topic that has sparked controversy and dominates our discussion.
He argues that iGaming, legalized in only seven states, undermines land-based casinos by diverting foot traffic, reducing jobs, and destabilizing investments. Mark notes that casinos often receive minimal profits from market access deals, challenging the narrative that iGaming is additive. He cites studies showing a 16% cannibalization rate. He emphasizes the lack of community benefits from online platforms compared to in-person gaming, which generates tax revenue and also supports local jobs and businesses.
Mark also addresses the argument for legalizing iGaming to regulate black markets, advocating for stronger enforcement instead, and public health concerns, with Mark referencing experts who call iGaming the “fast food of gambling” due to its addictive design.
He contrasts the “friction points” in land-based gaming, which encourage responsible play, with the constant accessibility of iGaming. The episode concludes with a nod to unions’ political influence in opposing iGaming and a reference to The Last Dragon, because why not!
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