Recession proof?

More evidence today that people do cut their spending on gambling during recessions. Of course Betfair is still growing in and outside of the UK gaining market share at the expense of rivals. This should dampen the decline IMHO but there is no doubt that people do cut back on gambling. This probably shouldn't be a surprise as it is a "leisure" activity.

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Gaming revenues in Nevada continued to slump throughout the month of May, according to data released by the state's Gaming Control Board. Statewide, casinos earned $969.94 million in gaming revenue in May, a 15.2 percent decline compared to the same period a year ago. Gaming revenue from casinos on the Las Vegas Strip felt a 16.4 percent decrease in gaming revenue to $513.45 million.

Gaming revenue at the 11 casinos in Atlantic City, New Jersey fell to $373.6 million in June, an 11 percent drop compared to the same period last year, according to Atlantic City's Casino Control Commission. "It's brutal," Carlos Tolosa, head of Atlantic City operations for Harrah's Entertainment, told NJ.com. "I believe it bodes ill for the rest of the year. I think we're in for tough times."