To clarify, I'm definitely more of a skier than gambler now. So I'm not that dialed in to the scene. Stateline, NV takes in $200,000 per resident per year in gambling revenue, as an indication of how dependent we are on casinos. I'm not sure how that relates to profit or worker payment, I'm not an economist.
I used to bet millions of dollars in algorithmic sports betting on college basketball. But those days are behind me. If you search through my posts where I'm not just being an asshole to people, you will probably find a trend of me talking about Vegas odds on sports and analytics for college basketball.
The biggest issue is that the casinos cut you off after a certain amount of betting, so you are capped on how much you can make. I tried to make a massive mid-season bet on Virginia to win the national championship last year (as an example). I still won the bet obviously, but it still bothered me that they would prevent betting vs moving the odds. You can still win money, but to be profitable at gambling considering the time it takes requires you to be able to bet huge sums on your best bets, which isn't allowed unless you are betting on the NFL or something with a very liquid market.
You are investing tons of time and intellectual capability adjusting your algorithms, and it can all be ruined on someone's cousin knowing that a player was suspended for the game before the public knows.
I've moved back into starting a traditional software engineering business and I'm glad I did considering I would be broke as F if I were still betting on sports right now!