UNITED STATES—Irrespective of the current status of the global economy, iGaming industry has been passing through a phase of revival, and is expected to perform extremely well going forward. Many more opportunities are coming to the fore for businesses involved in the entertainment and gaming domain in specific.
Furthermore, more and more American states are passing their own gambling laws, legalizing various forms of gambling in their respective jurisdictions. For instance, online gambling in New Jersey is a completely legal activity, with everyone residing within the Garden State’s borders being able to freely access online casinos. Let’s dig a little deeper and ponder how well is United States prepared for complete legalization of online gambling.
Exciting time for gamblers
Many experts feel that it’s a pretty exciting time for online gamblers in the US. There is both financial incentive as well as audience for the states to regulate online gambling. In fact, if looked at closely, more than half of the entire country had already legalised online betting at the time of writing this piece.
It all can be traced back to the landmark US Supreme Court judgement in May 2018, which legalized sports betting all over the US. Prior to that, owing to the Federal ban, Americans used to illegally bet almost $ 150 billion per annum. It was New Jersey which took the initiative and brought the matter to the Supreme Court, resulting in that remarkable decision. Thereafter, many other States followed and legalized online gambling in their own regions. Opening up of these legislative doors has also allowed big gambling brands to make their way into the American market, especially from the UK and Europe.
Although legislation may offer clear financial benefits to all the states who haven’t passed online gambling laws yet, the task is not going to be easy for them. Many states have Native Tribe Casinos which will need to be factored in before passing any such decision. Then there are states which have criminalized online gambling, although no player has ever been convicted there. Additionally, there are other kinds of complications involved in case of many other states. So, on the whole, complete legalization throughout the US, will indeed be an uphill battle.
iGaming amongst the fastest-growing industries in the US
iGaming is essentially about any form of online gambling, wherein you bet on the outcome of a casino game or a live event. Hence, it covers online casino gambling, sports betting and placing wagers on other skill-based card games such as blackjack, poker etc. United States has almost 400 registered casino hotels, generating revenues of around $ 54.8 billion per annum. Apart from that, 465 non-hotel casinos (registered) grossed more than $ 43 billion in the year 2019 alone. Hence, the potential has always been there, and is well evident in how iGaming industry is now growing.
Considering the dynamism, innovativeness and huge scope of iGaming industry, we are going to witness its gradual legalization across the United States. It’s not so much about if it will happen, but more about when. Perhaps going forward, a technology like blockchain may prove to be instrumental in safe and legal online casino gambling throughout the US.