Gambling always has been a keen interest to of many people. The allure of winning money in a quick fashion has lead to some amazing success stores. When it comes to Gambling in America, Las Vegas has always been front and center. However, the landscape is changing quickly, with online gambling taking over traditional casino gambling. Today, we will have a detailed look at online gambling and understand its impact on the American gambling industry.
An Overview of Online Gambling in America
America is slowly catching up with other countries when it comes to online gambling. While people have been enjoying the best of online gambling in countries overseas, many in America were prohibited by law from opening an online gambling account. However, that started changing almost a decade ago when New Jersey legalized online gambling.
Still, America is behind other countries as far as revenue from the industry is concerned. With a clear roadmap in place, America can take the online gaming industry to new heights of success. However, only the future will tell.
Current Situation of The American Online Gambling
As of October 2021, 18 states in America have legalized gambling online in one or other form. There are only a few states, such as Pennsylvania, Michigan, West Virginia, and New Jersey, where people can play with their favorite online casino as well as bet on sports online and compete in online poker games. On the other hand, the remaining states allow online sports betting but prohibit online casino or poker games.
It is expected that other states, too, will follow the path set by New Jersey and Pennsylvania in the coming years and legalize all forms of online gambling. As per industry experts, the next decade will witness a revolutionary change with most of the states legalizing online gambling. But states like Texas are expected to remain against online gambling.
Many online casinos enable players to win real money with a no deposit bonus, contributing to the immense popularity of online gambling when joing their website. With Joe Biden taking over the White House, The Federal government is expected to have a liberal approach towards the online gambling sector and boost the industry in coming years.
What is the Scope of Growth for American Gambling?
A pertinent question is how big the online gambling industry will become in the USA. Let’s have a look at some statistics for a clear picture and prediction.
Before the pandemic hit us in 2019, the country earned annual revenue of $43.6 billion. The figures plummeted significantly as casinos had to remain shut for a long duration during the pandemic. The industry is expected to bounce back and earn revenue of $44 billion. Nevada, home to Las Vegas, brings the most revenue every year, and in 2019, it brought $3.46 billion in 2019.
Following suit were Pennsylvania and New Jersey with $1.21 billion and $1.11 billion, respectively. These figures include the impact online gambling has had on the industry’s revenue with traditional physical casinos. It’s likely these numbers will continue to grow as restrictions ease for in-house gambling and new casino websites open.
It’s true that the U.S. is still in the infancy stage compared to other countries as far as online gambling is concerned. However, with new laws and regulations proposed, growth in the industry is extremely promising! Even during the beginning stages of development, New Jersey and Pennsylvania witnessed a surge in revenue by 35.5% and 44.6%, respectively. It is not difficult to imagine what the outlook will be on the national level as other states legalize gambling.
The positive trend in growth of the revenue from online gaming might leave Las Vegas behind in the coming decade. Although, as a staple tourist destination, it’s safe to say Las Vegas isn’t going anywhere for the time being. Now, if you are interested in online gambling or are an investor looking for diversification, this is the right time for you to explore the industry and reap the profits that will only keep growing.
