The global economy is experiencing a dynamic period right now as a result of COVID, which has thrown many businesses and industries into uncharted waters with hazy futures.
But the iGaming sector is experiencing a comeback and is expected to soar in the coming years, with new opportunities for both business and entertainment clearly visible on the horizon. With these possibilities, the US is being rocked, as many more states are putting forth new gambling legislation in an effort to move the stale legislation that currently forbids many forms of gambling in the country.
It’s a very exciting time for American gamblers, according to Scott Manford, CEO of Wizard Slots, one of the top slot providers in the UK.
Sportsbooks operate at much lower margins, and legislators are quickly realizing that taxable revenue from virtual casinos could vastly exceed that of the sports wagering markets. “The current rate of expansion for regulated sports betting in the United States supports the idea that there is both an audience and a financial incentive for states to adopt the practice.”
More than half of the nation has begun to legalize gambling.
The US Supreme Court made the historic decision to legalize sports betting throughout the nation in May 2018. Prior to that, the federal ban on sports betting resulted in an estimated $150 billion in annual illegal betting by Americans, and the topic of unrestricted gambling is still a hot one. After arguing for the legalization of sports betting for many years, New Jersey brought the case before the Supreme Court for the first time. After being deemed unconstitutional, the federal ban on sports betting was finally overturned, allowing individual states to legalize and regulate their own bodies of sports betting services. Since then, sportsbooks have been opening up all over the nation.
This is a significant development for the American entertainment industry, and as more states liberalize their laws, more international brands are expressing an interest in expanding their reach and breaking into the American market. British brands are already strategizing how to do this.
According to a spokesperson for Online Slots UK, “all major sportsbook operators have either partnered with or are heavily influenced by the large UK brands, as they offer years of experience and provide the extensive technology needed to run the business.
” The European brands already have extensive game catalogs supported by the best software providers in the world, and their CRM models and rewards programmes have been refined. This reliance will be even greater when it comes to the world of online casinos. It appears likely that the established gambling brands in the US will either look to partner with or acquire these current operators in a race to release the best product on the market first.
Uphill Battle
Although legalizing online casino gambling would undoubtedly bring financial benefits to states in the form of new jobs and tax revenue, there is still some resistance to the practice. Let’s examine a few facts:
- Only two states, Utah and Hawaii, currently outlaw all forms of commercial gambling, both online and off. In Hawaii, poker is permitted in private homes.
- In the US, there are two different kinds of land-based casinos: commercial casinos and casinos run by Native American tribes.
- Nevada and Atlantic City both have commercial casinos.
- There are 524 Native American tribe casinos in 30 states across the nation. In the majority of states, these casinos operate under their own rules and are not subject to federal regulations.
- There are no tribal or land-based casinos in Georgia, Hawaii, Kentucky, New Hampshire, South Carolina, Utah, Vermont, or Virginia.
- Internet gambling is governed in Delaware, California, Illinois, Indiana, Nevada, Iowa, New Hampshire, Pennsylvania, New Jersey, Rhode Island, and West Virginia. Players can access websites with international licences in other states.
- Online gambling is technically against the law in Louisiana, Utah, and Washington, but no gambler has ever been found guilty.
- Federal law, known as the Unlawful Internet Gambling Enforcement Act (UIGEA), prevents banks from making payments to online betting companies. This runs counter to some states’ legalisation of online gambling.
Many people have not warmed up to the idea of playing Casino software games online, but this opposition closely resembles the opposition that proponents of sports betting faced just a few short years ago.
One of the sectors with the greatest growth
Any activity that involves placing bets online, such as wagering on the result of a game or a live event, is referred to as “iGaming.” This age-old pastime is still practiced today through online casinos, sports betting, and other skill-based games like poker or blackjack.
The 465 registered non-hotel casinos reported a gross gaming revenue of just over $43 billion in 2019, according to data, and there are close to 400 registered casino hotels in the United States, with an estimated value of $54.8 billion this year. The total gross gaming revenue generated in the United States in 2009 was $34.3 billion, which indicates that interest and cash flow have more than tripled over the previous ten years.
The iGaming industry’s expansion could be attributed to a variety of factors. Because of technological advancement, games are always changing and getting better. Better visual and audio design is used for all betting services, which inevitably draws in more customers.
The online casino industry is setting the pace in the constantly evolving iGaming industry. Every week, new online slots are released, and they quickly gain a huge following. While this is happening, players continue to play traditional games like roulette and blackjack regularly.
Blockchain: a complete systemic upheaval?
Blockchain would do away with the need for a central authority to facilitate online gambling (such as an escrow service or third-party company that processes bets). Instead, Blockchain enables the logging, storing, and processing of all bets across a network of computers. A transparent record that cannot be altered will be produced. All parties to the transaction are able to review and confirm this record.
The implications of this technology are vast because it would instill a new level of confidence and openness in how gambling is conducted and how customer complaints are handled. Many believe that blockchain may be the primary factor in making online casinos legal in all 50 states.
If blockchain technology enters the betting industry, cryptocurrency may also start to be accepted as payment. This would widen the scope of the iGaming sector and open up a lot more doors for collaboration.
Conclusion
The iGaming sector is a promising one that is expected to change. These changes have a positive impact on business because US citizens will soon have access to more transparent and secure betting options. The iGaming industry is so large, inventive, and dynamic that it will inevitably become more widely legal in the US. It is a matter of when, not if, as technology like blockchain may hold the key to safe and legal online casino gambling. While many Americans enjoy playing online casino games, some are unable to do so because of current regulations.
