The United State’s Emerging Gambling Market
Updated: Jul 30, 2021
The year 2021 was pretty dynamic, considering the global economy that was impacted by the pandemic.
The year 2021 was pretty dynamic, considering the global economy that was impacted by the pandemic. As a result, many businesses were thrown off their feet, and industries had to deal with unfamiliar waters and uncertain futures.
However, there was a single industry that overcame the pandemic with ease—the iGaming industry. As a result, the sector underwent a revival and is predicted to soar even higher with new opportunities for business and entertainment within the next few years.
Considering that gambling is booming in America, many states in the US are gradually legalizing gambling in an attempt to move the stagnant legislation that is currently prohibiting various forms of gambling in the US.
Nearly Half the Country Has Legalized Betting
In May 2018, the US Supreme Court made the historic decision to legalize sports betting. Before that, the federal ban on sports betting led American betting around $150 billion every year, which made unregulated gambling a hot topic in the country.
After years of advocating for gambling legalization, New Jersey was the first state to bring the case to the Supreme Court. Eventually, when the federal ban on sports betting was lifted off after being ruled unconstitutional, it was left to individual states to legalize sports betting and regulate their own bodies of sports betting services. Ever since, sportsbooks have been opening all over the country.
Striking down the federal ban on sports betting was a huge step for the United States entertainment industry. What’s more, with more states opening legislative doors, global brands are showing interest in broadening their horizons and entering the American market.
In a race to put forward the best product on the market, the chances are that the established online and offline sportsbook in the US will either look to partner with global brands or acquire the existing operators.
Live Casino is on High-Demand in the Country
The live casino market is still in its early stages, considering the stringent regulations. Nevertheless, software providers like Evolution Gaming and Ezugi have acquired licenses to offer their live dealer games in the state of New Jersey. Therefore, global players are entering this market and investing significantly to expand their geographical presence and customer base. For instance, Evolution Gaming established its first live casino studio in Vancouver in January 2018, even before the federal ban was struck down.
The New Jersey studio currently offers ten tables of different games, including Blackjack, Slingshot Roulette, Baccarat, and American Roulette. Furthermore, Evolution Gaming has signed contracts with numerous licensed operators, like Hard Rock Hotel & Casino Atlantic City, Ocean Resort Casino, 888casino, and PokerStars Casino, New Jersey.
Other than these key players, even software providers are embarking on mergers and acquisitions as one of their vital strategies to achieve consolidation and optimize their offerings. For example, Evolution Gaming acquired Ezugi, a live dealer gaming provider, in January 2019. In addition, BetOnline, Bovada, The BoVegas, MyBookie, Ignition Casino, and 5Dimes are some of the key players offering live casino games country-wide.
Pennsylvania—The Fastest Growing Market
Pennsylvania, the fourth and the biggest state to declare online gambling legal, also features one of the fastest-growing markets in the country. The latest law permits online poker, online casinos, sports betting, and more. However, when it comes to casino gaming like slots, and casino table games, poker, fantasy betting, and sports/horse race betting, these are regulated by the Pennsylvania Gaming Control Board. On the other hand, lotteries are regulated by the Pennsylvania Lottery.
Furthermore, according to the American Gaming Association, Pennsylvania casino’s estimated gross gaming revenue was approximately USD 3226.92 million in 2017. This is the second-highest in the country after Nevada. Therefore, the regulation of online casinos in the state will only increase the number of downloads of the various online casino games and add more revenues to the overall online gambling market.
After the introduction of internet gambling in the state of Pennsylvania in 2019, several companies are currently forming partnerships to address the demand for online casino platforms and offer consumers a better online betting experience.
A Future Worth Betting On
Gambling is a promising industry that is expected to undergo a few changes in the upcoming years. Great potential for business lies in these changes as citizens look forward to more transparent and secure betting options. Considering how innovative and dynamic the gambling industry is, it is likely that it becomes more widely legal across the US.