There was a time when gaming on online websites entailed running a real risk as state laws didn’t permit this activity. In more recent years, however, depending on the laws of your state and the state you’re in, you can play until your heart’s content at Golden Nugget Online Casino or other igaming websites and not fear repercussions from the law.
That’s because the United States is starting to embrace igaming. Authorities are becoming more receptive to it and looking at the economic benefits it can bring their particular states. Consumers are lining up to take advantage of their newly found freedoms and add even more excitement to their gaming.
Below is a look at how America is doubling down on igaming; some states are considering changing their laws on igaming and why, and what the future of igaming could be in the United States.
Doubling down
Igaming has been growing in the US, and according to experts, the market could become the biggest regulated in the world in 2024. Igaming has become so popular that the seven states — Connecticut, Delaware, Michigan, New Jersey, West Virginia, Pennsylvania, and, more recently, Rhode Island — that allow igaming could rake in more than the whole of the UK by 2027 and, despite some expansion stoppages, the US would remain the biggest market in the world. New Jersey and Delaware have been early adopters of igaming, whereas the other states have come on board from around 2012 onwards.
Gaming has exploded in Europe. Experts have forecast that by 2019, the European market could reach $88.16 billion, a stat that has really caught the attention of the US, especially when its states are so in need of cash. As consumers warm to gaming, bringing in new laws and regulations that allow gaming in states where it’s not yet permitted could really serve them well.
States considering changes to regulations
In a bid to reduce its fiscal woes and budget deficit, New York could be the next state to introduce regulations to legalize online gaming. This could raise between $1.5 and 3 billion in state tax revenue per year. Operators would also pay a one-off fee of $2 million.
To minimize political opposition to the proposal, the Senate Committee on Racing, Gaming, and Wagering has suggested these authorities grant licenses only to existing upstate casinos, three facilities in development, three racetracks, and three New York tribes.
Ohio is another state where senators have proposed to legalize igaming, again with a restriction of the operating licenses to existing casinos. However, traditionally, the governor is anti-gambling, and legalization doesn’t look likely, as he’s considering increasing taxes on sports betting rather than generating income for the state from online casinos.
New York and Ohio aren’t the only states considering igaming legalization. Surprisingly, Hawaii, one of just two states fiercely opposed to all forms of gambling (Utah is the other), is considering bringing in some legislation. If it were to go ahead, the legislation would allow one entity to receive a 10-year license to operate a sportsbook and online poker.
Of course, the real prize everyone has their eye on is California. The Golden State has been a battleground for executives pushing to legalize sports betting, but its tribal casinos have been able to block it. It’s not really about legalizing sports betting, though: the long-term goal is believed to be the legalization of online casino gaming in California, and sports betting legalization in the state could pave the way for it.
The future of igaming in the States
The fact that states are beginning to legalize igaming creates massive, exciting opportunities for operators. Some are looking to partner with operators in Europe, with a possible view to taking over the European market. Meanwhile, European companies are eager to exploit the growing American appetite for igaming.
As more states start to embrace igaming, gaming participants can expect to see more options, and operators can expect regulation to become stricter so that gaming remains safe, fair, and responsible. Regulatory bodies will likely focus on creating a transparent, secure environment for players, which will help ensure trust in the igaming sector, an essential consideration for igamers.
Both authorities and players are likely to see more cryptocurrency enter igaming. Digital currencies are growing, and operators are starting to incorporate blockchain technology into their operations to accept cryptocurrency payments. This also helps to meet consumers’ demands for secure, safe gaming.
The United States is becoming more and more receptive towards igaming, creating opportunities for operators in the States and outside of them. Some states have already legalized it and are enjoying the benefits. In contrast, others are still contemplating it, and the authorities and the citizens will enjoy significant benefits if the legalization goes ahead.
Also Read: The Future of Casino Gaming: Leveraging AI and Blockchain for Success