When the COVID pandemic caused economic damage to many industries around the world, the gambling market, globally and in the US, actually grew. This is despite the closure of many land-based operations, such as casinos, retail sportsbooks, and poker rooms. The reason? Those who could not gamble at these locations just did it at home during the lockdown instead. This meant massive growth from an ever-expanding online gambling industry in many states and around the world.
In fact, in the US, that industry is forecast to almost double in value to $92.9 billion by 2023. At the end of 2021, it valued the industry in America at $59 billion. During the pandemic and the ensuing travel restrictions, lockdowns, closures, and protocols, it forced people to stay at home with little to do. This led to many deciding to enjoy some time playing at the best online casinos in the United States listed here. Although not available to everybody in all states, in those that had access, the iGaming industry was now booming.
US Online Gambling Growth Explained
It was a report from Statista that forecasted that growth and it continued by describing what online gambling is. As most of you will know, online gambling is the act of partaking in casino games, sports betting, poker, bingo, and lotteries using the internet. In the same way as doing remote work from home, online gambling is enjoying gambling remotely.
Thanks to the advancements in mobile and internet technology, and the increased trust in playing online because of stricter regulation, iGaming markets around the world are seeing continued growth. Further supporting this global growth is the opening up of new markets across the US. For example, sports betting, which was legalized at a federal level in the US in 2018, has led to many states formerly legalizing online betting, which has attracted many major operators and brands.
The previous federal law prevented any state from legalizing sports betting but did not make it illegal for states that already had legalized sports betting. When the US Supreme Court overturned that law, this meant that any state could now create laws which made online sports betting legal. Since 2018, 15 states, including Pennsylvania, Delaware, Mississippi, Rhode Island, Oregon, and Indiana, have put in place legislation that has indeed legalized sports betting.
Can the US Online Gambling Industry Continue to Grow?
Well, as that forecast from Statista suggests, online gambling both globally and in the US is only going in one direction for the moment. It would be foolish to think otherwise, especially as so many new markets are opening up in the US, Ontario in Canada, South Africa, and across many Latam countries. The global industry will certainly grow in size and value, so you can imagine how much it would be worth in 10 years’ time.
Many other US states have made moves to legalize different forms of online gambling, while it has been a conversation for many others. They have seen the success, revenues, and taxes brought in via the iGaming industries in other states and have no choice but to consider the financial impact of doing similar.
Another emerging iGaming market is Ontario, Canada. Will this lead to more Canadian states following suit? Ontario has legalised and now regulates online gambling, something that many have wanted for many years. Previously, lackluster laws meant Canadians were not breaking laws by gambling online at offshore online casinos. The law only says that online gambling firms could not set up business within Canada. So, this meant that Canadians were pushed to offshore casinos – meaning no revenue and taxes going back to the government. Regulation from within was the only way.
Those are just some examples of why the global iGaming industry will only grow in worth. Throw in technological advancements and this industry could be huge in 2030.
Great for Online Gambling Fans
Not everybody enjoys gambling. Let’s get that straight first and foremost. However, like having a choice of what vertical blinds to buy, what car to drive, or what colour to dye our hair, it should be a choice for everyone. The fact that the industry is growing globally suggests that many do enjoy it. The only issue is having measures, tools, and support and guidance in place for the inevitable problem gamblers that will emerge. However, these markets can look to established iGaming markets across Europe for effective ways to manage this.