July 7, 2020 (Investorideas.com Newswire) Now that the UK betting market appears to be entering a period of increased regulation and declining revenues, for those looking to invest in this industry events in the US will be of interest. Here is a summary of online gambling laws in America.
For years, strict laws against online betting in the United States have frustrated operators and bettors. Even as individual states pass laws allowing online gaming, the type of activity given the go-ahead can be different. While some might allow casino games, they may not approve sports betting.
The good news is the momentum is definitely with the gaming industry. New Jersey was the pioneer in getting casino and poker games legalized in 2013, and it took five years to add sports betting to its in-state gaming.
Now the list of states allowing online gaming is getting longer. Big operators from outside of the US are looking to partner up with local concerns so that they can offer casino games and sports betting to the American public. The potential in the US is exceptional if you take the number of licensed UK slot sites as an indicator of demand in that market.
Recently, Paddy Power owner Flutter acquired the Stars Group to get instant access to some US markets that Stars had already tied up, including being one of the first in New Jersey and a new venture with Fox Bet.
GVC Holdings, another online gaming giant, inked a deal with MGM Resorts to offer online gaming, with the PlayMGM app utilizing GVC's new sportsbook platform, as well as casino and poker games.
Which States Accept Online Gambling?
As mentioned, the number is growing. Currently, 13 states are open online, with a mix of gaming allowed. For example, all allow sports betting aside from Delaware. The states presently allowing online gaming are:
Only three allow online casino games - New Jersey, Pennsylvania, and Delaware. Interestingly, Nevada does not, despite allowing online poker and sports betting.
Have local casinos in Las Vegas and elsewhere in Nevada lobbied hard to ensure locals only go to bricks and mortar properties? Maybe, but it's a different set up in New Jersey, home of Atlantic City casinos, which freely legislated for casino gaming.
Are More States Considering Legalizing Online Gambling?
Yes. The latest round-up considers that three more states could soon join the roster:
Interestingly, all three of these are looking at sports betting, which should include fantasy sports, but are, for now, at least, excluding online casino games and online poker games.
Although the interest in online poker has dwindled somewhat since the boom years of the early to late noughties, the market is still significant, dominated by PokerStars, now under the Flutter umbrella, of course.
There was a resurgence for online poker during the recent coronavirus pandemic, as gamers took to online gaming for lack of much else to do with their spare time.
However, the future of online casino gaming seems more clear cut. Revenues continue to grow as the choice of slot machines expands, and live dealer streaming transforms the online table game experience.
Casino games contributed to a global online gambling market size of $53.7 billion in 2019, a figure expected to rise to $59.6 billion in 2020, although COVID-19 might nudge that number even higher.
The sheer size of the market is what is attracting more states to join the legalized action. Governors are not doing so out of the goodness of their hearts, eager to please their communities. Instead, they recognize that online gaming is a money-spinner for the state treasury.
Not only will taxes boost income, but just obtaining a license in some states costs a small fortune. In Illinois, for example, the cost alone to get a sports betting license is $10 million. While that figure might sound prohibitive, given that casinos and racetracks can apply, there is bound to be no shortage of takers.
What are the Sleeping Giant States?
With no disrespect to Rhode Island or Montana, there are several states that the gaming operators would love to crack, including California and Florida.
California, which has its fair share of bricks and mortar casinos, had looked like it might dip its toe into sports betting, but efforts have seemingly now taken a back seat. With considerable populations in cities like Los Angeles and San Francisco, it would be a massive coup for the online gaming industry.
Florida is interesting. It does not even have any casinos within the state lines. But state laws do not mention online gambling, so many people claim that technically, it's legal to gamble with off-shore, unlicensed casino or sportsbook sites. For the record, we would always recommend that, where possible, you use only licensed operators for your protection.
By Mark Dawson, Editor, TheSlotBuzz.com - contact@theslotbuzz.com
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