LAS VEGAS - October 29, 2020 (Investorideas.com Newswire) The idea of opening up the gambling markets for the US citizens was proposed a long time ago. One of the main reasons for establishing a gambling environment for Americans was to generate massive revenue from it. It was to be used for building the nation's economy. When the US was suffering from the great depression the US economy was in danger. That is when the first proposal of making gambling legal was made in the country.
In the present day gambling in the US is legal under U.S. federal law. There are only a few states that have legalized the practice of gambling. According to the law, each state is free to regulate or prohibit the gambling practice within its borders. Nevada became the first state in the US to legalize gambling. We will now touch on some important topics. How the opening of the gambling market was a good deal for the US. How the US became one of the most successful gambling countries in the world. We will also see how gambling helped the US to boost its economy. And finally how big is the online gambling market in the US.
The Start of the Gambling Market in the US
We need to go back in time to completely understand the opening of the gambling markets in the US. Like any other country, the US has a long history connected to gambling. It all starts from the early '90s when horse racing was very popular. It was liked by both the working-class and the rich. Horse racing was actually something that connected them. In 1931, the US economy was almost on its knees because of the great depression. To revive its economy. Nevada became the first state to legalize gambling. They did so in hopes of generating revenue from this new method. This was the first step taken by the US towards legalizing gambling. Still to this date Nevada is the number one state where most of the gambling revenue is generated from.
Gambling in the US is legal under U.S. federal law. In reality each state is free to regulate or prohibit the practice within its borders. That is why there are only a few states that have legalized the practice of gambling so far. Some of these states are: Nevada, Delaware, New Jersey, Mississippi, West Virginia, New Mexico, and Pennsylvania.
The Gigantic Market of Online Gambling within the US
Online gambling, which is often referred to as the future of all gambling, has made quite an impact in the US. States such as Nevada, Delaware and New Jersey are offering legal online gambling in the US. It is expected that many more states will soon follow and offer casino online in the United States.
The mid-1990s was the starting point for the glorious online gambling market in the USA. Various websites began operating for the US citizens. Most of them were Caribbean based. At the time of writing this, there are various state-wise laws affecting the online gambling markets of the US. Right now the country has hundreds of online gambling websites available for citizens to bet. These websites offer various types of gambling from sports betting to live casino.
Introduction of technology in the US has been beneficial for gambling markets as well. Technology such as virtual reality and blockchain has revolutionized the US gambling industry. It is projected by different researches that the world's online gambling and betting market worth will jump. It is expected to surpass $125 billion in the next six to seven years. And there is no doubt that the US will generate a big part of it.
How the Opening of Gambling Markets Boosted the US Economy
When gambling was first made legal in America, it was to bring a new life to the American economy. The American economy was suffocating from the Great Depression in 1931. When gambling was legalized in the US, it saw a great jump in profits. For example in 1996, the US economy achieved a profit of US$7.7 billion within a year. Gambling markets in 1996 also generated over 300,000 jobs for the Americans. This boost in the American economy did not just stop there. It kept increasing each year.
Even now the US is not completely dedicated towards the gambling industry. Many of the US states have still not given permissions for gambling. Currently, only 18 states out of 51 support and regulate gambling. However there are 6 states (like Washington, D.C., Tennessee, North Carolina and Virginia) which has passed bills in favor of gambling. It is quite natural for citizens to go and gamble in different states if theirs is not permitting it. This is very normal in the US, and it is very concerning for the state as well. If citizens keep doing that then the state is forfeiting valuable revenue to the neighbouring states.
The opening of the gambling industry in the US was a big success. It also became a role model for some countries which have not legalized gambling yet. Every American is a witness to how opening gambling markets helped the US economy grow. The growth of the US gambling market is increasing each year exponentially. There is no doubt that the US has done it again and could become number one in gambling industry. But there is still some space to grow for the US. The US can increase the profits from gambling markets by legalizing it in every state. According to experts, the US is going in the right direction that will lead to a glorious market of gambling.
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