Online gambling has massively risen in popularity all over the world. However, when it comes to rapid gambling business growth within a particular region, the US is a particular hotspot no questions asked.
It was predicted by many established bodies that due to relaxation in legislation when it comes to legal betting within the region, gambling as a whole would thrive dramatically within the US and they were right. Up until 2018, all forms of gambling were restricted within major states such as New Jersey and so on, however, most recently this is not the case anymore.
Some of the largest gambling providers of the world, such as William Hill have taken it upon themselves to make use of such ease on the gambling front, and have actually sought to expand dramatically in terms of their online reach, as well as the physical presence of casinos and betting houses. It is safe to say that with such a new take on gambling within the US region of the world, many more respected gambling establishments will follow suit, as it is expected that relaxation in gambling within the US alone, can bring in an estimated extra 63 billion dollars per year, as predicted by Forbes.
Half the country has legalized betting
As mentioned previously, 2018 was the year that betting privileges started to really flourish within the US. Prior to this, the entire nation had historic Supreme Court bans on all forms of betting, which is believed to have cost the US $150 billion in offshore betting, through illegal unregulated practice. With New Jersey leading the nation on the front of legal betting, the federal betting ban was ruled unconstitutional and therefore encouraged individual states to seek regulation of their own regions in terms of their attitudes towards betting. Since this, sports betting sites have opened all over the country, gradually and in great numbers. This is a massively huge step for the US, once a region that frowned upon gambling activities, to now associate with multiple British and European gambling brands for the proactive involvement of society.
Many US-based brands that have been newly founded in the past two years have actively sought out guidance from the pioneers of the industry, with many UK brands offering years of experience at their command with any association. The betting business has evolved on the technology front which is where the US betting sector finds itself severely lacking at this current moment. Currently, European brands have huge gaming catalogs, with multiple software providers under the networking belt, due to many years of being in the iGaming industry essentially. For this reason, it is very probable that US gambling brands looking to embrace larger initiatives and dynamics to remain sustainable within the market, acquiring existing successful brands will be the plan of many who have the funds to do so. It would certainly not be a mistake to make an investment as such, due to the fact that under previous circumstances, the offshore gambling potential has really reflected how willing US consumers are in essence.
The battle ahead
While there is hope on the horizon for the US, it does not mean that it will be an easy road to face. iGaming is a massively fast-paced and evolving industry. We need to account for all of this and more, when looking towards the US fitting ‘right in’. There is a huge race to the finish line, and it will be those that are long-standing and looking to remain sustainable, that will meet the end in terms of the level of regulation and standards put out there towards the gambling market. Looking at some of the facts below should give you a better understanding of what there is to achieve before the US can reach the huge potential that it deserves.
- Utah and Hawaii are the only states at the moment which have not sought to move past a gambling ban. Nevertheless, poker is allowed to be played and practiced within private residences, but not on a national level.
- Two land-based casinos are in practice at the moment, the Commercial and the Native Tribe casinos. The Native Tribe casinos are bound by federal regulations and have rules entirely different from the Commercial casinos.
- The Unlawful Internet Gambling Enforcement Act works towards regulating and monitoring payments that go towards or across online betting associations. Therefore, many can say that for those that are legalized for betting activities, this would be somewhat contradictory.
The USA is predicted to be the fastest-growing industry
Data thus far is showing the USA to be on par with the largest fastest-growing gambling nation on record. When the state of New Jersey was opened towards legalized betting, the monthly revenue closed just over $150 million dollars. This should set the bar very high for surrounding states that are slowly easing their betting preferences. Add blockchain into the mix, and cryptocurrency casino gambling and this could very much eliminate the regulation and authority involved when it comes to gambling. Blockchain would force many gambling bodies to be transparent on the revenue passing through the cryptosystem, however with the anonymity that crypto would provide, this will make the task a very difficult one indeed. However, for many avid gamblers out there, blockchain is the hope for the future as it would force the legislation in currently restricted regions to be challenged.