Gambling in the United States faced many legal restrictions in the past but is becoming acceptable in most parts of the country. The estimated number of brick and mortar casinos reached a total of 400 in 2019. However, online gambling has taken over the market in recent times. The global online gambling market generated an estimated $59 billion in 2019 and is expected to grow more in the following years. The US gambling market has also experienced this growth, especially in Sports Betting and Fantasy Sports. Fantasy sports generated close to $8 billion in 2020. (Forbes, 2021)
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Legalization of Gambling
2018 brought a remarkable change in the gambling industry as many states began legalizing it. Several landmark rulings were legalizing online gambling. Over 20 in the United States have either partial or complete legal status. Utah and Hawaii are the only states with a total ban on all kinds of commercial gambling, online and land-based. However, Poker is permitted in private residences in Hawaii. Sports betting alone generated over $900 million in 2019. States like Nevada reported gambling revenue at over $300 million in the same year. Casinos in Nevada realized almost $10 billion between the year 2011 to 2019. (Statista, 2021)
Growth Of US Online Gambling Industry During the COVID-19 Crisis
During the lockdown in March, the gambling market experienced growth like never before. Bookmarkers initially experienced a challenge but eventually figured it out by introducing eSports betting, Eastern Europe table tennis, and overseas sports. Some betting websites even included betting on politics and weather. However, many leagues soon returned, and revenues again skyrocketed. Poker players increased by a whopping 225% during the lockdown, according to studies from Global Poker. Poker is the most popular casino game in the country, boasting up to 40 million players. It is legal in almost every jurisdiction where online gambling is legalized. When New Jersey casinos had to close during the lockdown, they experienced a loss of 61%. However, a month after the resumption of activities, they generated up to 65.7% income tax revenue from online casinos. (TMCNET, 2020)
Factors that Affect Growth in the Gambling Industry
The gambling industry is fast-growing, and there are several reasons for this. One reason is innovation in the online gambling industry which has improved visual and audio designs. Another is the introduction of mobile casino apps for the online gambling market that never sleeps. The blockchain market, which relates closely to our bitcoin casinsos, has also facilitated this growth as most bookmakers have now incorporated it into their systems, realizing that it brings a new level of trust and transparency to the gambling industry.
Projected Growth of Gambling Revenue
Online gambling encompasses every area of casino activities, including sports betting. The present revenue is nothing compared to what the industry is predicted to generate in the coming years. When combined with the traditional casinos, every indication points to a promising outlook for the gambling industry. The 400 land casinos generated an estimated $54.8 billion this year. The 465 registered non-hotel casinos made an estimated return of $43 billion in the year 2019. The revenue has tripled over the years. According to a recent report, the casino market will experience a massive growth of an additional $11.42 billion between this year and 2025. (PR Newswire, 2021)
References
PR Newswire, 2021
Statista, 2021
https://www.statista.com/topics/1368/gambling/#topicHeader__wrapper –
TMCNET, 2020
Forbes, 2021
