The igaming industry in the US has been one of the biggest market sectors to grow in recent memory, with the sector having grown at astronomical rates, especially in more recent times.
Of course, there are a number of reasons as to why this has been achieved, although it is expected that the levels of growth that igaming has already experienced are just a shade of what can be expected in the near future.
Continued increase in popularity
One of the main reasons that have made the igaming industry become as big as it is down to the fact that it has become increasingly more popular amongst punters for a significant period of time. Whilst there are land-based casinos in places like Las Vegas, Nevada, and Atlantic City, New Jersey, online gambling has been ruled as unlawful up until rather recently – despite many states still yet to bring in legislation to allow it to happen in their districts.
That has not stopped online gambling from being rather popular, though, between 2004 and 2008. Gamblers managed to find ways to satisfy their hunger, whilst America started to realise that they wanted a share of the $21 billion share the market once was.
Legislation started to enter
The first state to legalise online gambling in the US was New Jersey when the senate passed a bill in 2010 allowing specific forms of the activity to happen. Although sports betting was initially outlawed still, things like slot games and online casinos – which can be found at gamble-usa – were allowed to be used. There was strong opposition to the original bill, however, it appeared to change the minds of many as other states soon followed.
Despite being a rather gradual process, states such as Colorado, Michigan, Pennsylvania, West Virginia and Indiana have all made online gambling fully legal within their borders. California, New York, Massachusetts and New Mexico have all considered it at some point as well. Although each state have their own terms and restrictions, it shows that the igaming sector is starting to grow at an exponential rate within the US.
The word ‘exponential’ might be considered an ‘exaggeration’ or a ‘sensational’ term, however it could be argued that it does not accurately describe the igaming growth over the last few years. By 2016, the industry was said to be worth around $6.5 billion. A year later, it was reported to be worth $7.2 billion. In 2020, the US online gambling industry is said to be estimated to reach levels of $59.6 billion. With many states still not fully legalising the activity, it is almost unimaginable as to that figure could look like if they were to ever do so.
What may happen in the future?
With a number of large US states already considering whether to adopt legislation to allow online gambling to take place within their borders, it would be easy to suggest that the sector will continue to boom and grow at astronomical rates.
The legalisation of certain activities such as online betting may even attract more players as they will feel safer doing it, as they can trust online casinos with their money, whilst the ability to simply be able to do something new might be enough to get new players to enter the sector.
Some are already suggesting that the market size in five years time (2026) could be worth $77.42 billion to America, and with the way the current financial situation looks, that could be too big of an amount of money for the North Americans to miss out on.