The past couple of years have been very trying times for the global economy. A lot has happened since the COVID-19 pandemic came in and changed a lot of the things that the world had grown accustomed to. Many businesses and industries in the United States had to deal with a lot of uncertainty while weathering the storm caused by the pandemic. This, however, did not exactly apply to the online gambling industry.
The iGaming sector was already growing at an admirable rate. However, its impressive growth got a boost of sorts from the measures that came into place to prevent the pandemic from spreading further. In 2021, the sector is still thriving and is expected to grow even further in the coming years. There are immense opportunities for this and every potential stakeholder is taking note.
The Legal Landscape in the United States
Once upon a time, online gambling in the United States was a very complicated issue. This is no longer the case. The activity is now legal on a federal level with states being given the right to regulate it as they wish. They can do so for both land-based and online gambling activities.
As it stands, more than half of the country’s states have legalized and are regulating one or more forms of online gambling. These include Pennsylvania, New Jersey, Michigan, Nevada, West Virginia and Delaware among others. Even more states are now considering joining the bandwagon after witnessing just how beneficial the sector can be. Its revenue potential has proven to be something that no one wants to miss out on. Moreover, the activity is already happening in states where it has not been legalized albeit in offshore or underground sites. That is a huge missed opportunity for them.
The Economic Outlook for iGaming in the US
As we already mentioned, online gambling has grown immensely over the past years. According to industry and financial experts, the sector could reach up to a whopping $92.9 billion in revenue by 2023. North America is set to lead this massive growth with a 14.78 percent annual growth rate up until 2025.
ResearchAndMarkets.com estimates that the market will register a CAGR of 15.41 percent between 2020 and 2025. All these projections affirm how much faith both the markets and the industry have for the iGaming sector. The massive shift towards iGaming has been monumental and will help the gambling sector perform better generally.
Emerging Trends Pushing the Industry Forward
When it comes to finding an online casino, USA has lots of amazing options that gamers can explore. The modern gambling landscape is defined by several innovative features that are inseparable from how we experience entertainment today. The mobile gambling scene, for instance, is one of the most successful verticals. It has not only made gambling more accessible but also ensured that players can experience the games in unique ways.
The fun does not stop there though. Online gambling is a very dynamic sector that leverages the latest technology to deliver on its promises. That means that we can see how modern and emerging technological trends will shape the online casino of the future. These trends include:
1. Live Gaming
The very goal of online gambling was to bring the casino experience to the players. That worked out pretty well considering where we are now. Now, the next step is to take it a notch higher by further blurring the line between the land-based and online casino experience. That is why live dealer casino games are becoming so popular. They add an extra element of realism to the online experience by replacing the Random Number Generators with actual dealers. It is easy to see why that is so exciting.
2. Crypto and Blockchain
The gambling sector has always been at the forefront of adopting bleeding-edge tech. Digital currencies and blockchain were once just that but with the help of the iGaming sector in some cases, that is no longer the case. Cryptocurrencies offer online gamers lots of great perks. These include lower fees, faster transactions and more privacy. Blockchain is making casinos more trustworthy. Those factors mean that they are undoubtedly going to be a huge component of the casino of the future.
3. Better Regulation
With the rate at which the online gambling sector is growing, nothing quite makes as much sense as better regulation. This does not necessarily imply the introduction of more laws and guidelines but instead means that existing frameworks should be optimized. Fortunately, in the United States, states are reworking their gambling laws to suit the current gaming atmosphere. Legalizing the activity and regulating the sector, for instance, makes it easy for players to find safer and trustworthy gaming options. Moreover, stakeholders are increasing focus on such things as responsible gambling and advertising.
Gambling is deeply entrenched in the culture of the United States. While there is immense potential for benefits from the sector, there is a lot at stake. Figuring out how to maneuver the highly dynamic landscape can be challenging. It is great to see that steps are already being taken to ensure that everything works out for the better. Both the industry and the consumers will benefit from this.
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