Online gambling is gradually being accepted in more parts of the country, with regulators choosing legalization rather than prohibition to help make the industry safe and accessible to all consumers.
This trend has been typified in Michigan, where the recent rollout of legal web-based wagering services is having a demonstrably positive impact.
Here is a look at the advantages online gambling offers, and an explanation of why it is likely to be embraced in more parts of the US very soon.
Record-breaking revenues
You can read more about the best Michigan casino sites in detail here, but the main thing to know right now is that during their first 10 days of operations, they managed to rack up $42.7 million in receipts, demonstrating the sheer scale of the demand for these services among players state-wide.
Analysts point out that in a little over a week, Michigan’s online casino operators have set a record-breaking pace which is likely to leave the first month revenue figures well above any other state that has legalized internet gambling.
Close to $30 million of this total was made up of bets placed through casino games like slots, as well as table games like poker, all handled digitally rather than in person.
The remainder went on sports betting, which is another important arm of the growing online gambling movement.
It is also worth noting that the legitimization of sports betting more generally across Michigan has stimulated even more significant consumer spending.
Players wagered a total of almost $151 million via the web as well as through bricks and mortar bookmakers, which is dramatically more than in any other areas where similar activities have been legalized recently.
Right time, right place
These eye-catching figures are not just as a result of Michigan residents being more eager to gamble online than their counterparts elsewhere.
Indeed they mainly come down to the fact that the state’s online casino market benefitted from greater support from gambling brands, which meant there was simply more choice available to consumers, in combination with a greater level of public awareness to go along with it.
The timing of the legalization was also significant, with the ongoing disruption of the pandemic meaning that plenty of people still prefer to avoid public places and would rather gamble online in the safety of their own homes.
These serendipitous circumstances effectively turbocharged Michigan’s online casino and sports betting market from the get-go, and it seems likely to continue accelerating as time passes and word spreads even further.
An economic windfall
So far it is clear that the online casino industry and the businesses involved have benefited significantly from the legalization process. This is really only half the story since when any state-sanctioned sector flourishes, the wider economy can reap the rewards.
In this case, the tax revenues secured by the state of Michigan during the first few days of play topped $4.4 million, of which the majority was earned courtesy of online casino games.
Sports betting is a slightly different story because the amounts wagered do not equate to the actual takings for operators, and in combination with the intensive incentivizing of new customer sign-ups, operators actually made a loss during this initial period.
It will not take long for sports betting to become a money-making machine, of course, but it is interesting to note how even this lucrative market does need an injection of marketing cash before it can build up a head of steam.
Land-based casinos are also contributing significantly to the public coffers, with millions in taxes paid by bricks and mortar venues in Detroit every month.
This all means that the authorities can allocate additional funding to a whole range of projects, covering everything from infrastructural improvements to education and beyond.
Furthermore, the economic impact of the rise in online casinos comes in the form of job creation in Michigan. This is helped because operators that want to provide online gambling services to customers in Michigan must be physically headquartered within the state.
In previous years, players would turn to overseas operators to get their fix of online gambling, and through legalization, there is no longer a need for this. Instead, the pastime can be taxed and regulated, protecting consumers and also keeping more dollars within the local economy.
Ultimately, online casinos are a win-win for residents and state legislators alike, so legalization is far more attractive than the alternatives. And with fewer federal restrictions to worry about, other states besides Michigan will likely take the same path soon.
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