The business world has suffered in the hands of Covid, with waves hitting one nation after the other. But as countries get back to the state of normalcy, various sectors are displaying a good comeback, with the iGaming industry leading the pack. The industry’s rapid growth is linked to the introduction and advancement of technologies such as virtual reality and the Internet of Things or IoT.
According to the industry’s main stakeholders, the advancement in technology will see the iGaming industry grow at the rate of 11.6%. That means by 2023, the iGaming market value should be about $92.9 billion. Moreover, in 2020 alone, the sector saw a drastic increase in online casinos, with multiple newcomers picking up as soon as they were launched. While some companies had to use IT to connect to investors , others were started by some of the top iGaming companies. That means they had the resources and know-how to attract clients.
iGaming in The US
Even with the tremendous growth of the iGaming industry and the uplift of the Bradley Act by the US Supreme Court, some states are still adamant in accepting the lucrative business. The Bradley Act or the Professional and Amateur Sports Protection Act of 1992 was a law that criminalised sports betting all over the US. The law became effective in January 1993, and it applied effectively until 2018.
For about 25 years, when the Bradley Act was in place, only one state, Nevada, was allowed to offer online betting. However, soon after the ban got overruled, a number of other states like New Jersey and Pennsylvania opened as an promising market opportunity for reputable iGaming providers like Unibet, BetMGM and many others. As a result, we saw a noticeable growth of PA online casino sites despite the stringent regulations imposed on online casinos. But as time goes by, the future is bright for US online casinos. That is because laws governing different states continue to make room for more online casinos.
In 2020, the US iGaming market value was a perfect $59 billion. The numbers continue to rise drastically as more online casinos come up. Also, the new brands are introducing an explicit online gaming environment that is immersive to players. However, even with the increased interest in the iGaming sector by investors, the US legal stipulations are still not overly conducive for online casinos. That is why major casino brands are pushing for better reforms that will allow them to operate efficiently.
Current US Online Betting Laws
At the moment, multiple US states accept different forms of betting. However, there are still numerous states whose legalisation is still pending. That means in the next one or two years; the number will increase drastically. So far, states like Pennsylvania, Tennessee, Rhode Island, and New Jersey, among others, allow both online and land-based casinos. But then, some states like North Carolina, New York, and New Mexico only allow retail betting. Moreover, some states are only waiting for project launch. That is because the regions have already passed laws to decriminalise betting, but regulators are yet to issue the necessary approvals.
Online casino betting may take a long time before it is accepted all over the US. However, the country’s direction shows that more than 50 states will soon allow their citizens to take part in online betting. Besides, the US is on the verge of refining the legislation governing online betting so that interested parties can invest in the sector.