The Growth of the Online Casino Industry in North America

Online Casino

During the early 20th century gambling was almost completely outlawed from the US. The situation became dramatically different at the end of the same century. Additionally, even internet gambling is really bombing in the US, despite the fact that online casinos are only legal in several states.

Regardless of the legal status, it’s undeniable that a lot of US citizens enjoy some sort of gambling. Many of them even use VPNs to get access to legal casino websites. They usually pick one entry from the list of online casinos in Michigan and create an account there. Of course, this hobby isn’t evenly prevalent in each state, and there are geographies where users are more eager to gamble. Here we will be focusing on North America and why the iGaming industry managed to grow so rapidly there.

Canadians Love Casino Games

Online casinos are legal in a few provinces in Canada, but people really love to play slots here. In fact, Canada is among the top 5 countries that gamble the most. They have some of the most beautiful and luxurious land-based casinos, and they are pretty lenient when it comes to online gambling. Playing online casino games was technically illegal, but no one was enforcing the law or creating problems for users that played.

Recently, they even bolstered their regulations and decided to cooperate with these foreign operators. They established a regulatory body, iGaming Ontario, and their users can find licensed foreign websites that comply with Canadian regulations.

People Invest in These Businesses

People Invest in These Businesses

Our biases and personal convictions aren’t always welcome when we are trying to make good investments. Many don’t like the idea that we are still relying on oil or other energy fuels with high carbon emissions. Yet they would still invest in oil companies because they are performing well. Currently, people are investing in what we would call sin stocks:

  • Alcohol
  • Gaming
  • Casinos
  • Weed

Gaming in general is very popular, and this sector managed to grow significantly during the pandemic. With enough funding, online casinos are able to craft better experiences and offer better incentives for users. These incentives also play a big role.

Bonuses and Promotions

There are all sorts of online casinos that are technically legal, but they don’t really offer meaningful bonuses for casual players. In fact, some of them have such high wagering requirements that you are unable to make meaningful rewards. Instead of relying on bonuses, you are better off not claiming them. This isn’t the case with US online casinos. They have really fair promotions that players can claim without worrying about bonus turnover.  

Lenient Regulatory Framework

Many speculate that the US online gambling market will surpass Europe. Many believe that online gambling is suffering from overregulation in European countries. The idea has always been to allow for these businesses to exist but to also protect problem gamblers.

However, only a small percentage of the people that plays casino games, end up in a really difficult financial situation. These stories always make it to the top of the newspaper, and that gives governments more leverage to tighten their grip on these businesses. Also, these strict regulations may seem unnecessary in certain situations, as citizens have lots of disposable income, so they don’t really endanger their families when they overspend.

Businesses in the US have more freedom when it comes to marketing, and innovation, so the industry is growing more rapidly. That being said, this entertainment has been available for a long time in Europe, so it’s hard to say when the market will reach a plateau in the US.

Conclusion

These were some of the main reasons why online casinos are so successful in the US. It’s also important to note that people there have access to sweepstake online casinos as well. In other words, a lot of them are open to this content and play it for fun. Of course, each state tackles this issue separately and they don’t make drastic changes overnight. After all, regular land-based casinos are also a good solution for the economy, as they generate more jobs. This means that sudden changes could destabilize the market and endanger these businesses.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.