Know here all about the Future of US Betting.
The US gambling market is comfortably one of the largest in the world, generating billions of dollars, generating employment for millions, and stimulating local economies by increasing footfall and tourism in some areas.
Despite the many financial benefits, gambling regulations vary by state with some enforcing more restrictive legislation.
The US sports betting and casino industries are at the forefront of the gambling sector, and the convenience and choice afforded by online operators could shape the market's future.
Casino gambling in the US is extremely popular, with Las Vegas being world-renowned as one of the best casino destinations. The variety of casino games available to consumers makes it an attractive option, with options for experienced and inexperienced gamblers alike.
While poker can take years to master, roulette rules are relatively simple. Casino expert Tom Middleton reveals a few strategies to improve your chances, from inside bets and outside bets to the secrets of the roulette wheel and the key gameplay strategies
Blackjack's simplicity is key to its popularity, while slot machines rule the roost, commanding impressive engagement rates thanks to their use of state-of-the-art technology, soundtracks, graphics, and licensing deals with some of the most popular TV and movie franchises.
We have yet to begin to mention the possibility of winning life-changing sums of money, with progressive slots paying out jackpots that run into the tens of millions.
Gambling regulations in the US give individual states the autonomy to create their own legislation, leading to a fragmented industry that can confusing for locals and visitors.
Only Utah and Hawaii don’t allow any gambling at all, while many others offer some land-based facilities and limited online options.
Online sports betting has become far more widespread since the Professional and Amateur Sports Protection Act was overturned in 2018. The PASPA prohibited the majority of states from allowing any kind of sports betting operations, but when this was removed, many chose to allow the market in their jurisdictions.
The sports betting market being voted on in 2018 was a boost to the online gambling industry in the US, as it was a small step to include legislation allowing online sportsbooks to operate.
Online casinos are far less common, only West Virginia, Delaware Connecticut, Michigan, Pennsylvania, and New Jersey currently issue licenses to operators.
This has seen a rise in offshore gambling, where consumers access betting sites and apps licensed in external jurisdictions. This is a legal loophole made possible by legislation that only bans online casinos from operating within the state lines. These same rules fail to prohibit external operators from being accessed by citizens and would be very tough to police.
According to the American Gaming Association, the US gambling industry is in a healthy position and shows significant growth in different areas. The month of August saw a year-on-year rise in the total gross gaming revenue (the difference between what is wagered and won) of 8.7%, totalling $5.65 billion. From January to August, the total of $46.93 billion showed an improvement of 7.5% on 2023's figures.
Traditional casino GGR has shown a slight improvement over this time, rising by 0.5% to 33.1 billion and by 3% to 4.18 billion for August.
In comparison, the iGaming sector has seen its total GGR from January to August 2024 increase by 27.6% to $5.33 billion, and increase by 35% to 705.8 million for the month of August.
While this total is still well behind traditional casino GGR figures, it is a great indication of how the future of US casino gambling could go. It is worth remembering that these figures are showing massive growth in a very restrictive market. Should legislation change and more states legalize online casino operations, this figure will rise exponentially.
The evidence shows that consumers are keen on online casino facilities, and those states that allow operators have seen impressive revenue growth. Legislative changes will be needed before online casino betting overtakes land-based operations, but it certainly appears that it will continue to grow and provide a secure future for the casino industry.
Operators running online casinos benefit from significantly lower overheads as they don't need the same physical space. Rent, maintenance, and staffing costs are all much higher for brick-and-mortar gambling operations, and being able to streamline processes allows operators to focus on improving services and gaming experiences.
Operators are able to offer a wider selection of games that are proven to be popular, as well as more niche options. In comparison, land-based casinos are limited by table and game unit space so must pick and choose wisely. Busy nights can also limit customers to what games are available, while online operations are available to all customers whenever they log in.
Convenience is obviously a massive benefit to online casino customers who can access apps at any time that suits them. Shopping around for the best deals and welcome bonuses can also benefit online customers, with great offers for new and existing customers.
Accessibility plays a big part in the success of online casinos, with consumers able to bypass restrictive laws to legally play games. This is made easier by the varied payment methods available at online casinos that include traditional card payments, bank transfers, third-party payment services, and cryptocurrencies.
Improving connectivity and mobile technology makes it easier than ever before for consumers to access the best online casino sites and apps. Immersive gaming experiences that are finally able to rival the in-person casino experience are also improving, making it one of the most exciting sectors in the gambling world.
The stabilisation in the growth of the traditional casino industry compared with the growing popularity of online casinos indicates a shift in consumer trends. The growing need for convenient alternatives to traditional banking, shopping, and gambling industries has been facilitated by the proliferation of smartphones and mobile devices.
Legislative changes will come in the US, but consumers may have to wait before their local jurisdictions begin to realise that consumers will gamble online regardless of prohibitions, and they will have better control and access to lucrative revenue streams when they do make changes.
