The online gambling market is thriving right now and it’s providing opportunities for operators across the world. Although the US is behind other countries at this point, it’s in a position to catch up quickly especially if more states legalize online sports betting and the legal situation regarding online casinos changes.
An independent online gambling expert that we talked to told us that these are exciting times for the online gambling industry in the US with many state legislators recognizing that there could be significant financial advantages attached to expanding the legalization of online gambling from just sports betting to casinos as well. When you look at the global growth of online gambling, you begin to see the attraction.
Global online gambling in a phase of significant growth
By the end of 2021, the global gambling market is expected to have grown from $64.13 billion in 2020 to $72.02 billion. This growth is expected to continue and is anticipated to reach $112.09 billion in 2025.
This is despite the challenges to the global economy over the last 15 months. It’s understandable that companies in the US are keen to take advantage of this situation. However, the position is not quite that straightforward given the legal restrictions that still exist in the country.
Will the US market follow the global lead?
The 2018 US Supreme Court ruling regarding sports betting has created a great opportunity for sportsbooks in the country. It’s clear why this is the case given that prior to the ruling Americans spent around $150 billion every year on illegal betting.
Ever since the ruling was made sportsbooks have been opening across the country both online and in-store. Major global brands are making their way into the US market as a result of the growing opportunities.
However, less than two dozen states have taken advantage of the opportunity to legalize sports betting and many of them do not permit online gambling. Many states are especially opposed to online casinos. Even land-based commercial casinos are rare in many states. Most land-based casinos are Native Tribe Casinos, and they can be found in 30 states.
Given the current legal situation in the US, it’s not possible for online gambling providers to secure the same profits as they do in other parts of the world. However, this does not mean that the situation will not change dramatically prior 2030.
Any such changes will depend on how much appetite there is in individual states to legalize online sports betting and/or casino gambling. As we mentioned earlier, many people with influence can see the financial advantages of changing the legal landscape but there is still much opposition.
The truth is that only time will tell how much the gambling landscape changes in the US. If more states legalize online gambling, then it’s entirely possible that it will become as popular as in-store betting by 2030 given the convenience and ease of placing a bet online.