The gambling industry keeps on flourishing! In that respect, the global gambling market gross gaming yield was close to $500 billion for 2019. This reflects the continuous growth that’s been active since the start of the century. Sure, there was a period of stagnation in 2014/2015, but it didn’t hurt the projections at all.
Courtesy of Statista.com
Fast forward to 2020, the trend of growth is still active, further fueled by regulative changes in the US that shook the industry over the course of the last few years. The US is a massive market, featuring a complex and vibrant ecosystem of brick and mortar casinos and a new wave of online gambling liberation that’s bound to increase the overall numbers even further.
New Jersey Leading the Charge
One state is leading the charge, showcasing liberal gambling laws and demonstrating their ability to make both casinos and tax collectors happy. The results show impressive growth in numbers and revenue that neighbouring states will find difficult to surpass.
We’re referring to New Jersey, a state that legalised NJ online gambling sites via a bill in 2013. That year is when New Jersey laid its online gambling foundations. Fast forward to 2018, following the PASPA repeal, New Jersey sports betting found a new wave of success and is still going strong.
In 2016, New Jersey’s online gambling niche generated just short of $200 million. In 2018, however, NJ gambling revenue skyrocketed to almost $300 million, making up for a healthy share of legal US online gambling revenues.
States Like New York Need to Wake Up
Let’s state the obvious first. New York online gambling is miles behind the likes of New Jersey and Pennsylvania. We won’t even count Nevada as it’s sort of in a league of its own. New York has strong online gambling laws and it’s still holding onto its conservative views toward the flourishing online gambling industry. On the bright side, public opinion seems to be changing, at least when it comes to the NY horse racing niche.
Even though New York residents aren’t known for gambling all that much, they can still use offshore gambling sites and casinos. However, that might not be the ideal solution since offshore accounts can be shady and unfair, and NY residents are often advised not to trust such online gambling sites.
NJ tax collectors are enjoying the extra funds, and many expect money to be the tipping point of states that didn’t do much in terms of combating online gambling prohibition. As time goes on and NJ’s online gambling empire continues with its massive growth, states like New York will be forced to jump on the online gambling bandwagon. Hopefully, it won’t be too late…
The Future of Online Gambling in the US
One thing is certain, the growth of online gambling in the US will not stop anytime soon. In fact, projections claim it will keep on rising in the years to come. More precisely, projected US sports betting GGR expects online gambling revenue to surpass casino and retail by the year 2021.
The same projection sees online gambling reaching close to $4 billion in revenue by the year 2024. By the same year, both retail and casino revenue combined will be less than $2 billion, which just goes to show you what the liberation of strict online gambling laws can do in such a short time span.
So, to wrap everything up, the future of online gambling in the US is as bright as they come. Led by New Jersey’s fine example, it’s expected that more states will legalize online gambling, be it only on casino grounds. Either way, the wave of online gambling legalization and liberation ought to continue, and with it, so will the overall growth of online gambling in the US!