Reasons why the US Gambling Industry is Growing Fast
The gambling market in the US has seen tremendous growth over the past ten years. This growth comes from less federal and state regulations governing gambling and the introduction of the online gambling sector. The United States government has continued doing away with some of the strict legal restrictions on online gambling. A good example is the Supreme Court precedent that changed the PASPA ruling against sports betting. In numbers, the online gambling industry is projected to reach the sixty million mark by 2020. Some of the factors driving the growth include mobile betting popularity, the boom in e-sports, and the ability to expand to different states and countries.
1. Growth in online Casino and Mobile Betting
Online casinos have a wide market share in the online gambling industry. Online casino gambling started up as subsections of the existing land-based casinos, but independent online casino sites have entered the market nowadays. The steady growth is as a result of increased internet connection and improved social perception of online business. Online casinos are expected to continue growing as a result of more and more people gaining access to the internet. The quality offered by online casinos is also improving as a result of increased bandwidth. Mobile betting has also contributed to the growth by increasing the time that users have to gamble. Nowadays you can log in to your favourite online casino and place a bet from any part of the world. Learn more from Unibet’s website.
2. Ability to Expand Territories
It has been easier for gambling companies to expand their territories in recent years. It is now easier to expand to other states and countries through online platforms. Most counties have also become less strict and are offering licenses to gambling companies intending to get revenue in the form of tax. Gambling companies can now operate freely in a foreign country or state without the worry of being targeted by the government. Member states of the USA now have the freedom to make their laws in regards to sports betting. The law changes have enabled states such as Mississippi, West Virginia, New Jersey and Nevada to embrace sports betting in a bid to tap the tax revenue offered by the betting industry. Betting industries, on the other side, are rushing to these states to get their market share.
3. Increase in Gambling Niche
Apart from the traditional gambling games found in land-based casinos, gambling has seen a tremendous increase in the number of games that players can participate. The latest game in the gambling industry is E-sports.E-sports are virtual video games that depict the real game action. Most betting companies have not yet invested in the niche as most people don’t consider them as a real sport. Despite being virtual, e-sports have shown the potential of future growth gauged from the companies that have already introduced them in their platforms. Growth in e-sport is expected to be steady due to favourable factors such as beneficial international laws in regards to gambling and the increase in mobile use and bandwidth. Apart from online platforms, growth is also evident in land-based casinos in America. The main factor contributing to growth in American land-based casinos is the reduction in competition from Europe. Casinos in Britain are affected by the Brexit uncertainty and the recent changes in the law that limit the stakes for fixed –odds games.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.