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The Future of American Online Gambling
American online gambling is one of the most exciting roller coaster rides right now. It’s given out plenty of highs in the last couple of years since the PASPA was toppled.
Whilst we know that online sports betting is legalized in many states, it isn’t yet legal countrywide. Online casino gambling is significantly dragging behind and facing archaic laws and banking sanctions. Just what is the future looking like right now though for American online gambling?
The Current Position of Online Gambling in America
Federal law technically prohibits online casinos under two incredibly complicated Acts, the Federal Wire of 1961 and the Unlawful Internet Gambling Enforcement of 2006. However, individual states do have the power to regulate or even ban gambling. It’s a confusing situation and whilst several states have legalized online sports betting, online casinos remain largely restricted.
Endeavours into the sports betting industry have already demonstrated the margin for huge profits for states though. This is certainly drawing the right kind of attention and many states are drawing up roadmaps to legalize online casino gambling too. Which could add to the millions of USD already generated through taxation revenues of sports wagering.
The Sportsbetting Gold Rush
Betting on sports was once restricted to Nevada, but since the Supreme Court ended federal bans on the industry in 2018, it has boomed. Online sports betting has gone mainstream with many states reaping the benefits in profits. New Jersey for example now sees more USD wagered on sports than Nevada ever did. California is set to be the next big market for online sports betting if legislation is approved this year.
Shortly after the PASPA of 1992 was dissolved, sports bettors wagered a whopping $310 million in one month alone. In October of last year, a total of $7 billion in sports bets were made by punters in the US. So we can see the type of explosive situation that sports betting has brought to America.
The American online gambling industry is set to keep on expanding, in turn threatening more traditional ways of gambling in land-based casinos. We are now witnessing partnerships between online sportsbooks and some of the world's largest media outlets and sports leagues.
Online Casino Gambling in America
Online casino gambling is facing the same stiff opposition as the sports betting industry did before being legalized. So we could see history repeating itself and online casinos being legislated in the next few years. There are many issues relating to this though, one of the main problems is that US banks do not permit the transfer of funds to online gambling companies. But this could of course change. Many Americans currently gamble at online casinos whether this is legal or not. Leaving them open to abuse and exploitation.
The demand for regulated, fair, safe, and legal online casinos is at an all-time high in America. And it's this demand which could push legislation changes.
A Bright Future for American Online Gambling?
Whilst the Puritans of early America declared gambling as a sinful pastime, this isn’t the case today. Attitudes towards gambling are changing massively in the US with the development of lotteries and legalized brick and mortar casino gaming. Advances in technology have seen a huge demand for online gambling in the US and all over the world.
The future is already looking bright where sports betting is concerned, let’s hope that online casinos soon follow the same path. With the developments of AR and VR as well as for cryptocurrencies, the possibilities for growth in the US are endless in this dynamic industry.
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