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The year 2021 served as a dynamic period for the different economies following the COVID pandemic. Lockdowns across the globe ensured businesses and industries were introduced to unfamiliar terrains. Yet, since then, the iGaming industry has witnessed a new revival. So much so that it’s predicted to soar within the next few years.
iGaming has created vast business and entertainment opportunities, causing major global shockwaves and changes. The United States is a perfect example of this, with many states proposing new iGaming laws. If successful, these laws will replace current legislation prohibiting many forms of online gambling in the US.
Needless to say, iGaming has developed into a massive industry worldwide. with the United States sitting fourth in global online gambling traffic. Hence, we examine iGaming as a profitable business for both operators and players in the US. For iGaming enthusiasts in this region, CasinoUSA.com can help you find online casino sites that offer real-money casino games.
iGaming in the United States
iGaming in the United States has been anything but straightforward. The country’s complex legal sector consisting of semi-autonomous states is likely the reason for the stalemate in iGaming legalization. Today, some forms of online gambling are permitted in the United States, including sports betting and fantasy sports. However, games of chance are yet to have the same level of acceptance.
The laws applicable to iGaming work on both federal and state levels. As such, each state can make laws concerning iGaming operations, regardless of the federal legislation. Currently, seven US states allow iGaming, with online licenses mostly granted to operators with an existing gambling license. These states include;
- Connecticut
- Delaware
- Michigan
- New Jersey
- Pennsylvania
- West Virginia
- Nevada
Three types of entities run the iGaming business across these seven states. These entities include state lotteries, tribal or state-owned casinos or racinos, and licensed third-party operators.
Evidently, the United States remains a distance away from being completely iGaming-friendly. However, the future does offer promise, especially when iGaming is viewed as just another business.
iGaming Statistics
As one of the most significant aspects of entertainment, iGaming has been a case study for different research. As such, a wide selection of statistics evidences how big a business iGaming has become. There’s hardly any better way to understand iGaming growth than with numbers. For this reason, we explore an overview of the iGaming business in the US in recent years.
Sports Betting Role In iGaming Growth
The country’s increased interest in sports and sporting events has become apparent. This interest has increased the demand for sports betting in the iGaming industry.
The sports betting market was valued at USD 76.75 billion in 2021. It is also estimated to reach USD 83.65 billion by the end of 2022. These figures show an upward trend in sports betting, mainly offered online for better transparency and convenience.
Online sports betting is one form of iGaming allowed across the United States. As such, the market is currently flooded with different reputable sportsbooks. These operators offer a better level of security fostered …….