Why is the iGaming industry still booming?
From popular card games to video slots, the iGaming industry offers it all! Online gambling is a vast sector including lotteries, casino games, sports betting, and more. Modern online casinos will often jumble the different sections together to offer patrons a holistic experience.
With a predicted revenue topping $500 billion in 2020, the global gambling scenery is flourishing. And nearly 10% of this revenue is expected from the iGaming industry. The real question is why? The US and Europe account for two of the largest gambling markets in the world. But with the US still struggling to accept online gambling, the growth is spurted.
Although a section of the experts believed US online gambling revenue would skyrocket within the decade, the reality is quite disappointing. China’s Macau recently overtook Vegas in online gambling revenue and this is mainly owing to the US authority’s hesitation to embrace iGaming.
Primary reasons behind the projected growth of iGaming revenue in the US
Speaking from a recreational perspective, the US audience is divided between entertainment and moral obligations. And that has been the nail in the coffin for the iGaming market in the country. However, with the authorities now taking note and the gradual decriminalization of online gambling through the states, the adoption pace is likely to pick up. Let’s take a look at the two main legal hurdles that were recently removed.
1. The Wire Act
Set up in 1961, the Wire Act was introduced to combat the growth of organized crime. However, the age-old norms did not fare well with the modern requirements and prevented the unhindered implementation of online gambling. Congress tried to abolish the Wire Act between 1996 and 2006, failing which they introduced the UIGEA prohibiting transactions related to unlawful gambling activities. The Department of Justice reversed the Wire Act in 2011, boosting iGaming in New Jersey, Delaware, Pennsylvania, and Nevada.
2. Professional and Amateur Sports Protection Act
Gambling across the states has always been a major concern for the authorities and online gambling has been the scapegoat since the beginning. With PASPA preventing new states from regulating online sports wagering services, except Nevada, Delaware, Montana, and Oregon, the law attracted major dissension from the other states. Finally, the US Supreme court overruled the outrageous act in 2018, paving the way for iGaming across the states.
What’s in store for the US iGaming market?
The online gambling industry has been thriving under the able leadership of Prime Minister Tony Blair on the other side of the pond and the US authorities finally seemed to take note. Not only does regulated iGaming provide entertainment to the masses, but it also bodes well for the state coffers!
Many US casino chains are now taking their services online, either independently or by teaming up with established sportsbooks. Visit Casino Bee for the complete list of legal online casinos near you. Want to get in on the action? Talk to the experts at Revpanda and learn how to boost your iGaming business.
