How America’s Online Casino Industry Has The Potential To Boost the U.S. Economy

Photo by Esteban López on Unsplash

The U.S. gambling landscape is significantly more complicated than most other countries, with state autonomy dictating regulatory frameworks by jurisdiction. 

States like Utah and Hawaii maintain a strict policy against all forms of gambling, but many other states are softening under public and economic pressure and considering allowing different markets.

Online betting has revolutionized the gambling industry and has also made most betting markets more accessible to consumers across the U.S., even in prohibitive states.

Online casinos are seen as one corner of the market with vast potential, and amendments to current betting laws could see big changes over the next few years.

The Current Status of Online Casinos in America

There are many states that now have licensed online gambling sites that the public can access, but only seven currently allow online casinos.

West Virginia, Connecticut, Rhode Island, Delaware, Pennsylvania, Michigan, and New Jersey are the only states with online casino facilities. In comparison, 38 states now allow online sports betting which generates vast revenue streams and economic growth.

The success of online sports betting and the regulatory frameworks implemented during their launch could help with campaigns to legalize other online betting markets, including online casinos.

Another factor that is also influencing how regulators look at online betting is the popularity of offshore and crypto gambling sites that U.S. consumers can legally access.

States that prohibit operators from setting up in their jurisdiction can do little or nothing to stop bettors from accessing offshore betting sites that are licensed in alternative jurisdictions.

By pushing through legislative changes, regulatory boards will have far greater control over operators and can offer greater protection to consumers. The billions in lost revenue is another significant factor that could see licensed operations permitted.

Improved regulatory frameworks across the U.S. might appear counterproductive at first glance with concerns that development will get tied up in red tape, but this is not the case. Evidence shows that countries and states with well-defined regulatory frameworks attract new businesses that don’t have to worry about market uncertainty.

The Current Status of Online Casinos in America

There are many states that now have licensed online gambling sites that the public can access, but only seven currently allow online casinos.

West Virginia, Connecticut, Rhode Island, Delaware, Pennsylvania, Michigan, and New Jersey are the only states with online casino facilities. In comparison, 38 states now allow online sports betting which generates vast revenue streams and economic growth.

The success of online sports betting and the regulatory frameworks implemented during their launch could help with campaigns to legalize other online betting markets, including online casinos.

Another factor that is also influencing how regulators look at online betting is the popularity of offshore and crypto gambling sites that U.S. consumers can legally access.

States that prohibit operators from setting up in their jurisdiction can do little or nothing to stop bettors from accessing offshore betting sites that are licensed in alternative jurisdictions.

By pushing through legislative changes, regulatory boards will have far greater control over operators and can offer greater protection to consumers. The billions in lost revenue is another significant factor that could see licensed operations permitted.

Improved regulatory frameworks across the U.S. might appear counterproductive at first glance with concerns that development will get tied up in red tape, but this is not the case. Evidence shows that countries and states with well-defined regulatory frameworks attract new businesses that don’t have to worry about market uncertainty.

How the Casino Industry Can Facilitate Economic Growth in the U.S.

Regulators might look at the lost billions exiting the U.S. to offshore operators as a big reason for voting for change, and the way that the gambling industry’s expansion could further improve the U.S. economy is another.

As well as stemming the flow of funds to other countries, the growth of the online casino industry in the U.S. will also create thousands of jobs.

At present, more than 750,000 people are employed in the American casino industry and growth in the online industry will see these numbers swell.

The online betting industry would require developers, IT experts, customer service teams, and marketing, with many more industries affected indirectly. Flexible betting laws can help to 

increase tourism and increased employment also helps to stimulate the economy with workers enrolling in health plans, pensions, and more.

The Online Casino Industry’s Reliance on Tech Innovation

Technological innovation is also key to the online casino industry with consumers having the convenience of being able to search for the best options. By offering the latest technology, operators can provide immersive gaming experiences that provide customer satisfaction and improve their reputation.

Investment in developing technologies from online betting operators has seen the likes of AR and VR move from being a novelty gimmick to get attention, to a technology that genuinely provides a better gaming experience.

The continuing development of mobile devices and improved connectivity have also boosted the online betting industry. Devices used to access websites and apps are now capable of facilitating high-spec games, giving developers more freedom to push boundaries.

5G connectivity allows consumers to enjoy improved sound and visuals without lagging and makes it easier for them to enjoy sites on the move.

Conclusion

The world is changing every day with industries constantly improving on existing standards, and none more so than the online betting industry. The regulatory landscape in the U.S. is constantly changing and regular discussions and votes take place to try and push through new betting legislations.

While all this is going on, betting operators are fighting it out in an extremely competitive industry. In order to compete, they must maintain extremely high standards and explore the latest trends and technologies to ensure they aren’t left behind.

Being able to offer consumers the latest tech as well as great customer service and a variety of betting markets requires operators to have a flexible and adaptive approach to how they plan for the future.

The U.S. will see more states push through online casino legislation in the coming years. This is inevitable with the rise of offshore alternatives providing consumers with the ability to bet on markets prohibited in some jurisdictions.