Just How Big Will US Online Gambling Get?
Our news this week focuses on the growth of US online gambling! July was another amazing month with record-breaking revenue for the US gambling industry, and more and more of that revenue is coming from online casinos! Which states are regulating internet casinos, sports betting and poker? And how big will the online gambling industry grow in America?
Hello my friends, and welcome to This Week in Gambling, where it’s our 400th show! And no one gives a shit! Except me, of course. This week’s big story is that US online gambling and sports betting brought in over $5 billion in the month of July, making it the third most profitable month for gambling revenue of all time! And you know what? We’re just getting started!
Of course, all this expansion can be traced back to just two events: First in 2018, the US Supreme Court decision that opened the door for sports betting expansion all across America! Back then there was only one state offering sports betting, and now there are nearly 40! Second, there was COVID… or more accurately, the COVID lock-downs during the pandemic. Because when Muhammad could not go to the mountain, so to speak, the mountain decided to come to Muhammad via mobile sports betting apps.
Now, when you combine the growth of sports betting with emergence of betting apps, a third magical thing happens! The growth of US online gambling! You see, without even realizing it the states have proven that we can successfully regulate online gambling! Because my friends, mobile sports betting is online gambling! Right now there are only six states that regulate online casino games: Connecticut, Delaware, New Jersey, Michigan, Pennsylvania, and West Virginia. And yes, there are some rumors out there about Illinois and possibly Indiana, but so far nothing has materialized… and nothing is going to materialize this year or anytime soon!
Also, there are currently six states which regulate online poker: Delaware, Michigan, New Jersey, Nevada, Pennsylvania, and West Virginia. And while poker is not traditionally as profitable as say, online casino games or online sports betting, believe it or not there are currently eight states considering regulating internet poker: Arizona, Colorado, Illinois, Iowa, Maryland, Massachusetts, Ohio, and New York! So go figure!
All in all, the US online gambling market was worth about $2.6 billion last year,but many experts believe that revenue will triple by the year 2028, making it worth a staggering $7.6 billion annually! So, will your state be the next to regulate online sports betting, casino games, or poker? Time will tell. I think eventually most states will have some form of online gambling… except for Utah. Those poor bastards are just screwed!
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