Covid-19 forced workers around the globe to deviate from their routine operations. Millions found themselves locked in their homes overtaken with boredom. These same adults turned to online gambling for entertainment purposes and for the possibility of winning big. Glancing at the statistics, one could even argue that online gambling is the preferable form of gambling. As of lately, Online gambling is following a positive trend in popularity and appears to show no sign of slowing down.
Why the online market is booming
While claiming that boredom is the main driver behind the positive trend of online gambling, this would be a major simplification of the situation. 2019 was the year that a large percentage of U.S states legalized sports betting and iGaming. Legislation to legalize sports betting and iGaming was enacted in the following states Pennsylvania, Oregon, Iowa, Arkansas, Indiana, and in 2020, Illinois, Colorado and Michigan in 2021. In this new legislative environment, it’s sensible to expect industries like online poker to see a sharp increase in revenue. New legal online poker games are just beginning to roll out as more states start to legalize gambling. According to America Gaming Association, sports betting and Internet gaming made up 15.7% percent of gaming revenue in the first quarter of 2021, compared to 5.2% in 2020. Casinos are slowly beginning to reopen to full capacity, but the market will continue to be buoyed by iGaming and sports betting.
Why online gambling will continue to
IGaming allows for easy access to gambling, anytime, anywhere. Between the advancements in technology, a favorable legislative environment and an ever-growing consumer base, Igaming is expected to experience exponential growth. IGaming’s easy accessibility is appealing to customers who otherwise may not have had exposure to the gambling world. This newly discovered market is why the iGaming market has gone from bringing in $900 million in revenue to $1.4 billion in revenue and by 2033 it is expected to be a $14 billion market, at least according to Goldman Sachs. Technological advancements have helped to propel the iGaming market to a place of notoriety. Online HL8 casino games utilize the most up-to-date software to create a secure and seamless experience for users. With all of this talk about iGaming it seems state representatives are paying attention. Legalizing gambling could bring in millions for states across the U.S. As great as a boost to the annual tax revenue that states are bringing in may sound, arguing for the case of legalized sports gambling isn’t as easy as it appears. While, yes, legalizing sports betting will increase the annual tax revenue a state brings in, but contrary to popular beliefs, the revenue pool begins to shrink per state as more states legalize sports gambling. Of course, there are solutions for this problem. You could charge a fee to have people register but requiring a registering process and fee will detour some adults from trying out sports betting in the first place. Allowing free unrestricted access to iGames could lead to higher rates of gambling addiction. State representatives must find a balance when enacting legislation for legalized sports betting. It may be a difficult task, but legalized gambling is far more beneficial for players and the health of the U.S and global economy.