The United States of America has been able to experience a huge boost to its economy in recent years, as they have been able to benefit from the introduction of new rules that have allowed the iGaming industry to enjoy an unprecedented boom within its borders.
Indeed, there have been a number of states that have since introduced a number of regulations that permit sports betting and online casino games within their borders following the decision in 2018 by the Supreme Court. Therefore, it is perhaps not a real surprise to learn that the industry has been able to experience the kind of growth that it has.
This article will take a closer look at the decision to relax restrictions and the power that has been provided to states in order to make their own decisions and explore why they have allowed the iGaming industry to thrive in such a way.
Naturally, the change in legislation that has been introduced that provides power to each state in regard to creating their own regulations for iGaming activities will have played a huge role in why the industry has been able to boom.
Of course, New Jersey started everything off in 2018 when they were able to win their case in front of the Supreme Court, which then allowed for the state to introduce iGaming within their borders first. Unsurprisingly, a number of states have since followed suit and have thrived.
Pennsylvania, West Virginia, Michigan, Colorado, and Indiana were amongst the first, whilst online gambling in Arizona and places like New York and Louisiana have subsequently permitted the activity too.
Indeed, there are still a number of states that are yet to have made a decision to implement iGaming regulations or remove any restrictions that still exist, but given how successful the market has already been, it would not be a surprise to see others decide that they want a slice of the pie that others are already enjoying.
Figures managed to treble year-on-year
Although the U.S. is one of the most populous countries in the world, it is also a nation that is full of passionate sports fans, which is perhaps why it has allowed the sports betting and iGaming industries to thrive as much as they have.
Data collected had shown that full-scale regulated U.S. sports-betting revenue across 19 reporting states had more than tripled year-on-year to $3.08bn in the 12 months to June 2021. Moreover, online gross gaming revenue had also experienced a huge amount of growth as it managed to leap by 312% to $2.61bn or 85% of the total.
Which states have helped contribute to the iGaming boom?
New Jersey is the state that seems to have been able to contribute to the astronomical boom that has been experienced within the industry, with the state having been able to generate the single-most amount of revenue from online gambling. Figures had shown that the state had accounted for $590 million (24.3%) of the $2.61 billion online total, which was ahead of Pennsylvania, accounting for $392m (16.2%).
The other states to have followed in leading the iGaming boom include Illinois, Colorado, Michigan, Tennessee, and Virginia with each of them having managed to establish themselves within the market. They contributed a total of $888 million (36.6%) of total online sports betting gross gaming revenue collectively over the same period.
Can the boom continue?
Given the boom that has been experienced already within the U.S., there will be many that will be wondering whether it can continue, and there is no real reason to argue against it from continuing, either.
As we have seen as recently as January 2022, states such as New York, Louisiana, and Michigan have each permitted online wagering activities, thus making legal sports betting and iGaming services become more accessible to newer audiences, with each state boasting millions of people. Furthermore, there are a host of states that are still yet to decide and could look to permit the activity in the future, including some of the most populous such as California and Texas.
It is certainly an exciting time that is being experienced within the U.S., however it is clear that there are many more exciting times ahead.