The online casino industry in the United States is expected to grow rapidly in the next few years. 22 states have legalized online gambling. Still, that number is expected to increase drastically over the next few years. Many states are already considering legislation allowing online casinos, and it is predicted that 2023 will be a breakout year for the industry.
This growth will bring new opportunities for casino operators and players alike, and it is sure to be an exciting time for everyone involved. While more states legalize the online gambling industry, more companies are developing new online casinos in the USA. To understand the legal landscape of online casinos in the US, read more on this website. Keep reading to learn more about this rapidly growing industry and what you can expect in the coming years.
The online gambling landscape in the US
According to the American Gaming Association, sports betting is the most popular and widely legalized form of online gambling, in 21 states, with gross revenue totalling $4.3 billion in 2021. People often partake in three types of online gambling: casinos, sports betting, and poker. Of these options, only casino games have been legalized in six states, while poker is now legal in another set of six. Last year alone, this industry generated a revenue of $3.7 billion dollars worldwide.
In the past few months, legislators in four more states- Kansas, Maine, Maryland, and Ohio- have legalised online sports betting. One other state, Florida, has passed similar legislation but is currently experiencing difficulties preventing the law from taking effect.
According to The New York Times, online gambling in the United States was accepted from the late 1990s until 2006. That’s when Congress passed a law making it illegal for gambling companies to take online bets for “unlawful” activities.
After the U.S. Supreme Court overturned a federal ban on sports betting in 2018, some states quickly moved to legalize it within their own state borders. A year later, individuals had legally wagered more than $11 billion on sports games across the country.
Illinois lawmakers will propose legislation for online casinos
Illinois has the potential to enact strong iGaming legislation in 2023. If the state allows legal online gambling, it would be a giant step for its gambling industry.
Illinois fans of gambling have a variety of options available to them, including sports betting, retail casinos, lottery games, and video gaming terminals. iGaming is the only thing they’re missing.
While hopes are high for Illinois’ online casino advancement next year, the legalisation process might be more difficult than initially thought.
Indiana introduces iGaming legislation
Although sports betting has been legal in Indiana since 2019, two bills were recently proposed in Indiana with the goal of making online gambling legal within the state. Republicans Doug Gutwein and Ethan Manning filed HB 1356, proposing an 18% tax on adjusted gaming revenue. Last year, Alan Morrison, a Republican who filed a bill to legalize iGaming in Indiana, also submitted HB 1337. This new bill aims to tax iGaming at 18%.
After being assigned to the House Committee on Public Policy, both bills still need to be approved by the House and Senate before Eric Holcomb, the governor, has a chance to sign them into law. Indiana is at the forefront of states that could legalize online casinos in the coming years, as it has related legislation in progress. This puts Indiana ahead of a few other states that seem uninterested in online casino legalization.
New York online casinos expected revenue
The most significant prize New York has to offer is in the short term. In 2022, an effort to pass a similar bill was unsuccessful, but there is hope that Sen. Joe Addabbo will be successful in 2023.
In 2021, despite then-Gov. Andrew Cuomo’s disagreement with the Legislature, sports betting was legalized. This time around, there seems to be less of a problem concerning the governor’s office getting involved in the conversation.
New York lawmakers are envious of New Jersey’s revenue from online casinos.
If New York casino gambling becomes regulated, it has the potential to make $3 billion yearly–outperforming every other state in America.
Is Maryland joining the list?
Even though legal online casino gaming probably isn’t available in Maryland during 2022 because of the legislation that needs to be passed, there is still a chance that we will see online casinos in Maryland within the next year.
The Maryland lottery is giving top priority to sports betting, as it officially became available in December. A few casinos have adopted retail sports betting in the last month, with additional Casinos expected to join them throughout 2022. Mobile sports betting may take a little longer. However, a potential launch could be late next year.
It’s quite possible that, after the lottery figures out more logistics related to sports betting, online casino gaming could become a focus in just a few months.
A lottery representative for Maryland said that, according to the state’s constitution, any expansions of commercial gambling need to be approved by voters through a referendum. “Adding online casinos would be considered an expansion of commercial gambling, so a referendum would need to pass and enabling legislation would need to be approved by the General Assembly. This is similar to the process that took place for sports wagering and approving casinos.”
Based on the map, other states will unlikely legalize online casinos in 2023. However, we think legislation could be introduced in Maryland, Colorado, Iowa and Missouri. While other states with online sports betting are also likely to add online casinos, the larger states – California, Texas and Florida – will most likely not legalize it in 2023. In fact, it is unlikely that they will be candidates even in the long term.
The online casino industry is growing rapidly as more and more states legalize iGaming. Illinois, Indiana, and New York are just a few of the states that have introduced or are considering legislation for online casinos. This growth is due in part to the revenue that states like New Jersey have generated from online casinos. As the industry continues to grow, it will be interesting to see how other states regulate iGaming.