US Gambling Companies Going Virtual

United States gambling companies are continuing to enjoy somewhat of a boom thanks to the relaxation of online gambling laws in the country which has allowed the industry to generate billions of dollars in revenue by going virtual.

Revenues continue to multiply with the rapid increase in US states legislating in favor of online casino gambling and sports betting. This factor combined with the COVID-19 pandemic that saw sports events canceled and casinos and other venues forced to close their doors resulting in a sudden dearth of in-person gambling options. 

The result was that budding gamblers had to isolate themselves just like everyone else so you can see why there has been such an increase in the online form of gambling as this is where they turned to. 

Although online gambling has been embraced by a whole host of countries worldwide it has taken the US a little while to join the party. But US companies are well and truly at the party now, and the long-established gambling companies – and new ones too – are raking it in as searches for “online casino” reached an all-time high during lockdown and that trend has continued since. 

Increase in Online Gambling Opportunities

Online gambling is not fully legal in every state but in those states where it is, businesses have been making the most of the opportunity. The likes of New York, Delaware and Pennsylvania are the more recent states to have taken advantage of gamblers’ ability to take part from the comfort of their own homes, at the click of a mouse or the tap of a screen.

Land-based sports betting houses and casino operators have jumped straight into the virtual world with websites and apps, and the States has witnessed a huge expansion in the amount of brand new companies creating online provision at a rapid rate. 

In fact, legal online gambling has created an entirely new market for old and new casinos to invest in and reap the rewards from. There has already been over $3 billion in bets placed on sports alone so far this year – and when you factor in online casino and poker spending that revenue increases further. Put it simply, there are tons of different online gambling websites and apps out there for gamblers to visit… and it would seem as if gamblers are visiting them all!

States Queueing Up to Open Up

Many states have had enough of watching on from a near distance as others rake in dollars from online gambling tax revenue and are now joining the queue to share a slice of the lucrative industry. And it is clear to see why gambling companies in the United States are going virtual

12 online platforms and two casinos enjoy licenses to operate in Arizona and between them have been generating $40 million a month whilst Illinois has picked up 2022 where it left off 2021 to generate $10bn in total revenue.

Meanwhile, New Jersey has allowed 12 legal and licensed websites to compete in a market worth over $225 million and New York continues to bring in large amounts of wagers ($1.5bn was wagered in January 2022 alone). And in Michigan, over $1bn in annual revenue was created from online casino games last year. 

A Rapidly Increasing Trend

With an estimated 10 million visitors to online casinos in the United States, the creation of new platforms by existing companies and newly-formed companies allows for many opportunities for gamblers to take part in video-based live dealer poker, table games, and slots. 

The main reason why this trend is increasing at a fast rate is accessibility as online play allows gamblers to take part from anywhere at any time on a smartphone, tablet, or laptop providing it is legal in the state they are in.

Also, because there are so many companies with hundreds of different free-play and cash-win games to play and subsequently hundreds of different loyalty bonus programs, it is no wonder that players are continuing to enjoy taking part in online gambling.

The other key aspect of moving online is casinos have been able to automatically improve their customer service through the advancement of web-based technology. This includes AI tools that can analyze customer data and personalize the experience for customers, at a significantly reduced cost to the operators.

Similar technology has also allowed online casinos to provide safe and secure monetary transactions for their customers who can use legitimate and secure payment options. This is especially important as it maintains a positive reputation for those websites to their customers.

A Wide and Varied Offering

Many online casinos actually provide sportsbook betting alongside their wide variety of casino and slot games and can provide very competitive odds to go with it. This is because the market is so populated that almost every online gambling company has to attract new customers and retain existing customers on a continued basis – and battle with the well-established sports betting platforms to do so.

This varied level of gambling options available to the customer would simply not be possible offline, in a land-based casino or sports betting parlor. Moving to the virtual realm has not only given the gambler even more opportunities to take part but has also provided the gambling companies of the United States with a wider world in which to flourish.

And as even more U.S. states begin to legalize the practice, it has become a trend that shows no sign of stopping. Indeed, most forecasters are predicting that the industry will more than double its revenue by the end of 2023 and it is difficult to argue against that assessment when we consider how rapid the upward trajectory of new visitors to the virtual world of gambling is.

With eSports betting, cryptocurrency gambling, and even virtual reality and augmented reality casinos beginning to make some headway, the future of online gambling is set to look very, very different. But it is set to remain very, very lucrative, which is why US-based companies are going virtual.