NEWSThe Current iGaming Market in the USA
Sept. 29 2023, Published 2:48 a.m. ET
Gambling in the US has a long and rich history of controversies and changes. Up until 2018, any form of online gambling was illegal. In 2018, lawmakers retracted PASPA and sports betting was legal again. However, several federal laws are still in place.
The most prevalent is the UIGEA, banning financial institutions from allowing gambling transactions. Below, we’ll look at the iGaming market in the US, how it affects players and how the market is growing.
States Allowing iGaming Platforms
As each state can decide whether to legalize online casinos and sportsbooks, it’s challenging to describe the US online gambling market in a single sentence.
Online Casinos
Of the 50 states only six have legalized online casinos: New Jersey, Connecticut, Delaware, West Virginia, Michigan and Pennsylvania. However, as the iGaming authority of each state regulates the casino platforms based there, only people within the state can legally use these sites.
Sportsbooks
Over 30 states allow in-person sports betting, but only around 26 extend that to online sportsbooks. However, it’s still more widely accepted than online casino sites, even if you can’t bet across state lines. This means that, like casino sites, players must be within the platform’s regulating state to legally access it.
States Next in Line
While it doesn’t seem like 2023 will reveal any newly regulated gambling markets, it was a year of setting the scene to allow new markets. Discussions and legislative sessions happened throughout the year, and the recent National Council of Legislators From Gaming States focused on discussing the expansion of the iGaming market.
Iowa, New York, Indiana and Illinois are considering legalizing online casinos, and Maine, North Carolina and Vermont are pending a decision on legalizing online sports betting. Despite legalizing online poker, Nevada continues to ban other online casino platforms and games due to the local land-based casinos’ heavy opposition.
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Current US Market Size
Despite these difficult laws, the US is still a rich ground for online gambling, and more residents enjoy this pastime by the year. A research study on the American market estimated the 2022 market value was around $2.5 billion. The same study expects the market to reach a value of $3.15 billion in 2023 and grow to $9 billion by 2032.
Prominent Players in the US Market
While there are a growing number of sports betting and online casino operators in the States, the big names still dominate the scene. The three biggest gambling brands account for almost 69% of the market between them.
Offshore Casinos’ Growth
While the US-regulated iGaming market is flourishing, it’s expanding very slowly and many players are frustrated with the slow growth. That’s where platforms like the anonymous casinos in basketballinsiders.com come into play. Many players have decided to use offshore casino platforms instead of hoping and waiting for their state lawmakers to legalize locally-registered online casinos, while these anonymous sites allow players to enjoy the games without having to go through extensive ID verification checks.
Studies estimate that US players bet around $510.9 billion annually with offshore casinos, which shows the demand for more accessible platforms.
What US Players Can Expect
With the current iGaming market, it seems likely that some states, like New York, might legalize online casinos in the next year or so. However, there have previously been movements to allow it, which fell through, so we’ll wait and see the results this time. In the meantime, players in the six states where online casinos are legal can enjoy these sites, while others can look for reputable offshore and anonymous casinos.
