A trip to Las Vegas is something that everyone in the States dreams about. Ever thought the live experience of the wager games that you wish to play in the casinos can now be played on your mobile? Well, keep the Las Vegas dream still alive and make a fortune with online betting.
The gambling industry has come a long way since it arrived on the internet. While online gaming was limited to live casino games, in recent years the spectrum expanded including sports wagering under its belt.
The Up Trend
There has been an uptrend in the market ever since the online gaming industry made its way into the betting scenario. In June 2018, sports gamblers wagered around $310 million, making it the highest ever in online gambling. However, according to Offers.bet in the month of October 2021, the betting reached up to $7 billion, which is almost 20 times that of 2018.
There has been an up-trend in the online wagering industry for the easiness it brought along with it. Ever since betting was legalized on sports in May 2018, the whole online gaming industry has been revolutionized. Though the additional segment of sports gambling was added, the most beneficial from this was the online casino gambling industry, as it also led to a rise of players on the respective platforms.
Online gambling in the United States
Humans have had a history with gambling and betting. The scenario of online gambling just boosted when different states in the United States started legalizing it. Today horse race betting online and fantasy sports is legalized in almost all the states in America.
Depending on the type of online wager games, different states have legalized the practice and playing of the games in the states. States like Michigan, New Jersey and Pennsylvania have all the types of online gaming legalized in the state.
Types of Online Games
Depending on the wager, the type of betting there are six types of online gambling games in the United States.
- Online Casino: The popularity of offline casinos and their demand in the public allowed the online casinos to be a part of the online gaming community. Though most of the states are yet to legalize its online practice in their states. Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia are the few states that have legalized online casinos in their states.
- Sports Betting: After the Supreme Court lifted the ban on sports betting in 2018, many states in the United States have legalized sports betting. People can actually bet on sports matches. Interestingly, the money wagered on sports betting is coming more from New Jersey than in Nevada. The industry has boomed from $310 million in June 2018 to $7 billion in October 2020.
- Online Poker: Along with the casino, poker is also one of the most popular betting sports in the US. However, it is not legal in all the states, states like New Jersey, Nevada, Delaware and others enjoy heavy profits from it.
- Horse Race betting: The traditional way to bet is the bet on horse races. This type of betting is legal in many states but the online scenario has made it more popular recently. Except for the states of Alaska, Georgia, Hawaii, and a few other states, all the states have made horse race betting online legal. Betting on horse races has become easier and more affordable for everyone.
- Fantasy Sports: The earlier scenario of online betting was quite different; this introduced gamblers to fantasy sports. Even though the culture is brought back to normalcy on the online platform, Fantasy Sports is still popular amongst the online players.
- Lottery: The lottery culture is still popular and the same scenario is seen on online platforms. However, only a few states in the US have allowed the practice of online lottery in their states.
Revenue and the Future of Online Wager Gaming
Sports betting alone surpassed the overall revenue of $3.16 billion in the first ten months of 2021. The COVID-19 pandemic has been a blessing for the online wagering industry. The industry also has a rise of nearly 230 per cent in 2021, according to the American Gaming Association’s Commercial Gaming Revenue Tracker. Looking at the history and nature of humans the future of online wager gaming seems bright and the projected gambling revenue is a staggering $44 billion in 2021, as per Forbes.