The online gambling industry has been one of the fastest growing industries of the 21st century. As more and more companies began to adapt to the explosion of the internet and the digital age, industries in different fields moved large chunks of their businesses online. Industries such as logistics and food delivery companies hit the ground running and had more users than ever using their services due to the convenience of online websites.
The same applies to gambling companies all over the world. As they moved their businesses online, they began to reap the rewards of what the internet offers, and the benefits compared to land-based casinos. Casinos have traditionally been based in gambling hubs, such as Las Vegas and Atlantic City. Still, the advantages of moving them online makes a clear example of how these companies can maximize profits. The same applies to sports betting, sports betting online is now something millions of people take part in all over the globe, and the market is highly profitable and competitive.
Until 2019, over 15 states were allowed to operate land-based casinos, and this list has since expanded as more states look to cash in on the large tax base that casinos offer. Some of these states allow online gambling but not land-based gambling. Tennessee, for example, is not included in this list as land-based casinos are not permitted in the state, but online gambling is. The states that permit gambling are as follows:
- Nevada
- New Jersey
- Maine
- Iowa
- Louisiana
- Colorado
- Maryland
- Rhode Island
- Massachusetts
- Kansas
- Mississippi
- West Virginia
- South Dakota
- New York
- Ohio
- Michigan
- Pennsylvania
- Indiana
An additional six states allow casinos on riverboats: Missouri, Iowa, Illinois, Indiana, Louisiana and Mississippi. The most high-profile state to legalize gambling recently was New York at the turn of 2022. This was an important moment when it came to legalizing gambling in America, as New York state has one of the biggest populations in the country. The greater state region has an estimated population of over 19 million, so it opened up the possibility of huge revenues for online gambling companies. Currently, it’s legal to gamble online in New York on the lottery, sportsbooks and horse racing. Poker, slots and online casinos have not yet been legalized but regulations are currently in the works.
The benefits of online gambling are vast; although some states in America vary wildly, places such as Utah have banned any form of gambling. States such as Nevada, which is nearby, have some of the most relaxed gambling laws anywhere in the United States of America.
However, as we touched on at the beginning of the article, several companies are moving their business models online. For example, gambling companies based in New York have experienced an increase in revenue by setting up their sportsbook betting online. As technology becomes increasingly sophisticated, gambling companies use the internet to their advantage. Traditionally, land-based casinos would experience their busiest periods on a Friday or Saturday night.
However, the market is continuing to benefit. One of the reasons for this is the increase in people gambling on their own time at their leisure. In addition, these customers are using the internet at their convenience, opening up a larger market. The technology has been developed in such a way that more spins or games can occur online than they can in the casino.
For example, a croupier must collect chips after every roulette spin. They would also need to payout on any successful bet, which may take 10 to 20 seconds to be calculated and paid out accordingly. If a gambler makes the same bet online, the payout is instant thanks to the technology, and the wheel spins again. This may not sound like much, but over 24 hours this may result in thousands of dollars more in profit than a standard land-based casino. Of course, this also applies to other casino-based games, such as blackjack.
As more states continue to legalize gambling, with varying degrees of leniency, the possibility of an increased tax base continues to turn the heads of governors throughout the United States. Since a landmark Supreme Court ruling in 2018, there has been a massive increase in states looking to benefit from the money that legalizing gambling offers. It doesn’t look as though this is going to slow down anytime soon as states look to cash in, and online companies continue to innovate in the field by utilizing and reinvesting their increasing profits.
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