In an era marked by the convergence of technology and entertainment, the gambling industry is undergoing a digital transformation, with more US states considering the legalization of online casino games.
Industry Experts Forecast Expansion of iGaming to New York, Maryland, and California
Panelists at the Next.io forum on internet gambling and sports betting projected that New York, Maryland, and potentially California could soon join the ranks of states offering internet gambling.
Despite the challenges, including legislative hurdles and concerns about the impact on traditional brick-and-mortar casinos, the allure of tapping into a lucrative market is undeniable.
Rob Heller, CEO of Spectrum Gaming Capital, noted that while certain dreams in the industry remain unfulfilled, they also present opportunities for expansion, reported the Associated Press.
Shawn Fluharty, a West Virginia state delegate, highlighted New York and Maryland as probable candidates for embracing internet gambling in the near future.
Brandt Iden, vice president of government affairs for Fanatics Betting and Gaming, echoed this sentiment, recognizing the complexities of passing online casino legislation and the need for lawmakers to better understand the industry.
Legislators Debate Impact of Online Gambling on Traditional Casinos Amid Industry Shift
The debate surrounding the potential cannibalization of revenue from physical casinos persists among legislators. However, industry executives argue that online gambling can complement traditional gambling establishments. Fluharty pointed out that Pennsylvania experienced an increase in casino openings after introducing internet casino gambling.
Maryland‘s prospective move towards legalizing internet gambling is accompanied by considerations of tax revenue and job creation.
Meanwhile, New York lawmakers have advocated for internet gambling, although it was not included in Gov. Kathy Hochul’s budget proposal.
At the same time, a recent study conducted by Eilers & Krejcik Gaming (EKG) and commissioned by the iDevelopment and Economic Association (iDEA Growth) reveals that introducing online gaming in the six regulated US states boosts traditional casino revenue by an average of 2.44% quarterly.
Edward King, co-founding partner of Acies Investments, expressed confidence in California eventually embracing online gambling due to its sheer market size.
However, Adam Greenblatt, CEO of BetMGM, offered a differing perspective, suggesting that California may not approve online gambling soon, citing the state’s historical resistance.
Similarly, Texas, another potentially lucrative market, has remained steadfast against online gambling for two decades.However, with Rhode Island recently joining the ranks of states offering internet gambling, the momentum for expansion appears unstoppable, with more states likely to follow suit in the coming years.