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📰 How Online Betting Could Shape the Future of the U.S. Betting Industry

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11:27
22 May

The American betting industry is one of the healthiest in the world, second only to that of the UK despite its fragmented regulatory framework. Because individual states decide their own betting regulations, it can be a confusing landscape for consumers, especially between the different betting markets.

Online betting has enjoyed steady growth in recent years but is also hampered by regulations with only seven states allowing online casino gaming compared with 38 that allow online sports betting.

The sports betting revolution was facilitated by the Supreme Court’s decision to overturn the Professional and Amateur Sports Protection Act of 1992 which prohibited most states from allowing sports betting.

Since then, many have chosen to allow online sports betting operators to offer a variety of markets in their jurisdiction, creating a valuable revenue scheme through licensing and taxation.

The industry has also been beneficial to the national economy as it has increased employment in states where it is legal.

Despite some states, including Hawaii and Utah, prohibiting online betting and online casinos being restricted to West Virginia, Connecticut, Rhode Island, Delaware, Pennsylvania, Michigan, and New Jersey, US bettors can still use offshore betting operators legally to bypass rules.

Using licensed offshore operators can give U.S. consumers a safe way to explore a wide selection of betting markets and casino games. They also offer safe banking methods that significantly decrease the risk of players becoming victims of cybercriminals. (Source: https://instantcasino.com/)

The proliferation of offshore betting site use in the U.S. could be a contributing factor in pushing through legislation in holdout states. The ability for players to access sites on mobile devices and home computers means that local governments are missing out on valuable revenue streams.

States that implement regulatory frameworks for the online betting industry will also be able to have greater control over operators and their behaviors, helping to make online betting a safer environment for consumers.

State-regulated betting sites will not only provide improved security, but they will also include other protections including activity and deposit limits and self-exclusions.

While many offshore betting sites are licensed in other jurisdictions, other less secure options can also be tempting because of the offers and deals they have.

There is no doubt that the offshore betting industry will continue to offer facilities to people in restricted betting jurisdictions or for those looking for casinos not on Gamstop or other self-exclusion programs. However, introducing regulations can help the local betting industries grow, provide greater safety to consumers, and allow revenue to be funneled back into local communities.

Consumer trends are leading to more online-related facilities that include everything from booking taxis and ordering groceries to shopping for clothes and holidays. The betting industry is making use of emerging technologies to ensure it can provide customers with everything they need and more.

The global 5G rollout allows users to enjoy impressive connection speeds that make it easier to stream, download, and play games online. Low latency minimizes the risk of game sessions slowing down or cutting out, making it a significant step forward for the online betting industry.

The U.S. has been a global leader in terms of rolling out 5G with forecasts suggesting the country could have as many as 181 million connections in 2024.
5G and the improvement of mobile devices have also been great news for game developers who are now able to provide more immersive gaming experiences without the fear of it slowing down gameplay.

The implementation of AR, VR, and AI into online betting sites and their games has helped create betting experiences for consumers that rival real-life casinos.

AI-generated and live dealer betting is available in many online casinos and customers can meet up and interact with other users. The integration of famous franchises and pop culture-related games has also made online casinos a more tempting option than in-person betting.

For one thing, the convenience of being able to bet wherever and whenever you want should not be underestimated. Consumers can also save time and money by enjoying the same facilities without having to travel.

It is not just consumers who benefit from online casinos as operators explore ways to reduce overheads in an increasingly competitive market.

The costs involved in running a casino are significant. Operators must pay to buy or lease properties as well as cover huge energy bills for lighting, heating, air conditioning, and powering games. Staffing costs and logistics can also be a huge challenge for casinos that have security, entertainment, food, drink, and cleaning to cover.

When you explore the demographics of online casino users in North America, there is a definite trend towards the 18-35 age group being present. This makes sense as younger people have grown up around developing technologies compared with older bettors who might be more used to in-person interactions.

As we move forward, the number of online bettors will continue to grow as younger people continue to be attracted to the latest technologies.
This could also see a downshift in retail casino attendance, forcing operators to explore online options as a way of reducing costs and cementing the online casino industry as the future of betting in the United States.

In order for online casino betting to reach its potential, many more states will have to loosen betting regulations. Mobile devices and gaming technology will continue to improve, giving game designers far more freedom to create exciting new betting opportunities for customers.

The early adoption of cryptocurrencies in the online betting industry will also be beneficial to its growth. Offering a wider selection of payment methods and the security and transparency that come with crypto use will help to improve the reputation and safety of online casinos.

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