The iGaming industry in the United States has seen tremendous growth over the past few years. Since online gambling was legalized back in 2013, many states have passed new laws that allow players and bettors to place secure wagers from home or by using a mobile device. The industry has generated millions in profits for individual states and it is expected growth will continue throughout 2023.
New websites are always launching, providing US residents with exciting ways to wager and win money. Whether you like to play casino games from home or are looking for a thrilling online sports betting opportunity, there are many trusted brands that are operating in the US. Here, we take a closer look at how the industry has transformed and what type of growth is expected in the coming year.
Online Casino Expansion
Online casinos were the first form of online gambling that was allowed in the US. Individual states are able to create laws that would allow for an online operator to provide real money games to residents. Since the first casinos were launched in 2013, only a few states have introduced websites. According to Agamble.com, a website about legal online gambling in the US, these include New Jersey, Pennsylvania, West Virginia, Connecticut, Delaware, and Michigan. While this is a short list, many other states are considering passing new laws.
The revenue that can be earned from online casinos is tremendous and we can expect some additional starts to soon allow online operators to launch new sites. Some states that are expected to welcome online casinos in 2023 include Indiana and Illinois. Massachusetts expects to offer casino sites within the next two years and North Carolina is also working on new laws. New York is one state that many expect to offer iGaming very soon. There has been a huge push to allow operators to provide casino sites and it is expected that the market could reach $3 billion when sites are launched.
Sports Betting Legalized in Many States
Online sports betting has been responsible for the massive surge in online gambling among US bettors. With more than 30 states offering licensed sportsbooks, this part of the online gambling industry continues to expand at a rapid pace. In 2022, Kansas, Massachusetts, and Maine all legalized online betting. As 2023 unrolls, a number of other states are expected to provide this form of gambling to residents. North Carolina is one state that is very close to legalizing mobile betting in 2023. Minnesota is also working on getting laws passed and this will all depend on tribal backing.
These new markets will drive sports betting growth in 2023. It is already expected that states will generate over $120 billion in handle as well as $9 billion in revenue. While new markets will help with growth, states that already have sports betting will continue to generate massive streams of revenue New York, Illinois, and New Jersey are expected to see increased earnings throughout the year, with a 14% increase expected in New York.
Experts predict that the amount legally wagered on sports will increase by 450% to $136 billion. This growth is expected to continue into 2024, when the handle may surpass $200 billion. Considering that this number was only $4.62 billion five years ago, it is evident that the industry has had incredible growth and will continue to expand as more states legalize online betting.
Enhanced Security Measures
One thing that will help the iGaming industry is the enhancement of security measures online. Even though just a few states currently offer online casinos, adding more layers of protection will help pave the way for other states to jump on board. Existing websites have already upgraded cybersecurity measures by implementing SSL encryption, being properly licensed, and offering top-notch customer support services.
One main concern among online gamblers is the safety of their personal and financial information. Today, sites are more secure than ever creating an environment that is 100% safe for players who want to place bets on games or those that like to wager on sports. By making use of new security measures, the iGaming industry can grow safely, providing US residents with a reliable and trusted way to manage accounts, conduct payments and place bets for the chance to win real money.
All US online casinos currently operating make use of SSL encryption technology to prevent account hacking and fraud. In addition to this, firewall technology will help to strengthen security measures by preventing DDoS attacks
Technological Advances
There are always advances in technology being made that will enhance how people place bets online and enjoy gambling. The industry has come a long way from when it started and now, gamblers will find high-quality casino games as well as sophisticated line betting sites. Software developers are always trying to add human elements to the games being offered.
When online casinos first launched in the US in 2013, games were rather standard. One could find slot games, blackjack titles, roulette, video poker, and other options. While these games were enjoyable, technology has allowed for much improvement in regards to graphics animations, and gameplay. Today, games featured at online casinos replicate what is found in a land casino and provide a realistic feel. The most successful product for providing a life-like experience is a live dealer casino.
Innovative technologies are always being introduced and some of the latest tech concepts include Augmented Reality, Virtual Reality, and metaverse. The use of cryptocurrency is also a tech advancement that has helped millions of US gamblers place secure bets with limited risk. With crypto gambling, players will remain anonymous and will benefit from enhanced security measures as well as faster transactions. As the industry continues to grow, we can expect more crypto sites to emerge along with additional cryptocurrencies available.
Wearable equipment like goggles and headsets are also being used within the industry. When used with various smart technologies, these devices allow for voice commands to be used. VR goggles have also changed how players engage in action at some online casinos. With these devices, one can see all areas of the casino, interact with players, play games at virtual tables, and more, all allowing one to enter a virtual environment that is just like the real thing.
