Leaders of online gaming companies and their technology partners talking to the East Coast Gaming Congress provided insight into sports betting performance and its rapid growthand how it led an off-the-shelf infrastructure and regulatory apparatus for online casino games.
Sports betting has become a common factor in many jurisdictions across the country, skyrocket in terms of growth and expansion compared to iGaming’s slow progress. However, at a conference on Friday, gaming executives said that The online casino market has “enormous potential for growth and expansion”.
So far, internet gambling is only legal in six states, namely New Jersey, Pennsylvania, Michigan, Virginia, Delaware, and Connecticut. But the panelists predicted that three or four more states could soon adopt it, including Indiana, Illinois, Iowa and New York. In addition, more than a dozen states sell lottery tickets on the Internetas noted James Carey, executive director of the New Jersey Lottery.
Jeffrey Millar, Commercial Director of North American Operations for Evolutionsaid he was “confident there is plenty of room for growth”, and this concept was also echoed by David Rebuck, director of the New Jersey Division of Gaming Enforcement, who said that “growth of this industry is still in its infancy in the US”
Richard Schwartz, CEO of Chicago-based online game company Rush Street Interactive, added that states that already have legal sports betting are good candidates for adopting online casino gaming as well, as they “already have regulators in place,” reported Associated press.
“They have servers in place. It’s faster to start a casino addition,” Schwartz noted. 31 states and Washington DC currently offer legal sports betting, with several more expected to launch soon.
Since it came online with internet gambling nine years ago, New Jersey casinos earned $4.79 billion from online gamblers, as reported by AGA. This is nearly double the $2.47 billion that Pennsylvania casinos have earned online since July 2019.
Michigan has seen $2 billion since going live in January 2021. Connecticut has earned $199.7 million since October last year, followed by West Virginia which has earned $137.4 million since July 2020. Delaware has seen $42.2 million since December 2013 Nevada offers online poker, but does not break down that revenue separately from the in-person casino revenue report. in the state.
New Jersey Set to Extend Internet Gambling Law for 10 Yearsand in Thursday’s opening session of the casino conference, the state Governor Phil Murphy said he would sign the bill if it passes.
Gov. Phil Murphy.
In 2018, a US Supreme Court ruling in a case brought by New Jersey paved the way for all 50 states to offer legal sports betting if they so choose. With this rapid expansion, internet gambling was expected to grow almost automatically at a similar pace. However, that was not the case.
Howard Glaser, head of government affairs and legislative counsel at Light & Wonder, said there were lingering concernsparticularly among some state legislators, that internet gambling could cannibalize brick-and-mortar casino revenue and customers, despite the fact that the gambling industry itself has established that this has no not been the case.
Casinos initially had the same concerns when New Jersey launched Internet gambling in November 2013. Luisa Woods is vice president of Delaware North., a gaming, hospitality and sports company with casinos in New York, Arizona, Arkansas, Florida, West Virginia and Ohio. She was previously Digital Operations Manager for Tropicana Casino in Atlantic City in 2013 and shared her experiences at the conference.
“My first job was to sell to the business I’m not here to compete with your business; I’m here to help him grow,” she said.as reported by PA. “We integrated the brand, we created loyalty accounts for each remote customer. We had people showing up at the property for the first time who already had a host assigned to them.