The virtual realm of online gambling, or iGaming, has taken center stage at the recent gathering of the National Council of Legislators from Gaming States. This hotly debated topic has experts buzzing with excitement, as they weigh the potential benefits and drawbacks of delving deeper into the world of online casinos. Are we witnessing the dawn of a new era for the iGaming industry?
The $30 billion bag in the regions
Colorado is the latest state to jump on the iGaming bandwagon, sparking discussions about expanding online casino offerings. With the flourishing online sports wagering market and the availability of sportsbook apps, it’s no wonder other states are following suit. Rhode Island recently joined the iGaming ranks, becoming the seventh state in the US to offer legal online casinos. Are neighboring states igniting healthy competition and propelling the iGaming movement forward?
States like Pennsylvania, New Jersey, West Virginia, Connecticut, Delaware, and Michigan have already embraced the allure of online play. While Nevada excels in online poker, other traditional casino games remain off-limits. The dollars flowing from these states are catching everyone’s eye, with Michigan leading the pack with an impressive $159.4 million in May 2023. New Jersey’s $158.9 million and Pennsylvania’s $137.2 million followed closely behind. Combined, these six states raked in a staggering $5.5 billion in revenue and $1.5 billion in tax revenue over the previous year! Talk about a lucrative enterprise!
Howard Glaser, the mastermind behind Las Vegas-based Light & Wonder, envisions even greater possibilities. With 42 states currently dabbling in gaming, adopting iGaming could potentially lead to a colossal $30 billion market! The tantalizing prospect of these numbers has the industry buzzing with anticipation.
Related: Michigan’s iGaming scene thrives in revenue in the state
The Latin American iGaming frenzy
Latin America has also become a thriving hub for iGaming enthusiasts. With over 650 million people and an impressive internet penetration rate of approximately 67%, this region offers fertile ground for game developers and distributors. By 2023, the estimated value of the Latin American gaming market is expected to skyrocket to a jaw-dropping $4.1 trillion!
Colombia shines as one of the most promising online gaming markets in Latin America, boasting a favorable business climate and legal security. Since online gambling was regulated in 2016, Colombia’s gaming landscape has witnessed tremendous progress, with an expected annual growth rate of 8.1% by 2025. The Colombian market is undoubtedly one to watch!
Argentina’s online gaming market is regionally regulated by provinces. The legalization of online gambling in Buenos Aires has made waves across the region. Meanwhile, Peru’s online gambling and sports betting industry have witnessed exponential growth, aided by new laws and regulations, as well as the country’s flourishing digital payment options.
Brazil presents a mixed picture for iGaming enthusiasts. Although Decree Law number 9215/1946 prohibits casinos under the Criminal Contravention Act, Law no. 13756/2018 permits online and land-based fixed-odds betting, with the Ministry of Finance serving as the regulatory authority. Sports betting, however, remains permitted yet unregulated. With 70% of Brazilians participating in online gaming, the projected gaming revenue growth is expected to reach a remarkable $2.6 billion by 2026.
iGaming in the US: The ups and downs
In May 2023, several US states attempted to pass iGaming legislation but fell short. Despite the obstacles, there’s no shortage of determination, with New Hampshire representatives vowing to try again in 2024. Brick-and-mortar casinos voiced concerns about the impact of online gaming, but experts like Howard Glaser believe iGaming can actually grow market share for casinos by incentivizing visits to their properties.
The future looks bright
As the iGaming landscape evolves, the potential for growth and transformation is undeniable. From the US to Latin America, the allure of online casinos is capturing hearts and wallets, ushering in a new era of gaming excitement. Brace yourselves for a thrilling ride through the virtual realms of iGaming!
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