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The digital era is reshaping the landscape of entertainment and technology, and the gambling sector is no exception. There’s a growing trend of states in the US considering the adoption of online casino gaming.
At a recent Next.io forum focused on internet gambling and sports betting, experts anticipated that states like New York, Maryland, and possibly California might soon embrace internet gambling. Rob Heller, CEO of Spectrum Gaming Capital, mentioned that the industry’s unfulfilled aspirations also pave the way for further expansion, as reported by the Associated Press. New York and Maryland are particularly seen as likely candidates for online gambling adoption in the near future, according to West Virginia state delegate Shawn Fluharty.
Panelists at the https://t.co/RRxp8mQByM internet gambling and sports betting conference say NY, MD (and maybe CA?) could approve internet casino betting soon. https://t.co/Ex6eK63cmF
— Wayne Parry (@WayneParryAC) March 6, 2024
The conversation around online gambling isn’t without its debates, particularly regarding its impact on traditional casinos. Despite concerns about potential revenue cannibalization, industry leaders argue that internet gambling can actually complement brick-and-mortar establishments. In support of this argument, Fluharty noted that Pennsylvania saw an increase in casino openings after legalizing online gambling. Maryland is also contemplating the legalization of internet gambling, with an eye on the potential tax revenue and job creation benefits.
In New York, while lawmakers have shown support for internet gambling, it was notably absent from Gov. Kathy Hochul’s recent budget proposal. A study by Eilers & Krejcik Gaming (EKG) and commissioned by the iDevelopment and Economic Association (iDEA Growth) found that the introduction of online gaming in six regulated US states has led to a 2.44% quarterly increase in traditional casino revenue.
Despite the overall positive outlook, there are differing opinions on the likelihood of certain states legalizing online gambling. Edward King, co-founding partner of Acies Investments, is optimistic about California’s potential due to its large market. On the other hand, Adam Greenblatt, CEO of BetMGM, expressed skepticism about California’s near-term prospects, citing the state’s historical resistance. Texas, another potentially lucrative market, has also been resistant to online gambling for two decades.
Nonetheless, with Rhode Island recently joining the list of states offering internet gambling, the momentum for expansion seems unstoppable. The coming years are likely to see more states following suit, further transforming the gambling industry in the digital age.
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