2022 Online Gambling Revenues and Upcoming legal States
The sports betting and iGaming industries have certainly taken over in the U.S., with the two sectors to have been able to enjoy a significant amount of growth in recent years as recent figures have highlighted just how huge each of these markets truly is.
However, The American Gaming Association (AGA) has recently reported that gaming revenue that had been generated by non-tribal casinos in January and February 2022 was already experiencing a record pace, with the group revealing that it was the best two-month start in the history of legal gambling within the country.
American Gaming Revenue Continues To Eclipse Previous Figures
Also, According to figures, it was found that through February, gross gaming revenue (GGR) had totaled $8.92 billion; an increase of 34% on what had been experienced in the same two months in 2021, Also, whilst it was a 19% increase on the figures that had been experienced in 2020. The GGR that had been recorded included casino games such as slots and table games, whilst also including sports betting across both retail and online options, in addition to daily fantasy sports, as well.
The increase in GGR, though, is something that was to be expected, especially if historical data was an indicator. The U.S. has experienced a continued expansion in regard to the number of states that are permitting wagering activities these days, with more and more locations deciding to relax the restrictions that were once in place.
The AGA has reported the commercial GGR in 2021 had totaled $53 billion. This is a figure that eclipsed the 2019 total of $43.65 billion, which was the record-high at the time prior to the pandemic that was experienced. However, there is optimism that the $53 billion generated last year will be improved this year as there will be even more legal states to permit these activities, whilst figures are already perhaps suggesting that the industry is already well on its way to doing so.
Also, It has been revealed that iGaming GGR had totaled nearly $774 million over the first two months of 2022, whilst sports betting operators had won $957.1 million from bettors. Also, This means a combined figure of around $1.73 billion had been generated throughout January and February online, eclipsing the $1.48 billion that had been generated at land-based casinos with classic table games.
Which states already permit iGaming and sports betting?
As mentioned, there could be a number of reasons why this is the case, although it will largely be down to the fact that there are more and more states that are deciding to relax the restrictions that they once had on gaming.
However, Here is a breakdown of the states that have legalized sports betting activities in some form, with each of the states mentioned having different regulations that citizens within each border must adhere to:
- Arkansas (unavailable online)
- Nebraska (unavailable online but sports betting has only recently been passed)
- New Hampshire
- New Jersey
- Also, New Mexico (unavailable online)
- New York
- North Carolina (unavailable online)
- Rhode Island
- South Dakota (unavailable online)
- Washington D.C.
- West Virginia
- Wisconsin (unavailable online)
Indeed, there are some states that allow people to choose and play from a variety of different wagering activities, with some allowing for iGaming activities to be permitted, too. However, this number is extremely small in comparison to those that allow for sports betting to take place.
Six states that permit iGaming activities:
In fact, there are only six states that permit iGaming activities as of the beginning of 2022:
- New Jersey
- West Virginia
Despite this, there is evidence to show that these activities have proven incredibly popular and have been extremely lucrative. Also, As an example, it has been found that Pennsylvania online casinos managed to double their revenue from 2020 to pass $1.1 billion in just their third year of being legal within the state after adopting an aggressive gambling expansion approach in 2017. It should also be noted that Pennsylvania continues to compete with New Jersey as the two biggest states in terms of gambling revenue outside of Nevada.
However, with more and more states expected to introduce live sports betting and iGaming activities in the future, it is rather clear that the industry should continue to experience a huge amount of growth in the coming months and years.
Which states could look to implement regulations?
As of April 2022, it would seem that there are a number of states across the U.S. that have shown some interest in introducing regulations that would make sports betting and iGaming legal to conduct within their borders.
Currently, it would seem as though there are four states that could potentially look to legalize iGaming and/or sports betting:
- North Carolina
These four states have been highlighted as markets that could introduce regulations in 2022 due to the fact that there has been some movement in regard to implementing legislation. However, its perhaps wise to suggest that things will take time and it may not until 2023 or beyond before we see these activities actually made possible.
Furthermore, there are a number of U.S. states that have been identified as having some potential, although they appear a little further back in regard to the timeline that the four mentioned above are showing. These states include:
There are states that will not legalize gambling any time soon
Although there has a huge amount of growth and significant levels of income generated across a variety of states, it would seem that the legalization of gambling still remains very unlikely in a host of different regions nationwide.
In fact, it would seem one-fifth of America (10 states) expected to continue to have a strong stance against gambling, with it thought to near-impossible to see any movement on this subject; at least for the time being. Those states are:
- New Mexico
- North Dakota
- South Carolina
Clearly, there is no denying that the online gambling industry – both iGaming and sports betting – has had a profound impact on the U.S. in regard to the GGR that has been generated in those states that are legalized, however, it would seem that there is still plenty of work to do in other areas of the country if they are to make gambling legal nationwide.