US is a Promising Land for Online Casinos

Online gaming in the US is one of the best bets of 2021's. Wagers are poised to become a welcoming stream of tax dollars across America following a devastating pandemic.

The global demand for internet sports betting could be worth as much as $23 billion, double Nevada casinos' total gambling sales, according to Bernstein's company figures. Websites and old-school gambling businesses are geared to pocket gains.

Online gaming stores in the United States have met tough challenges. A decision of the Supreme Court in 2018 allowed states to make sport bets legal. But the federal Wire Act also makes some projects more difficult by banning gaming across state lines. Only a couple of states, with much of the action in New Jersey, Pennsylvania and Delaware, have taken a bet on an online sports book.

There are the handful who appreciate a windfall. According to PlayNJ researchers, New Jersey sports wagers totaled $4.1 billion through October 2020, with interactive gaming accounted for over 90% of the October bets. As other home entertainment, as COVID-19 hit and is on track to grow by about a quarter globally in 2020, wireless sports betting had a captive audience, Fitch Ratings predicted in November. There is space for continued progress. Fresh patterns will last and legal alternatives may displace those that are illegal.

More states likewise are expected to take the plunge. With average internet gambling tax rates in the mid-teens or higher and accelerating growth, their coffers can be upgraded. And while online casinos come with a stigma, a football, basketball and baseball fan nation may find sports betting more appealing. Massachusetts is considering the incorporation of the economic growth plan of online sports betting. Ohio and New York look at the concept as well.

Dublin-based betting behemoth Flutter Entertainment has just pledged $4.2 billion to raise its interest in the U.S.-based sports betting platform FanDuel, hailing "the single biggest market opportunity" today to simplify American rules.

A fellow investor, the Fox media company, has acquired the possibility of raising their own stake. In the meantime, casino operators address concerns of cannibalizing their in-person business: MGM Resorts International and Caesars Entertainment are growing up online, and in the third quarter, Wynn Resorts began offering online sports betting. Shareholders will divvy up the jackpot until the tax collectors get a share.