There’s no doubt that online casinos are growing in popularity around the globe. This is clearly evident just by looking at the figures alone.
In a decade from now, annual sales are expected to have reached $22 billion, from just $5 billion. Plus, consumption of services is expected to increase 28% annually since the last decade.
So, what is fueling this growth? It’s mainly down to the fact that many countries are taking a more relaxed approach to the industry, mainly Europe and the UK.
Areas such as these are beginning to realise the many benefits of legalising gambling. Such as its ability to generate massive revenues and generate employment opportunities.
Online Casino Growth is Prevalent in Canada, the US, and the Western World
As mentioned, the online casino industry is growing worldwide, particularly in the Western world, like the USA and Canada. CAGR for the American market will increase by 15.41%.
So, what is driving this growth? Changing attitudes toward gambling is one reason. People are realising the advantages of using licensed and regulated platforms, such as improved safety and fairness and a lower risk of underage gambling.
States themselves also see the positives, like the amount of revenue that online gambling generates.
Similar growth is being seen in Canada. This is believed to be down to the fact that unlike the US, gambling laws are more lenient. So, Canadians have more options when opting to play casino games both online and offline.
Another Reason for Gambling Growth in the US is the Introduction of New Laws
These new laws are allowing more residents to play legally. However, this doesn’t mean that online gambling is 100% legal all across America.
Thanks to laws such as the 1961 Federal Wire Act, gambling may be perfectly legal in one state, while in the next, completely banned.
Sports betting, in particular, is limited. The Federal Professional and Amateur Sports Protection Act, passed in 1992, prevented certain states from legalising sports betting in the future. Luckily, this was removed in 2018, enabling individual states to decide whether to allow sports betting.
The picture for online gambling is more complicated. It isn’t legal to operate online gambling sites anywhere in the US, thanks to the 2006 Unlawful Internet Gambling Enforcement Act. However, it’s perfectly legal to wager there. As a result, many overseas casinos were happy to accept wagers from American citizens.
The legal status of individual types of gambling varies massively from state to state. This is because individual states make their own decisions as to whether different types of gambling are permitted or not.
Ultimately, many more states are moving towards legalising online casinos as they desperately need the revenue they generate.
Gambling laws vary state by state in the USA as individual states can determine their own laws.
Canada is Quite Lenient About Online Gambling, Compared to Stricter Laws in the US
This perhaps matches their desire to be a progressive nation, while preserving lengthier sentences for more severe crimes.
While Canadian residents are free to bet via the internet, this must be using owned and licensed services by the provincial government. Otherwise, it would be deemed illegal betting. Ultimately though, regulation in Canada isn’t as severe as the US.
Citizens in Canada can enjoy playing their favourite casino games online through many operators like 888 casino Canada. This casino site offers players a variety of casino games from table games to online slots, so players can access various games all from one site.
Sports betting is legal in Canada, but players are limited to placing parlay bets. This means that a customer must wager at least two or more bets for a payout.
Canada has a more relaxed attitude to gambling than their neighbours USA.
Why have Online Casinos Become so Popular?
There are many reasons why.
The first reason is technological innovation. New technologies such as virtual reality and blockchain help provide an enhanced customer experience.
Simultaneously, more and more people can access the internet and smartphones, therefore providing easier access to online gambling. Additionally, mobile apps are becoming more cost-effective, and audiences are increasingly becoming aware of the latest tech.
Online casinos themselves are improving their offering, providing improved support and more free games, while lowering the occurrence of illegal activities as well. Online casinos are also becoming more visible thanks to things like corporate sponsorships and celebrity endorsement.
Different cultures around the world are also becoming more approving of online gambling.
Disposable incomes are increasing in some places worldwide, so people are more willing to spend on leisure activities such as online gambling. The popularity of sports is also growing, enhancing the already significant demand for sports betting.
Then, of course, there’s the fact that many countries are passing legislation, enabling their residents to gamble online legally.
While Many Countries Realise the Benefits of Legalising Online Gambling, Others are Reluctant to do so
There are many different reasons why online casinos are growing in popularity around the world. New technology is being introduced, and governments are taking a more relaxed approach to laws.
And certain cultures are being more open to the prospect of gambling online.
Various countries are realising that legalising online gambling can bring improved revenue and greater employment opportunities. This is particularly the case for Western countries like the UK, Canada and America.
However, the US still has some way to go before it gets to the same level as Canada and the UK. It relies on individual states to determine whether to legalise online gambling, including individual games.
As such, this makes for a very complex picture across the US.