A closer look at the rising popularity of online gambling
Have you noticed? Online gambling, in the form of online casino games and sports betting, has been subject to a tremendous rise in popularity across the nation.
Legal online sports betting is now possible in more than 25 states. Online casinos are legal in at least seven states, with various legislative efforts being carried out to expand this number.
Gambling is a historic and globally popular pastime. Activities like buying lottery tickets, hosting poker tournaments and betting on horses have developed and gone in and out of fashion since the U.S. became a country. Much like the rest of daily life, various types of gambling have now moved online.
Whether betting for fun or going the online casino real money route, a closer look at the industry can reveal why online gambling has become increasingly popular in recent years. Economics may have something to do with it.
Gambling over the years
Lotteries were one of the earliest forms of gambling in the United States. The first recorded lottery dates back to 1612. in the state of Virginia. The 18th and 19th centuries saw the rise of card games, dice games and horse racing as common forms of amusement.
During prohibition, the popularity of gambling as recreation experienced a dip. In 1931, however, Nevada legalized casino gambling — laying the bricks for Las Vegas as a popular entertainment destination. Other states followed suit by legalizing different forms of gambling, including lotteries, horse racing and, eventually, casinos.
Today, gambling is a multi-billion dollar industry. Online gambling, spurred by the influence of modern life, is pushing the industry further and faster. Economics and the changing attitudes towards betting and casino games also contribute.
The convenience of going online
Online platforms are accessible 24/7, allowing players to engage with their favorite games at any time. This flexibility is particularly attractive to those with busy schedules or limited access to physical casinos.
Online gambling opportunities also eliminate the need for travel and accommodation expenses associated with visiting brick-and-mortar casinos. Players can save both time and money. Playing is as easy as logging into an account, from the comfort of home.
The impact of gambling on the economy
Convenience impacts individuals, economics impacts society as a whole. The industry supports thousands of jobs, including but not limited to software developers, customer support representatives, marketing professionals and payment processors.
The technology needed for online casinos furthermore impacts related industries like online payment systems and cybersecurity. This helps drive technological advancements that benefit the gambling industry and the economy as a whole.
Tax revenue is a huge motivating factor for embracing gambling in general. In Wisconsin, the gambling industry had a tax impact and tribal revenue share of $446.4 million. Neither online sports betting nor online casino play are yet legal, meaning these figures are mostly attributed to brick-and-mortar establishments.
The role of technology in the industry
The relationship between online gambling and technology is mutually beneficial. The industry spurs tech innovation as much as it benefits, deeply, from embracing advanced and emerging trends.
Online payment systems provide one example. Online betting and casino platforms leverage some of the most advanced encryption and transaction technology available to make withdrawals and deposits as secure and simple as possible.
The near future will see virtual and augmented reality technologies transform the way players can engage with online casinos and betting platforms. Immersive and exciting experiences are likely to captivate and inspire seasoned players and newcomers alike.
Attitudes towards gambling in the U.S.
Look no further than prohibition to see that the attitude towards gambling in the United States has experienced significant changes over time. During some periods, it was considered by many to be risky, potentially addictive and morally ambivalent. Today, feelings toward gambling are increasingly positive.
The rise in popularity and acceptance of online gambling coincides with a broader acceptance of online activities in general. As more aspects of our lives move online — shopping, socializing and dating, for example — gambling has become another form of entertainment that can be enjoyed safely and responsibly.
Online gambling operators are subjected to significant rules and regulations designed to protect players, including prioritizing responsible gambling initiatives. This emphasis on player safety may also contribute to changing attitudes towards casino games and betting practices.
Complex federal and state regulations around online gambling
The regulatory landscape surrounding online gambling is complex and varies from country to country. The United States has a patchwork of regulations, with some states legalizing online gambling while others prohibit it.
In some jurisdictions, online gambling is strictly regulated and only operated by government-approved entities. Elsewhere, it is completely banned. Some regions do not allow online casinos and sportsbooks to operate but do not have laws restricting residents from playing using offshore platforms.
The disparity in regulations throughout the United States can prove exasperating for both players and operators. Nevertheless, these comprehensive legal frameworks are imperative in safeguarding the interests of gamers and the industry as a whole.