Legal Online Gambling – Is Legal Online Gambling Becoming A Viable Business Model In The US?
Legal Online Gambling – Is Legal Online Gambling Becoming A Viable Business Model In The US?
In the wake of the Las Vegas Sands Corp.’s plan to open an international casino in China, some speculate that the move could signal the start of a new legal online gambling bonanza for states across the country. At present, 21 states including Wisconsin, Oklahoma, Nevada and Massachusetts have legalized sports betting and many more have proposed legislation to legalize online gambling. Although there is no guarantee that online gambling will become a billion dollar industry like the Vegas Sands did, it is a sign that states are starting to reconsider their prohibition against internet gambling. While many doubt the legality of online gambling in these states, especially given the fact that the U.S. government has not taken a position on the issue, other states, such as Montana, believe that it is the right thing to do given the potential damage to youth gambling around the world.
According to an article by the Associated Press, several states are reviewing whether their laws prohibiting online casinos should change. The first legal online gambling site launched in West Virginia last summer. Michigan was the second state to introduce online casinos in January 2021, followed by Nevada in March. Mobile casino platforms have already begun to launch in this state in early 2021.
Analysts believe that given the numbers of states regulated by different federal bodies and commissions, there is little reason that new legal online gambling will not take off in the near future. They also point out that over the past decade or so, the development of online gambling platforms which allow gamblers to play with live cash has dramatically reduced the amount of fraudulent transactions in this industry. According to estimates, there is an estimated 1 billion dollar exchange market for credit and debit card cash payments in the United States. Gambling enthusiasts and financial experts expect this figure to rise significantly in the next few years to reach the size of the casino industry in North America.