Internet gambling is slowly but surely gaining traction in the United States. As more states begin to allow online sports betting, just seven currently allow players to win real money at online casinos. Rhode Island was the most recent and it may be the breaking point for others to join in.
An industry panel convened recently at an online gambling conference, with professionals predicting that Maryland, California, and New York could be entering the mix within the next few years. Specifically, Maryland and New York may be the next in line.
A Major Revenue Boost
Maryland commissioned a study recently and it projected that the addition of internet gambling would generate as much as $900 million in revenue by 2029. Ultimately, it will cost brick-and-mortar casinos $200 million as well.
It is believed that the key to a wider adoption of internet gambling will be the tax revenue generated. There will also be the need to create programs that discourage compulsive gambling and provide help to those with problems.
Joseph Addabbo, New York State senator, has been one of the leading advocates for online betting in the state. He recently introduced legislation that would allocate $6 million each year to fund programs for problem gamblers.
The Major Hangup
So, why is it that casino gambling is legal in so many states but just seven of them have online casino gaming?
One major hangup is that the brick-and-mortar casinos will suffer. But some industry executives believe that the move will be more complementary than anything else.
In Maryland, a pending bill would legalize internet gambling while also imposing a lower tax rate on operations that have live dealer casino games, which would then create additional jobs.
Conclusion
In much the same way that online sports betting has been on the rise, it is now anticipated that online casino offerings will follow suit. With major states like New York and California in the mix, passing legislation there could be a major factor for other states joining the fray.
