Predictions and Trends in Online Gambling 2019-2020 - Baltimore Post-ExaminerBaltimore Post-Examiner

Predictions and Trends in Online Gambling 2019-2020

The online casino industry has grown massively since its inception in the early ’90s. At that time, hardly a few online casinos and online betting websites were accessible. Slow connectivity, dial-up issues and low-quality graphics characterized the games. With the emergence of wireless connectivity and broadband internet, the communication improved and so did the quality and performance of online gambling.

There were a handful of industry leaders including Playtech and Microgaming that ruled the gaming industry for many years. These developers carved the industry by introducing state-of-the-art games, compelling platforms, and inventive technology. According to recent statistics, the online gambling industry have now gone beyond $60 billion per annum.

Factors that have contributed to the Growth of Online Gambling Industry

Luckily, many of the obstacles to online gambling expansion have already been addressed. These include registration/licensing concerns, regulation and trustworthiness. Concerned authorities and agencies now work in collaboration with each other to ensure the safety of the players. Also, the online gambling industry now seems ready to enter multiple markets where key players lead by the nose and preserve a sizeable market share.

The recent report presented on Statista reveals that the online casino market is expected to grow from $45.8 billion in 2017 to $94.4 billion worth of capitalization in 2024. This apparently means that the current market size will grow twice by the end of 2024.

The expansion and growth of the online casino market is basically the result of the rising industry liberalization across the world’s major countries including Australia, Europe and the USA. Although online casinos are believed to be the backbone of the online gambling, it’s basically online betting which far outpaces the overall worth of online gambling around the world. With the increased popularity and growth of mobile technology, a lot of players are registering on daily basis through their smartphones and tablets.

Online Gambling – Regulatory Frameworks

It’s not very easy to track the online gambling markets and submarkets as the statutory frameworks are always changing. However, it’s somewhat possible to evaluate the present condition of the online gambling market by determining the present regulated markets of gambling developers such as Microgaming which is currently operational in over 20 registered jurisdictions globally. It’s noticeable that the company doesn’t operate in unregistered jurisdictions. Their offers are available on a huge scale and players from different countries including Spain, Italy, Bulgaria, and other prominent European states are enjoying their deals. Microgaming is also planning to enter the South American gambling market in the coming days.

Online Gambling Legislation in the US

The US has the widespread potential to become the world’s biggest markets for online gambling and online casino games. However, the process entirely depends on the lawmaker’s efforts that how quickly they can get the relevant bills approved by the authorities. It’s now in hands of each state whether it will allow online gambling that includes online casinos, poker, betting, etc. These bills should be signed by each state’s respective governors to be effective.

Some of New Jersey’s best online casinos complain that despite the popularity and demand for online gambling, plenty of controversy remains about the permissibility of these games at the federal level. Take an example of UIGEA here which instead of highlighting the legality of the industry, pay more attention to payment processors to online gaming websites. The harsh reality is that amongst over 50 US states, the online casino gaming and gambling is regulated in just a few. Noticeably, Utah and Hawaii do not allow any sort of gambling activity. New Jersey, Delaware, and Nevada are some states that permit online gambling activity out of which New Jersey is said to be the pioneer of online gambling.

One of the online poker reports revealed that presently there are only 4 US states that fully regulate online gambling – New Jersey, Nevada, Delaware, and Pennsylvania. However, many other East Coastal and Midwestern states are also trying to get online gambling bills passed from the authorities including Michigan, New York, Virginia, South Carolina, West Virginia, and Kentucky.

Lawyers have been trying really hard to get online gambling legislation passed in Michigan. However, the governor is opposing those bills and continuously working against the lawyers.

Online Gambling Legislation in European Countries

Online gambling bills in the EU are ruled out by the individual states. However, the countries are needed to act within the guidelines of TFEU. Luckily, many EU states allow online gambling in one form or the other. In fact, some countries like the UK permit all forms of online gambling and online casinos. As per recent statistics, online gambling consists of around 21% of all EU gambling activity and the overall worth of online gambling is expected to reach €24.7 billion by end of 2020 which was €19.6 billion back in 2017.

While the trend of online gambling is getting immensely popular across the US, Europe, Australia, and some South African countries, the authorities should play their roles to make this safe and entertaining activity accessible to most of the interested players across the globe.

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