The game has been growing gradually. For nearly 40 years in the United States, Nevada was the only gaming company in town or in the country. When New Jersey considered legalizing gaming, it was limited to Atlantic City. The hotel needed to have at least 500 rooms. The casino was limited in size and had to be closed for at least four hours a day.
Early Native American tribes only offered bingo, and they wondered if religious organizations could offer bingo, as they should. Some public officials disagreed, but most states let it go on. At Foxwoods, they offered a bingo game in a room larger than a soccer field.
Now, when the Indian Gaming Regulatory Act was passed in 1988, all wagering was eliminated. Tribes can offer the same types of games that are allowed elsewhere in the state, whether they are charities, lotteries or private organizations. In Minnesota, for one reason or another, they only allowed video slot games for many years. In Oklahoma, Class II bingo slot games are the limit. In Connecticut, where only table games were initially allowed because gambling was legalized on the basis of Las Vegas night, some charities were allowed to host events that offered only table games. With several statewide referendums, California has evolved from bingo to full-fledged casinos.
In the early 1990s, as in the past, games were legalized on riverboats in the Midwest and South. In most cases, they actually had to cruise, and players needed to make reservations to board. The Old West towns of Deadwood, South Dakota and Cripple Creek, Black Hawk and Center City, Colorado were allowed to play some limited games with strict restrictions.
Horse racing realized that connecting the casinos to the tracks would help them save a dying sport. Again, strict restrictions were imposed so that the casinos would not overshadow the races. That didn’t last long.
All of these forms of gaming have now developed into full-fledged industries that provide employment, tax revenue and economic development.
The rise of iGaming in the United States followed a similar path. It started in Delaware, but New Jersey was the first state to introduce a full-fledged industry, and by far the most successful. But then it stagnated. Since then, only Pennsylvania, West Virginia and Michigan have entered the fray.
Meanwhile, sports betting has been in jeopardy since day one of a 2018 lawsuit in New Jersey that overturned a PASPA law that prevented the widespread growth of sports betting. As of early December, sports betting was operating in 29 states and the District of Columbia, with legislation being considered in three of those states. All of this happened in just three and a half years, and in eight years in five iGaming states.
So, what would prompt these sports betting countries to consider legalizing iGaming?
A couple of things. First, lawmakers are fascinated by the numbers being discussed by sports betting proponents. When you talk about billions of dollars in bets, their eyes light up. But at the end of the day, tax revenue from sports betting is bound to be disappointing.
On the other hand, iGaming offers a more profitable tax situation for the states. You can set a higher tax rate on iGaming because there is no physical overhead and you can still run a profitable iGaming site with a tax rate of just under 50%, even though the most successful iGaming states, New Jersey and Michigan, have much lower tax rates.
And, if another pandemic comes back, your tax revenue from land and sports betting will dry up if these industries shut down again. Locked out people will continue to gamble online, and the tax revenue will still flow through the portal when they are needed most.
Sports betting has gotten people used to betting on their mobile devices, which is essential for iGaming. They now understand how to create accounts, make deposits and withdrawals, and are accustomed to playing money online. Social casinos have also helped them overcome this obstacle.
Land-based casino companies are increasingly involved in creating links between their physical facilities and online casino sites. In the early days, they essentially just handed over the online business to a third party and saw the revenue as an added bonus. Now, that revenue is quickly being seen as part of the pie, with the ability to connect with players in a 365-degree omnichannel fashion.
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