Will the US Gaming Industry Continue to Grow in 2023?
2022 has seen further growth in the US online gambling industry. More states have decided to make sports betting legal, particularly online. As we approach the end of the year, should we be confident of more expansion next year?
We’re not far away from the first anniversary of the launch of mobile sports betting in New York Another important anniversary in 2023 will be the fact it’s five years since the vital US Supreme Court Judge ruling that changed the US gambling industry.
That saw individual US states able to decide for themselves whether to legalize gambling. New Jersey played a key role in the campaign that ended with that ruling. It was soon after that when the state went down that route.
It took New York a lot longer to follow in the footsteps of their neighbors. The financial pressures caused by the COVID-19 pandemic hit state finances. Knowing that hundreds of millions of dollars could be received from taxes on gambling revenues soon saw the required laws passed.
The launch of betting apps in NY has been a massive success. It’s not uncommon for the total wagers each month to go through the billion dollar mark. When the NFL and NBA seasons are in full flow, then both the gambling companies and the tax officials have big smiles on their faces.
What will happen in 2023? It is inevitable that there will be more US states who make sports betting legal. There are still some states that are a long way from this happening but if financial problems continue, even states such as Idho and Georgia might change their minds.
It is possible for states who still don’t really want gambling to be made legal to do so. They may decide to make sports betting legal but to be strongly controlled. Strict regulation and ensuring that help is at hand to help those who may develop problems from their gambling is the way ahead. That in exchange for millions of dollars of tax revenue might not be a bad deal.
It’s a tricky situation for some states. They may well be opposed to making sports betting legal but it’s not good news for them or gamblers. State officials have to stand back and watch gamblers cross state borders to place bets. That’s more tax revenue for those states. Other gamblers decide to bet offshore or on unregulated sites. That puts them more at risk of fraud with little or no protection.
One state that will see sports betting legal in 2023 is Ohio. The state passed a law finally allowing sports betting in the site in December 2021. It’s been a frustrating year for gamblers as the application process seemed to drag on and on.
January 4 is the date when bettors can finally start placing bets. A good start is almost guaranteed with the NFL play-offs and Super Bowl on their way.
2023 promises to be another year of expansion for the US gambling industry. There are still some fears in the industry that tax rates might increase. The huge levels seen in New York would cause problems if replicated in other states.
However, the current state of the industry is something that was unthinkable before the US Supreme Court ruling. The fifth anniversary of that next year is certainly something to celebrate.