The legal and regulated iGaming market expands in North America and provides sustainable earnings
The North American iGaming market is expanding rapidly as more and more different entities continue to legalize online gambling in a variety of different forms across the United States of America and Canada.
Naturally, this growth presents new opportunities for businesses in the industry, and provides sustainable earnings potential for investors and even the governments that are tied to the industry in the form of taxation that can be generated.
In this article, we will explore the current state of the North American iGaming market, and discuss the benefits of investing in regulated gaming companies.
What does the North American iGaming market look like at the moment?
The North American iGaming and sports betting market is currently estimated to be valued at around $173 billion and could potentially exceed $200 billion before 2023, and potentially double by the time 2027 comes around. Indeed, those figures clearly show that there is an appetite for iGaming and sports betting in Canada and the US, but what has helped to facilitate that exponential amount of growth in the last few years?
Of course, this rapid growth is being driven by the legalization of online gambling in a number of states, including New Jersey, Pennsylvania, Michigan, Delaware, West Virginia, and Connecticut. These six states have seen a significant increase in tax revenue and economic activity since legalizing online gambling and are the only states within the US to have decided to implement online casino gambling as a legal activity within their borders.
However, Canada has also been able to enjoy a meteoric rise in regard to its iGaming and sports betting industries, with recent notable amendments to certain laws and regulations having been made. For instance, the province of Ontario – the most populous in the Maple Leaf Country – has recently changed the laws on this activity, thus making it more favorable to punters and industries who operate within the sector as more options have become available to them!
While the industry is still not as widespread as it could be within North America, there is no denying that both Canada and the US have been able to benefit greatly in a variety of different ways, including the ability to generate a method in which sustained earnings are possible to be achieved.
How has the iGaming expansion created a method of sustainable earnings for North America?
Naturally, the expansion of a new market in an area that was perhaps previously unexplored or untapped due to prior regulations will have created new business opportunities for organizations that operate in the iGaming industry.
As a result, a number of benefits have since been presented to those involved, with each of these providing a way in which a sustained method of income generation can be enjoyed. Let’s take a look at each of these in a little depth:
Regulations create certainty and transparency
As highlighted, legal Gambling is growing constantly across Canada and the US and this is because of the increase in regulations that have been provided and introduced by state and provincial authorities. Naturally, these strict regulations are a win-win for everyone.
Investors are able to benefit from the ability to have a level of certainty and transparency because of the rules and laws that have been laid out by the governmental authorities of that particular region. Furthermore, it also provides a much safer environment in which to operate and gamble.
On the other hand, the industry as a whole is able to also gain from these regulations because they are now able to offer their products and services in a legal manner that had not been possible previously. This has resulted in an increase in both earnings and customer satisfaction for businesses that are now reaping the rewards of being able to trade freely within North America.
A larger player pool creates more opportunity
The expansion of the iGaming market has led to an increase in both online and land-based casinos popping up all over North America, with each hoping to gain a slice of the pie that is currently on offer. However, what does this mean for the industry as a whole in terms of providing sustainable earnings?
Well, it is simple. The more casinos that are available for players to gamble at within North America, the larger the player pool becomes. As a result, there is more opportunity for each casino to gain new customers and increase its market share.
In addition to this, the increased competition also means that casinos are now offering more generous bonuses and promotions in order to entice new players to sign up with them. This is yet another way in which businesses are able to generate a method of sustainable earnings from the expansion of iGaming within North America.
States and Provinces able to enjoy new revenue streams
One of the major benefits of a regulated industry is that the American states and Canadian provinces which decide to legalize the activity are then able to enjoy new revenue streams that were not possible previously.
This is because taxes and fees are now able to be applied to the earnings of businesses that operate within the iGaming industry. Furthermore, licensing charges are also often put in place in order for organizations to be able to offer their services legally.
All of this provides a much-needed boost to the economy of North America as a whole and is one of the key reasons why the iGaming market is continuing to expand at such a rapid pace.
The takeaway – what does the future hold?
There is no doubt that both Canada and the United States have benefited greatly from the expansion of the iGaming industry and market. Not only has it provided a number of new business opportunities, but it has also given rise to a sustainable method of earnings for those who are involved in this growing sector.
Looking to the future, it is expected that the iGaming market will continue to grow at a rapid pace within North America as more and more states and provinces look to change their laws and regulations surrounding online gambling. This can only be good news for both players and businesses alike!