The Rise of Crypto Gambling in the USA
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The recent pandemic has taken a hit on most industries in the market. At a time where most businesses face a downfall, online businesses have started to bloom. One such industry is the iGaming industry. It is currently going through a revival phase and is expected to grow in the near future. In the USA, many forms of gambling are still prohibited. Attempts are currently being made by states to legislate new laws related to gambling and remove stagnant existing legislations with opportunities on the horizon.
Introduction
The year 2022 is a very exciting time for gamblers in the USA. The rate of expansion currently noted for regulated sports betting is showing states that there is a financial incentive and a growing audience for the same in the country. Taxable revenue from the same trumps any revenue generated from the sports wagering markets. Almost half the country has legalized betting. This is mostly due to the historic verdict by the supreme court to legalize betting in the year 2018.
Crypto Gambling in the USA
With the federal ban on sports betting being struck down and cryptocurrencies being legalized, crypto gambling sites USA are booming. States now have the power to legalize and regulate sports betting on their own. As a result, sportsbooks have been opening all over the country. Even British brands are now considering entering the market and providing the extensive technology needed to expand the business.
How Crypto Gambling Works
The use of blockchain has eliminated the need for a central authority when betting online and has helped customers place bets over a network of computers. It also creates a transparent record that can’t be tampered with and can be verified by all parties involved. Due to the blockchain, cryptocurrencies would be the preferred mode of payment, and as a result, it facilitates fast, transparent, decentralized transactions which cannot be traced to a particular source. Transactions become easy as payments are swift and secure.
The Current State of Legalized Gambling in the USA
- Utah and Hawaii are the only states that still prohibit all forms of commercial gambling, but poker is permitted in private homes across Hawaii.
- Commercial casinos can mostly be found in the states of Utah and Atlantic City.
- Native tribe casinos can be found across the country and there are 524 of them, to be exact, spread across 30 states. Most of them run on their own rules and are not bound by federal regulations.
- States like Kentucky, Hawaii, Georgia, Utah, South Carolina, Virginia, and Vermont do not have any tribal casinos.
- States like California, Indiana, Illinois, Iowa, Delaware, New Jersey, New Hampshire, Nevada, West Virginia, Rhode Island, and Pennsylvania have regulated internet gambling.
- Though it is technically illegal to engage in online gambling in Louisiana, Washington, and Utah, no one has been convicted of the same yet.
- Most states are warming up to the idea of internet gambling, and as soon as the Unlawful Internet Gambling Enforcement Act is rectified, business will start to boom.
The Fastest Growing Industry in the USA?
The iGaming industry is a promising field expected to undergo a radical overhaul in the near future. The potential is there as citizens now are looking for a more secure and transparent platform while engaging in betting. Online casinos are becoming extremely popular in the USA, especially the ones that facilitate the use of cryptocurrencies. Online casinos are leading the way for the iGaming industry as they are the most popular destination in an industry that never sleeps. Games like Poker, Roulette, Baccarat, Blackjack are helping them in maintaining a steady base of players.
Pros and Cons
Expected Future Growth
The future for the iGaming industry looks extremely bright as more and more Americans are looking for more secure betting options. The promotions and bonuses offered by online casinos are an added bonus to lure in potential players. Traditional casinos are fast becoming a riskier option, and potential investors should look into the iGaming industry as the market for the same is young and ever expanding. Gains are there to be made for smart investors.
Summary
The iGaming industry is growing fast, and the use of cryptocurrency is becoming extremely popular. There is a broad scope for this field and it is something potential investors should keep track of. Customers are extensively preferring online casinos, and as long as there is a need for the same, the industry is expected to boom. Money is there to be made and investors should look to play their hand in this ever expanding field.
