Will More U.S. States Legalize Online Gambling This Year?
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The legalization of online gambling across the U.S. will bring tax revenue. Nevada may not expand iGaming beyond online poker.
Nevada legalized online poker in 2013. Since then, the iGaming market in the U.S. has been growing slowly. It has now been legalized in Pennsylvania, New Jersey, West Virginia and Delaware. In 2020, many industries including the gambling industry faced unprecedented challenges brought by the global COVID-19 pandemic. However, there was an increase in online gambling activities. Churchill Downs Incorporated's Q3 2020 results showed a nearly triple increase of online betting activities on its platform Twinspires. New York's sports betting handle hit a record of $900 million in November.
This year more states are going to legalize online gaming and sports betting. By 2025, as many as 25 states may have legalized and launched the activity. Retail gambling is not widely spread in the U.S. and some residents need to travel hundreds of miles or even go to a neighboring state to visit casinos.
Nevada is unlikely to expand iGaming anytime soon. The state's retail gambling industry makes most of the profit. Big industry players fear that their revenues would be impacted by the change. Local businesses in Nevada are a convenience-gaming locations throughout neighborhoods. If the state initiates the launch of online gaming, the main advantage of these businesses would disappear.
