While internet casino gambling is legal in only a few states, the industry is optimistic about its future, even amidst concerns about potentially undermining physical casinos.
At the SBC Summit North America, a key conference for the gambling sector, executives discussed the challenges in broadening the legalization of online casino games. Despite slow progress, they are confident that the digital realm will become the main venue for gambling.
Elizabeth Suever, a vice president at Bally’s Corporation, highlighted the generational shift towards mobile-centric lifestyles, particularly among millennials, predicting that gambling will increasingly move online.
Currently, online casino games are legally available in just seven states—Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia, with Nevada offering only internet poker.
The legalization of online sports betting in 38 states and Washington D.C., which took off rapidly after the 2018 Supreme Court decision, hasn’t been mirrored by online casino games, which have faced a more difficult path.
Brandt Iden of Fanatics Betting & Gaming emphasized the importance of online gaming for the industry’s success and consumer demand. A recent Deutsche Bank report suggested that online gambling could soon surpass physical casino revenues in places like Atlantic City.
Industry experts emphasized the need for better legislative education on the benefits of regulated online casinos over illegal, unregulated sites. They pointed out the protections offered by legal sites, such as self-imposed limits on gambling activities.
Cesar Fernandez of FanDuel noted the potential financial benefits for states looking to increase revenue without raising taxes, citing the significant tax contributions from FanDuel since 2018.
The debate over whether online gambling detracts from physical casino revenues continues. Rob Norton of Cordish Gaming argued that online betting is impacting the profits of traditional casinos, with a noticeable decline in in-person betting and physical casino visits in Maryland after the introduction of mobile sports betting.
Despite these concerns, some industry figures like Adam Glass of Rush Street Interactive see online gambling as complementary to physical casinos and a potential source of new jobs in related sectors.
Ouincy Raven of NeoGames Group suggested that what some perceive as market cannibalization might actually be a successful strategy for companies gaining market share by catering to consumer preferences.
