As the gambling industry converges on the SBC Summit North America, a prominent conference in the sector, industry leaders are optimistic about the future of online casino gambling. Despite facing challenges in expanding legalization, executives remain confident that online gaming represents the next evolution in betting.
Elizabeth Suever, Vice President at Bally’s Corporation, highlighted the trend, noting, “Millennials are accustomed to managing their lives through their smartphones. This is the natural direction for gaming.”
Currently, seven U.S. states, including Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia, offer legal online casino games. Nevada also offers internet poker. In comparison, legal sports betting is available in 38 states plus Washington D.C., with the majority of bets placed online, predominantly through mobile devices.
Shawn Fluharty, a West Virginia legislator and President of the National Council of Legislators from Gaming States, reflected on the rapid growth of sports betting following the 2018 Supreme Court decision, stating, “Sports betting took off like a rocket. Many expected i-gaming to follow suit.”
Brandt Iden, Vice President at Fanatics Betting & Gaming, emphasized the importance of i-gaming for the industry’s success. “I-gaming is paramount; it’s essential for the industry’s future and aligns with consumer preferences,” he said.
Supporting this view, a recent research note from Deutsche Bank predicted that internet gambling in Atlantic City is likely to surpass revenue from physical casinos, emphasizing the potential for growth in the online sector.
Panelists at the summit stressed the need for better education of state lawmakers about the benefits of regulated internet casino games, contrasting them with illegal offshore websites. Legal platforms are strictly regulated and offer robust customer protections, including responsible gambling options such as self-imposed time-outs and deposit limits.
Cesar Fernandez, Senior Director at FanDuel, pointed out the fiscal benefits of online casino gaming. “As federal post-pandemic aid diminishes, states will seek new revenue sources without raising taxes. Since 2018, FanDuel has paid $3.2 billion in taxes. That’s funding for teachers, police officers, and firefighters.”
The gambling industry is poised for a dynamic future, with online gaming at the forefront of innovation and growth.
