The last few years threw some challenges at the US gambling industry, but it has been on the up and up since last year. During 2023, the industry generated $66.66 billion and 2024 is looking to exceed this number.
The entire US gambling scene may seem hectic, with an abundance of news, updates, and breakthroughs happening seemingly every month. 36 states have currently reported an annual record set for revenue made from commercial gambling, and over $14 billion was made in gaming tax revenue towards local and state governments.
This may seem like an impressive number, but it still does not include income, sales, and many other taxes, indicating that the actual revenue from the gambling industry is much larger, signaling a strong and expanding industry. With that in mind, it’s no wonder casinos like those listed by Techopedia are growing in popularity, offering their players an option to play their favorite games.
Renowned gambling expert Vlad Grindu indicates that players can even play in casinos without regulated iGaming markets. DC, Indiana, Florida, and Mississippi are among the ones setting record gaming revenue by now. To reiterate, the Bluegrass State of Kentucky joined the fray in 2023 with the option of sports betting and, in that short time, has made over $100,000,000 in revenue. Massachusetts has had a turbulent start, where a proposed drastic increase to online sports betting tax almost went up from 20% to 51%.
Luckily for local operators, and by extension for the players, it was rejected, but until it was, the local predictions were in turmoil. This is not all from Massachusetts, as the local regulators keep an active eye out and recently issued a hefty $10,000 fine by the Massachusetts Gaming Commission. This penalty was issued towards an ill-placed wager for an in-state college team, showing that Bay State wishes to keep its gambling industry clean and equal for all involved. Michigan has reported a new record, reaching a double-digit revenue in April, topping over the $43 million gross with no signs of slowing down.
Such landmark successes show that the gambling industry has potential in any US state, where the market and players exist and are ready to play. While the US legal betting landscape may be varied and difficult to navigate, offshore betting sites remain a safe option, and by visiting any sites from non-Gamstop casinos, US players from any state can enjoy the same betting benefits as those from the states with fully legalized betting laws. For example, it was a short call in Minnesota during the first half of 2024, where legalized sports betting almost became a reality. While legalization failed to accomplish its goals, it proved that Minnesota has the potential for a successful betting market and that the local interest exists.
However, Minnesota made substantial progress in finding an ideal solution that would benefit all parties involved, including the local tribes and their casinos. Georgia senate is hot on the trail of Minnesota, but their result is still up for debate, as their proposed Senate Bill 386 is still making its slow and steady trip. Yes, sports betting may be illegal at the time of writing in Georgia, but their progress can make a sudden turnaround, and they could join and make the same recent success as the State of Kentucky did. North Carolina also made headlines during the first half of 2024, as they made over $100 million during April from sports bets.
Pennsylvania was even better with $645 million in April, and anything can happen for both states and others, during May 2024. And as states debate and try to legislate sports betting, while others reap the benefits of a legalized industry, New Jersey has set its personal best. 71 months from its inception, legalized sports betting has netted the New Jersey state over $50 billion in wagers, showing just how much the American public craves for a legalized betting industry. The potential lies in every state.
The nearby New York made over $40 billion, proving that any state can benefit from the taxes placed on the betting industry. Implementing and using the revenue from taxes could be the main driving factor towards accelerating the change in local laws, which can also invite and drive investments. A hefty investment by Sharp Alpha Advisors, namely $25 million, went towards developing the early stages of gaming, sports, and entertainment spread across the 15 companies in Sharp Alpha Advisors’ portfolio.