The online gambling market in the US is slowly growing with options now available in Nevada, Delaware and New Jersey. Many other states are watching the trio closely to see if a move should be made. It is believed that with the New Year, legislation will begin to be introduced in several states across the US. According to a recent study by Eilers Research, the industry should continue to grow and produce almost $2 billion annually by the year 2020.
The study shows that the net worth would be around $1.95 billion, which is a relatively large number. However, this is much lower than what companies in the industry expected. With the study, Eilers was able to list why the amount was estimated at lower than expected.
The report stated that one flaw that is found in market forecasts is that the creators assume that each state will get in on the online poker or online casino gaming action. The amount of revenues produced in the market would of course be determined by how many states begin to offer either online poker, casino gaming or both. The report also mentions how the current laws on a federal level prevent states from being able to offer sports betting options online and this would also affect the market.
PocketFives came across the study which was published by eGaming Review. The study showed that Eilers Research used their findings to break down what each individual state would be able to bring in with approved online gaming. California was bringing in the top revenues at $1 billion annualyl if the state creates regulations like the state of New Jersey. Florida was set at $500 million while New York could bring in $400 million.
Overall the study is very interesting and shows how the market could be with the regulation of additional states. We shall see in 2014 how many other states decide to enter the new online gambling market in the United States.