Gaming Industry Execs Confirm Online Casinos Are the Future
The digital transformation of the gambling industry has been a topic of significant discussion among industry executives. It appeared at the SBC Summit North America on Wednesday, with several well-positioned industry executives convinced that online gambling is the future.
Brandt Iden, VP Government Affairs at Fanatics Betting & Gaming, and a former Pennsylvania Representative in a hearing. (Source: GOPHouse.org)
LISTEN TO THIS ARTICLE:The consensus is clear: the future of gambling is inexorably linked to the online world. This shift is not just about the convenience of placing bets from the comfort of one's home but also about the vast potential for innovation that the digital platform offers. The integration of advanced technologies such as artificial intelligence, virtual reality, and blockchain into online gambling platforms can provide unprecedented experiences for users and open up new revenue streams for operators.
“It’s been a rough road. iGaming is paramount; this is the direction the industry needs to go to be successful, and this is where consumers want it to go.”
The experts on the panel reached a consensus that the gaming industry must improve its efforts in enlightening state legislators regarding online casino games. They emphasized the importance of highlighting the distinctions between legal websites, which are under strict regulations and prioritize customer safety, and illegal offshore platforms that operate without any regulation. By educating lawmakers, they aim to emphasize the responsible gambling features available on legal sites, such as self-imposed breaks and limits on deposits and activity.
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US iGaming Growth Slows
Currently, the legal landscape for online gambling in the US is a patchwork of regulations, with only a handful of states offering legal online casino games. These states, including Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island and West Virginia, have taken the lead in embracing the online gambling industry. However, expansion of the market into other states has stalled in the past couple of years.
Related: Study: iGaming May Boost Land-Based Casino RevenueNevada, known worldwide for its bustling Las Vegas casinos, has taken a more conservative approach by limiting its online offerings to internet poker. This decision reflects the state's desire to maintain the primacy of its land-based casinos while also acknowledging the growing demand for online gaming. It's a delicate balance, attempting to preserve the traditional gambling experience that has long been a cornerstone of Nevada's economy, while also adapting to the evolving preferences of gamblers who increasingly favor the accessibility and variety that online platforms provide.
You Can't Stop Progress
The trajectory of online gambling's growth suggests to industry insiders that more states will likely join the ranks of those offering legal online casino games. As technology advances and consumer habits shift, the pressure on states to generate revenue and the desire to meet the demands of their constituents will drive further expansion.
According to Cesar Fernandez, a senior director at FanDuel, online casinos are expected to become more appealing as federal post-pandemic assistance decreases. During the SBC summit, he asserted that as states search for new sources of revenue without burdening their residents with higher taxes, the segment can provide a potential solution.
This evolution will require careful consideration of ethical, legal and social implications, particularly concerning responsible gambling practices and the prevention of gambling-related harm. The industry's future will depend on its ability to navigate these challenges while delivering safe, engaging, and fair gaming experiences to users.
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