1.6 billion people, circa 26% of the world’s population, have been categorized as regular gamblers by a study done in 2019. This figure has been consistently growing in recent years and it’s expected to keep soaring. This is, to a great extent, on account of the unprecedented rate of developments in online gambling.
The internet betting industry has gone from one strength to another as of late, with the most recent statistics anticipating the industry will be valued at a faltering $92.9 billion by 2023. This is because of overall progress away from land-based casinos towards the convenience of their online equivalent. The latter is gaining popularity due to its convenience and better gameplay coupled up with loosened legislation concerning online gambling in different parts of the globe.
The Relevance of Online Casinos in the Two Markets
The former has generally been the pioneer for the betting sector in both offline and online settings. Nonetheless, North America has been making advances into that stronghold, with both Canada and the USA rehashing themselves as genuine competitors. This begs the question, what does the future hold for this cross-continental fight?
Normally, you would believe that the USA – home to Las Vegas and a few other gambling cum urban communities – has been at the cutting edge of the development of the online gambling industry; however, that isn’t the case.
The US falls a long way behind its northern partner in the online casino stakes, yet it is gaining ground aiming to catch up. New players are entering the market and are aggressively revolutionizing the industry.
You can access top performing US online gambling sites via online gambling.com. There are reasons why the USA, which is one of the pioneers, slacks in terms of development in online gambling. Here is how growth in the two regions compares.
1. Revenue Wars
The best measure at which to judge an industry is the income that it makes. There is no better way of contrasting the online gambling ventures in North America and Europe than by checking out their revenues. The latest figures for the business in Europe show that nations inside the EU in 2018 posted yearly incomes of $34.5 billion. North America (Canada and USA combined) posted a marginally lower figure of $31.4 billion.
When assessed separately, these two figures mean nothing other than the fact that the number of inhabitants in the two landmasses is boundlessly different. We then chose to work out the yearly betting spend per capita from the two districts to get a clearer picture.
When calculated, the yearly online betting spends in North America were significantly lower at $54.23, while in Europe, they were $72.33. This is despite North America having a larger population than Europe.
However, there’s no question that the US betting industry, in general, is booming. In the years 2017 and 2018, revenue grew tremendously. Land-based casinos numbers went up from $41.2 billion to $51.4 billion, alongside those of online casino betting, from $247.5 million to $306.5 million.
While the US lingers a long way behind its northern partner (Canada) in the online gambling casino stakes, it is making progress to make up for the lost time. The primary justification for why the USA has been slow in this regard is the fragmented nature of its legislator framework.
Although online betting is lawful as per federal law, many states inhibit this form of gambling. More than a dozen states have so far legalized online gambling, but a few others regulating it harshly and a lot seriously restricting it entirely.
However, it is by all accounts clear what direction the wind is blowing. In 2018, the US Supreme Court overruled the Professional and Amateur Sports Protection Act of 1992, renouncing the government prohibition on sports wagering.
Notwithstanding, the DOJ, as of late, inferred that the 1961 Wire Act stretches out to online legal wagering in the United States, restricting states to offer such services to only their resident occupants.
There is no federal law against betting on the web in the US. Each state has the discretion if they need to sanction the activity or not. Today, 48 of the states allow a type of live betting, with Hawaii and Utah being the only two that do not.
Americans can’t launch online gambling casinos on US soil in states that don’t permit it, but they are not in any way prohibited from gambling with real money on offshore sites.
The staged re-opening of the US market has seen large organizations enter the American market and establish their foothold on the market appropriately. The vast majority of these gambling establishments have created unique and user-friendly sites for the US players and have gone through significant upgrades to convey a superior experience.
Europe has led in the web-based betting market niche for a long time now, with a 41% portion of the market in 2019. These statistics are only as significant due to the UK, whose administration has taken an ideal and positive perspective on the business for quite a while.
There is no legislation that expressly outlaws online betting the EU. All nations are independent in the manner they put together their betting laws, and most permit a few games of chance on the web.
Most significant governments in Europe either regulate the market closely without indicting those participating in legitimate web-based betting. However, there are only three major players in the European online gambling market, – The UK, France, and Germany.
3. USA Vs. Europe
Presently, there’s no challenge between the two, but Europe stands far superior to the US and has, by far, the most evolved market.
Land-based casinos are an immense boost to a nation’s economy, and their virtual partners give a ton of similar advantages. Regardless of prevalent societal perception, betting is generally an innocuous action that helps the economy, society, and the player. The legalization of betting protects residents and establishes a protected climate for them to play in.