As of the moment, only Nevada, New Jersey, and Delaware have legalized online gambling. And according to a research by Morgan Stanley, the online gambling industry in the United States could boom to a whopping $5.2 billion by the year 2020, if there are at least 20 states to have legalized the said activity then. Although, according to Business Insider, the estimate of Morgan Stanley is even a downgrade from previous hypotheses.
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In revenue, New Jersey seems to yield more than $10 million a month in online gambling. Nevada, on the other hand, profits about $1 million a month while Delaware peaks at around $240,000 for a single month. Right now, it seems that online gambling in the United States is but a small market, but has every potential to gain more profit in the coming years.
It has been said that online gambling, most specifically online poker, really thrives when there is a lot of liquidity. The more states that legalize the activity, the greater revenues each state would have, as long as there are deals that combine player pools.
Assuming that more states would legalize online gambling activity in the coming years, California has become the consensus pick for the next state, that’s likely to legalize online poker by 2025. A gaming law expert told Card Player that the odds of that happening is very good. As a matter of fact, the issue has been in discussion for more than five years.
Nelson Rose, a leading attorney and scholar of gambling law within the United States, has mentioned that the obstacle in legalizing the said activity is purely political. “California has politically influential gaming tribes and card clubs, who have no objection to Internet poker, so long as they are the ones to operate it. But politicians are solely looking at raising revenue, not safeguarding local operators,” Rose explained.
Despite being the state with the heaviest population, California would only be legalizing poker, and not other forms of casino games. Illinois, however, would likely authorize a slew of games.
Although each state would probably have a different approach to online gambling, Morgan Stanley assumes that by 2020, California’s online poker market will reach $610 million.