Everybody knows that the online gambling arena is a lucrative business. However, new reports indicate this industry could be exploding by 2020. Morgan Stanley conducted the research into the gambling industry, and what they have found could shock some law makers. There are 20 states that have legalized this favorite pastime, but as revenues climb, more state will likely follow suite. According to their study, they have found that the industry could reach a staggering $5.2 billion dollars in revenues within the next six years. With many cities in financial turmoil, legalizing gambling practices may be the answer they are looking for. Perhaps the way out of debt for some areas is to legalize one of the easiest moneymaking methods there is.
Online gambling is allowed in Nevada, N. Jersey and Delaware. According to reports released by N. Jersey’s gambling authority, they are yielding more than $10 million dollars per month from this source of revenue. Nevada released similar reports and said that they are raking in over $1 million dollars a month. Delaware far exceeds any other state with a staggering yield of more than $240,000 a month. Though the online gambling market is rather minuscule in the states at this time, when lawmakers hear of the potentials for such significant revenues, they just make reconsider their stance.
It’s true the gambling market within the United States is too small. In fact, many online gamesters have to use sites from other countries. And, then there is the fact that some of the other countries online gaming communities don’t accept new players from the US. So all of these issues make gaming a difficult industry within Northern America. This new data has many hopeful that the numbers will speak for themselves, and lawmakers will lift some of these bands that are holding online gambling at bay.
How would this all work, this is what many are asking? Well, by getting more states to legalize gambling activities, it will bring the ability to produce greater revenues for the state’s and improve their overall economic condition. Now, keep in mind that there must be some sort of player pools in place to combine dealings. When speaking directly about online gambling, it seems to do well when there is a lot of solidity. Poker seems to be one of the backbones to the online gaming industry, and with good reason. Poker is one of the most beloved casino games of all times. Unlike slot machines, poker allows high rollers to lay down big amounts of money. Slots have a good yield too, but usually don’t bring in near the money of a poker or roulette table. Using predictable wisdom, it is easy to see that it is a win-win situation for all involved by legalizing gambling.
There is a huge growth potential, according to the Morgan Stanley’s report. However, some are concerns because of the hypothesis used. The numbers are actually quite a bit deflated compared to previous estimates. Actually, in one part, it said that the market yielded lower than expected results. This means that previous projections were not accurate and law makers may think that the projections for 2020 are also inflated. Making a decision because of a hypothesis by a big broker, like Stanley, is likely to happen. Also, while good data to consider, it is unlikely to create much buzz.
So, which state is most likely to legalize next? Gaming experts look for California to legalize online poker gaming by the year 2015. In fact, one of the gaming law experts for the state gave an interview to “Card Player” and told them that the odds of legalizing online gambling was looking very favorable. It is September, and though this report is moving to many people, it is doubtful to prompt any activities to legalize online gaming throughout the remainder of this year. In other words, getting a bill passed for legalization of gambling isn’t going to happen anytime soon.
It is interesting to note that according to the chart published with the report, California doesn’t have a prevailing portion of the overall U.S. gaming market, actually it is figured to be about as large as Illinois. Though California does have one of the highest populations in the country, they are looking to only legalize poker and no other type of gaming. Illinois is likely to authorize poker and a whole slew of other games. Morgan Stanley’s predictions for California are that they will be profiting about $610 million per year by the year 2020. Since each state will approach the online gambling diversely, making predictions are difficult.
Still, the report that was released does make a buzz in the industry and cause some to consider something they might not have before. Legalizing gambling means both online and physical establishments for some, and there are states that are just old fashioned in theology and not ready to make that risk.