Thanks to the Coronavirus pandemic and many land-based casinos having to close down, it must come as no surprise the huge financial blow suffered . Gamers who would normally go to their local casino have had to turn to online gaming, which has led to an increase in revenue for online casino platforms.
Due to the attraction of internet gaming and the amount of potential players, new states look to regulate iGaming and eSports as gaming options for players before the year ends. It seems like a huge opportunity to capitalize on, owing to the fact that the gaming industry in the United States has been on the upward trajectory for the past few years.
We are also likely to see the Government making reforms in sports betting and online gaming, which will result in tens of thousands of new jobs for Americans. The jobs range from those that require huge experience and top skills to those where only basic skills are necessary.
Everyone interested in the industry will virtually have a chance to acquire a job of their preference as long as they meet the role requirements.
Keep reading to learn more.
What are some national projections on sports betting in the US?
In recent months, we have seen sportsbook operators partnering with professional sports teams, leagues and media companies. Furthermore, partnerships with major sporting leagues such as the NFL are back, and various states are regulating sports betting. It's also worth noting the partnership between operators and major sports teams will oversee the launch of in-stadium mobile sports-betting lounges.
American sportsbooks saw a huge increase in handles and revenue between August and September. There is no doubt that in the future we will get to see whether entering into such deals will reap huge successes.
Government Regulation on Sports Betting
In early October 2020, only 21 states regulated sports betting including Arkansas, Colorado, Delaware, District of Columbia, Illinois, Indiana, Iowa, Michigan and Mississippi.
While enabling laws were passed, the relevant authorities did not adopt the implementing regulations, particularly in Washington and North Carolina. Various court proceedings have either been suspended or adjourned early because of the COVID-19 pandemic. It's a bit confusing whether legislatures will legalize sports betting in six states with pending legislation.
The states with pending legislation include, Louisiana, Maryland, Massachusetts, Ohio, South Dakota, and Vermont. Other states, such as New Jersey and New York, need the legislature to expand and reform the existing laws on sports betting.
This year, seven to ten states are expected to legalize sports wagering. The positive trend shows that sports betting will be legal in 36-45 states by the year 2024.
Online Gaming is Increasingly growing
Apart from sports betting, it's important to look at internet gaming. While it's legal in a few states, online gaming saw a mammoth US$145.3 million in gross income revenue in the month of August 2020. Surprisingly, this was a 224.2% increase in revenue from August 2019.
In the month of September, total internet gaming revenue for four states, namely Pennsylvania, New Jersey, Delaware, and West Virginia, hit a total of US$147.3 million. This saw a 3.2 percent rise from the month of August. The year 2020 was projected to garner US$ 1.05 billion in online gross revenue.
Another great opportunity is eSports Betting. No state has publicly declared its support for betting on all eSports events. Only a few states have attempted to legalize betting on certain eSports events. For instance, Nevada authorities legalized betting on the Counter-Strike ESL Pro League, while New Jersey authorized betting on Counter-Strike.
The drive to legalize betting on all eSports events in various states seems unclear. However, with states in search of other ways of sourcing revenue, they might consider it in future as it gains traction.
Useful Skills & Knowledge To Have
Getting a job in the iGaming industry is as much a case of having previous experience in a similar role, as it is a case of having an across the board knowledge of the industry itself.
There's an easy way to learn more about the product - use it. Try placing some bets, spend a few hours on the different casino games and get a fundamental understanding about why players play and how the companies make money.
Our main recommendation is to seek knowledge about how the casino game maths work, commonly known as RTP or return to player. This is basically a process of discovering how much money a player is expected to get back for every $1 wagered.
On online slots the percentage is 90-95% while games like blackjack are much better for the players and pay out as much as 99.5% of the wagers.
Final thoughts
Since the lifting of the federal wagering ban by the supreme court in May 2018, we've seen 21 states authorizing sports betting. It's only a matter of time before many States follow suit and the industry will jump to greater heights. On the other hand, iGaming has been facing a legal challenge but keeps growing constantly.
But now that the national elections are behind us, the iGaming legislation will take course this year. The closure of brick-and-mortar facilities has made online gaming a lucrative opportunity for many people. With legalization, it will bring more jobs and create more revenue to the economy.