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Ever since the Wide Open Gambling Bill from 1931 legalized betting in Nevada, the betting history in the USA has been anything but boring. The push towards nationwide betting legalization is ongoing, with great efforts to preserve the players and the state's interests while ensuring the industry thrives. And the upcoming 2024 will be the same, so let's take a look at some upcoming, and hopefully successful, changes!
Propositions 26 and 27 may have been unsuccessful, but with the upcoming Eagle1 initiative, the topic of online gambling and sports betting in California may finally move toward progress and legislation. Serious investments, lobbying, and players have banded together to make improvements and legalize sports betting in California, which can potentially be the largest betting state in the US. The total online betting market is valued at over $ 7 billion in 2023 alone, and California could greatly benefit from getting in on the action. If legislators can make positive deals with the local tribes and find a common, beneficial solution, then anything can happen in 2024.
The Indian Gaming Regulatory Act from 1988 gave all local tribes in the US an incredible financial and business opportunity, as it allowed them to operate casinos on their land. But at the time of writing, no one could have predicted the massive success of the internet and how it would evolve. Seeing as the act states that anyone can gamble inside a casino that is physically present on native land, it's up to debate if digital services whose servers operate from the same land are still within the scope of the act.
Online gambling has made $19 billion in 2023, and that number could skyrocket if the IGRA evolves to cover and allow for online gambling if it's operated from native land. States like Michigan serve as an example that such deals are possible and a solution is around the corner, but Florida is on a much bumpier road to accomplish the same goal. Since the topic of internet gambling surpasses federal courts, the propositions and topics have arrived at the Supreme Court.
On one hand, should the act evolve and allow native tribes to operate online casinos, the revenue, and businesses would skyrocket. But on the other hand, it would diminish the Equal Protection Act, as other non-native businesses could not compete. The debate could be settled and a solution found in 2024, and lawmakers and native Americans are keeping a close eye on the Supreme Court hearing.
Rarely does an industry exist without its gray areas. Fantasy sports are considered just that in the sports betting industry, as players bet on various virtual games, teams, or sports. Predicting if a player will accomplish a feat, or who will win in a duel between teams set in virtual settings is how fantasy sports operate, allowing anyone over 18 to place a bet. Potential gamblers can compose virtual teams of real-life names and pit them against another virtual team in any NBA, NFL, NHL, MLB, or other settings.
Because they operate within the undefined betting regulation and tax laws, as real players and teams are not involved, their popularity skyrocketed in states where online sports betting is still not allowed. But, more and more states are breaking down and making better laws to cover fantasy sports because the companies behind them are betting businesses that profit from online sports betting without paying taxes. The playing field could equalize in 2024, and such an improvement could show how the industry has matured.
Both states already have legal physical casinos and allow for legal sports betting. As revenue in Delaware is over $10 million, and over $3 million in Mississippi in 2023, the prospect of expanding into online betting for even greater results comes naturally. In Mississippi, you can even use mobile apps while inside certain facilities, so both states could naturally evolve to allow for complete legal online betting in 2024.
An expanding market brings more jobs, and revenue for the state through taxes and new business opportunities. The betting industry has been slow to expand since concerns about fair play, mental health, and legal actions need to be taken care of, where the interests of all parties must be satisfied. The hand of progress is slow but inevitable, and 2024 is shaping to be an exciting year for betting in the US!
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