Market experts made several predictions about the US sports betting and online casino gaming industry at the beginning of 2021. Interestingly, they got some of them right. For example, they predicted that certain US states would legalize online sports betting in 2021 and that came true when seven new states (Florida, New York, Louisiana, Arizona, Maryland, Wyoming, and Connecticut) legalized sports betting.
Here are some noteworthy expert forecasts for US online gambling and sports betting market in 2022.
Native Tribes May Expand In 2022
Florida has not yet settled the debate of whether tribes can offer online gambling services outside their reservation land. Moreover, the Indian Gaming Regulatory Act (IGRA), a federal law, allows tribes to run online gambling businesses only on reservation land.
But tribes have expressed eagerness to expand their gambling business all over the state. Getting players from all over their respective states and other states is good for business.In 2022, tribes in Minnesota, Washington, and Oklahoma maynegotiate with lawmakers and regulators and get the legal green signal to operate throughout their respective states instead of only on their reservation land.
More States to Legalize Online Gambling
Online sports betting is now a legalized industry in several US states. The next step for these states is legalizing online casino gaming. More US states will launch legal online casinos in 2022. According to expert opinion, Rhode Island, Colorado, Iowa, and Indiana may pass laws to authorize online casino gaming in 2022.
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States to Heavily Restrict Gambling Ads
US states that have legalized online sports betting are unhappy with gambling advertisements. Right now, operators are bombarding customers with online sports betting ads. Moreover, companies are competing fiercely with one another to capture player attention.
State regulators and attorney generals are sure to curb this barrage of gambling ads by imposing heavy restrictions.
The Southern US States to Legalize Sports Betting
Last year, even Alabama, a US state populated with Baptists, was on the verge of legalizing sports betting. Despite their conservative ideas, southern states have noticed that legalized sports betting is very successful in over 30 US states. This may encourage some of them to pass laws to authorize sports betting in 2022.
More US States to Legalize Online Sports Betting
In 2020, residents of several US states voted in favor of legalizing sports betting. In 2022, top betting companies in California and Florida are preparing to get the legal nod for online sports betting. Native tribes in these states are also interested, especially as the Seminole tribe in Florida has already experimented with an online sportsbook.
Federal Government to Eliminate Sports Betting Excise Tax
In 2022, the online gambling industry may take serious steps to remove the sports betting excise tax, which gives unlicensed offshore companies an advantage over licensed US operators.
There is also the possibility of industry representatives in New Jersey and Nevada failing to get the .25% excise tax removed. But they may request lawmakers to use the tax funds to curb illegal offshore companies that target US customers.
New York Sports Betting to Undergo Changes
New York state legislators have already understood the flaws in the state’s existing legal framework. We can expect lawmakers to make significant changes in 2022. For example, lawmakers may reduce gambling taxes from 51% to 34%.
Well-known operators may continue their efforts to obtain a license to offer sports betting services in New York. In 2022, we may see New York creating a friendlier online gambling environment.
Sports Betting to Become a Billion Dollar Industry in Several States
In September 2021, New Jersey reported the first $1 billion sports betting month ever in the US. Nevada achieved this milestone the very next month. Experts say that the number of states reporting billion-dollar revenues will increase in 2022.
In March 2022, residents of Illinois no longer have to register for online sports betting in person. So Illinois could be the next US state to hit the billion-dollar mark. The betting market in New York may accomplish the same in 2022.
As New York and New Jersey are heavily populated, they are the most likely to hit the $1 billion mark by September 2022. Experts also expect Michigan, Colorado, and Pennsylvania to perform well the following year.