SECAUCUS, N.J. — Internet casino gambling is legal in only a handful of states, but the industry is convinced it is the future of betting, even as some worry about cannibalizing physical casinos.
Speaking Wednesday at the SBC Summit North America, a major gambling industry conference, industry executives acknowledged the difficulty they’ve had in expanding the legalization of online casino games.
Yet they remain certain that, like many other industries, the future of gambling is online.
“Once you get to millennials, people are comfortable basically running their entire life off their cell phone,” said Elizabeth Suever, a vice president with Bally’s Corporation. “This is where gaming is going.”
It’s just not getting there all that quickly.
Only seven U.S. states currently offer legal online casino games: Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island and West Virginia. Nevada offers internet poker but not online casino games.
In contrast, 38 states plus Washington D.C. offer legal sports betting, the overwhelming majority of which is done online, mostly through cell phones.
When the U.S. Supreme Court cleared the way in 2018 for any U.S. state to offer legal sports betting, such bets “took off like a rocket,” said Shawn Fluharty, a West Virginia legislator and president of the National Council of Legislators from Gaming States.
“Many people thought i-gaming would follow suit,” he said. “That has not taken place.”
“It’s been a rough road,” agreed Brandt Iden, a vice president with Fanatics Betting & Gaming. “I-gaming is paramount; this is the direction the industry needs to go to be successful, and this is where consumers want it to go.”
Last month, Deutsche Bank issued a research note saying it is likely a matter of “when, not if” internet gambling in Atlantic City overtakes revenue from physical casinos.
Panelists agreed the industry needs to do a better job of educating state lawmakers about internet casino games, drawing explicit comparisons with the illegal, unregulated offshore web sites that attract customers from across the country. Legal sites are strictly regulated and offer customer protections, including responsible gambling options like self-imposed time-outs and deposit and activity limits, they said.
Cesar Fernandez, a senior director with FanDuel, said online casino games should prove increasingly attractive as federal post-pandemic aid dries up and states look for new revenue without raising…
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