The Casino Industry Records Best Quarter Ever, Raking in $15 Billion
Gambling is a time-honored tradition. Since the oldest civilizations, men and women have played various games of chance, or staked their cash on games of skill. In those early days, gambling regulations were not particularly strict, in Europe at least. However, that all changed when the Western Roman Empire approached is twilight years.
So, for a long time, gambling regulations prevented people from playing their favorite games. However, the rules changed with the erection of the first casino in Venice in the 1600s. Since then, gambling has largely been legalized worldwide. And though regulations still exist (and understandably so), most people are now free to enter a casino and play their favorite games.
Modern Day Gambling
In 2022, gambling is more popular than ever. There are several reasons for this. However, the main reason likely has to do with the regulation that many casinos are bound by. No longer can games be rigged against the players. And though the house edge still exists (and will likely continue to), licensed casino may not exceed an agreed percentage. In other words, gambling is a lot safer than it has ever been.
Another reason has to do with the rise in popularity of the iGaming industry. For those that aren’t aware, iGaming refers to gambling or sports betting online. Online gambling got its start in the late 90s. However, since then, the industry has become a lot safer and more mainstream. And with the United States legalizing the practice at an increasing rate, players can now cast their hat in with some of the top 10 biggest casinos in the US without a problem.
Lastly, another reason for why the gambling industry is growing today, might have something to do with the century-old adage “circus and bread”. If you aren’t aware, “circus and bread” stems from the Roman era, and it refers to the fact that in troubled times, the population can be kept happy, as long as they are fed (bread) and entertained (circus). It seems that, since 2020, it has been nothing but bad news. So, many people are looking for ways to keep themselves entertained, and earn a little extra cash on the side.
Best Quarter the Industry has Seen
Sure, gambling is more popular than ever. However, what will undoubtedly shock some of you is the knowledge that in 2022, the industry has seen the best quarter in its long and storied history. According to a financial report, commercial casinos in the United States of America have earned over $15 billion dollars between the months of July and September. But it doesn’t end there. During the second quarter of the year, the amount made exceeded $14 billion, which was a record at the time. Meaning in 2022, the record for biggest earning was simultaneously set, and beaten.
Gambling experts and historians spoke about this amazing development. Many of them claimed that it speaks to the appeal of the casino, but also of gambling in general. But perhaps it isn’t all that surprising to see how well the US gambling industry has held up. After all, throughout the country, one could find over 2000 casinos. In fact, the state of Nevada alone houses 350+. Not to mention, the City of Sin is one of USA’s biggest tourist attractions, precisely because of the vibrant casino culture.
Online Casino Industry
A big factor in the popularization of casinos and gambling is the introduction of online casinos. We said before that online casinos have been around since the 90s. And while that is absolutely true, it is only recently that these websites gained mainstream appeal and popularity. The reason for this is because online gambling websites have begun to be taken very seriously by licenses. Nowadays, if a company is unlicensed, it is best to avoid it.
The really great thing about online casinos is that they are easily accessible, and are often ahead of land-based establishments when it comes to latest trends. For example, quite a few online casinos have begun accepting cryptocurrency-based deposits and withdrawals. When using cryptocurrency to gamble, you ensure your anonymity, as well as incredibly fast cash processing. However, there is the downside of volatility to consider. So, if you have any interest in gambling and crypto, check out the market’s fluctuations before you place a bet.
However, what really draws people to online casinos is the obvious. Accessibility. It is true that when you go over to the casino there is a sense of camaraderie, sociability and excitement. However, sometimes you just want to play the games and be unbothered. That is where online casinos shine. You can literally eat lunch and spin the roulette wheel. And thanks to the introduction of mobile gambling, you can also do this while on the train, bus, or at the café.
The Future of Gambling
What can we say about the future of the industry? Most analysts and gambling experts predict that a lot of US states will fully legalize online gambling in the near future. As of now, only a handful of states have fully legalized the practice. Among them are New Jersey, Nevada, Pennsylvania, Michigan, and West Virginia. All of these states have seen a massive economic boost from the iGaming industry. So, it wouldn’t come as a shock if other states followed suit.
As for the land-based establishments, many will likely take que from their online counterparts. Namely, it wouldn’t be surprising if they begin embracing different payment methods. Cryptocurrency is the obvious one. However, e-wallets, credit cards, debit cards, and direct bank transfers might not be far behind. In doing this, they are hoping to make it easier for their customers to gamble and have fun.
The gambling and casino industry is bigger now than ever. In large part this is thanks to the innovations that land-based and online casinos have brought to the table. Among these innovations and modern trends, we have stuff like Virtual Reality Gambling, betting on eSports and Simulated Reality Sports, and of course, social casinos, where money is not involved, and friends just play for fun.