Alexa Online Casino and Poker Market Set to Grow in 2022
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Online Casino and Poker Market Set to Grow in 2022

Gaming And Vfx

Online Casino and Poker Market Set to Grow in 2022

While the pandemic has had a negative impact on many industries, one that has seen impressive growth over the past two years has been online casinos, with online poker seeing a particular rise in the US and in other markets around the world. As in-person gambling venues were forced to close due to the Covid 19 pandemic, people turned to online solutions to continue to take part in their favorite gaming pastimes.

Many industry insiders are keen to welcome this growth and to see it continue into the new year. John Atkinson, director of business development at a major provider, is keen to expand their operations as more states with legal online poker appear in 2022. “We look forward to engaging with users in new ways and bringing SI Sportsbook to new states in 2022,” he said in a recent interview. “Starting with Virginia, where we were recently awarded a license.” His company sees the potential for growth both from online poker and with other entertainment typically reserved to brick-and-motor casinos.

Sports betting is seen as a particular growth area, having generated record income for states where the activity is legal. Tennessee recorded more than $2.5 billion in sports wagers in November 2021 alone, showing how the market has grown in recent years. This has brought in more than $40.1 million in tax income to the state, a massive growth from previous years.

There are new states looking set to legalize online gambling in 2022. New York has already brought in legislation to regulate the activity, while states like Ohio and Louisiana look set to follow suit in the coming months. This will bring in more revenue and, more importantly, open up the activity to new markets and raise its profile even further.

What has driven this rise in online gambling and what is fuelling it as we enter 2022? Online gaming requires a stable internet connection and good broadband speeds, both of which have seen substantial improvements in most parts of the world since people have been forced to work from home. This has combined with a rise in disposable income among customers as people return to work and job growth continues in the US to create a growing demand for leisure activities, such as online poker and casino games.

There has been a renewed interest in online poker in recent months as the game has returned to television and online streaming. The World Series of Poker returned to Las Vegas in 2021 after a long hiatus and the tournament, often seen as the largest and most prestigious in poker, has signed a new multi-year broadcasting deal with CBS Sports last year. This looks to bring the game into a new and larger audience than it enjoyed as a mainstay of cable sports channel ESPN.

The biggest barrier to further growth in this sector continues to be the small number of states that have legalized online betting. Though a state like New Jersey, where sports betting and poker are all legal, is a great example of how these areas can be regulated successfully, more states need to follow suit in order to see the sector reach its full potential. Though states like Florida have considered the legislation in the past, they have ultimately failed to take the final step toward legalization.

The key thing to look at when considering investing in this sector is that it delivers a unique product or game that is only available through an individual outlet. As the market has been flooded with similar sites over the past few years, it has been a race to get a product out rather than hone and specialize what a company is offering. Now that many American-based are fully established, they will need to focus on standing out from their competitors to not just acquire new customers but to retain them in the long term.

Interested in other news from the online technology world? Be sure to check out our piece on cryptocurrency site Coinbase.

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