iGaming in 20 States by 2020
Morgan Stanley has released a new report on online gambling that reveals that as many as 20 states may be regulated by 2020.
The New York-based financial services corporation believes the Internet gambling market could be worth $5.2 billion at that time. That revenue total would be twice as large if all 50 states were to launch igaming schemes.
Whether or not 20 states is high or low is likely a matter of opinion. Considering that only three states are now operating legal online gambling regimes, 20 seems high. However, online poker players residing in the states that are not among the 20 would certainly feel otherwise.
It is also worth noting that the projection of $5.2 billion in revenue in six years is less than that on the last report released by Morgan Stanley. That $5.2 billion revenue amount is down from a previous estimate of $8 billion.
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U.S. players hoping that their home states will join the online gambling party in 2015 will not like the predictions of Morgan Stanley in the latest report. The finance company envisions only California entering the regulated igaming market next year.
The following year, Pennsylvania, [geolink href=”https://www.usafriendlypokersites.com/illinois/”]Illinois[/geolink] and [geolink href=”https://www.usafriendlypokersites.com/new-york/”]New York[/geolink] may climb aboard. [geolink href=”https://www.usafriendlypokersites.com/massachusetts/”]Massachusetts[/geolink], [geolink href=”https://www.usafriendlypokersites.com/iowa/”]Iowa[/geolink] and [geolink href=”https://www.usafriendlypokersites.com/colorado/”]Colorado[/geolink] are perhaps in line to do so in 2017.
In 2018, Morgan Stanley believes that players in Ohio, Florida, Connecticut, Michigan and Maryland may enjoy legalized online poker and gambling. The same safeguards of regulation may be in place for residents of West Virginia, Louisiana, Mississippi, Rhode Island and Missouri in 2019.
The financial corporation based much of its estimates on the fact that only 39 states currently offer land-based casino gaming –either by commercial interests or Indian tribes. States that are not casino-friendly are unlikely to be igaming-friendly as well. The expected lack of approval of regulated igaming on the federal level also plays a part in the projections.
On a brighter note, the regulated market in New Jersey is due to boom substantially if Morgan Stanley predictions hold true. The fact that [geolink href=”https://www.usafriendlypokersites.com/pokerstars-sends-open-house-invite-nj-players/”]PokerStars will likely soon be operating legally in the Garden State[/geolink] is the basis for growth estimates of 60% in 2015.
That anticipated revenue boost may also have an effect on other states should it come to fruition. If New Jersey does manage to increase due to the presence of PokerStars as Morgan Stanley predicts, it would certainly prompt other states to reevaluate their current positions and perhaps get in on the game.
Also, tribes in California that are objecting to the inclusion of PokerStars may see things in a different light if New Jersey revenue skyrockets with the entry of the online poker giant. That “bad actor” label may long be forgotten if PokerStars can provide such a huge boost to the industry.
It’s important to point out that the projections of Morgan Stanley are simply estimates at this time and that much can change depending on a number of factors. Nonetheless, online poker players in 20 states have reason for optimism, while those in the other 30 states can perhaps still hope for federal legislation at some time in the future.