Experts from East Coast Gaming Congress says iGaming Could Come to Indiana, Illinois, Iowa, and New York Next

On September 21–23, at the Hard Rock Hotel & Casino, responsible-gaming specialists, analysts and executives from the growing iGaming and betting industry convened for the East Coast Gaming Congress. 

Experts demonstrate how Indiana, Illinois, Iowa, and New York can thrive in the industry by analyzing the present data and indicating that these are the next states to keep an eye on for iGaming legislation.

iGaming As The Primal Point

Fall is when gaming conferences take place. It is appropriate to pause and consider how the game business is evolving in a post-pandemic world as one season concludes and another one starts. 

The epidemic affected events for two years, but this year's gatherings are now completely operational. The biggest flexes and flops are examined at the East Coast Gaming Conference.

These days, online sports betting and casino is arguably the most talked-about topic in the gambling industry. Sports betting developed in the US due to a Supreme Court judgment in May 2018; it was not created during the pandemic. 

When the pandemic struck, sports betting was only getting started; however, it is now in full swing.

In the nine years that internet gambling has been permitted in New Jersey, the state has produced $4.7 billion in income from online casinos. Because only New Jersey, Pennsylvania, Michigan, West Virginia, Delaware, and Connecticut currently offer iGaming, the $8 billion in two and a half years is more than impressive. In the following 12 to 18 months, Indiana, Illinois, Iowa, and New York might join those six.

The growth of Indiana, Illinois, Iowa, and New York

For many reasons, the speakers at the East Coast Gaming Congress speakers believed that iGaming had a bright future. States that allow for online and mobile sports betting already have the necessary infrastructure, produce a sizable tax income, and, most crucially, have a broader potential market than states that only allow for in-person casino gambling.

Although spring is usually a sluggish time for sports betting, this year, it might indicate the expansion of sports betting in Indiana is reaching a ceiling. According to a report from the Indiana Gaming Commission released on Tuesday, bookmakers in Indiana took bets totaling $256.3 million in June. Along with the 29% decrease from May, the overall handle has only increased by 4% since June 2021.

In the Indiana market, giants such as Ceasars, FanDuel, DraftKings, and BetMGM are present. Caesars sportsbook earns $10 million and receives $25.3 million in wagers. A total of $208.7 million, or 87%, of the $238.7 million wagered online in June was placed by those four operators.

Due to Illinois's legalization of sports betting in October 2019, Indiana's neighbor has a more developed sports betting market.

We can only compare data between Indiana and Illinois for a few months, but the Land of Lincoln is swiftly catching up. The Hoosier State reported $70.9 million in July and $169 million in August.

In comparison to many other states, Iowa has a lower overall tax rate on sports betting. Bill SF 617 placed it at 6.5 percent of net receipts. There are license fees for each online sportsbook in addition to this tax. These cost $45,000 each, with a $10,000 yearly renewal price.

Each of Iowa's 19 casinos is eligible to apply for one of three different mobile gambling licenses. The maximum tax is capped at $810,000 (4518). Many of the Iowa casinos are included in our lists of popular US casinos.

Finally, New York's monthly online sports betting handle slipped below $1 billion. Since their Jan. 8 inception, online NY sports betting companies had amassed a handle totaling over $1 billion each of the first six months. However, in July, they only combined $800.8 million.

From January 8 to July 31, the handle for NY online sports betting companies was $9.3 billion. This resulted in gross gaming revenues of $680.5 million and tax revenues of $347 million. Many in the sector continue to be miffed by New York's 51% tax rate. However, the state's finances are booming because of the $37.4 million in tax money that still comes in even during a sluggish month like July.

With the tax revenue accounting for numbers in the billions with all states considered, it is likely to see states like these next up for legalizing online casinos.