Research shows that the worldwide online gambling market is projected to thrive at a Compound Annual Growth Rate (CAGR) of 11.7% between 2023 and 2030. With the market estimated to be worth USD 63.53 billion in 2022, the potential for growth and profitability is undeniable.
“With each passing year, players’ interest in iGaming is only growing”, BetB2B experts comments. All this is due to the quality offer in the market. Legalization of gambling has formed an entire industry. If we consider the example of the United States, many states have legal online betting on horse racing. Recently, individual states have also passed laws legalizing additional forms of online gambling, including casinos, poker, lotteries. But for now, the current legal framework for online betting in the US only allows bookmakers licensed in Nevada, Pennsylvania, Delaware, and New Jersey (these four states regulate online betting) to operate legally.
Modern technologies such as artificial intelligence, virtual reality, blockchain and mobile apps are widely used in the gambling industry, turning it into a real phenomenon in the United States.
“Special slot types are a major attraction in the market due to constant innovation and personalization options for players. Moreover, recently live dealer games have become especially popular, as they provide real time communication, thereby improving the atmosphere of the casino,” BetB2B added.
Сompanies wishing to conduct a betting business or provide online casino services in the United States must meet certain requirements and obtain an appropriate license.
Legal Framework for Gambling Regulation in the USA – BetB2B
“Some states completely ban gambling, others allow only certain types of casino games, such as lotteries or slot machines, and still others allow a wide range of iGaming”, a representative of Bet B2B says, one of the world’s most popular platforms for companies in the iGaming industry: sports betting and online casinos. “– In order to obtain a license for a betting business or an online casino, a company must comply with the requirements set by the regulatory body of a particular state. But there are also general requirements that iGaming companies can face in almost every state.”
Primary requirements:
Legal status and registration. A company wishing to obtain a license for a betting business or an online casino must be registered as a legal entity in the United States and meet the registration requirements in the relevant state.
Financial stability. The company must demonstrate financial stability and have sufficient funds to conduct operations. Financial statements and proof of sufficient capital are usually required.
Security and privacy. It is about the need to put in place mechanisms to respect the security and confidentiality of their clients’ data. This includes the use of strong encryption systems and security measures to protect user information.
Identity verification and responsible gambling. Another important point in the work of an online casino or bookmaker, which is obliged to prevent access to gambling by minors or illegal persons. In addition, the company must have a responsible gambling policy and provide the means to self-restrict players who experience gambling problems.
Operating license and tax obligations.The company must obtain a special operating license for its betting business or online casino. This usually requires the completion of appropriate applications, the payment of license fees, and the passage of regulatory reviews. Also, the company must be prepared to meet all tax obligations associated with the conduct of iGaming business in the United States.
It is important to note that the requirements for obtaining a license can vary significantly from state to state. Some states have stricter rules and require more detailed information about the company, its executives and financial position.
“In addition, restrictions may be placed on the provision of betting business or online casino services only to residents of this state. In such cases, companies may be required to obtain separate licenses for each state in which they wish to provide their services,” BetB2B added.
Bet b2b betting platform – innovations that will transform your gambling business
With a license, BetB2B provides access to comprehensive solutions for creating an online casino or betting company. The advantage of such solutions is access to a wide range of tools provided by BetB2B:
- BetB2B games: The platform offers unique games developed in-house. This allows operators to offer unique content and attract more players.
- Access to games from developers: In addition to its own games, Bet B2B provides access to more than 100 games from well-known developers. This allows operators to expand their game library and cater to different player preferences.
- Variety of sports for organizing bets: The platform offers about 182 sports and national leagues including Nation Football League, NBA, Major League Baseball etc. This allows operators to offer a wide range of bets and attract an audience of different sports interests.
- Esports betting: BetB2B offers the possibility of accepting bets on Esports events. Given the rapid rise in popularity of Esports, this is an important addition for operators.
- Alternative casino games: The platform also provides an opportunity to organize bingo and casino games. This opens up additional sources of income and attracts an audience interested in gambling.
- Financial instruments: BetB2B offers over 250 payment acceptance options providing convenience and flexibility for players. This includes various e-wallets, cryptocurrencies and traditional payment methods.
In addition to a wide range of tools, BetB2B offers a technological and modern infrastructure, as well as a reliable support system at all stages of cooperation.
Do check out: Top 10 Best Mechanical Keyboards under 3000 INR
