Online gambling is a very popular way to have fun and to earn money. The ease of access to gambling sites allows individuals to play at any time of day or night. According to the Annenberg Adolescent Communication Institute, more than 400,000 male youth gamble for money on a weekly basis, and over 1.7 million do so at least once a month. However, the addictive nature of the activity can make it difficult for people to stop playing or to stop.
The majority of states permit online gambling, except for Nevada and Hawaii, which are heavily Mormon-populated. These two states have very limited gambling options because they are governed by personal beliefs. In Hawaii, gambling is prohibited because it has been shown to ruin family relationships. While there are few restrictions in other states, the legality of online gambling remains an open question. The US government has yet to pass laws legalizing online gambling. As a result, the future of the industry is unclear.
Despite these concerns, the industry is growing rapidly. A recent report from Research & Markets predicts that the global market for online gambling will reach $92.9 billion by 2023, with an annual compound growth rate of 11.6%. Increasingly, many emerging technologies such as IoT, VR, and Metaverse will also play a big role in online gambling. By implementing changes to the law and requiring operators to adhere to the rules, the industry is expected to flourish.