NYX CEO Matt Davey says that the United States shows potential when it comes to online gaming and sports betting.
The gambling industry is constantly changing in the United States, with individual states creating legislation in order to begin offering lottery sales online, casino gaming, poker, daily fantasy sports and more. Online gambling is under consideration in several states including Pennsylvania and New York as a way to bring in additional revenues on top of land based gaming revenues. Currently, only Nevada, Delaware and New Jersey offer online gaming but there is potential for other states to get in on the action as well.
The NYX Gaming Group is a company that specializes in creating quality software for online gambling as well as land based venues. The company already offers their services in New Jersey with online casino gaming for the Golden Nugget, the leader in the state, as well as the casino for PokerStars. The company would of course love to extend their reach into other states when it becomes available and wants to see the US do well.
With a recent company earnings call, the CEO of the NYX Gaming Group, Matt Davey, expressed positive thoughts on how the online gambling of the United States has potential. In the Q2 earnings call, the topic of online gaming and future trends came in to play. During the call, Davey stated that activity within the 2017 legislature has picked up particularly in Pennsylvania and Illinois. The population of these states is 40% larger than New Jersey. These two states alone could triple the online market in the US.
It is important to note here that currently, New Jersey is the market leader in online gaming when it comes to individual states. Davey said that NYX sees great potential for the US market to accelerate within the next several years in the gaming industry as well as sports betting. The company is positioned for the opportunity if it were to develop.
Where Things Stand
While NYX is optimistic, it does appear that legislative efforts are slow going. Pennsylvania lawmakers are still having difficulty figuring out how they should expand their gaming industry, with online gaming in the mix. A gambling package should be up for discussion this fall when lawmakers come back from break.
In Illinois, it seems the fall is also a time when the subject will be brought back up again. The senate of the state was able to pass a bill that would make online gambling and DFS legal in the state but the House has not considered it. The subject is not completely dismissed so hopefully we will see a revival of the discussion in the coming weeks.
Such companies as NYX seem to have an inside scoop of sorts as they work with land based and online gaming operators providing software so the companies can provide gaming to their players. It is nice to see a top company like NYX feel that there is promise in the states for additional growth in the online gambling industry.
At times, it can seem disheartening to a proponent of iGaming as states in the US continue to take one step forward with legislation only to then take two steps back. This year started as a prime opportunity for other states to begin offering online gaming but no state has yet to pull the trigger and pass legislation. We can now only watch as lawmakers come back to the drawing board this fall and hopefully we will see at least one state join the three that already offer online gaming.