March 22, 2021 Sports Betting, Legal, Online

Internet Vikings chairman: “US market is similar to Europe five years ago in terms of investor interest and growth opportunities”

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The US market is growing rapidly, and is drawing comparisons to its European counterpart

Internet Vikings has released a webinar on entering the US market as an iGaming B2B supplier, helping companies navigate through the lengthy process of entering the rapidly-growing market.

Speaking at the event was Jesper Kärrbrink, chairman at Internet Vikings and Green Jade Games, and Elena Kvakova, head of US market at Internet Vikings.

The Supreme Court struck down the federal ban on sports betting in May 2018, and the market has grown quickly since then, with such growth not so different from that of the European market, according to Kärrbrink.

“The US is probably the hottest gaming market there is right now,” he said. “I would say it's a bit similar to Europe five years ago when it comes to investor interest and growth opportunities and so forth.”

The latest figures from Internet Vikings show that a total of 15 states now allow online gambling, with five states allowing in-person gambling. There are 19 states meanwhile that have retail or online legislation in the pipeline, but the process could take several years, explains Kvakova.

“The Supreme Court only struck down the federal ban. And now it's up to the states to basically go ahead and pass the legislation or not,” she said.

“It's also important to mention the Wire Act of 1961. It basically forbids the gaming operators from crossing state lines, meaning that in order to sign up and wager, you must be located in the state. And it's true for both the casino and sportsbook operator.

“So if you are a sportsbook, in every state you want to operate in, you would need to get a license from the in-state gambling authority, enter into an agreement with a land-based casino, as well as set up your operation in that state, which is of course a major roadblock for many businesses right now.”

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