A Year-End Reflection and Insights into 2024
With the new year just around the corner, we’re bidding farewell to 2023 with optimism and excitement. This year was full of industry milestones, and here at Odds On Compliance we had some exciting milestones of our own – from expanding PlayBook globally into Europe and Brazil, to launching ProhiBet with our newly merged partner U.S. Integrity, to being recognized as EGR’s Compliance Technology Provider of the Year.
Let’s take a look at where we’ve come in the last year and set our sights on what lies ahead in 2024.
A look back at 2023 – industry trends we saw in the U.S.
Responsible gaming measures dominated 2023, both for states going live and for states already well-established in the online gaming industry. The greatest trends were implementing safer marketing practices, simplifying access to resources for those suffering from possible gambling addiction, and requiring certain responsible gaming-related training for employees and executives.
Regulatory predictions for the U.S. in 2024
In 2024, the gaming industry is likely to see a continued emphasis on enhancing responsible gaming measures. With an increasing awareness of the potential risks associated with online gaming, stakeholders across the industry, including regulatory bodies and online operators, are expected to maintain their collaboration to implement and strengthen measures that promote responsible gaming.
As more states continue to go live in 2024, the rulemaking process for those states will undoubtedly follow in the footsteps of states that launched in 2023 and were proactive in their responsible gaming measures. Measures such as the prohibition of labeling certain bets as “free bets”, the continued crackdown on advertising sports betting on college campuses, and restricting celebrity endorsements for online operators are likely to continue in 2024.
It is also likely that as states continue to analyze the legality of Pick ‘Em style DFS contests, more and more states will implement regulations for the DFS industry to ensure compliance across the board. The so-called “grey market” states in which the legal status of DFS contests has not explicitly been addressed by legislation will dwindle. This is highlighted by the recent action in California, the largest DFS market in the country despite having no DFS-specific regulations, where the State’s Senator has requested the State’s Attorney General to review the legality of all DFS contests in the state, not just Pick ‘Em style contests. 2024 will see more states take a legal stance on DFS contests, which will likely result in regulations guiding such contests.
Will 2024 bring iGaming legalization in the U.S.?
The gaming landscape is poised to witness a surge in efforts to pass iGaming legislation in 2024. Heading into the new year, only seven states have legalized iGaming, compared to the 38 states, including Washington D.C., that have legalized sports betting. This is a massive opportunity for states to create a new source of revenue through taxation and licensing fees.
Several states have already hinted at iGaming bills for 2024. Legislatures in New York have expressed their intentions of proposing iGaming legislation in 2024 and Illinois, which had an iGaming bill stall in the state’s House in 2023, may see that bill revived for a second consideration in the coming year.
Regulatory developments to watch in Europe
Legislators and regulators are increasingly pushing for stricter measures related to Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures within the online gambling industry. These measures are designed to enhance player protection and ensure that operators can identify and verify the identities of their customers.
As these measures become more stringent, they may indeed become industry standards. Forward-thinking gambling operators are likely to embrace these safer gambling measures as a way to demonstrate their commitment to responsible gaming.
A running start to the new year
We’re starting off 2024 with exciting developments already in the works. We’ll be rolling out more news about our merger with U.S. Integrity, bringing all of our industry experts, suite of services and cutting-edge tech products under one roof. Stay tuned!