As a major retailer of bank-issued debit cards, Bank of America has been a major beneficiary of the growing popularity of online gambling platforms such as PokerStars and BlackjackStars.
The company has spent tens of millions of dollars to develop its own gaming platforms and has signed deals with the likes of Facebook, Zynga and Paypal to allow its users to win money and buy items on these platforms.
But in the wake of the financial crisis, which hit in 2008, Bank has been increasingly worried about its ability to keep up with the growth of online gaming.
As the nation’s largest bank, it is the second-largest gaming platform owner after the US Federal Reserve, according to a report by the consulting firm IBISWorld.
The US Federal Trade Commission recently asked banks to take steps to stop players from taking advantage of their platforms by requiring the owners to verify players’ identities.
In a new report, IBISworld says Bank of American is now “increasingly concerned about the future of online casinos and online gaming in general”, adding that it is not “in a position to predict the future” of its online casino business.
“The Bank of Americans gaming platform is not yet operational, but it is currently exploring the possibilities of opening a new casino,” the report said.
“In general, we are not in a position for the Bank of Americas to be in a stronger position than it is today.”
A Bank spokesman told ABC News that while it had a good relationship with the gaming companies, the bank “is focused on serving our customers as well as building an industry-leading global gaming platform.”
Bank’s online gaming business is still very much in its infancy, however, and it is still a relatively new business.
The financial services giant’s gaming business has grown by $1.6 billion to $4.5 billion this year, according the IBIS world report.
The number of online casino users in the US rose from a low of just 527,000 in 2012 to an all-time high of 1.9 million in 2016.
While this growth has been mostly driven by new players, a lot of the growth has come from the more established online gaming operators such as Blackjack and PokerStars, the report noted.
“While we are excited about the potential of online poker and gaming, we also recognize that the gaming industry is a fast-changing industry and it will require some innovation to make it sustainable,” Bank said in a statement.