We discuss the main reasons for the drastic expansion of the online gambling market in the United States over the last several years. Will it become even greater in the years to come?
How the US Online Gambling Market Evolves over Time?
The Internet has become an everyday routine for most people across the globe. The vast majority of us log in to social networks at least once a day. We also use the Internet to catch up with the latest news, get in touch with our friends and families, watch movies, play games, etc. It is easy to understand the vast extent of industries and services that blossomed following the rapid expansion of the Internet and society’s lifestyle shifts. Online gambling is probably the one niche that has benefited the most in almost all areas of the world, America in particular.
The online gambling market has grown at a jaw-dropping speed in the United States. We can already consider it one of the largest in the whole world. The continuation of the development is only a matter of time in the years to come. Stay tuned and learn more about the main factors that have influenced such a drastic expansion as well as the latest forecasts for further growth in the next five years.
The latest trends and statistics
The numbers don’t lie. The American online gambling market had a value of $47.57 billion in 2018. According to the reports released by relevant US sources (such as ResearchAndMarkets.com and Industry Stats Report), the American online gambling market should witness a 10-15% CAGR from 2020 to 2025. The value should jump to mouth-watering $94.37 billion by the end of the given period.
We do not have to dig deep to find the main reasons for such an upside in the last few years or such optimistic announcements. Along with the USA, countries like Mexico are also legalizing online gambling.
Legalized markets gave birth to numerous online gambling hubs
The United States have significantly softened their approach to online gambling in the last decade. The change in laws resulted in the birth of a wide range of new online betting sites, while the existing ones took advantage by adding bountiful new options to their gaming portfolios. Golden Nugget Online Casino thus, for example, currently offers almost all forms of gambling to the players. They have also expanded their business lines to several other states, following their respective legalization of online gambling and sports betting. We can say the same for numerous other sites, including DraftKings and FanDuel. As more states have announced the full legalization of online gambling, big companies are simply invited to flock into these highly-opportunistic markets. The more big names, the more players and the more money are involved. It is as simple as that.
The growth of mobile betting
We all know how bound we’ve become to our mobile phones. Naturally, mobile gambling is thus the quickest-growing portion of the whole niche in the United States. It is very easy to understand why this is the case. Spinning the reels or placing sports wagers on the go via a mobile device is much more convenient and easier than using PCs. As a result, more and more software developing companies are developing games compatible with portable devices. A serious online gambling site just can’t exist without a strong mobile app. Since we can’t imagine mobile devices decreasing in popularity anytime soon, it is only natural to expect the further expansion of the mobile gambling industry in the years to come.
America will soon completely conquer the planet’s online gambling market
The gambling industry already employs 1.8 million people across 40 states in the United States. The majority of technological advancements and online innovations come straight from the Americans. Virtual reality gambling is just behind the corner, while cryptocurrencies have already become a significant part of the niche. It is hard to predict that any other country could stay competitive against the United States in terms of the size and the additional growth of the online gambling market in the upcoming period.