United States Online Gambling Market to Reach US 7.61 Billion by 2028
Published | 31 August 2022
United States Online Gambling Market growth is accelerated by increasing smartphone adoption, simple access to casino gaming platforms, and internet penetration along with the rising popularity of digital payments.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States Online Gambling Market was worth USD 2.65 billion in the year 2021. The market is projected to grow at a CAGR of 16.4%, earning revenues of around USD 7.61 billion by 2028. The United States Online Gambling Market is booming because of the two main drivers propelling the casino online gambling sector are the rise in consumer interest in betting and the freemium model of online gaming. The expansion of the casino online gambling market is accelerated by the rising use of smartphones, the accessibility of casino gaming platforms, and the increased penetration of the internet. The increase in internet traffic across all platforms, the implementation of social distance restrictions as a result of the COVID-19 outbreak, and the rise in the number of users of online gambling platforms, particularly during pandemic outbreaks, all have an impact on the casino online gambling market. Electronic gambling devices (EGDs) are more popular because they have software that simulates the action at a local casino, are less expensive to operate, and are widely available. However, global recession, governmental limits to curb gambling addiction, demographic shifts, and security challenges could all impede the expansion of the United States online gaming sector in the future.
Rising Internet Penetration
Furthermore, the availability of low-cost mobile applications, expanding digitalization, a variety of safe digital payment alternatives, an increase in disposable money, and an increase in the use of digital currency and websites all have a favorable impact on the casino online gaming business. Furthermore, the high frequency of gambling websites, the increase in registration, the rise in favorable online-gambling laws, and technical improvement provide profitable chances to casino online gambling market players from 2021 to 2028. Growth over the historical period was driven by robust economic growth in emerging nations, increased smartphone uses with improved internet connectivity, the rising popularity of digital payments, and an increase in disposable income. Moreover, increased gamer involvement during the Covid-19 pandemic, increasing consumer acceptance for fintech, technically advanced platforms, gambling legalization, and changing consumer gambling patterns will drive development in the future. Global recession, governmental limits to curb gambling addiction, demographic shifts, and security challenges could all impede the expansion of the online gaming sector in the future.
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Growing Popularity of Remote Gambling
Because of the industry's complicated tax structure, casinos across the country are expected to be extremely successful. The industry of internet betting is expanding as a result of the growing popularity of remote gambling. The proportion of female casino patrons is likewise growing. Consumer convenience with the cashless payment method is what is driving the industry for online gaming. Additionally, several businesses are focusing on the development of cutting-edge platforms to meet a variety of client demands and want to get a competitive edge in the market. With the Supreme Court's legalization of sports betting in the United States in 2018, the market for online gambling enterprises is expanding significantly. For instance, Entain PLC announced the American launch of the reputable gaming app Gambling Responsibly America in 2021.
Challenge: Hacking and Cybercrime are on the Rise
According to estimates, increased hacking and cybercrime in online gaming and gambling will impede industry growth during the predetermined period. The sector is seeing a rise in cybercrime. Two key issues that endanger the growth of the sector are software hacking and signal manipulation via fraudulent applications. The online gaming business is also being impacted by an increase in the possibility of app-based theft. Additionally, a person's relationships and health may suffer as a result of compulsive gambling, which may result in despair or debt.
Segmental Coverage
United States Online Gambling Market – By Device
Based on devices, the United States Online Gambling Market is segmented into Desktop, Mobile, and Others. Among these, the desktop segment holds the largest market share. The desktop offers a larger screen than mobile phones and other devices, allowing gamblers to explore the game's features and visuals. The sound loudness, graphic clarity, and changeable storage capacity of desktop computers are further performance features that enhance gaming. These elements have assisted in the growth of the desktop market. Stunning gaming images on smartphones made possible by modern mobile phone technology have increased access to online gambling on mobile devices. Gamblers' convenience is increased by the availability of mobile gambling. The mere fact that inexpensive mobile phones are readily available, as well as newer features like enhanced graphics and more storage capacity, support category growth.
Impact of COVID-19 on United States Online Gambling Market
The COVID-19 outbreak has had an impact on all aspects of society, including people and corporations. The internet ecosystem has been critical all over the world. The casino and gambling sectors have been particularly heavily hit by the COVID-19 outbreak. The COVID-19 outbreak has increased the reliance on player monitoring, security, and surveillance technologies. Casinos and resorts use casino management solutions to provide the services that their clients require.
Competitive Landscape
The leading market players in the United States Online Gambling Market are Rivers Casino, MGM Resorts International, Cherry Gold Casino, 888 Holdings PLC, Eldorado Resorts Inc, Flutter Entertainment, DraftKings, Churchill Downs, FanDuel, Golden Nugget, PokerStars, and other prominent players. The United States Online Gambling Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States Online Gambling Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Online Gambling Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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