According to a new report by BlueWave Consulting, a strategic consulting and market research firm, the market for online gambling in the United States is expected to reach $7.61 billion by 2030. The United States Online Gambling market was valued at US$2.65 billion in the year 2021, according to the firm. The market continues to grow steadily, with projections indicating a 16.4% compounded annual growth rate (CAGR). This would result in the market earning USD 7.61 billion by 2028. The increasing popularity of mobile devices and the legalization of sports betting are key drivers of this growth. More and more states are allowing legal operations for the US online gambling sites listed and compared here. This blog post will discuss the current state of the online gambling market in the United States and what to expect in the future.
Online gambling market in the United States
The United States online gambling market is booming due to the two main drivers propelling the casino online gambling sector: the rise in consumer interest in betting and the freemium model of online gaming. The growth of casino online gambling is driven by the increasing use of smartphones, the availability and accessibility of casino gaming platforms, and greater internet penetration. The rise of internet traffic, social distancing restrictions due to COVID-19, and the influx of users to online gambling platforms during the pandemic have all caused a shift in the casino online gambling market. In addition, with the constant development of technology, Electronic gambling devices (EGDs) are having a great reception. These gadgets have software that brings an immersive experience for users because they can enjoy the action at a local casino but from the comfort of their homes. Also, this type of experience is less expensive and widely available. The United States online gaming sector could expand in the future, but global recession, governmental limits to curb gambling addiction, demographic shifts, and security challenges could all make it slower.
Many current trends are shifting towards online gambling. Let’s explore some of the reasons behind this growth.
More people accessing the internet
The industry is growing due to increasing internet access worldwide. 4.9 billion people currently have access to the internet all around the world. This number is the highest on record and is only predicted to increase. Multiple factors, like affordable mobile devices, increased incomes, and digital literacy skillsets, continue to propel the growth of online gambling. This industry is only expected to grow more in popularity moving forward.
In addition, the ongoing competition between internet providers is leading to lower costs and increased availability of high-speed internet access, which will further grow the online gambling market.
Expectations of convenience
Don’t you hate wasting time sitting in traffic, stuck on your way to a desk job?
For most of us, this was our reality two and a half years ago. The outbreak of Covid-19 has marked a turning point in our attitudes towards convenience. Fewer employees are willing to spend hours in traffic when they can work from home just as efficiently.
This is also true for gambling. In the past, people were only willing to gamble at physical casinos. Now, however, players want the convenience of gambling online.
Benefits for online gamblers
Since the Supreme Court legalized sports betting in 2018, the market for online gambling businesses has grown significantly. It is expected that casinos will do very well because the taxes for this industry are complicated. It has been evidenced in the industry that the number of female casino patrons is increasing, which means that the female market is something casinos will begin to explore to offer more services. Developing innovative platforms is a priority for many businesses to remain competitive and attract new clients. Not to mention, online casinos also provide the advantage of cashless payment methods for their customers. This includes newer payment methods such as bitcoin, which come with increased convenience, anonymity and security features.
What to expect for the Online Gambling Industry in the US
With the legalization of sports betting across more states and other gambling options like live dealer games now available to US players, the demand for online gambling will likely continue to increase in the coming years. However, several challenges could limit growth, including government regulations, cybercrime and changing market preferences. Ultimately, it will be up to businesses in this industry to stay innovative and adapt quickly to these changes to succeed.
Cybercrime is the biggest challenge
The cyberattack rates in some American cities have been on the rise, which has also begun adversely affecting the online casino market.
Any entirely digital industry dealing with billions of dollars in transfers every year is bound to suffer from some cybercrime. Software hacking and signal manipulation have adversely affected American online gambling operators.
Cybercrime is evolving, and aspects such as app-based theft are on the rise. If the online gambling market wants to maintain its current growth rate, it must improve security measures and provide potential customers with proof of safety.
The online gambling industry in the US has seen tremendous growth in recent years, and it shows no signs of slowing down. With more states legalizing sports betting and other gambling options, players are flocking to online platforms to take advantage of convenience and ease of use. However, cybercrime remains a significant challenge for the industry, which businesses must address with strong security measures and innovative approaches to attract customers.