Online gambling went to an all-time high due to the pandemic on a global level. The US saw a significant increase in participation on online gambling platforms. This migration of users from the offline to the online method has also led many service providers to go digital with their services.
Many offline gambling establishments were closed, and they are now operating online. On the player’s level, participation in different types of games has gone up, which was not seen in an offline scenario. Both of these factors have positively impacted the US online gambling market. In this article, we will talk about the factors impacting the growth of the market and its current value.
Live Casino is Becoming Mainstream
It is natural for people to see a similar experience as they did in offline gambling through online platforms. This is why live casinos are becoming more mainstream in recent years. Global investors are putting their bets on life casinos in the US, particularly New Jersey. The state has seen significant investment from global companies in the form of mergers, acquisitions, and partnerships.
Software providers already have the licenses to start with live dealer games in New Jersey. Another important instance to look at is that the software providers are banking on mergers and acquisitions to improve their offerings and attain consolidation. Currently, the largest market of government-regulated online gambling in the country is in New Jersey.
All the legal online casinos operate within this particular geographical location with the help of live casinos. Online sports betting apps also feature in the life casino platforms. Big gambling giants are opening their own life casinos in North America. In the state of New Jersey, a number of live casino games are offered. Some of these include blackjack, slingshot roulette, and American roulette.
Pennsylvania sees the Fastest Growth
If we talk about regulated online gambling, Pennsylvania hosts the fastest-growing online casino experience. It is the fifth-largest state to regulate online gambling and allows online poker and sports betting. The state is likely to see growth in participation due to better regulation of digital gambling.
The Pennsylvania Gaming Control Board regulates casino gaming; the lottery games fall under the regulation of the Pennsylvania Lottery. The Pennsylvania Gaming Control Board is responsible for sports betting, fantasy betting, poker, casino gaming, and horse race betting. Casino gaming includes table games like blackjack and roulette, as well as slots.
The gaming revenue of online casinos in Pennsylvania amounted to USD 3226 million for the year 2017. It was second only to Nevada. The regulation by the government is expected to increase the participation and downloads of online gaming platforms, thereby generating more revenue. The more people invest their time in these apps and websites, the more likely it would be for the company to generate revenue through their participation.
The introduction of internet gambling has led to significant partnerships being formed in Pennsylvania. These partnerships tackle the growing demand for online gaming platforms with a better experience. Make sure to read more about this on GambleUSA.
Any growing market is characterized by high competition between the service providers, which drives the revenue forward. Currently, in the US, the online gambling service providers include both global and regional contenders. While the regional service providers want to grow their company, the global giants have a different approach.
There have been significant and consistent mergers and acquisitions involving global companies. This allows them to reach a wider customer demographic and expand their portfolio by introducing new services according to customer preference.
Because the gambling market is a competitive landscape, each of the companies involved has to be on their toes in terms of customer service. This means that the service provided to the customer has to be with a good user interface to attract more users and encourage higher participation.
Apart from mergers and acquisitions, partnerships between big companies are also playing a significant role in the enhancement of brand portfolios. Partnerships allow them to access new markets and provide better services through expansion in regulated states. Since live casinos are gaining momentum across different states, big companies are partnering together to expand into this new domain.
The Current Value of the US Online Gambling Market
Given all the factors mentioned above, it is natural that the online gambling market in the US is a multi-million industry. In the year 2020, the market was valued at USD 2,178 million. The value of this market is likely to increase by more than 17% in the next five years. Since the expected participation of players is not expected to go down anytime soon, the projected growth is dependent on higher participation than before.
The Covid 19 pandemic had a detrimental effect on offline casinos but became a primary progressive for the online gambling industry. On a global level, the online casino market saw an increase in participation and revenue, which reflects in the market value of US online gambling.
Based on the reports about the growth of the US online gambling market, one can safely say that revenue generation is on the rise and will be growing with time. Since more and more states are regulating online gambling, it is safe to say that the participation of the masses will be encouraged in the coming years.
As global giants step into the field of digital gambling, it is likely to improve the performance and offerings of all the service providers. There have been continuous mergers, acquisitions, and partnerships involving both regional and global companies. These work to enhance the brand portfolio and give the companies a chance to expand beyond a geographical area.
Partnerships also allow for building a broad customer base. Since global investors are investing in live casinos, it is likely to be a prominent trend in the coming time. Pennsylvania and other regulated states are likely to see high participation from the masses in downloads and website visits.