The Future of Online Gambling in the United States
By Space Coast Daily // May 6, 2021
Online gambling is undoubtedly one of the most popular industries in the world. And its economic advances and global impact have only grown as technology has become more sophisticated and readily available to the masses.
Online casinos have even been expediting their efforts in rolling out mobile-friendly platforms in order to accommodate this increasingly active market.
Of course, practically all companies in whatever industry are always looking for ways to adapt to the mobile market. But it’s crucial for companies like online casinos that really offer interactive and immersive services to be readily available on these platforms as much as possible.
Because of all of the advancements and pivots that the online gambling industry has made, it’s now thriving more than it has ever been. Experts estimate that the global market for online gambling will be worth almost $100 billion by 2023 according to statista.
This article is going to take a deep dive into the phenomenon of online gambling and more specifically, what it’s going to look like in the United States within the near future. When it comes to industries like this, it’s always good to stay just a little bit ahead of the curve in order to stay competitive. Here are some of the trends that experts foresee will happen within this space.
The Numbers Behind the Online Gambling Industry in the United States
In 2018, the United States Supreme Court legalized sports betting as a commercial industry. This has led many online gambling platforms to push for rapid growth as they pursued more customers and prospective gamblers in a competitive market. But even before that, online gambling has been experiencing significant growth in the United States over the years.
This is true even after the economic onslaught that was brought about by the COVID-19 pandemic. The pandemic triggered the closure of land-based casinos, lottery outlets, and other gambling establishments. This has led many gamblers to turn towards the digital space and that triggered a boom in the online gambling market.
In 2020, the online gambling market was valued at around USD 1,978.57 million. But more than that, experts say that its CAGR is estimated to be at around 17.32% from 2021-2026.
And while Las Vegas in Nevada has reigned supreme as the gambling capital of the world for the longest time, it’s actually the city of New Jersey that accounts for the largest market of regulated online gambling in the United States. In New Jersey alone, the online gambling market is estimated to generate around USD 225 million per year.
Current trends also show that the state of Pennsylvania is quickly catching up to become the fastest-growing market for online gambling in the United States. They are currently the biggest state to have legalized online gambling and many casino operators are doubling down on efforts to grow that local market even further.
Their online gambling industry consists of slots, table games, roulette, poker, blackjack, and other usual casino games. However, they also play a lot of horserace betting, sports betting, and fantasy betting, which are all legal in the state as of the moment.
Technology Will Continue to Push the Industry Forward
This is a truth that is consistent in so many industries. Everything and everyone is going digital. For casinos, in particular, technological advancements will allow operators to really innovate the way that they provide their services to their consumers.
More than just being gambling companies, these casino operators are now also effectively tech companies. With trends like cryptocurrency, it’s hard for casino operators to stay relevant without adapting themselves to this technologically-driven societal landscape moving forward.
Live Casino Games Will Increase in Popularity
Right now, live casino games are already becoming more popular. Coming off the heels of a pandemic, many people are eager to just interact with other people again. However, many are still also choosing to keep safe. That’s why live casino games offer a healthy middle ground.
It adds a more sophisticated human component to the game by incorporating a live dealer instead of having a software engine power the game. It also adds to the realistic experience of actually sitting down at a real table in physical casinos.
Gameplay Will Become More Immersive
The next generation of gameplay is bound to feature AR and VR aspects to it. Many industry analysts and experts believe that while it’s still in its infantile stages, consumers are slowly adopting AR and VR features in their games. With the rise in popularity of live casino games, it’s likely that the AR and VR trend is going to follow suit when it comes to online gambling. This kind of technology will allow gamers to really be immersed in their gaming environments that can more closely mimic the experience of playing in real life.
Government Regulation Will Play a Big Role in Industry Growth
Currently, not all states legalize the operation of local casino operators. This doesn’t mean that Americans don’t have access to online casinos. Rather, they just aren’t allowed to operate casinos within those states. However, given the massive growth of the industry, more governments are becoming more incentivized to legalize and regulate their own local operators to help boost the local economy. It’s only fitting that more states will look into the regulation of these operators.
The Demand Will Continue to Grow
If there’s one thing that the pandemic has shown us, it’s that human wings have the uncanny ability to adapt to whatever the times call for.
And moreover, the pandemic has shown us how much we can get done without having to leave the house. Of course, as vaccinations are rolling out, more and more people are eager to leave their homes and interact in public spaces again. But we can also expect that more people have become more impressionable when it comes to technology, particularly in the mobile and digital space.
For more information stay updated at Casinofy.com – a worldwide online casino library. This is a trend that is consistent in various aspects of life including business, communication, art, and entertainment or leisure.