LONDON--(BUSINESS WIRE)--Technavio analysts forecast the online gambling market in the US to grow at an impressive CAGR of more than 51% during the forecast period, according to their latest report.

Online Gambling Industry Revenues
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Online Gaming Industry Revenue 2015
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Online Gaming Industry Revenue

The research study covers the present scenario and growth prospects of the online gamblingmarket in the US for 2016-2020. To calculate the market size, the report considers the revenue generated from legal online casino, betting, and lottery segments in the country. The report also discusses the primary market growth drivers, challenges faced by vendors and the market as a whole, and provides an overview of the key trends emerging in the market.

Though the US is portrayed to be the hub for gambling world because of the presence of popular gambling hotspots such as Las Vegasand Atlantic City, the country follows some of the most stringent federal laws in the world. In 2015, the US was ranked 8th in the global online gambling market, positioning itself after China, the UK, Australia, France, Italy, Germany, and Spain.

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Technavio media and entertainment analysts highlight the following three factors that are contributing to the growth of the online gambling market in the US:

Reading Time: online gambling revenue has fallen by 40% during the first five months of 2020 as sports halted due to COVID-19. Figures released by the Hellenic Gaming Commission (HGC) show the local online gambling market generated revenue of nearly €150m in the first five months of 2020, a 40% decline from the same period last year. In just a few short decades, the world of online gaming has exploded in popularity. Estimated to reach $196 billion in revenue by 2022, it is now considered to be one of the fastest growing industries on the planet.

Easing of government regulations
Scope for increased contribution to national economy
Wider reach of online gambling

Report Overview The global online gambling market size was valued at USD 53.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027.

Easing of government regulations

In 2006, the US Federal government passed the Unlawful Internet Gambling and Enforcement Act, which outlawed all forms of online gambling. However, in 2012, a new law was passed that allowed individual states to license online and mobile casinos and sportsbooks and poker sites within their borders. As of 2015, only three states in the country namely Delaware, Nevada, and New Jersey allow online gambling. However, with the Federal government easing laws, more than five states in the US are likely to legalize the online gambling by 2020.

Some of the benefits of legalizing online gambling are an increase in revenue in the form of tax. The government can impose a high tax on the online gambling vendors and use the revenue for the development of the country. The money can contribute towards societal welfare through NGOs, development of hospitals, and educational institutions. Moreover, legalizing of online gambling can create job opportunities for people. “Thus, the easing of regulations on gambling serves the wider interest of the government and may be an important trend followed by various other states therby driving the growth of the market during the forecast period,” says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research.

Scope for increased contribution to national economy

In 2015, the casino segment in the US generated half a million jobs and over USD 13 billion as tax revenue. Casinos pay 25% of their earnings as tax, while the winner pays 10% of the prize money to the government, thus generating a huge income for the country. If online gambling is legalized, the contribution to the national revenue will grow significantly and it will also generate a lot more jobs.

Casinos are one of the glamourous tourist destinations in the US. Since the end of Great Recession in 2010, the tourism industry in the country has grown consistently at a CAGR of 7.7%. In addition, the US is one of the very few countries, where advertising of casinos is legal, this provides immense opportunity for online casino vendors to promote their business and attract tourists.

Wider reach of online gambling

Online gambling extends the reach of the gambling games because it is web-based and does not require the physical presence of the players at the venue. The popularity of computing and mobile devices, especially among the younger generation, is the main reason for the extended reach of online gambling market in the US. Mobile ads are one of the strongest mediums of advertising, which reaches the untapped group of the population that refrain from going to a casino or a bar where betting is allowed, and influences them to try online gambling.

“In the US, the average age of an individual visiting a casino is 45 years, whereas the average age of an online gambler is 34 years. The increasing presence of younger population on the online gambling platforms will be one of the significant factors driving the growth of the market during the forecast period,” says Ujjwal.

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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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by Tarlan Ismayilov

Posted on May 15th, 2019

Before we do an in depth analysis, let’s first take a look at the bigger picture here – the numbers. In this article, we are going to focus on statistics for the online gambling industry. As usual, numbers involve a point of view, so when you glance through the rundown of worldwide gambling misfortunes for players, you’re likewise taking a gander at the betting successes for administrators. In light of that, here’s a breakdown of the ten best places for betting income dependent on players.

Online Gambling Statistics

It’s intriguing that Macau bests the rundown of per-person income. Yet Chinese citizens don’t enlist on our top review of betting misfortunes. Macau’s vacationer business has taken a hit as of late. However, tourists still guarantee Macau’s place on top.

Australia appears to display exceptional numbers when it comes to losses and accumulated revenue. At the moment, Australia owns greater number of slot machines than rivaling countries and honestly, it is quite surprising as the country has a population of 22 million.

The top 3 countries with highest gambling income around the world

With regards to betting, we’re all equivalent. Regardless of the games or country that we play in, the online casino always have higher chances to win, and i

Online Gambling Industry Revenue