Online Gambling Market is Gaining Popularity in the U.S.
We all know that eventually, online gambling will overtake traditional land gambling. In fact, several online gambling reports in the past few years all mention statistics pointing to that fact. Needless to say, many analysts believe Online Gambling Market is Gaining Popularity in the U.S. because of the COVID-19 pandemic. However, while it did increase it growth rate, it was by no mean the reason for its increase in popularity.
Last year, the U.S. online gambling industry was worth around $2,178.29 million with a 17.34% CAGR projection for 2021-2026. In comparison, online global gambling market in 2020 was worth $64.13 billion will grow to $72.02 billion in 2021. Overall, experts expect an 11.5% CAGR for the Online Global Gambling industry between 2021-2027.
In 2020, gambling software companies had a record selling years from new and existing sportsbook clients in the U.S. market. While it was an excellent year, it was part of an existing trends for gambling operations expanding online.
Online Gambling Market Trends
The recent increase in the U.S. Online gambling industry CAGR is not a surprise to anyone. First, it is a new sports betting market with huge potential. In fact, this year is the first year where gambling ads are on the rise in the U.S. This says a lot of about the current sports betting market in the U.S.
Several Online Gambling Market trends are starting to become obvious. For example, several casino and sportsbooks are teaming up with online gambling companies to capture a share of the market. Pennsylvania is one such market as gambling operators strive to increase and improve their online gambling experience for their clients.
New Jersey is the largest online market for gambling in the U.S. with dozens of sportsbooks, casino, and poker websites.
Furthermore, live Casinos are gaining momentum in the country. This has led to an increase of Live Casino Software companies getting more state licenses to operate their products. Many of them are focusing on investing more money into their research and development branches to develop more user-friendly software.
The U.S. gambling market is made up of local, international companies. However, many of them are made up of mergers between the two. This is because it is a win-win for both as it allows them to expand and enhance their brand portfolio.