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United States Online Gambling Market is flourishing owing to the increasing smartphone use with better internet accessibility, more disposable income, growing use of server-based gaming and cashless slot machines, along with changing cultural concerns and lifestyle trends, is fueling market expansion.
United States Online Gambling Market was worth USD 2.65 billion in 2021 and is further projected to reach USD 7.61 billion by the year 2028, exhibiting a CAGR of 16.4% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the growing use of mobile phones for online gaming in public areas as well as at home, combined with expanding internet penetration, is boosting the market. Furthermore, cultural and legal acceptance, simple access to internet gambling, celebrity endorsements, and corporate sponsorships are encouraging industry expansion. Because of the widespread availability of low-cost mobile applications, the industry is expected to grow further. Online casinos place a premium on building information solutions that support and help gamblers, ensure the legitimacy of gambling activities, and combat fraudulent actions. Various online gambling companies provide a free-play version of their games, which increases the business's growth potential.
The United States Online Gambling Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
Every aspect of society has been impacted by the COVID-19 epidemic, including people and businesses. Around the world, the internet ecosystem has been essential. One of the industries that have been struck the hardest by the COVID-19 outbreak is the casino and gambling sector. The dependence on player tracking, security, and surveillance systems has greatly expanded as a result of the COVID-19 epidemic. Casinos and resorts utilize casino management solutions to offer customers the services they require.
Due to increased worries about theft and fraud, the risk environment for contemporary casinos is always changing. Casinos have a high volume of financial transactions every day in open spaces with numerous entry and departure points, making it difficult to fully secure them. On busy evenings, it becomes challenging for the security staff to keep an eye on everyone's movements as many individuals pass through the gates and exits. In a recent casino theft fraud case, two employees of a Florida casino were sentenced in July 2020 by a federal judge in Miami (U.S.) for stealing USD 5 million from the casino by interfering with the gaming machines to generate credit vouchers. Such frauds and crimes cost the owners of casinos millions of dollars each year. The casino business is seeing a sharp increase in demand for cutting-edge security solutions as a result of increased security and surveillance concerns. Technology improvements like automated number plate identification and facial recognition have increased the usefulness of security solutions to make it easier to secure large casinos with high foot traffic. Casino operators are anticipated to expand their expenditure in acquiring cutting-edge security solutions for their facilities as casinos begin to operate regularly following the easing of prohibitions on public gatherings due to the COVID-19 outbreak.
Based on device, the United States Online Gambling Market is segmented into Desktop, Mobile, and Others. Among these, the desktop segment holds the largest market share. In comparison to mobile phones and other devices, the desktop has a larger screen size, allowing gamblers to enjoy the game's details and images. Furthermore, desktops' performance features, like sound volume, visual clarity, and adjustable storage capacity, increase the gaming experience. These factors have contributed to the expansion of the desktop market. Advanced mobile phone technology has resulted in remarkable gaming visuals in smartphones, resulting in expanded access to online gambling via mobile phones. Gambling can also be done via mobile phones, making it more convenient for gamblers. The simple availability of low-cost mobile phones, as well as upgraded features such as improved graphics and expanded storage capacity, contribute to category growth.
Casino operators have access to massive amounts of data on their clients and their gaming activity, which they may use to improve their operational procedures and performance analysis/reporting by leveraging innovative AI-driven casino management solutions. Casinos can utilize statistical analysis to identify the most advantageous rates for hotel rooms and segment customer profiles to target the right customer with the proper marketing campaigns by applying sophisticated analytics. These tools assist casinos in gathering and analyzing demographic information about their customers, as well as tracking their spending habits, gaming behaviors, and visiting patterns, among other characteristics, to create comprehensive customer profiles. Insightful operational information provided by high-performance video analytics and storage systems helps owners and operators maintain profits and increase efficiency. The systems provide wide coverage, low-light technologies, and high-resolution cameras to enhance visibility. The use of analytics tools like object identification and heat mapping enables operators to determine which regions of the casinos are most frequently visited by players. Utilizing these details, companies may target clients with offers and bonuses as they play their preferred games to increase sales. Such technology can be utilized to efficiently ensure social separation and prevent congestion on the casino floors, especially in light of the social distance norms demanded and/or mandated during and after the COVID-19 pandemic.
Any form of gaming that takes place online is referred to as online gambling (or Internet gambling). This covers online casinos, poker, and sports betting. The Liechtenstein International Lottery's ticketing system became the first publicly accessible internet gambling venue in October 1994. Online gambling is the act of placing bets on sporting events or online casinos. It is often referred to as e-gambling or Internet gambling. Typically, bets are placed using credit cards, and any wins or losses are then celebrated as a result. For future access, the user typically creates a username and password. A credit card or debit card, an account with an online bank or payment provider, an electronic check, or a wire transfer are all ways to send money to a gambling website. The majority of online casinos provide bonuses ranging from 5% to 20% of the initial deposit.
Over the anticipated timeframe, it is estimated that increased interest in online gambling and gaming fuels market growth. Due to the availability of online platforms, clients may access gambling whenever they want from the comfort of their homes by logging in and playing. These platforms provide all of the standard casino games, including slot machines, blackjack, and poker. Access to hundreds of online casinos that users may switch between for various games and bonuses is another benefit of online gambling. One can skip the trouble of traveling to a location by using a basic cellular device like a smartphone or tablet and an internet connection. With the increasing popularity of smartphones, consumers may now visit online casinos from any location. Smartphones account for approximately 75% of all mobile cell phones in use worldwide, according to recent research. The rising popularity of app-based distribution models is expected to increase interest in online casinos among young adults who want greater accessibility and user experience. As most casinos around the world remain closed due to lockdowns and people's aversion to visiting public areas, internet gambling is predicted to grow in popularity.
Over the anticipated timeframe, it is estimated that increased hacking and cybercrime in online gambling and gaming hinder market growth. cybercrime in the sector is rising. Software hacking and signal manipulation through fake applications are two major concerns that pose a threat to the market's expansion. Rising risk of app-based theft is also affecting the online gaming industry. Additionally, compulsive gambling can harm a person's relationships and health, leading to depression or debt.
The leading market players in the United States Online Gambling Market are Rivers Casino, MGM Resorts International, Cherry Gold Casino, 888 Holdings PLC, Eldorado Resorts Inc, Flutter Entertainment, DraftKings, Churchill Downs, FanDuel, Golden Nugget, PokerStars, and other prominent players.
Based on the type, the United States Online Gambling Market is segmented into Sports Betting, Casino, and Other Game types. Among these, sports betting accounts for the largest share in the United States Online Gambling Market. With a revenue share of almost 50% in 2021, the sports betting segment dominates the market. The industry expansion in the U.S. has been spurred by the growing popularity of sports betting gambling on games like football and casino, as well as by rising internet usage. The market has grown as a result of partnerships between private businesses and third-party software providers that offer user-friendly user interface (UI) gaming solutions for consumers. All these factors propel the growth of the United States Online Gambling Market during a forecast period (2022-2028).
