Online gambling industries from all over the world are growing rapidly. They are also facing a number of changes that are impacting them in a positive way. A prime example of this is none other than the US market. But what is the secret their success? What developments can we expect in the near future?
- An Overview of the US Gambling Industry
- Developments that Will Contribute to More Growth
An Overview of the US Online Gambling Industry
It comes as no surprise that the US gambling industry is one of the largest markets in the world. If we look at some figures, it was worth over 47.67 Billion in the year 2018. Fast-forward to 2020, we are expecting larger figures within the next 5 years. In fact, Statista predicts that the US gambling industry alone will be worth USD94.36 Billion by 2025. On top of that, the compound annual growth rate (CAGR) is expected to hit the 10.28 % during this five-year time frame.
Developments that Will Contribute to More Growth
"Statista predicts the US gambling industry alone will be worth USD94.36 Billion by 2025."
Seeing as the numbers are looking good, we wonder how the US gambling industry will change throughout the next few years. From our experience in the industry, we can tell there is a pattern that contributes to this rapid growth. Check out what we have to say, below:
More Players will be Interested to Join Online Casinos
This is a no brainer. It is perhaps one of the most obvious key factors that can make or break the industry. Without a doubt, the players make any gambling industry around the world work. The US one is no exception. Seeing as online casinos offer perks like welcome bonus and other promotions along the way, this works in both parties’ favour. (Terms and Conditions Apply). From one perspective, the casinos in question generate more revenues, while the players can enjoy the perks just for signing up. As far as the US gambling industry is concerned, there’s definitely room for both players and even leading developers.
The Rapid Growth Of Mobile Gambling
The mobile market is also booming. In fact, it is one of the fastest-growing segments that is greatly contributing to the success of the US online gambling industry. Truthfully, players enjoy nothing more than convenience and ease of use. Whilst the desktop experience still works seamlessly, it seems as if it’s gradually taking the backseat. In fact, casino experts predict that mobile devices will soon surpass desktops completely.
New Jersey will Dominate the US Gambling Industry
At the time of writing, New Jersey is currently the biggest market within the online gambling industry in the US. We’ll tell you one thing – it’s only onwards and upwards for year ! As the US industry continues to thrive, New Jersey holds its number one spot. Seeing as this state generates over USD 225 million a year, the numbers speak for themselves.
Increased Usage of Cryptocurrencies
Cryptocurrencies like Bitcoin are becoming increasingly popular within the online casinosphere. In fact, more and more online casinos are allowing players to avail from them as popular banking solutions. More so, some US casinos solely use cryptocurrencies or even offer a bonus if players choose them as their preferred method of payment. We have no doubt that Bitcoin will be play a more prominent role in the very near future.
VR Technologies will have a more Prominent Role
On top of that, virtual reality games are on the rise. Whoever enjoys their fair share of VR knows what we’re talking about. These games offer the full meal deal every single time. One thing’s for sure – the hype certainly isn’t dying down. The future is most certainly looking bright for virtual reality enthusiasts.