DUBLIN--(BUSINESS WIRE)--The "North America Online Gambling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The North America online gambling market is projected to register a CAGR of 14.78% during the forecast period (2020 - 2025).
Key Highlights
- Casino gambling has been one of the rapidly growing gambling categories, owing to the convenience of usage and optimal user experience. With the advent of technology, there has been widespread implementation of virtual reality, blockchain, and mobile platforms in the gambling industry across the region.
- The current legislation framework for online betting in the United States allows only bookmakers licensed in Nevada, Pennsylvania, Delaware, and New Jersey to operate legally, as these are the four states where online betting is regulated.
- Custom slot types are trending the most in the market, owing to the scope of innovation and personalization by consumers. Moreover, live casinos have gained popularity over the recent past, as they involve a wide deal of live dealers and real-time feedback that help improve the real-world casino experience.
Key Market Trends
Online Sports Betting Holds a Prominent Share among the Online Gambling
The online betting segment is predominantly applied in the sports category, especially in events, such as FIFA World Cup and European Championships.
Some of the popular online sport betting includes football, horse racing, e-sports and other sports bettings. With an aim to gain competitive advantage in sports betting, players are entering into long-term partnerships and agreements. For instance, in June 2019, the National Basketball Players Association and gaming supplier Highlight Games entered into a partnership for a simulated, real-money sports gambling product using NBA highlights and footage.
The product is expected to be called "NBA Last 90." The product is set to debut in the US and European gaming and lottery markets during the 2019-20 NBA season. Costa Rica has long been a major hub for sports betting.
Canada is The Largest Market
Canada is largely an unregulated country in terms of online gaming. The Canadian Gaming Commission oversees the industry as a whole in Canada, offering information and responding to any serious issues that arise. Laws pertaining to casinos, online gaming, sports betting, and other similar activities are enacted and enforced by individual provinces.
The Canadian Gaming Association estimates that the unregulated internet gambling market currently generates around CAD 1 billion in revenues annually, and that those revenues are distributed fairly and evenly between sports betting, casino gaming, and poker. It has been observed that 75%-85% of people in Canada gamble in some form, whether it be charitable gambling or online poker, or any number of other options.
Participation in some provinces, like Nova Scotia and Saskatchewan, is higher than in other places.
Competitive Landscape
The North America online gambling market is a highly fragmented market and comprises regional and global players such as 888 Holdings PLC, William Hill PLC, Caesars Entertainment Corporation and others.
Major players are focusing on mergers and acquisitions to expand their presence in the regional market and to enhance their brand portfolio to cater to various preferences of the consumers. Merger and acquisition is the most preferred strategy in the casino gambling market. The key players are also entering into partnerships/agreements to enhance their offerings.
Moreover, these players are also focusing to launch their offering in the new potential markets. For instance: In 2018, 888 Holdings PLC launched a new portfolio of live dealer casino games in New Jersey, as part of the continued expansion of its business in the Garden State.
Companies Mentioned
- William Hill PLC
- Golden Nugget
- MGM Resorts International (Borgata Hotel Casino & Spa)
- Flutter Entertainment PLC
- Caesars Entertainment Corporation
- Wild Casino
- El Royale Casino
- DraftKings
- 888 Holding PLC
- Slots Empire Casino
- The Stars Group Inc
- BoVegas
- Cherry Gold Casino
For more information about this report visit https://www.researchandmarkets.com/r/gmfz2i.
