DUBLIN--(BUSINESS WIRE)--The "United States Online Gambling Market - Growth, Trends, COVID-19 Impact, and Forecast(2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The United States online gambling market was valued at USD 2,178.29 million in 2020, and it is is projected to register a CAGR of 17.34% during the forecast period (2021-2026).
The COVID-19 pandemic had a major impact on the gambling industry on an international level, including the United States. This led to the closure of casinos, lottery outlets, and gambling venues (i.e., gambling lounges, bars, breweries, hotels, bingo halls, horse racing) and to the suspension of sporting events for which betting systems were in place.
As a result, the market has witnessed migration from offline to online gambling activities. In response to the closure of many gambling establishments, several operators have gone digital.
Many players have expanded their online gambling offerings, and bingo operators have moved their offerings online, which has positively impacted the market.
With more states introducing regulations, online gambling in the country is expected to increase, with the higher number of downloads of various online casino games, and it may add more revenue streams in the overall online gambling market.
After the imminent launch of internet gambling in 2019 in the state of Pennsylvania, companies are forming partnerships to handle the spur in the demand for these online casino platforms and provide consumers with a better online casino experience.
New Jersey is currently the largest market for regulated online gambling in the United States. Over a dozen legal and licensed online casino sites and poker rooms compete for an overall market that is worth more than USD 225 million a year. There are a number of sportsbooks and online sports betting apps live in the state.
As per the data released by the Division of Gaming Enforcement (DGE), in June 2019, the revenues from the top three online casinos in New Jersey were as follows: The Golden Nugget/Betfair accounted for USD 13.6 million, the Resorts AC recorded USD 6.39 million revenue, and Borgata/Party earned a revenue of USD 5.66 million.
Key Market Trends
Live Casino Gaining Momentum in the Country
The live casino market is still at a nascent stage in the country, owing to its stringent regulations. However, software providers, like Ezugi and Evolution Gaming, have been granted licenses to provide their live dealer games in New Jersey. Thus, global players are investing significantly and entering into this market, in order to broaden their geographical presence and customer base.
Moreover, Evolution Gaming signed contracts with several licensed operators, such as Ocean Resort Casino, Hard Rock Hotel & Casino Atlantic City, 888casino, and PokerStars Casino New Jersey. Apart from key players, software providers are also embarking on mergers and acquisitions as one of their key strategies to achieve consolidation and optimize their offerings.
Pennsylvania is the Fastest Growing Market
Pennsylvania is the fourth and biggest state to legalize and regulate online gambling. The new law allows for online casinos, online poker, sports betting, and more. Casino gaming (including slots and casino table games, such as roulette and blackjack), poker, sports/horse race betting, and fantasy betting are regulated by the Pennsylvania Gaming Control Board, whereas lotteries are regulated by the Pennsylvania Lottery.
Also, as per the data published by the American Gaming Association, the total gross gaming revenue of Pennsylvania casinos amounted to approximately USD 3226.92 million in 2017, which was the second-highest after Nevada. Therefore, regulation of online casinos in the state is expected to increase the number of downloads of various online casino games and add more revenues to the overall online gambling market.
After the imminent launch of internet gambling in 2019 in the state of Pennsylvania, the companies are forming partnerships, to handle the spur of demand for these online casino platforms and provide consumers with a better online casino-playing experience.
Companies Mentioned
- William Hill PLC
- MGM Resorts International (Borgata Hotel Casino & Spa)
- Flutter Entertainment PLC
- Caesars Entertainment Corporation
- DraftKings Inc.
- 888 Holding PLC
- Golden Nugget Hotels and Casinos
- Bet 365
- Cherry Gold Casino
- El Royale Casino
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