Online Gambling Billions
LONDON--(BUSINESS WIRE)--Technavio analysts forecast the online gambling market in the US to grow at an impressive CAGR of more than 51% during the forecast period, according to their latest report.
Online Gambling Statistics World gambling statistics show that around 26% of the population gamble. That means around 1.6 billion people worldwide gamble and 4.2 billion gamble at least once every. According to Wijman, mobile gaming will account for $77.2 billion in revenue in 2020, an increase of 13.3 percent from 2019. Of the 2.7 billion total gamers projected to play in 2020, 2.6 billion.
The first online gambling venue opened to the general public, was ticketing for the Liechtenstein International Lottery in October 1994. Today the market is worth around $40 billion globally each year, according to various estimates. Many countries restrict or ban online gambling. 2 days ago At 7.91% CAGR, Online Gambling Market Size Worth $77.42 Billion By 2026 says Brandessence Market Research Increasing Adoption of Smartphones and Easier Access to Casino Gaming Platforms areSome of.
The research study covers the present scenario and growth prospects of the online gamblingmarket in the US for 2016-2020. To calculate the market size, the report considers the revenue generated from legal online casino, betting, and lottery segments in the country. The report also discusses the primary market growth drivers, challenges faced by vendors and the market as a whole, and provides an overview of the key trends emerging in the market.
Though the US is portrayed to be the hub for gambling world because of the presence of popular gambling hotspots such as Las Vegasand Atlantic City, the country follows some of the most stringent federal laws in the world. In 2015, the US was ranked 8th in the global online gambling market, positioning itself after China, the UK, Australia, France, Italy, Germany, and Spain.
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Technavio media and entertainment analysts highlight the following three factors that are contributing to the growth of the online gambling market in the US:
- Easing of government regulations
- Scope for increased contribution to national economy
- Wider reach of online gambling
Easing of government regulations
In 2006, the US Federal government passed the Unlawful Internet Gambling and Enforcement Act, which outlawed all forms of online gambling. However, in 2012, a new law was passed that allowed individual states to license online and mobile casinos and sportsbooks and poker sites within their borders. As of 2015, only three states in the country namely Delaware, Nevada, and New Jersey allow online gambling. However, with the Federal government easing laws, more than five states in the US are likely to legalize the online gambling by 2020.
Some of the benefits of legalizing online gambling are an increase in revenue in the form of tax. The government can impose a high tax on the online gambling vendors and use the revenue for the development of the country. The money can contribute towards societal welfare through NGOs, development of hospitals, and educational institutions. Moreover, legalizing of online gambling can create job opportunities for people. “Thus, the easing of regulations on gambling serves the wider interest of the government and may be an important trend followed by various other states therby driving the growth of the market during the forecast period,” says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research.
Scope for increased contribution to national economy
In 2015, the casino segment in the US generated half a million jobs and over USD 13 billion as tax revenue. Casinos pay 25% of their earnings as tax, while the winner pays 10% of the prize money to the government, thus generating a huge income for the country. If online gambling is legalized, the contribution to the national revenue will grow significantly and it will also generate a lot more jobs.
Casinos are one of the glamourous tourist destinations in the US. Since the end of Great Recession in 2010, the tourism industry in the country has grown consistently at a CAGR of 7.7%. In addition, the US is one of the very few countries, where advertising of casinos is legal, this provides immense opportunity for online casino vendors to promote their business and attract tourists.
Wider reach of online gambling
Online gambling extends the reach of the gambling games because it is web-based and does not require the physical presence of the players at the venue. The popularity of computing and mobile devices, especially among the younger generation, is the main reason for the extended reach of online gambling market in the US. Mobile ads are one of the strongest mediums of advertising, which reaches the untapped group of the population that refrain from going to a casino or a bar where betting is allowed, and influences them to try online gambling.
“In the US, the average age of an individual visiting a casino is 45 years, whereas the average age of an online gambler is 34 years. The increasing presence of younger population on the online gambling platforms will be one of the significant factors driving the growth of the market during the forecast period,” says Ujjwal.
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Online Gambling Billions Reviews
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