Dublin, Oct. 28, 2021 (GLOBE NEWSWIRE) -- The "United States Online Gambling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" 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. For instance, in January 2018, Evolution Gaming opened its first live casino studio in Vancouver. The New Jersey studio offers ten tables of various games, including American Roulette, Blackjack, Baccarat, and Slingshot Roulette.
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. For instance, in January 2019, Evolution gaming acquired live dealer gaming provider Ezugi. Ignition Casino, BetOnline, MyBookie, Bovada, 5Dimes, and The BoVegas Casino are some of the prominent players offering live casino games across the country.
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.
The United States 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 country and to enhance their brand portfolio to cater to various preferences of the consumers. Companies are also increasing their investments in R&D to develop user-friendly online gaming and mergers and acquisitions to expand their presence and to increase their brand portfolio. Companies are also focusing on establishing strategic partnerships to reach a broad range of the market and to enhance future growth opportunities.
William Hill PLC
MGM Resorts International (Borgata Hotel Casino & Spa)
Flutter Entertainment PLC
Caesars Entertainment Corporation
888 Holding PLC
Golden Nugget Hotels and Casinos
Cherry Gold Casino
El Royale Casino
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