US Online Casinos Growth in Numbers Over the Years
Did you know the United States online gambling market is estimated to register 17.34% in CAGR in the next five years? Although the pandemic may have slowed things down, the industry has gained momentum, and everything is going great.
New Jersey is now the country's biggest market for legal online gambling. There are more than a dozen legal online gambling sites and poker rooms. Gambling enthusiasts can also enjoy a variety of online sports betting apps and sportsbooks. Here is a breakdown of online casinos in the United States.
How Big Is the United States Online Gambling Industry?
In 2022, Americans spent a record-breaking sum of money gambling. In the first 11 months of 2022, the nation's casinos and mobile gambling platforms generated $54.93 billion in revenue.
Data gathered from state regulators by the American Gaming Association showed that 2022 had already surpassed the $53.04 billion mark by 13.5% with one month left to go. (These figures exclude unlawful gambling as well as the nation's tribal casinos.)
According to Casey Clark, senior vice president of the American gambling Association (AGA), the gambling sector has recovered from a difficult recession brought on by a pandemic.
Thirty of the 33 commercial gaming jurisdictions in the nation reported yearly revenue increases compared to the same time in 2021.
The two types of gaming with the most money were slots and tables. In the United States, slot machines and table games brought in $43.79 billion, a 6.7% increase over the same 11-month time in 2021.
From January through the end of November, sports gamblers placed $83.13 billion in wagers. Even though sportsbooks only made $6.56 billion off of those bets, that's a 65.4% rise compared to the same time in 2021.
Software Providers in the United States
The best US casinos feature hundreds of games from leading software providers like Evolution, Microgaming and BTG. Most casino operators enter into agreements with casino software providers to develop online slots, table games, bingo, live dealer games, and other games for their players.
These providers create various free demos and real-money games for casino sites.
Online casinos understand that they are only as good as their games, despite the marketing of bonuses and competitions. While trying to provide their players with new casino games and jackpots, online casinos collaborate with a number of game providers.
Since there are so many casino websites, it is difficult for game developers to satisfy everyone's needs. Every game provider will have a different area of expertise; some might even accommodate different bankroll sizes.
For players, it will be simpler to find the best games to play if you find a casino game provider that fits your gaming tastes and betting limits. The leading software providers in the United States include:
NetEnt
Evolution Gaming
Microgaming
Playtech
Betsoft
Pragmatic Play
Sports Betting in the United States
The overall sports betting revenue in the United States went over $4.33 billion in 2021. The sports betting industry became legal at federal level in 2018. Following this legalization, each state became free to do as it pleases in regard to the legislation of sports betting.
DraftKings was the most popular sports betting service in December 2021. In 2023, sports betting enthusiasts can choose from a variety of options. The most popular ones include: FanDuel sportsbook, BetMGM, and Caesars sportsbook.
About 60% of sports bettors prioritize ease of cashing out when choosing a sports betting platform. Other important considerations include bet selection, live betting, and customer service.
The US Online Gambling Market to Hit $7.61 Billion by 2028
The COVID-19 pandemic affected every aspect of society. The gambling market wasn't spared either. Unsurprisingly, gambling enthusiasts had no choice but to explore online gaming options.
The advent of the pandemic increased dependence on player tracking, surveillance systems, and security. Gambling resorts and casinos used casino management solutions to provide players with important services.
Recent studies revealed that the United States Online Gambling Market will likely grow at a 16.4% CAGR. It will hit 7.61 billion by 2028. This growth is fuelled by consumer interest in online betting and the increasing variety of betting platforms.
The Growing Popularity of Online Casinos in the United States
Since casinos have existed for hundreds of years, it was only a matter of time before gambling went online. As it turned out, the first online casino opened its doors to customers in 1994. It allowed those with internet access to play blackjack, roulette, or poker. Casino enthusiasts were hooked despite how slow and incredibly basic it was.
Decades later, gambling enthusiasts in the United States are spoiled for choice. There are hundreds of new online casinos, and the older ones are going out of their way to remain relevant. Here are a few reasons behind the popularity of online casinos in the United States:
They are more convenient than land-based casinos
Easy deposits and withdrawals
Large bonus offerings
Live betting promotes the feel of being in an authentic casino
100% security and privacy
Today, about 96% of players prefer playing online over visiting land-based casinos. According to data on gambling around the world, about 26% of people partake. That implies there are roughly 1.6 billion gamblers worldwide. 4.2 billion engage in gambling at least once per year.
Conclusion
In conclusion, the popularity of online casinos in the United States is on a constant rise. This is for a good reason. In addition to convenience, online casinos are also safe, and they promote quick withdrawals. Live casinos can mimic the feel of playing in an authentic casino setting.
The advent of online casinos has brought a new type of player into the fold. We're talking about the occasional player who may only want to make small wins and isn't necessarily interested in playing in a casino setting. Online casinos appeal to these customers.
Unfortunately, the same cannot be said for land-based casinos. They lack the casual appeal and may not be attractive to players simply looking to have a good time. Their rewards may not be as impressive as in online casinos.