As per the current market research conducted by the CMI Team, the US Online Gambling & Betting Market size is expected to grow with a CAGR of 12.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 9,367.5 million. By 2032, the valuation is anticipated to reach USD 29,245.7 million.
US Gambling & Betting Market: Growth Factors and Dynamics
- Legalization and Regulatory Changes: The market is significantly impacted by the legalization of online gambling and the establishment of regulatory frameworks. As more U.S. states legalize online gambling, it creates new opportunities for operators and attracts investments. Regulatory changes, such as the repeal of PASPA, have specifically fostered the growth of online sports betting in the United States.
- Technological Advancements: Rapid technological advancements have played a crucial role in the market’s expansion. The widespread availability of high-speed internet, the proliferation of smartphones, and the development of user-friendly gambling platforms have made online gambling more accessible and convenient for players. Innovations like live dealer games, mobile apps, and virtual reality experiences have further enhanced the overall gaming experience, appealing to a broader audience.
- Changing Consumer Behavior: The shift in consumer behavior towards online and digital experiences has fueled the growth of the online gambling market. The convenience of gambling from home, the ability to access a wide range of games and betting options 24/7, and the availability of secure payment methods have attracted a growing segment of the population. Additionally, the younger generation’s inclination towards online platforms and mobile gaming has significantly contributed to market expansion.
- Sports Betting Expansion: The legalization of sports betting in various states has been a major driver of growth in the North American market. The increasing popularity of sports, the integration of sports betting into mainstream media and entertainment, and the establishment of partnerships between sports leagues, teams, and gambling operators have collectively contributed to the surge in online sports betting activity.
- Rising Social Acceptance: Over time, online gambling has gained greater social acceptance and shed its previous stigma. As perceptions change, more individuals are willing to engage in online gambling activities, leading to increased participation and market growth.
|Feature of the Report||Details|
|Market Size in 2023||USD 10,409.4 Million|
|Projected Market Size in 2032||USD 29,245.7 Million|
|Market Size in 2022||USD 9,367.5 Million|
|CAGR Growth Rate||12.2% CAGR|
|Key Segment||By Gaming Type, Device Type and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends|
|Buying Options||Request tailored purchasing options to fulfil your requirements for research.|
US Online Gambling & Betting Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the US Online Gambling & Betting Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Transitioning from Offline to Online: The closure of brick-and-mortar casinos and sportsbooks due to the pandemic led to a substantial surge in online gambling. With limited options for in-person gambling, people turned to online platforms as an alternative. This rapid shift accelerated the growth of the online gambling market as more individuals embraced digital gambling options.
- Increased Participation in Online Gambling: The pandemic and subsequent lockdown measures provided individuals with more leisure time, leading to an increase in online gambling participation. With limited entertainment options available, many people turned to online gambling for entertainment and the possibility of winning money. The convenience, accessibility, and wide range of online gambling options made it an attractive choice for those seeking entertainment from the comfort of their own homes.
- Rise in Sports Betting: The pandemic caused major disruptions to the sports industry, with the cancellation or postponement of various leagues and events. However, as sports gradually resumed, there was a surge in online sports betting as fans eagerly placed bets on sporting outcomes. The resumption of major sports events provided a significant boost to the online sports betting sector.
- Regulatory Changes and Adaptation: The increased demand for online gambling during the pandemic prompted regulatory changes to accommodate this shift. Several US states expedited the legalization of online gambling and sports betting in order to generate tax revenue and meet consumer demand. These regulatory adaptations facilitated the entry of more operators into the market, leading to the expansion of the online gambling landscape.
In conclusion, the COVID-19 pandemic has had a mixed impact on the US Online Gambling & Betting Market, with some challenges and opportunities arising from the pandemic. Factors such as the pace of economic recovery, ongoing regulatory decisions, and evolving consumer behavior will continue to shape the market’s trajectory.
List of the prominent players in the US Online Gambling & Betting Market:
- Caesars Entertainment
- 888 Holdings
- Rush Street Interactive
- Golden Nugget Online Gaming
- MGM Resorts
- William Hill
- Barstool Sportsbook
- FOX Bet
- Hard Rock Online
The US Online Gambling & Betting Market is segmented as follows:
By Gaming Type
- Social Gaming
- Fantasy Sports
By Device Type
- Desktops & Laptops
- Mobiles & Tablets
On the basis of US Geography
- Northeast Region
- Southeast Region
- Midwest Region
- West Coast Region
- Southwest Region
- Mountain States