It goes without saying, that the USA always had the potential to be one of the biggest online gambling markets in the world. The success of Las Vegas shows that as a country, the USA has an affinity with gambling. The fact that offshore gambling sites had always been popular, although not allowed, was another indicator that it would be a success. However, despite this, very few people actually realised just how successful online gambling would be within the US.
One of the biggest things to take into account with the US market at the moment, is that it’s a growing market. It’s still in its infancy, and as such, the size of the market isn’t comparable to other developed nations. It might come as a shock, as the population of the USA is significantly bigger than some countries that have a larger gambling revenue, but growth doesn’t take place overnight. Part of this, is due to players not being completely aware of where they can play legally within the country. Although sites, such as www.gambleusa.com, are making it easier for players to find the best legal sites, there are still a lot of players who play at offshore casinos just because they don’t know any better.
Even with the fact that the US market is still growing, it has managed to bring in some impressive revenue so far. It should also be mentioned that this revenue is without the entire country engaging with online gambling. Currently, not all states have legalised online gambling, so it’s not possible for everyone to play at a legal site. It means that any revenue that is created within that state, isn’t counted towards the overall total.
In 2020, the US online gambling market brought in $2.178 billion. It’s also forecast to grow at a rate of 17.34% per year up until 2026. However, this doesn’t take into account other states legalising online gambling. This means that the forecasts could change if other sites join the majority of sites that currently allow online gambling.
Even though the revenue from online gambling looks impressive at first glance, it still pales in comparison to the UK online gambling revenue, which stands at around $8 billion when taking exchange rates into account.
Part of this, is because the UK has a number of established brands within the market, with strong advertising campaigns running. It makes the UK a much easier market to be successful in, especially as we have already covered, the US is a very new market, which means that it will take time to grow to its full potential.
Despite this apparent disparity, it seems that there is a lot of potential for growth within the US. As there are still states that haven’t legalised online gambling, these are the most obvious areas for revenue growth. With New Jersey alone bringing in over $200 million in online gambling revenue, just two additional states could help take total revenue over $2.5 billion.
The strong tech infrastructure within the USA is also an aspect that helps for the growth of online gambling. With iGaming companies in place within the US, they could capitalize on this new market, and help the industry to bring in revenue from other countries due to creating games that can be used worldwide.
As has been seen with the rapid growth of the market, there is a lot of potential for the online gambling industry within the USA. Although the revenue is currently around a quarter of that of the UK, it should be noted that the UK market has been around for a lot longer. It also has stronger advertising ties ingrained within its sporting culture. This is not something that is in place within the US. However, with current projections showing that it’s likely the USA will increase revenue at almost 20% per year until 2026, it’s safe to expect the USA market to be much closer by the time 2026 closes out.
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