The online gambling market in the United States will see a compound annual growth rate of more than 15% from 2020 through 2025.
That is the prediction in a new study by ResearchandMarkets.com. The Dublin, Ireland-based firm described the current market as “highly fragmented” and noted the players run the gamut from regional to global entities.
“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,” the study’s authors said. “Merger and acquisition is the most preferred strategy in the casino gambling market.”
The key players also are focusing on launching their offerings in new potential markets, the study added. Online betting currently is legal only in Nevada, Pennsylvania, Delaware and New Jersey.
New Jersey currently is the largest market for online gambling in the US, the study noted, as more than a dozen legal and licensed online casino sites and poker rooms compete for an overall market that is worth more than $225m per year.
“The live casino market is still at nascent stage in the country, owing to its stringent regulations. However, software providers such as Ezugi and Evolution Gaming have been granted licenses to provide their live deal games in New Jersey,” the study said.
Pennsylvania was the fourth state to legalize online gambling – and the biggest – causing the study’s authors to project rapid growth in the Keystone State. They noted total gross gaming revenue from Pennsylvania casinos was the second-highest after Nevada in 2017, prior to the launch of internet gambling in 2019.
“Regulation of online casinos in the state is expected to increase the number of downloads of various online casino games and add more revenue in the overall online gambling market. Companies are forming partnerships to handle the spur of demand for these online casino platforms and provide consumers with better online casino-playing experience.”
