The online gambling industry has been growing immensely over the years. The market generates revenue through remote gaming activities facilitated via the internet on computers and mobile devices.
Online gambling entails sports betting, online casinos, virtual poker rooms, and lotteries among others. The global online gambling industry size is expected to expand from $73.42 billion in 2021 to $81.08 billion by the end of 2022.
In the United States of America, the online casino niche has been gaining more traction among players, operators, and investors alike.
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The Rise of Online Casino Gambling
The upsurge of online casinos began in 2020 after brick-and-mortar casinos were forced to close business in response to the covid-19 pandemic restriction measures. During the pandemic, players were forced to turn to online casinos as the only available option.
Online casinos experienced great growth in popularity and revenue. At the onset of the pandemic, a report by The Business Research Company predicted that the market was poised to witness a 12% year-over-year growth from $58.96 billion in 2019 to circa $92.86 billion in 2023.
DraftKings, one of the industry giants, saw a significant increase following its IPO in 2020. The operator was among the pioneers in offering online casino games like roulette and slots, and sports betting in 2018.
During the pandemic, DraftKings Inc. seized the opportunity to expand its online gambling platform. It launched its operations in Iowa to offer online sports betting services to residents. It has also debuted its online sports betting and iGaming offering in Pennsylvania.
It is evident that the online casino business is booming in the US, and at a rapid rate. As a result, investors see it as a profitable opportunity to invest in the young and rapidly growing market.
Today, there are thousands of great online casinos. Here is a dynamic guide on the best USA online casinos.
Should I Invest in Gambling Stocks in 2022?
The online gambling market is set to keep growing. As more states legalize online casino gaming, many startups are betting on this thriving industry. The most appealing thing about the online casino market is that it has multiple categories.
A stock like Bet365 Group Ltd. Would be such a great pick from the online gambling space. The company offers both online casino games and sports betting markets, hence maximizing its profits. The platform has well over 23 million active users.
The Covid-19 pandemic was a blessing in disguise for the online gambling market. By taking advantage of technological advancements and a fast internet connection, online casinos are now delivering the gambling experience right to the player’s hand hands.
Mobile technology has also played a significant role in the growth of virtual casino companies in the US. Today, players can engage the casino platform on the go via their smart devices. This essentially means larger market coverage.
As a result, we are seeing more venture capitalists and the hedge fund industry moving their interests into the online casino market. Of course, the common assumption is that the industry will keep growing in the future.
With hedge funds showing sentiments in the online casino gaming space, it is a clear indication that the market is ripe for investors to explore.
Factors Driving the Growth of the US Online Casino Market
The growth of the online casino gambling market can be attributed to several factors. These factors include but are not limited to:
Access to Stable Internet Connection
This is arguably one of the greatest contributors to online casinos in the US. A fast and stable internet connection guarantees accessibility to virtual casinos. As a player, you get a chance to enjoy unlimited access to your favorite games provided that you have a reliable internet connection.
This offers great convenience to players, which is not achievable with brick-and-mortar casino establishments. The introduction of the 5G network is set to change how players interact with online casinos. From live streaming to virtual, augmented, and mixed realities, the experience is set to change.
Smart devices such as smartphones, tablets, and smartwatches have made it possible for players to enjoy casino gaming on the go, thanks to technology. Online casinos and game developers are working to offer mobile-friendly platforms and games.
Mobile casino apps have also been gaining traction in the United States of America. Since mobile devices are portable, players can play and wager on their favorite games at any time, and from anywhere. This has drawn more players to the market.
Here is yet another factor that continues to influence the growth of online casinos. It is no secret that online casino operators invest heavily in marketing campaigns. Leading online casino brands have developed multiple marketing strategies designed to catch the attention of a wider audience.
Digital marketing techniques are proving to be quite effective for online casino companies. These techniques include social media marketing, paid ads, content marketing, etc.
Diversified Gaming Collections
Players have a variety of games to choose from at US online casinos. Operators understand that one way to keep players entertained is by offering them thrilling and immersive game titles.
A majority of casino sites offer thousands of slots, and table games, just to ensure that there is something for everyone. Our preferences in casino games are different, and a wide variety of games ensures that every player gets access to their favorite games.
US online casinos are quite generous with their bonuses, especially to new players. Due to the stiff competition in the market, operators have to attract new players to their sites using lucrative bonuses and promos.
The bonuses can come in different shapes and sizes. Some casinos will offer bonuses after registration, while others will expect the player to make the first deposit. The most prevalent casino bonuses include welcome bonuses, reload bonuses, VIP bonuses, and free spins.
These bonuses help attract new bonuses and retain existing customer bases. This has gradually led to an increase in the number of online casino players in the US. However, it is important to note that online casino bonuses come with stringent terms and conditions.
Therefore, you must read the casino site’s fine print before claiming or redeeming its bonuses. This way, you will avoid unwelcome surprises.