DUBLIN, Oct. 13, 2020 /PRNewswire/ — The “United States Online Gambling Market- Growth, Trends and Forecasts (2020-2025)” report has been added to ResearchAndMarkets.com’s offering.
The United States online gambling market is projected to register a CAGR of 15.41% during the forecast period (2020 – 2025)
The current legislation framework for online betting in the United States allows only bookmakers licensed in Nevada, Pennsylvania, Delaware, and New Jersey to operate legally, as these are the four states where online betting is regulated
New Jersey is currently the largest market for regulated online gambling in the United States. Over a dozen legal and licensed online casino sites and poker rooms compete for an overall market that is worth more than USD 225 million a year. There are a number of sportsbooks and online sports betting apps live in the state.
As per the data released by the Division of Gaming Enforcement (DGE), in June 2019, the revenues from the top three online casinos in New Jersey were as follows. The Golden Nugget/Betfair accounted for USD 13.6 million, the Resorts AC recorded USD 6.39 million revenue, and Borgata/Party earned a revenue of USD 5.66 million.
Key Market Trends
Live Casino Gaining Momentum in The Country
The live casino market is still at nascent stage in the country, owing to its stringent regulations. However, software providers, like Ezugi and Evolution gaming, have been granted licenses to provide their live deal games in New Jersey. Thus, global players are investing significantly and entering into this market, in order to broaden their geographical presence and customer base. For instance:In January 2018, Evolution Gaming opened its first live casino studio in Vancouver. The New Jersey studio offers ten tables of various games, including American Roulette, Blackjack, Baccarat, and Slingshot Roulette.
Moreover, Evolution Gaming signed contracts with several licensed operators, such as Ocean Resort Casino, Hard Rock Hotel & Casino Atlantic City, 888casino, and PokerStars Casino New Jersey. Apart from key players, software providers are also embarking on mergers and acquisitions as one of their key strategies to achieve consolidation and optimize their offerings. For instance, in January 2019, Evolution gaming acquired live dealer gaming provider Ezugi. Ignition Casino, BetOnline, MyBookie, Bovada, 5Dimes, and The BoVegas Casino are some of the prominent players offering live casino games across the country.
Pennsylvania is The Fastest Growing Market
Pennsylvania is the fourth and biggest state to legalize and regulate online gambling. The new law allows for online casinos, online poker, sports betting, and more. Casino gaming (including slots and casino table games, such as roulette and blackjack), poker, sports/horse race betting, and fantasy betting are regulated by the Pennsylvania Gaming Control Board, whereas lotteries are regulated by the Pennsylvania Lottery. Also, as per the data published by the American Gaming Association, the total gross gaming revenue of Pennsylvania casinos amounted to approximately USD 3226.92 million in 2017, which was the second-highest after Nevada.
Therefore, regulation of online casinos in the state is expected to increase the number of downloads of various online casino games and add more revenues in the overall online gambling market. After the imminent launch of internet gambling in 2019 in the state of Pennsylvania, the companies are forming partnerships, to handle the spur of demand for these online casino platforms and provide consumers with better online casino-playing experience
The United States gambling market is a highly fragmented market and comprises regional and global players such as 888 Holdings PLC, William Hill PLC, Caesars Entertainment Corporation and others. 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. Merger and acquisition is the most preferred strategy in the casino gambling market.
The key players are also entering into partnerships/agreements to enhance their offerings. Moreover, these players are also focusing to launch their offering in the new potential markets.
For instance: In 2018, 888 Holdings PLC launched a new portfolio of live dealer casino games in New Jersey, as part of the continued expansion of its business in the Garden State.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Game Type
5.1.1 Sports Betting
18.104.22.168 Live Casino
22.214.171.124 Other Casino Games
5.1.3 Other Game Types
5.2 By End Use
5.3 By Geography
5.3.1 New Jersey
5.3.4 Rest of the United States
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 William Hill PLC
6.4.2 MGM Resorts International (Borgata Hotel Casino & Spa)
6.4.3 Flutter Entertainment PLC
6.4.4 Caesars Entertainment Corporation
6.4.5 Wild Casino
6.4.6 El Royale Casino
6.4.8 888 Holding PLC
6.4.9 Slots Empire Casino
6.4.12Cherry Gold Casino
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/p7vadl
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:https://www.prnewswire.com/news-releases/united-states-online-gambling-market-report-2020-live-casino-gaining-momentum-despite-stringent-regulations-301151419.html
SOURCE Research and Markets