The gambling market is set to grow by more than $2 billion in the next five years, according to analysis from experts.
With the permitted change in legislation following the 2018 Supreme Court ruling, states across the US have been rapidly introducing new laws to legalise sports gambling and online play.
These changes have introduced gambling to a much broader market, and it’s this which has driven the uptick in gambling revenue. And with more states in the process of changing their legislation, predictions are for a significant rise right across the country.
The wholesale ban on gambling put the US in a position that was in odd contradiction to the majority of the western world. Despite the need for socially responsible gambling and protective measures, the appetite for sports gambling and online play has rocketed worldwide.
Being unable to participate left US players at a disadvantage, but with the US Supreme Court ruling, states are now able to introduce new legislation. More than 30 states have either done so or are in the process of doing so, with only a relative minority not considering any changes at all.
This rapid expansion of the gambling market had led to predictions of a sharp hike in revenue for the next five years. With the sector’s expected growth of $2.2 billion by the end of 2026.
This represents a compound annual growth of 12.47%, a very healthy return, especially given the current stagnancy of the global economy.
The changes in the US gambling legislation has caught the eye of the major betting firms such as Entain, who are already pursuing a Canadian licence for their online casino site, PartyCasino.
Market watchers have observed that there remain significant challenges for the industry, not least due to the changing landscape, which is still in the process of transformation.
However, growth will be driven universally by both sexes, with online gambling removing some of the barriers that women face with bricks and mortar establishments. Able to bet without the constraints that a physical visit might place, female gamblers contributed more than half the revenue to online betting in the US for 2021.
This trend is set to continue, and with big firms recognising the role that female gamblers have to play, there is an increasing number of games and sites catering to their specific needs.
The US is one of the most technologically advanced countries in the world, and this is another benefit for the gambling sector. With widespread access to broadband and smartphones, mobile gambling held the largest share in the US last year.
The preference for mobile gaming is expected to increase, and with more gambling apps being offered, this sector will see the most growth of all.
All of this is good news for betting firms who will feel confident in expanding their services and investing in existing facilities to be more competitive on the market.