LONDON--(BUSINESS WIRE)--Technavio’s latest market research report predicts the casino gaming market in the US to reach revenues worth USD 93 billion by 2020, posting a moderate growth rate over the next four years.
In this report, Technavio covers the present scenario and growth prospects of the casino gaming market in the USfor 2016-2020. This market research report also includes up to date analysis and forecast for various market segments and all geographical regions.
“Many casinos are adopting alternate methods to increase their customer base and expand their business in the US. For example, casinos are collaborating with prominent luxury hotels to offer entertainment options. Slot machines are often placed at restaurants, bars, and other attractions to reach out to potential customer,” says Technavio’s lead market research analyst for media and entertainmentsector, Faizan Akthar.
“The tourism industry in the country has recovered since the end of the economic recession, growing at a CAGR of over 7% until 2015. The US is one of the few countries that allow advertisements for casinos, thus encouraging local level marketing by casinos. This strategy has increased the number of tourists interested in gambling in the country,” adds Faizan.
The 'Global Online Gambling Market - By Type, Device, Region - Market Size, Demand Forecasts, Industry Trends and Updates (2016-2022)' report has been added to Research and Markets' offering.
Some of the other driving forces behind the growth of the casino gaming market in the US are expansion of online gambling, immense contribution to national economy, and advanced transportation infrastructure in the US.
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Expansion of online gambling
Us Online Gambling Law
Online gambling was not legal in the US until the states of Nevada, New Jersey, and Delaware legalized it in 2013. Virtual online casinos provide more protection to user transactions than real casinos offer because they offer access after multiple verification procedures. This segment grew by almost 212% in terms of revenue in 2015, indicating a trend that is set to make online gambling the future of the casino market in the US. The possibility of exponential growth in this segment is expected to gain further traction with many other states in the US considering legalization of online gambling in the next four years.
Immense contribution to national economy
The casino industry in the US helps the economy by providing substantial employment opportunities. In 2015, the US casino market generated half a million jobs and more than USD13 billion in tax revenues. Casinos are taxed at 25% whereas the tax for an average American citizen is 10%. This trend is encouraging the US government to legalize casinos across the country.
Advanced transportation infrastructure in the US
Us Online Gambling Sites
One of the primary factors influencing the growth of the casino market in the US is its transportation infrastructure. For instance, Las Vegas has an airport capacity of more than 20 million visitors annually. The state's roadways are also well planned and connect the city to Southern California and Arizona. The intercity transport system is also very efficient, and features monorails and bus and shuttle services which further conveniences travelers interested in gambling.
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The global online casino market size has been estimated at EUR 11.9 billion in 2018 (H2 Gambling Capital, February 2019). Europe accounts for 63 per cent of the global market, with the UK being the largest single marketplace. Mobile gaming continues to be a key factor in the development of the global online gaming market. In 2018, mobile gaming accounted for 41 percent of revenues on the global online market, up 39 percent on the previous year. The online gaming market continues to be driven by other macro trends like globalisation and digitalisation. There is a shifting trend towards re-regulation, which is opening the door to new geographical markets for online gaming.
Competitors
Among suppliers, the online gaming market is dominated by a handful of companies. Most of these offer a broader product portfolio than NetEnt.
In 2018, NetEnt had an estimated global market share of 16 percent, and 25 percent in Europe, based on market data from H2GC.