Continued Growth Predicted For US Gambling Market

Mia Gardner | 04 Dec 2018

US Gambling MarketAccording to recent analysis, gambling in the United States is the fifth highest per capita in the world. The report, which listed the top ten countries with the highest gambling rate, stated that in 2016, players in the US lost $116 billion dollars in wagering activities. Although the States is only in fifth place, the spend per capita is way above that of the countries in 6th to 10th position, and it is expected to continue growing.

A few reasons were listed for the predicted increase such as higher wages and a wider selection of options.

Increased Income

Americans have enjoyed a year on year wage increase of 3%, and in certain cases a 27% increase over the last ten years. This has brought the minimum wage to a high of $22.89 given people much more disposable income and spending power than they had just a few years ago. In addition, higher employment rates mean more of the population are able to participate in gambling than before.  

More Options to Choose From

In increase in disposable income has been accompanied by an increase in gambling options. As more states are regulating online casinos and sports betting, America has more choices than ever about where to bet their money.

Prior to recent legislative changes, punters would have to travel to Sin City or Atlantic City to get their betting fix, today one can access casinos in the majority of states. Online casino’s offer players the choice of every game they can dream of including the convenience of live games without having to leave home. In addition, the recent PASPA ruling means that bettors who prefer sport to slots can bet on their favourite game of football too.

Attracting a Younger Crowd

With only the Millennials not particularly interested in traditional gambling, several companies have started to offer eSports betting as an alternative to a generation of tech heavy sports fans. Originally launched to capitalize on accompaniments such as food, drinks and accommodation, eSports betting is growing at a rapid pace. The industry also believes that the largely untapped millennial generation will eventually join the millions of casino and sport betting fans of their own accord, as they get older.

The Future of the US Market

With new legislation in place and increasing customer choice the US gambling industry is expected to be the largest in the world by 2023, according to industry expert Gambling Compliance. The newly opened sports betting market alone is estimated to contribute approximately $5 billion to the final figures

Source:

https://news.worldcasinodirectory.com/