Companies MGM Resorts, DraftKings, 888 Holdings, and Lotto Direct Limited are dominating the US gambling market which is set to grow 17.34% in the next five years, new research has indicated.
In projections that highlight the evolving landscape of online gambling entertainment, the US gambling market could see a Compound Annual Growth Rate (CAGR) of 17.34% over the upcoming five years. The dramatic uptick comes in the wake of changing consumer behaviors prompted by the pandemic, with Americans considered more likely to seek profits in the short term, according to ResearchAndMarkets.com.
Following the pandemic, there was exponential growth in the gambling industry. As investment opportunities diversified, individuals were seen to turn to traditional stocks, while others gravitated towards online gambling platforms.
Companies such as 888 Holdings and DraftKings have solidified their position in the UK and Europe, with BetMGM recently announcing their plans to expand to the UK.
MGM Resorts CEO and President Bill Hornbuckle lauded the move, citing it as a "key step forward" as the company looks to develop its international growth strategy which is moving swiftly following the acquisition of LeoVegas.
He said: "BetMGM is a proven brand in the sports betting and iGaming space, and we look forward to welcoming international players into our platforms designed specifically for them."
The research states that American gamers are often characterized as "digital natives" who readily embrace technology-driven experiences. At present, New Jersey leads the market for regulated online gambling within the United States, hosting an impressive array of legal and licensed online casino sites, poker rooms, as well as sportsbooks and online sports betting applications.
Casino gambling, in particular, has emerged as an increasingly popular online gambling category due to its accessible nature and user-friendly interface. With new technological advancements, the industry has witnessed widespread integration of innovations like virtual reality, blockchain technology, and mobile platforms which have led to high numbers of player acquisitions at casino sites.
With the industry booming, software suppliers such as Evolution Gaming have played a pivotal role in elevating consumers' gaming experience. The integration of live dealer games has contributed to enhancing online casino offerings. This varies from state to state, however, due to certain regulations.
Despite the regulatory differences, there is cause for optimism in the future with further expansion of the online casino market. Software providers like Ezugi and Evolution Gaming have secured licenses to provide their live dealer platforms in New Jersey.