New laws and a pandemic later, the iGaming industry became unstoppable. By the end of the year, this market will exceed $200 billion. But how?
The gambling sector hit a record revenue in 2022
Last year was a total success for the gambling industry, according to The American Gaming Association’s Commercial Gaming Revenue Tracker.
The iGaming industry hit a record of $53 billion in 2021, and statistics show that the market is valued in 2022 at around $59 billion and is expected to double its worth by the end of 2023.
A new report issued by the American Gaming Association (AGA) in June 2022 shows that the U.S. gambling revenue exceeded $4.99 billion until April of this year.
Important
Since the start of this year, the gambling revenue has hit almost $20 billion, with a growth of approximately 24% compared with last year’s income.
According to AGA, land-based casinos grossed a total of $4.07 billion, almost more than 6% compared with last year’s April.
Main reasons for the growth of the iGaming industry
Online gambling recently became legal
Online gambling has perpetually been restricted on the territory of the United States of America up until recently when six states declared the legalisation of online gambling.
Important
The six states that tolerate online gambling activities – New Jersey, Connecticut, Michigan, Delaware, West Virginia, and Pennsylvania, had a long transition before being able to implement this.
In 2013, when Nevada launched online poker, other two states, New Jersey and Delaware, released online gambling platforms and poker sites.
Apart from these six states, the other remaining states still have a ban on online gambling. However, in many places in America, online poker and betting are legal for American citizens, so there’s no surprise many states are considering legalisation.
Technology and Convenience
During the last years, we’ve all witnessed an unstoppable wave of online casino launches. It’s more than convenient to gamble directly on your phone and computer.
It is not the same experience as playing in a land-based casino, but the truth is the majority prefer the option of being able to gamble anywhere and at any time.
Tips
Many top online casinos introduced a wide range of games as well as other bonuses.
The global pandemic
The last years changed our lives significantly, and businesses had to adapt to maintain a sense of normality for their customers. When the restrictions closed the land-based casinos, owners had to start focusing on mobile optimization.
Fact
Between 2020 and 2021, more and more people started gambling online, and most casinos began offering online services.
Now, we have our groceries delivered to our doorstep and the ability to work remotely or study at home. These changes are here to stay as it benefits both parties. Therefore, the online gambling market keeps growing, and customers keep adapting their ways in accordance with the convenience our society offers now.
The evolution of the iGaming industry
For centuries, gambling games have existed, starting with card games and later embracing new modern games, as bettors learnt how to play slots online, poker, and blackjack.
Back in the day versus now
A few years ago, the only option available, if you wanted to gamble, was to visit a land-based casino and compete with other dealers and players. These days, you can go online and start playing. Also, there have been many new additions to the gambling variety of games.
Now, players can play live online casino games with a real person, so the industry tries to make many adjustments as soon as possible to offer its audience everything they need to make their gambling experience accessible.
What more can we expect?
Turns out the evolution of online casino games does not stop here. The augmented reality casinos are in the works. Only recently, the financial reports have shown a great rise in the Decentral Games profits due to their new innovations in the VR gambling domain. So, gamblers could soon have a real-time 360-degree unique experience in a casino, but everything in the comfort of their own homes.
In the future, gambling in the online sector will quite possibly become more accommodating towards people with disabilities, such as visually impaired players, who are currently unable to play on betting websites.
AGA claims the iGaming market shows promising prospects
The AGA president declared that the industry wouldn’t stop expanding in the future, as after surveying the CEOs of multiple companies, the results turned very positive. All the people involved in the iGaming market are very optimistic about what’s more to come.
The future of the iGaming industry has never looked more promising. All new changes are here to stay because people have embraced them rapidly, and the way to look at the iGaming’s world prospects is only up.
Tell us your thoughts about these gambling market changes
What do you think of this sudden but steady expansion of the iGambling industry in the United States? And how do you think the future prospects will impact players? Leave us your thoughts in the section below!
