According to a Technavio report, the online gambling market in the US to grow at an impressive CAGR of more than 51 percent during the forecast period.
US.- Technavio analysts forecast the online gambling market in the US to grow at an impressive CAGR of more than 51 percent during the forecast period. The study covers the present scenario and growth prospects of the online gambling market in the US for 2016-2020.
To calculate the market size, the report considers the revenue generated from legal online casino, betting and lottery segments in the country. In addition, the report discusses the primary market growth drivers, challenges faced by vendors and the market as a whole and provides an overview of the key trends emerging in the market.
Although the US is considered as the hub for gambling world because of the presence of popular gambling hotspots such as Las Vegas and Atlantic City, the country follows some of the most stringent federal laws in the world. In 2015, the US was ranked 8th in the global online gambling market, positioning itself after China, the UK, Australia, France, Italy, Germany, and Spain.
“The easing of regulations on gambling serves the wider interest of the government and may be an important trend followed by various other states therby driving the growth of the market during the forecast period,” says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research. “In the US, the average age of an individual visiting a casino is 45 years, whereas the average age of an online gambler is 34 years. The increasing presence of younger population on the online gambling platforms will be one of the significant factors driving the growth of the market during the forecast period.”