The potential growth difference for the US online gambling market between now and 2026 is is forecast to be as much as $2.2 billion. This according to research by the market research group Technavio in their “Online Gambling Market In US by End-user and Gender – Forecast and Analysis 2022-2026” report.
The easing of government regulations and wider reach for online gambling are some of the key market drivers. The internet gambling market in America comprises different types of games, and the rewards also differ from one game to another. The rewards are given in the form of physical goods as well as monetary benefits. However, factors such as frequent changes in gambling laws will challenge market growth.
The gambling market online in US enables players to use virtual money, which has reduced the risks related to cash. Some online casinos pay the winning amount in virtual currency, which can then be used to play other games or may be redeemed for cash. This also helps vendors to keep track of the spending history of customers and create customized marketing plans.
However, the frequent changes in gambling laws will be a major challenge for the web based gambling market in the US during the forecast period. Online gambling vendors in the US are wary of the sudden changes in the laws and regulations regarding gambling over the Internet since the legalization of online games in the country in 2012.
With the Internet boom in the 1990s and the increased popularity of web based casino gambling, the Department of Justice and US Congress explored and examined the existing federal laws to find how to apply them to Internet (online) gambling, which led to the introduction of new US online gambling laws as well.
To learn about additional key drivers, trends, and challenges take advantage of the free sample report available with Technavio.