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Online casinos will be one of the top drivers for a US gaming industry that’s predicted to grow from $75.7 billion in 2024 to $126.2 billion in 2033, according to a study from Renub Research.
“The main drivers of this growth are the growing legalization, improved online gambling websites, and the growing desire for leisure and entertainment activities among customers across the nation,” the report said.
Mobile devices provide backdrop for iGaming popularity across all generations
iGaming’s strength is that, like sports betting, it has tremendous appeal for those who prefer to make bets on a mobile device. It’s that device-based availability that has made online casinos such a powerful driver of the US gaming market.
“Online casino gaming is on fire, fueled by smartphone penetration, e-payment methods, and convenience,” Renub wrote. “It is accessible to home users for slots, poker, and live dealer games, especially among young people. States that allow online gambling are experiencing fast growth in revenue from this medium.”
Mobile platforms not only give players freedom to play anywhere they want in a legal jurisdiction, but also make casinos more appealing to younger generations that land-based casinos have struggled to attract.
“This cutting-edge integration not only improves accessibility for players by allowing them to play gaming experience[s] outside the boundaries of traditional on-site establishments, but also appeals to younger generations who are attracted by the convenience and interactive aspect of digital platforms,” the report said.
Though growth is ahead, operators face critical challenges
Though the US gaming market is expected to grow considerably over the next nine years, there are several challenges the industry faces.
Inconsistent regulations from state to state
One of those challenges, Renub pointed out, has been a thorn in the side of gaming since the Supreme Court of the United States repealed the Professional and Amateur Sports Protection Act in 2018: regulation.
States have adopted or avoided gaming expansion since then, with leaders like New Jersey and Pennsylvania legalizing sports betting and online casinos. Other states, such as Montana, have outlawed all forms of online gaming.
This will be one of the biggest hurdles that the gaming industry will have to clear to continue growth, Renub said.
“The laws of each jurisdiction create its own policy, tax regime, and operating limits, resulting in a complex scenario for countrywide casino operations,” the study said. This fragmentation not only creates difficulties for easy entry into the market but also results in huge compliance costs for operators, as they have to battle through the complexity of complying with incompatible legal frameworks and regulations.”
Rise in problem gambling
The study also cited problem gambling as a challenge the industry needs to address as it grows. The explosive growth of gaming over the past seven years has made casino gaming and sports wagering more accessible than ever, and that accessibility should lead operators to make bigger investments in responsible gambling resources.
“In order to successfully address these urgent issues, a considerable investment in resources must go toward very strong awareness campaigns and the implementation of very extensive player protection mechanisms,” the study said.
“These measures are very important in the creation of a safer gambling environment and preventing the negative impact of addiction on the individual and on society as a whole.”
