The iGaming industry in the United States is growing at an alarming rate. In this blog post, we will take a look at some of the key statistics that are driving this growth, and we will also explore some of the challenges that operators face in this rapidly-growing market.
The State of the Industry
The iGaming industry in the United States is currently worth an estimated $240 million, and it is projected to grow at a rate of 18.65% over the next five years. This growth is being driven by several factors, including the increasing popularity of online gambling, the growing acceptance of iGaming among US consumers, and the loosening of gambling laws in several states, among other factors.
The Growth of Online Gambling
One of the key drivers of iGaming growth in the United States is the increasing popularity of online gambling. According to a report by Juniper Research, the number of people gambling online in the US is expected to increase from 14.75 million in 2018 to 25.35 million by 2023.
The Growth of Mobile Gambling
Another key driver of growth in the US iGaming industry is the growing popularity of mobile gambling. According to a report by Eilers & Krejcik Gaming, the number of people gambling on their mobile devices in the US is expected to increase from 12.87 million in 2018 to 22.67 million by 2023. This projection is said to be based on a number of elements, including the increase in demand for online gambling products, the increasing availability of mobile gambling apps, and the advancements in technology.
The Impact of Legalization
The legalization of iGaming in the United States has had a significant impact on the industry. In states where iGaming is legal, operators are seeing significant growth, and this growth is being driven by both online and mobile gambling. A good example of this is DraftKings Casino, an online gambling provider that operates in a dual technology market. DraftKings is 100% legal and compliant and has seen success in recent years based on their marketing efforts, among other factors.
Apart from that though, the legalization of iGaming has led to more investment in the industry, and we can expect to see even more investment in the coming years.
Is Bitcoin part of the US iGaming Future?
The gaming industry is experiencing an incredible growth in popularity, and its bright future will include the innovative blockchain technology. Digital currencies such as Bitcoin, Ethereum, Litecoin, Dogecoin, and BitcoinCash will all become viable payment options, as well as the quickest.
Blockchain casinos are becoming increasingly popular among this generation’s contemporary mentality of zero compromises with its time. The current users don’t want to lose any precious time and want everything they require delivered in a single click. This is why the quick iGaming industry approach, together with the virtual reality that comes with it, is a winning combination in our modern environment.
The Challenges of Operating in the US Market
Despite the growth of the iGaming industry in the United States, there are several challenges that operators face in this market. One of the key challenges is regulatory compliance. Operators must ensure that they are compliant with all relevant gambling laws, and this can be a difficult task, given the complex and ever-changing regulatory landscape in the United States.
Another key challenge for operators is marketing. In order to be successful in the US market, operators must have a strong marketing strategy, and they must be able to reach out to potential customers in a crowded marketplace.
How the US iGaming Industry Impacts International Markets
The iGaming industry in the United States has a significant impact on international markets. The US is one of the largest gambling markets in the world, and the growth of the iGaming industry in this market is having a ripple effect on other markets around the globe. For example, we are seeing more investment in international iGaming companies, and we can expect to see more mergers and acquisitions in the coming years.
The Future of the Industry
The future of the US iGaming industry looks bright. The market is projected to continue growing at a rapid pace, and new markets are opening up as more states loosen their gambling laws. In addition, the increasing popularity of online and mobile gambling is likely to lead to more innovation in the industry, and we can expect to see more new products and services being launched in the coming years.
Author Bio: Vinod Gill is a writer who specializes in writing content on Sports and Gaming subjects. He is a Digital Marketing Consultant, Blogger, and Co-Founder of Ecompany.