US Gambling Revenues Predicted to Skyrocket in Next Four YearsPublished February 11, 2016 by Elana K
Technavio's new report predicts that the casino gaming market in the United States has the potential to hit revenues of $93 billion by the year 2020.
A new report by global technology research and advisory company, Technavio, predicts that the casino gaming market in the United States has the potential to hit revenues of $93 billion by the year 2020.
Technavio’s lead market research analyst for their media and entertainment sector, Faizan Akthar, highlights a number of reasons for the United State’s potential growth.
International casinos are trying to expand their businesses to the US, and are willing to collaborate with hotels and restaurants to make gambling more accessible to consumers.
The US is one of the few countries in which it is legal to advertise casinos. Coupled with this is the growing tourism industry, which means that tourists will have a lot to contribute towards future gambling revenues.
Expansion of Online Gambling
The role of online gambling in the overall US gambling market cannot be minimized. While only three states have thus far passed regulations allowing their residents to play online, these states have been fairly successful. In fact, according to Technavio’s report, these states saw growth of almost 212% between 2013 and 2015 in their online gambling sectors.
Over the next four years, experts expect to see exponential growth in US online gambling. From the states’ side, many are seeking innovative ways to fill their budget deficits, and see online gambling as a good solution. From the consumers’ side, online gambling is easier and more secure than traditional gambling, so it is certainly a hobby that many will turn to.
Gambling Contributes to the US Economy
Both traditional and online gambling provide numerous employment opportunities to the public; in 2015 alone, the US casino market generated half a million jobs. This brings in revenue, as do the taxes that casinos pay (25%) and that players pay (10%).
Technavio is a leading global technology research and advisory company that develops over 200 pieces of research a year. Technavio’s analysts specialize in customized consulting and business research, and span 80 countries.