US Casino Market Will Be Worth $93 Billion by 2020
A recent market research study has forecasted good news for the US casino industry by predicting it will experience a period of steady growth and be worth $93 billion by 2020.
Technavio – a leading global research company specialising in emerging market trends and opportunities – published its report this month, detailing a moderate growth rate for the casino industry, which has significantly recovered from the recession. They’ve said that the growth rate will be an average of 5% during the next four years.
The casino industry is fairly strong in the US at the the moment for a number of reasons. Many states have legalised casino gambling to increase tourism and attract visitors, which naturally is expected to have a positive effect on the industry. The main casinos in the US are located in popular destinations like Las Vegas and Atlantic City. Pennsylvania has recently drafted legislation allowing for table games like poker at its land based casinos in a bid to encourage higher revenues. Casinos are popular spots for visitors and there are two major new casinos are due to open this year in the US. The National Harbour in Miami (which is worth $1.2 billion) is almost ready for business and the new addition to the Penn National Gaming casino group will be opening this summer in San Diego.
Some large scale casino companies are currently bidding to extend their chains by building venues in other states. Land based casinos are also implementing different methods to increase revenue, such as merging with luxury hotels chains to offer visitors entertainment options like live poker tournaments to expand their customer base.
The legalization of online gambling in these US states has undoubtedly contributed to the rising popularity of online casinos – which has been a key factor in the growth of the US casino industry. Since 2013, online casino gambling has been legalised in a number of US states, such as Nevada, New Jersey and Delaware, and is expected to become regulated in more jurisdictions in the coming years.
The revenue of the online casino sector in the US rose by a massive 212% last year, indicating that online gambling is the future of the casino market in the US, according to Technavio. A spokesperson for the firm commented that, “Virtual online casinos provide more protection to user transactions than real casinos offer because they offer access after multiple verification procedures.” This encourages improved consumer confidence in online casinos, and will help build future revenue in the casino market. Industry experts have suggested that there is a possibility of enhanced growth in the sector, as more states in the US are expected to make progress in legalising online gambling in the next four years.
Since online gambling is widely considered the future of the casino market in the US, there are an increasing number of online casino sites for customers to chose from, offering a range of games and promotions for players. This has become a popular option for players to enjoy the experience of a casino from the comfort of their own home.
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