The Covid-19 pandemic has impacted many industries, with few more so than the gambling industry. With trends already shifting towards online gambling and away from physical casinos, the restrictions on movement and physical interaction over the past two years have only accelerated this move. Now, the online gambling market in the United States is expected to hit USD 7.61 billion by 2028. We look at some of what is fuelling this growth.
An Increase in Internet Access
Last year, USD 2.65 billion was spent on online gambling in the United States. Fast forward seven years, and analysts expect this number to triple, growing at a rate of 16.4% per year.
One of the key drivers behind this growth is the increase in internet access around the world. Right now, about 4.9 billion people have access to the internet across the globe. This figure is the highest it’s ever been and is only expected to grow. Factors such as increasingly affordable mobile devices, rising incomes, and increased digital literacy all have had an impact on the growth of the online gambling industry, and will only continue to fuel its rise more in the future as well.
Add to this the continued competition between internet providers driving down the cost and increasing the reach of high-speed internet, and this is a factor that will lead to further expansion of the online gambling market.
The Expectation of Convenience Has Grown
Imagine sitting in traffic five days a week, spending hours just to get to a desk where you can sit and work all day.
For many of us, this was the reality two and a half years ago. However, the Covid-19 pandemic has had a lasting impact on our expectations of convenience—now, far fewer employees are willing to sit in traffic and travel to an office building, for something they can just as easily do from the comfort of their own homes.
The same goes for gambling. Where once consumers were willing to go to a physical casino to gamble, now players are wanting the convenience of gambling online. Find out more at NJCasino, which outlines all of the different online casinos in New Jersey, with comprehensive slot reviews and advice on how to play. There’s no doubt this is a shift that has fuelled the growth of the online casino market.
Cybercrime Poses a Threat to Growth
While some cities in America are experiencing increased crime rates, the same is threatening the growth of the online casino market online as well.
An industry conducted entirely digitally, involving the transfer of billions of dollars of funds every year, is sure to attract some form of cybercrime. This has been seen with the online gambling sector in the US, where signal manipulation and software hacking have been used to target some online gambling operators.
Other aspects of cybercrime, such as app-based theft are also increasing. While the online gambling market is on the rise, if it is to continue growing at such a rate, security measures will need to improve, in order to assure consumers of their safety.