DUBLIN, Aug. 24, 2023 /PRNewswire/ — The “North America Online Gambling Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023 – 2028)” report has been added to ResearchAndMarkets.com’s offering.
North America Online Gambling Market Primed for Exponential Growth
The North America online gambling market is poised to experience a remarkable Compound Annual Growth Rate (CAGR) of 11.78% over the next five years. This growth is attributed to various factors, including the popularity of casino gambling, advancements in technology, and the increasing legalization of gambling and betting activities across the region.
Casino Gambling Drives Market Growth
Casino gambling has emerged as one of the fastest-growing segments within the gambling industry, thanks to its user-friendly interface and exceptional user experience. Technological advancements, such as virtual reality, blockchain, and mobile platforms, are becoming increasingly integral to the gambling industry in North America. As gambling and betting activities gain legal status in various US states, the market has witnessed a surge in online betting forms, such as casino games, poker, daily fantasy sports, and lotteries. Currently, online betting is regulated in Nevada, Pennsylvania, Delaware, and New Jersey, which paves the way for further market growth.
Technological Transformations Shape the Industry
New technologies, including artificial intelligence (AI), chatbots, and machine learning, are reshaping the gambling industry. AI is being employed by both online and offline casinos to analyze customer behavior and provide personalized services. AI-driven insights are used to attract new customers and optimize the experience for existing ones. Additionally, technologies like chatbots are streamlining customer interactions and providing real-time information, leading to improved customer satisfaction and loyalty.
Growing Adoption of Internet and Internet-based Devices
The increasing adoption of the internet and internet-connected devices, such as smartphones and tablets, is a significant driver of market growth. As more people gain access to the internet and mobile devices, online gambling becomes more accessible and convenient. For instance, in 2020, 84.4% of Canadians owned a smartphone, a clear indicator of the growing potential for mobile-based sports betting. The digitization of gambling activities is expected to contribute to the expansion of the market.
Canada Takes the Lead
Canada holds the largest market share in the North American online gambling market. While regulations in Canada are relatively unstructured, the Canadian Gaming Commission oversees the industry and responds to emerging issues. Laws related to casinos, online gaming, sports betting, and similar activities are managed by individual provinces. The high participation rate in gambling activities, combined with technological advancements, is driving market growth in Canada.
Key players in the North American online gambling market include:
- 888 Holding PLC
- DraftKings (Golden Nugget
- MGM Resorts International (Borgata Hotel Casino & Spa)
- Flutter Entertainment PLC
- Caesars Entertainment Corporation
- Wild Casino
- El Royale Casino
- Slots Empire Casino
- The Stars Group Inc
- Cherry Gold Casino
These players are focusing on mergers, acquisitions, partnerships, and agreements to expand their presence and enhance their offerings. Technological partnerships, such as Golden Nugget’s collaboration with Scientific Games Corporation, exemplify efforts to offer superior user experiences.
Future Prospects and Beyond
With the rapid integration of technology, legalization trends, and growing accessibility to the internet, the North America online gambling market is positioned for substantial growth. Innovations in AI, mobile platforms, and user experiences are expected to drive the market’s expansion, making online gambling an integral part of the regional economy.
For more information about this report visit https://www.researchandmarkets.com/r/ra7ku7
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Originally published at https://www.prnewswire.com/news-releases/north-america-online-gambling-market-set-to-achieve-remarkable-cagr-of-11-78-during-2023-2028–301909119.html
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