LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the casino gaming market in the US to grow at a CAGR of close to 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global casino gaming market in the US for 2017-2021. The report also segments the market based on the platform into traditional and online platforms, of which the traditional platform accounted for 93% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the casino gaming market in the US:
- Growth in spending capability of customers
- Increase in penetration of online casino gaming
- Easing of government regulations
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Growth in spending capability of customers
The rise in the number of double income households indicates a higher per capita disposable income in the US. This has increased the spending capability of customers in the US, with more than 57% of the women contributing to the work force.
“The demand for casino games has further increased over the past few years because of the growing variety of games. Earlier, online casino games were not preferred because of low affordability, limited awareness, and high risks. However, with the rise in income levels and an increase in investments by vendors in the security of online platforms, the market is expected to witness significant growth during the forecast period,” says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research.
Increase in penetration of online casino gaming
Online gaming provides players with a wider range of casino gaming options, which is one of its most attractive features. Web-based casino gaming allows users to access and play casino games at their convenience. Computing and mobile devices are increasing the reach of casino gaming among consumers. Online casino gaming operators use mobile ads, to reach out to the untapped group of the population which refrains from going to a betting venue, and encourages them to try online gaming.
In 2016, the average age of online gamblers was 38 years, whereas the average age of traditional casino game players was 45 years. During the forecast period, variations in casino gaming are expected to expand the reach of casino games among customers, thus driving the growth of the market.
Easing of government regulations
Though gambling is banned and stringent regulations have been imposed in several states, it is one of the major sources of revenue for the country. Gambling generates high revenue in the form of taxes, creates employment opportunities, and helps reduce budgetary gaps. The amount spent on gambling is a part of an individual’s disposable income after taxes. This disposable income of customers becomes taxable income in the form of prize money. The taxes generated from gambling can be used for social welfare programs run by the government.
“The regulations related to gambling are evolving as many countries are legalizing different forms of gambling. The easing of government regulations in the US is likely to drive the growth of the market during the forecast period,” says Ujjwal.
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