North America Online Gambling Market Revenue to Exceed USD 20 Billion by 2026
Pune,Maharashtra,Nov 23 2020 (WiredRelease) Graphical Research:According to the Graphical Research new growth forecast report titled North America Online Gambling Market Size By Type (Betting [Boxing UFC, eSports, Football, Formula1, Horse Racing, Tennis], Casino [Baccarat, Blackjack, Roulette, Slots], Poker, Lottery, Bingo), By Device Type (Desktop, Mobile), Industry Analysis Report, Regional Outlook (U.S., Canada), Growth Potential, Competitive Market Share Forecast, 2020 2026 size is set to be over USD 20 billion by 2026. The market is witnessing high growth due to the growing number of sports leagues. Market players are focusing on fantasy leagues, collaborations with prominent sports leagues, integration with local sportsbooks to expand geographic presence, and increase their market share. A rise in the number of legalized states in the U.S. and anticipated legalization in provinces of Canada will further broaden the potential market. The state and federal governments are anticipated to legalize more areas, increasing government revenue.
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Legal sports betting will create several opportunities for regional and local government administrations, generating jobs, tax revenue, and supporting small businesses across the region and positively impacting the market demand. The North America market for online sports gambling is still growing significantly faster than comparable offers in the offline area. The emerging potential customer base from users of smartphones and tablets is due to the increasing market penetration of devices coupled with proliferating internet penetration.
In the aftermath of the U.S. Supreme Courts decision to overturn the Professional and Amateur Sports Protection Act (PASPA) in May 2018, some states pursued an independent framework. Delaware and New Jersey were the first to act with the plaintiff of the Supreme Court Case (Murphy v. National Collegiate Athletic Association). As of 2020, there are 17 legal online gambling platforms licensed by the New Jersey Division of Gaming Enforcement (DGE).
The Federal government is focusing on protecting public welfare and the integrity of the game while generating sufficient tax revenue. The major sports leagues, such as NHL an NBL, support the federal framework as it addresses their interests on a national level. Sportsbooks in particular states prefer gambling legislation regulated on the state level such as by the Nevada State Gaming Commission. Such factors are positively impacting the market growth.
Key players operating in the North America online gambling market are Betsson AB, Betfred, bet-at-home.com AG, BetAmerica, Bet365 Group Ltd., 888 Holdings PLC, Boyd Gaming Corp. (BYD), DraftKings, Inc., International Games Technology, Kindred Group PLC, MyBookie, Penn National Gaming (PENN), Playtech, Scientific Games, Sky Betting Gaming, The Stars Group, Inc., and William Hill PLC. The market players are focusing on their promotional and marketing strategies to target a large customer base. Marketing teams of firms are focusing on promoting products through digital channels to expand their consumer engagement.
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