A study by the research group Technavio has revealed that they believe the US online gambling industry will grow by an estimated 51% between 2016 and 2020.
The company conducted the report based on the revenue generated by legal and regulated sites operating within the country, while also taking into account the factors that can trigger growth, challenges, and trends in the industry. The study revealed that there will likely be five more states regulating online gaming by 2020, with three states already offering regulated games in one form or another.
Currently, the US is 8th in terms of online gaming revenues, ranking behind China, the United Kingdom, Australia, France, Italy, Germany, and Spain. If more states regulated online betting, that market would grow, and there would be a significant number of jobs generated, according to the report. A huge source of potential resides in mobile gaming, which a majority of American adults possess.
The report in part cited mobile betting, noting: "The popularity of computing and mobile devices, especially among the younger generation, is the main reason for the extended reach of online gambling market in the US. Mobile ads are one of the strongest mediums of advertising, which reaches the untapped group of the population that refrain from going to a casino or a bar where betting is allowed, and influences them to try online gambling."
Online gaming will likely continue to grow in popularity, as it was noted that the average online punter is only 34 years old, while land casino visitors average 45 years of age.