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How will the online gambling market develop in the coming years in the USA?
A lot of changes are ongoing in the online gambling market all over the world including the USA. America is an area where online gambling is rapidly growing at a jaw-dropping speed. Tracking and predicting the development of the market in the coming years in the USA is simply a matter of analysis and watching out for noticeable trends and patterns.
One noticeable development is the ever-growing number of players and casinos. You can find top US online gambling sites on Casinovibez that offer genuine casino services and mouth-watering bonuses. They all have licenses and a solid reputation for fair play.
The Online Gambling Market in the USA
US online gambling market is one of the largest and fastest-growing in the world. As of 2018, the value of the US online gambling market was USD 47.57 Billion. According to a report from Industry Stats Report (taking into consideration the COVID-19 period), the value of the market will grow to USD 94.37 Billion by 2025. The US gambling industry is expected to record a CAGR of 10.28% over the stated period.
With so much growth expected from this rich industry, the question is how will it develop in the US in the nearest future. A look at nature, peculiarities, and predicted trends will reveal a rough pattern of development.
1. More Players Expected to Join The Market
The first and easiest development trait to predict is the addition of many new players and gambling companies in the US market. Anywhere there is a profit to make, you can expect people and companies to flock in. The online gambling market in the US is extensive enough for both players and companies to eat from. With the expected growth, expect more people joining in to get a piece of the cake.
2. Further Rise in Mobile Gambling
Already, mobile gaming is the fastest-growing segment of the gambling industry in the US. More people are turning to internet-based gambling especially mobile gaming due to the ease and convenience of play. Also, no payment restrictions contributed to its appeal.
About fifty players of the online gambling population in the US use their mobile phones or tablets instead of using desktops, laptops, or the more traditional forms of gambling. This number is expected to increase as more casinos and gaming manufacturers build casino games that are compatible with mobile devices.
3. US to dominate the online gambling market
The United States makes up the top five countries where gambling activities thrive. An astonishing 1.8 million people are employed in 40 states in the United States from the gambling industry. In the online gambling market, in a few years, the United States will dominate the landscape.
A lot of online innovations are opening up the ground for US dominance such as cryptocurrencies and virtual reality. Government attitude towards online gambling which has historically been a sour point is no longer so.
Many state governments and legislative houses are supporting the promotion of online gambling activities in their states. Harsh gambling laws across the US are now under review as their purpose, which was to stop illegal bookies is no longer relevant.
In America, the following states, New Jersey Nevada, Pennsylvania, and Delaware have set a standard for other states to follow by becoming the first states to legalize online gambling. Delaware and New Jersey have taken it a step further and now permit online casinos and poker sites.
In the nearest future, more states in the US will legalize online gambling including online casinos and poker sites. But for the moment, there are only four states (Nevada, Delaware, and New Jersey) where bookmakers can get a license to operate legally in the US.
4. New Jersey To Dominate the US Online Gambling Market
New Jersey boasts of having the largest market for online gambling in the US. As the online gambling market in the US grows, New Jersey will retain its top spot. Currently, the online gambling market in the state is worth over USD 225 million a year. This number will grow in the coming years with more players coming into the market.
5. Cryptocurrencies and Virtual Reality Technologies to Play Increased Roles
Cryptocurrencies are decentralized currencies that are growing in popularity in the online world. An impressive number of online casinos have integrated cryptocurrencies into their payment options. There are many online casinos globally that operate using only cryptocurrencies. In the coming years, cryptocurrencies such as Bitcoin will play more roles in the industry.
Virtual Reality Games are another technology to watch out for in the coming years in America.
Conclusion
The development of the online gambling market in the US is expected to record satisfactory growth rates in the nearest future. With no setbacks, the market can develop in the future to one of the largest in the world,
Andrew Cochrane Chief Business Officer of GiG
GiG increases Ontario market presence, powering the launch of Casino Time
Gaming Innovation Group Inc. (GiG), has announced the launch of Casino Time, powered by its award winning iGaming platform and pioneering real-time rules engine LogicX, with revolutionary sportsbook, SportX soon to follow, to further extend its footprint in the regulated Canadian province of Ontario.
The launch of Casino Time carries extra significance, marking only the second time that on-demand, regulated online Bingo has been made available in Ontario. The new Bingo product vertical, launched alongside a strong Casino offering, will be boosted by GiG’s new sportsbook, SportX, as part of a planned release later this year.
GiG has focused its solutions on driving exponential growth in revenue for operators with its highly scalable iGaming platform, offering localised third party content and leading suppliers for the Ontarian market. GiGs peerless gamification layer creates an optimised and immersive casino experience tailored to regional preferences, swelling client retention and player engagement.
Canadian owned and operated, Casino Time is a joint venture amongst leading retail operators in Ontario’s Charitable Gaming sector, delivering Bingo, Slots and Live Dealer Casino Games. Promising a personalised service and community experience, Casino Time is continuing its long-standing partnership with local charities, introducing its joint fundraising model into the iGaming space for the first time.
Now coming towards the end of its second year of licensed operations, Ontario has emerged as one of the largest iGaming markets in North America, second only to New Jersey according to data supplied by Vixio. The first and as yet only Canadian province to launch a regulated market, Ontario boasts more than 1.6 million active player accounts spread over 40 plus operators, generating €1.3 billion in Gross Gaming Revenue (GGR) in its first year of trading, with this data supplied by iGaming Ontario.
Andrew Cochrane, Chief Business Officer of GiG, said: “GiG continues to set the pace with a strong cadence of brand launches in 2024, and I’m pleased that when operators are seeking platform solutions in regulated markets, GiG is leading the pack. Our partnership with Casino Time, will help deliver something new and exciting to the Ontarian market, and further helps to demonstrate the flexibility of our solutions, adapting to match the regional aspirations of our partners to deliver growth.”
D’Arcy Stuart, CEO of Casino Time, said: “We are thrilled to partner with GiG as the core technology provider of our iGaming platform. Their powerful suite of player engagement tools, as well as diverse content and regulatory integrations, underpin our ability to serve and delight our player community. Our hybrid online and offline customer network, as well as unique bingo offerings, will drive exciting opportunities as the platform and the marketplace continues to grow.”
Glitnor Group, operating under the LCKY Group in Ontario, has joined the International Betting Integrity Association (IBIA). Glitnor Group’s luckycasino.ca brand sportsbook will feed into IBIA’s world leading betting integrity monitoring platform. The operator joins over 50 companies and 125 leading sports betting brands in IBIA and further cements the association’s position as the leading sports betting integrity monitoring body in Ontario and globally.
David Schwieler LCKY Group CEO, said: “At Glitnor Group, we’re dead serious about keeping our betting games fair and square. That’s why teaming up with IBIA is a big deal for us. We know how crucial it is to protect the spirit of sports, and we’re ready to roll up our sleeves and work closely with the IBIA to make sure sports betting stays exciting, speedy, and above all, fair.”
Khalid Ali, CEO of IBIA, said: “I am delighted to welcome Glitnor Group as IBIA’s latest member in Ontario. Glitnor and IBIA share a common goal to maintain the integrity of the sports betting marketplace and to protecting consumers and sports from match-fixing. Ensuring product integrity is paramount to our approach and we look forward to integrating Glitnor within our leading global sports betting integrity monitoring system.”
IBIA is a not-for-profit body that has no competing conflicts with the delivery of commercial services to other sectors and is run by operators for operators to protect regulated sports betting markets from match-fixing. IBIA’s global monitoring network is a highly effective anti-corruption tool, detecting and reporting suspicious activity in regulated betting markets.
Through the IBIA global monitoring network it is possible to track transactional activities linked to individual customer accounts. IBIA members have over $300bn per annum in betting turnover (handle), accounting for approximately 50% of the global commercial regulated land-based and online sports betting sector, and in excess of 50% for online alone.
IBIA recently released a report on the Availability of Sports Betting Products which highlighted Ontario as a leading regulated gambling jurisdiction, with an expected onshore channelisation for sports betting of 92% in 2024 forecast to rise to 97% in 2028. IBIA currently represents over 60% of the private sports betting operators licensed in the province. All online sports betting operators licensed in Ontario are required to be part of a betting integrity monitoring body.
IBIA’s 2023 annual integrity report detailed 184 alerts reported in the year, which represents a decrease of 101 (or 35%) on the revised 2022 figure of 285 alerts. IBIA alerts contributed to the investigations and subsequent successful sanctioning of 21 clubs, players and officials in 2023, an increase on the 15 sanctioned in 2022.
The post Glitnor Group expands IBIA’s betting integrity presence in Ontario appeared first on European Gaming Industry News.
Bragg Gaming Group Inc., a global B2B gaming technology and content provider, announced that Chief Financial Officer (CFO), Ronen Kannor, has notified Bragg’s board of directors (Board) that he will resign from his position to pursue other career opportunities, effective June 3, 2024. The Company confirms that the search for a replacement CFO has commenced.
Matevž Mazij, Chief Executive Officer and Chair of the Board, commented: “We thank Ronen for his dedication and commitment to Bragg over the past four years and for his unwavering service as a pivotal member of the leadership team.
“During his tenure as CFO, the Company has undergone huge positive transformation including being uplisted to the Toronto Stock Exchange, dual listed on the NASDAQ and successfully completing two acquisitions, all while reporting consecutive years of revenue, gross profit and adjusted EBITDA growth. We wish Ronen all the very best in his future endeavors.”
Ronen Kannor commented: “It has been an honor to be part of the Bragg team which has successfully navigated many challenges and continued to deliver consistent growth over the past four years. I thank the Board for their support throughout my time with Bragg, and I am now fully focused on ensuring a smooth handover to my successor.
“Special thanks goes to my finance team, who work tirelessly to deliver the positive change and financial growth that the Company continues to achieve. I wish them and all of my colleagues continued success with Bragg now and in the future.”
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