Online casino gaming has increased in popularity more so than visiting a physical casino because of the convenience of logging in from a device to enjoy gaming remotely. Plus, online casino gaming bonuses are usually more lucrative to encourage people to utilize this platform versus coming in person to a casino to keep crowds and crime limited.
Statista reported the market size of the United States casino gaming market at about $9 billion as of 2022. Between 2022 to 2027, it is expected for the casino gaming market to skyrocket by $13.26 billion because consumers will have more access to larger bankrolls when making bets.
The compound annual growth rate (CAGR) over these five years is expected to be 4.53%. Other reasons for advanced market growth will be the government continuing to deregulate the industry to allow for more online gambling, live betting and online casino gaming becoming more prominent as more open up.
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The Casino Gaming Industry Generated Almost $55 Billion in 2022
Forbes stated that consumers spent $54.93 billion from January to November 2022 betting on casino gaming apps. This was 13.5% higher than the original projection from the American Gaming Association of $53.04 billion for the year.
Consumers betting on table games and virtual slot machines increased by 6.7% to $43.79 billion compared to the rate of expenditures between January to November 2021. Bettors who made sportsbook wagers helped the betting expenditures to increase by 65.4% compared to what was wagered in 2021.
The Casino Gaming Industry is Ahead in 2023 Compared To 2022
As of May 2023, the casino gaming industry is performing better by 12.4% compared to where the earnings were in 2022. The American Gaming Association reported the commercial gaming industry market size as $27.59 billion as of May 2023.
The better performance early on in the first half of 2023 is showing that even now in the second year of the five years of this projected increase, consumers are having higher access to discretionary funds.
Why Will Consumers Have More Discretionary Income?
Discretionary income is defined as the money in someone’s budget that they can use to spend on whatever they desire. This is the opposite of spending on needs such as food, clothes, rent (or mortgage), debt payoffs, and utilities.
Over the next five years, consumers who enjoy online gambling are expected to have more access to discretionary income. As the economy continues to progress, even as inflation takes a toll and interest rates increase, consumers will find more ways to earn money for a living to live how they desire.
Whether it’s getting a higher-paying job, starting a business, or working gigs on the side for supplemental income, consumers are doing what it takes to have the discretionary income they desire for casino gaming and other endeavors.
Frequently Asked Questions
Now that you have learned more about the increasing casino gaming market size from now until 2027, here are answers to your frequently asked questions.
How will the worldwide online gambling industry grow by 2027?
The worldwide online gambling industry will grow by 8.54% in compound annual growth rate (CAGR) and an overall $132 billion in market size by the end of 2027.
How many people have started gambling worldwide since 2019?
176 million people around the world began gambling in 2019.
How many people started to gamble on sportsbooks and casino websites?
Out of the 176 million people that began gambling between 2019 to 2023, about 127.9 million of them do so on sportsbook and casino websites.