According to data released by the American Gaming Association – the trade association of the US gambling industry – the economic impact of casino gambling has increased by 26 percent since 2017. Buoyed greatly by the rise of online casino gaming, the industry now generates $329 billion each year in economic activity. Wages earned within the industry have also increased by 40 percent through 2022, accounting for $104 billion in earnings.
The newest entrant to the industry is iGaming. Casino games played online have rapidly found an audience across the US, but how is it that this new arm of the industry – in the US, that is – is managing to find such quick success?
More and more platforms
As is often the case in any industry in the US, you can usually gauge its health by the number of competitors willing to battle for customers. In US iGaming, for example, there are stacks of platforms all vying for a piece of the same audience.
It’s easy to see why so many top brands from the US and around the world have tried to jump in, too, with iGaming being on track to hit another record year at over $5 billion in revenue. The market’s yet to reach saturation, so more platforms are getting involved, which only increases the appeal and accessibility of the activity. With more variety in all regards, iGaming becomes more intriguing and viable as an entertainment medium overall.
Gaming innovation
As is the case in all other digital entertainment mediums, in the end, it only comes down to the software. Entertainment is derived from the casino games rather than the smoothness of an app or the size of a bonus. Most are familiar with the casino staples – slots, table games, and poker – but being an online-based medium, developers have been able to flex their creative muscles. This has given rise to the arena of crash games. A brand new type of gambling game, you bet at the start and watch as the return grows as the game progresses, with the aim being to withdraw before the journey crashes. It’s a new way to bet and it’s found an audience.
Competition in the promos battlefield
There are many ways that online platforms can compete, but clearly, one of the main battlefields is one that certainly increases the appeal to would-be players. Welcome bonuses are a storied tradition in iGaming, but with the rapid increase in competition in the US market, brands have had to get inventive and offer even more user-friendly terms.
Many have opted to offer players no-deposit bonuses, which are wholly free promotions that only require an account to claim, and the ‘Bet & Get’. With the latter, you bet a set amount in real money and often return three or four times that amount in bonus funds that usually come tied to minimal wagering requirements.
Diversified payment methods
The payments side of iGaming has often presented a roadblock to intrigued players, but the new US iGaming market has gone all-in on embracing as many appealing payment methods as possible. Electronic payments have grown rapidly in popularity, with PayPal, Venmo, Apple Pay, and Google Pay being the most-used online payment brands in the country. So, most online casinos allow for eWallet payments, which offers players added security and privacy. Some have even gone as far as to allow for cryptocurrency payments, appealing to the 38.4 million US crypto owners.
Competition and innovation remain the primary drivers of the US iGaming industry, and as the competition continues to grow, innovations will come to the fore.
Als Read: What businesses can learn about market adoption from the iGaming industry
