Major trends in the gambling industry in the U.S. and beyond
The gambling industry has been growing steadily in recent years, helped along by loosening restrictions on online gambling in many markets such as using cryptocurrency deposits. This year has been a difficult one for the industry, mostly for regional casinos that were ordered to close due to COVID-19 restrictions.
However, many people turned to online gambling to get their fix, so in some ways, the gambling dollars simply shifted a bit. Let’s take a look at some of the key trends in the gambling industry.
Statistics about the gambling industry
According to data from Statista, the gambling industry contributes about $137.5 billion to the U.S. economy every year and employs over 730,000 people. Globally, the total gross gaming yield of the gambling market was at $450 billion in 2018, and it was expected to grow to $495 billion in 2019.
Casinos held 25% of the global gambling market. In the U.S., casino gaming market revenue was up to $79.42 billion in 2018. Turning to online gaming, the global online gambling market was $58.9 billion in 2018.
The top casino companies worldwide in 2019, based on revenue, were Las Vegas Sands, MGM Resorts, Caesars Entertainment, Galaxy Entertainment, Wynn Resorts, Meico – Crown Entertainment, Penn National Gaming, SJM Holdings, Boyd Gaming, and Genting.
Trends and forecasts for 2020 and beyond
CalvinAyre looked at the trends and forecasts for the gambling industry in 2020 through 2025. The industry continues to grow despite the pandemic, and the rate of return on investments has proven to be quite high. After reaching $495 billion last year, gross gaming yield is expected to continue rising this year despite the challenges facing the industry.
According to CalvinAyre, several factors will combine to continue growing the gambling industry, including development of IT technologies around the world and formation of the economies of developing countries. The world’s population is also seeing its income grow, and many countries are easing their restrictions on gambling.
In North America, there are more gambling establishments than on any other continent, according to CalvinAyre. Three U.S. states have gambling establishments, while three other states have pari-mutuel facilities hosting dog racing, horse racing, or modern racinos which include video poker terminals or slot machines. In all, North America has over 1,000 commercial gambling establishments in the U.S., Mexico and Canada.
Whether you take an active role in the gambling industry, you’re thinking about investing, or you have some other interest in the industry, the statistics all show it is healthy and growing.