U.S Gambling Market Growth: Online casino revenue in six legal iGaming states, New Jersey, West Virginia, Michigan, Delaware, Pennsylvania, and Connecticut, surged 35.2% year-over-year to $5.0B in 2022.
Since the Supreme Court overturned PASPA in 2018, paving the way for state-by-state legalization, sports betting has expanded to 33 states and the District of Columbia, including 24 jurisdictions with legal online betting.
While some U.S. states were slower in legalizing iGaming, gamblers still made their mark, resulting in a year-over-year gain. American Gaming Association reports a 22.7% increase in Q1 2023. With iGaming generating $1.48B in Gross gaming revenue. Excluding Nevada online poker, reflecting the same half-dozen iGaming markets.
Factors Driving the U.S Gambling Market Growth
Various market drivers fuel the growth of the US gambling market. Technological advancements like the widespread adoption of 5G networks, increased internet accessibility, and the proliferation of smartphones have revolutionized the gambling industry. Moreover, the demand for security and anonymity, coupled with the integration of cryptocurrency and blockchain technology, has further enhanced the appeal of online casinos.
Additionally, strategic marketing initiatives play a significant role in attracting players to online gambling platforms. However, one key factor enticing players is the availability of bonuses. Players can typically expect to receive attractive bonus offers when making their initial deposit. Which significantly enhances their overall gambling experience and incentivizes continued engagement. These bonuses are a compelling incentive for players to choose online casinos as their preferred gambling option.
Types of Casino Bonuses for U.S Gambling Market Growth
Online casinos in the U.S. offer a range of enticing bonuses to attract and reward players. Here are some examples of popular casino incentives:
The Welcome Bonus is a common casino bonus offered to new members upon their first deposit. It often includes bonus funds or free spins, giving players an initial boost to their bankroll and a chance to explore the casino’s offerings.
VIP/Loyalty Rewards are designed to reward players for their loyalty and consistent play. These bonuses typically come in tier credits, where players earn points based on their activity level. Higher tiers unlock exclusive perks, personalized offers, faster withdrawals, dedicated account managers, and other VIP benefits.
Free Spins are a popular bonus that allows players to spin the reels of a selected slot game without using their funds. These spins can lead to real money winnings, providing an exciting opportunity to try out different slots and potentially hit big wins.
No-Deposit Bonuses are bonuses that players receive without needing to deposit. They are often awarded as a welcome gift or part of a promotional campaign, allowing players to explore the casino and play specific games without risking their money.
Reload Bonuses are bonuses offered to existing players who have previously made deposits. These bonuses serve as incentives to encourage players to continue playing and depositing funds. Reload bonuses can come as a percentage match of the deposit amount or as bonus funds credited to the player’s account.
Cashback Bonuses provide players with a percentage of their losses back as cash. These bonuses act as insurance, offering players consolation for their losses and an opportunity to recoup some funds.
Refer-a-Friend Bonuses reward players for referring their friends to the online casino. When the referred friend signs up, deposits, and meets specific requirements, the player and the friend receive bonuses, encouraging existing players to spread the word and invite others to join the casino.
U.S. Gambling Market Growth – High Roller Bonuses
High Roller Bonuses cater to players who make substantial deposits. These bonuses are designed to provide generous rewards. And exclusive benefits to high-stakes players include higher percentage match bonuses, increased withdrawal limits, personalized promotions, and dedicated VIP support.
As per the American Gaming Association (AGA) report, during Q1 2023, land-based casinos, including retail sportsbooks, dominated the commercial gaming revenue, comprising 75.3%. Conversely, iGaming and sports betting accounted for 24.7% of the revenue, amounting to $4 billion. The revenue distribution varied across states. With West Virginia contributing 24.3% and Michigan significantly leading with 63.6%, excluding revenue generated by tribal casinos in the latter case.