The North American online gambling market is projected to be worth $13.36 billion in 2023 and is expected to reach $27.49 billion by 2029, with a compound annual growth rate of 12.61% during this period. These forecasts come from analysts at Research&Markets in their thematic study. According to their data, there is currently a growing demand for various types of gambling in the region, and a key factor driving this growth has been the liberalization of legislation in this area, particularly in the United States.
The market is significantly influenced by advancements in mobile technology and artificial intelligence, which allow for increasingly personalized services. Additionally, public attitudes toward gambling entertainment are changing, as it transitions from a niche hobby to mainstream entertainment. Among the drivers of market growth, the authors of the study also highlight successful marketing strategies, including partnerships with sports organizations, campaigns involving celebrities, and welcome bonuses for players.
Read also: How Online Gambling Will Develop in North America: Drivers, Trends, Challenges.
However, analysts view significant differences in regulatory policies between U.S. states and Canadian provinces as key challenges. This factor hinders international brands from scaling their operations and covering most of the country’s territory. It is also essential to focus on maintaining responsible gaming principles, as online platforms have become widely accessible, and keeping them closed off from certain groups can be a challenging task. Nevertheless, for brands, ignoring this issue can be costly—negligence can lead to fines and a loss of user trust. Another threat arising from technological advancements is cyber risks, which companies need to protect their customers against diligently. Companies are also having to survive in an environment of extreme competition, which means investing huge amounts in marketing.
Operators must quickly implement new technologies while being prepared for failures that may arise from even partial reformatting of their operations. This means having a large R&D department and a robust service to combat technological issues. Market trends include the spread of legalization and regulation, the development of mobile gambling, and the integration of artificial intelligence and data analytics. If you found this publication helpful and interesting, we recommend subscribing to our breaking gambling news to receive notifications about the latest updates and stay informed about current events.
