Casino Gaming Market in the US 2017-2021
About Casino Gaming
Casino gaming refers to the games played in casinos, including baccarat, blackjack, craps, and roulette. The games are generally conducted by one or more live dealers, such as a croupier or poker dealer. Casino games are also played on mechanical devices, such as video slot machines.
Technavio’s analysts forecast the casino gaming market in the US to grow at a CAGR of 4.74% during the period 2017-2021. Covered in this report
The report covers the present scenario and the growth prospects of the casino gaming market in the US for 2017-2021. To calculate the market size, the report considers the revenue generated from casino gaming.
Technavio's report, Casino Gaming Market in the US 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Casino Gaming Market 2017-2021
Technavio recognizes the following companies as the key players in the global casino gaming market: Caesars Entertainment, Galaxy Entertainment, Las Vegas Sands, MGM Resorts, and SJM Holdings.
Other Prominent Vendors in the market are: 888 Holdings, Betfair Online Casino Games, Boyd Gaming, City of Dreams Manila, Delaware Park, Dover Downs Gaming & Entertainment, Foxwoods Resort Casino, Gala Coral Group, Golden Nugget Online Casino, Harrington Gaming online, Isle of Capri Casinos, Ladbrokes, Palms Casino Resort, Penn National Gaming, Philippines Amusement and Gaming Corporation (PAGCOR), Pinnacle Entertainment, Resorts World Manila, Station Casinos, Stratosphere, Tropicana Entertainment, Trump Entertainment Resorts, William Hill, and Wynn Resorts.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is shift in consumer gambling habits. There has been a significant change in consumer behavior in the global casino gaming market. The increase in the popularity of gambling apps and social gambling are the major factors expected to propel the growth of the market during the forecast period. Vendors are leveraging the growth in internet using population and increasing adoption of mobile devices to develop innovative social gambling games. The number people participating in social gambling is increasing because they are motivated to compete with friends. With increasing number of friends on social media, players will be able to compete with more friends in their social network. Some of the other reasons for the rise in a number of social players are socializing and interacting through games, user-friendly gameplay, and game tournaments.”
According to the report, one driver in the market is increased contribution to taxes and GDP. The casino industry contributes significantly to a country's economy. It accounts for 0.45% of the US GDP. The revenue generated by casinos can be used to support economic activities such as building schools and hospitals. The casino industry has the potential to create numerous jobs considering the number of individuals required. For instance, a single large casino in the US will require at least 8-10,000 employees working throughout the year. Casinos have to pay 25% of their revenues as tax, while an average American pays 10% of the revenue earned as tax. As tax is a high source of revenue for countries, governments are trying to ease the regulations for casino gaming.
Further, the report states that one challenge in the market is difficulty in processing online payments through financial institutions. The processing of customer payments through financial institutions remains a major challenge for vendors. Until 2011, the federal government was liberal in targeting online gaming operators approaching patrons in the US. However, after the implementation of the Unlawful Internet Gaming Enforcement Act of 2006, which prohibits the online gambling platforms from knowingly accepting payments related to a bet or a wager, financial institutions and credit card processors started prohibiting the processing of online gaming transactions to avoid becoming the target of federal investigations. Similarly, the growing instances where bettors are unable to return the money to the financial institutions pose a threat to market. The restrictions on processing credit card transactions made it difficult for patrons to transact from their online gaming accounts. This issue could be resolved only if financial institutions and credit card processors revise their policies."
Boyd Gaming, Caesars Entertainment, INTRALOT, Las Vegas Sands, MGM Resorts, Penn National Gaming, Wynn Resorts