U.S. gaming market to hit $93b by 2020, helped by online

The U.S. gambling market is likely to grow to $93 billion by 2020, helped by increasing online activity, according to a research report from Technavio.

The tourism industry in the country has recovered since the end of the economic recession, growing at a compound average growth rate of over 7 percent until 2015, the report said.

Part of the growth has been fuelled by local level marketing by casinos, which has increased the number of tourists interested in gambling, says lead market research analyst for the media and entertainment sector, Faizan Akthar.

However, online gambling, which is only legal in Nevada, New Jersey, and Delaware, is also fuelling growth.

“This segment grew by almost 212 percent in terms of revenue in 2015, indicating a trend that is set to make online gambling the future of the casino market in the US. The possibility of exponential growth in this segment is expected to gain further traction with many other states in the US considering legalization of online gambling in the next four years,” he said.

In 2015, the US casino market generated half a million jobs and more than $13 billion in tax revenues.