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A Look Ahead: The Future of the American Online Gambling Industry
This article has been put together to summarize what we can expect the future of the American online gambling industry to look like. To gain an understanding of what we can look forward to, it is worth establishing an understanding of the gambling market's current state of development.
Firstly, let's remember that the American online gambling industry is an industry which didn’t even exist as recently as the 1980s. Online gambling, like many industries, is the direct result of new technologies and economic opportunities. The creation of the Internet, its commercialization and subsequent arrival in American homes in the 1990s allowed the online gambling industry to emerge.
The adoption and engagement with the Internet and digital technologies that followed completely transformed the structure of the gambling industry. In this time, we have seen the emergence and disappearance of several new technologies and industries, however, it is clear that online gambling has established itself as an industry that will continue to grow. While the success of mainstream Internet services is notoriously difficult to predict, the success of online gambling and more recently, the growth in mobile betting have more-or-less guaranteed the long-lasting staying power of the industry as a whole. So, let's take a closer look at what we can expect from the future of the American online gambling industry, including why its popularity is likely only to increase.
The Age of Technology
We are not alone in predicting this continued rise in popularity. According to howtobet.com, the US gambling market is expected to grow by 33% by 2023. Based on the influence technology has had on the world over the last thirty years as well as the fact that the gambling industry has embraced it with open arms, everything suggests that the continued advancements in technology will once again have a profound effect on how Americans engage with one of their favorite pastimes.
Exponential Growth & A Competitive Market
The online gambling industry, including virtual poker, online casinos, sports betting and lotteries, is the perfect example of an industry that has taken full advantage of the exponential growth of technology. The improvements made as a result of these advancements have also meant that this is a market that approximates the ideal conditions for competition.
Based on the online gambling industry's journey so far, the adoption of virtual reality and artificial intelligence in the mainstream is more of an inevitability than a mere possibility. It won't be long before logging in to an online casino means strapping on a virtual reality headset in order to take your seat at a virtual casino table. The same could be said when it comes to watching a virtual horse race, however, instead of a seat at a casino table, it would be in the grandstand. Artificial intelligence is already being used and will only be incorporated more to improve game recommendations, as well as to track playing habits to identify possible addicts.
Another reason the online gambling industry is predicted to grow is that it is perfectly set up to adapt to the ever-changing entertainment landscape. Digital natives or those who were born or brought up during the age of digital technology, demand autonomy in their lives and the ability to gamble online whenever they want on a device of their choice means that it can conveniently fit into any number of lifestyles.
The future of the American online gambling industry is predicted to continue to grow and will more than likely experience periods of extreme growth coinciding with the emergence and adoption of emerging technologies.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes