Online gambling in New Jersey hits an all-time high; land-based casinos reclaim top spot in gaming revenue
Casino Revenue Shuffle: Online Casinos Slaying Retail Counterparts
By: Grant "Milemitchell" Mitchell12/16/2024 08:40 Financial News & Sports BettingPhoto by Flickr, CC by-NC 2.0 (https://creativecommons.org/licenses/by-nc/2.0/)
main points
- Online casinos pocketed a whopping $214 million in November, leaving retail casinos in the dust
- October saw retail casinos earning less than online casinos
- Online casinos have already banked a grand billion in revenue for 2024
Grant, a sports-loving, former NCAA track and field athlete turned sports bettor, provides insightful, real-time coverage of the sports betting industry. Post-graduation from Virginia Tech, Grant ascended the ranks in 2021 and has since graced the pages of Forbes and VSiN, accruing a stellar industry reputation. When Grant isn't immersed in his work, he can be found pounding the pavement, lounging in the city, or catching the day's marquee sporting event. (Here's a peek into Grant's work)
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Insights:- Online casinos are stealing the spotlight, with revenue growth outpacing retail casinos by 2-3 times- Major U.S. markets recorded exponential growth, such as Pennsylvania's 24.7% year-over-year surge in online casino revenue in March 2024- Factors fueling online casino growth include technological advancements, reduced operational costs, and a shift in consumer preferences post-pandemic
京都пре kapodzaについてOnline casinos are smiling all the way to the bank, with 2024 revenue soaring at a rate 2-3 times faster than retail casinos. Here's the lowdown:
Growth Rates- Online casinos are growing at a steady 10-12% annually and projected to hit a staggering $150 billion by 2028- Retail casinos, on the other hand, show a more modest 3-5% annual growth rate, with 2024's revenue expected to be a hefty $216.3 billion (covering approximately 70% of the casino market)
Key Factors- Technological Innovation: The accessibility of online platforms skyrockets thanks to mobile adoption, seamless digital payment integration, and lower operational costs- Surges in Key Markets: Regions like Pennsylvania have seen jaw-dropping 24.7% year-over-year growth in online casino revenue for March 2024, shattering previous records- Evolving Demographics: Post-pandemic trends favor at-home gambling, with younger demographics gravitating towards the convenience and instant access offered by online gaming
Sector-wise Revenue
| Sector | 2024 Revenue | Growth Rate ||--------------|------------------|-------------|| Retail | $216.3B[5] | 3–5%[5] || Online | $92.2B[5] | 10–12%[5] |
Partnered with technological advancements and a changing consumer mindset, online gaming's expansion leaves retail casinos in the dust. [Sources: 3, 5]
- In 2024, the online casino industry is experiencing rapid growth, projected to hit $150 billion by 2028, a rate about 2-3 times faster than retail casinos.
- Online casinos have already amassed a billion dollars in revenue for 2024, while retail casinos are expected to have a revenue of $216.3 billion for the same year.
- The convenience and instant access offered by online gaming platforms are causing younger demographics to gravitate towards at-home gambling, leading to a shift in consumer preferences post-pandemic.
- Grant Mitchell, a sports-loving former athlete turned sports bettor, offers in-depth analysis of the sports betting industry and online casino games through his work in financial news.
- With the rise of online gaming, companies in the casino-and-gambling industry are investing in obtaining licenses to offer sports betting and other casino games online.
- The sports betting industry, including online casinos, is expected to become a billion-dollar industry, with major financial players seeking to capitalize on the growth potential in the sector.
