Will the US look like the sports and casino market in Scandinavia in 10 years?

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When looking at it from a global perspective, you will definitely agree that online gambling is significantly evolving. From when it was scoffed off several years ago to now, where many jurisdictions have legalized it, the sports and casino markets will only continue growing. And, in fact, by 2023, the global gambling market had reached $540.3 billion having grown by a rate of about 2% since 2018.

Since we live in a digital era, technology has not ceased to influence how we engage with casino and betting products. For instance, with just a simple touch of a button, you can now access similar offerings at an online casino in Iceland as you would in a physical casino. This explains why you’ve not stopped seeing this industry growing in both the US and Scandinavian regions. But what exactly will the outlook be for the gambling market in these regions?

Understanding the current state of gambling in the USA

In the US alone, the gambling market had reached USD 2.5 billion in 2022, according to estimations by Statista, and was projected to hit USD 9 billion by 2032. As of now, technologies like blockchain and crypto are really transforming the industry. Just in early 2024, Tech Report suggested that up to 62% of gamblers aged between 18 and 34 had shown a growing interest in crypto betting. These crypto-betting platforms could be attracting more players because of their increased privacy and speedy transactions.

If you live in the US or have developed a keen interest in the country’s iGaming industry, you must also have noticed the increased adoption of VR and AR technologies. In fact, according to Statista, America had the highest AR and VR markets, with an estimated share of about US$10.9bn in 2024. They also predicted this value to increase, with users estimated to get over three hundred million by 2029, showing great potential for its application in the gambling industry.

What is the current state of the Scandinavian countries?

Denmark

In the first quarter of 2024, Denmark saw an increase in gambling spend of 18.3 per cent, with sports and online casino sectors leading the rise. The sports betting industry accounted for a 32.5 per cent increase, while the casino sector grew by 18.5. Elsewhere, TGM Research revealed that over 32% of people participate in sports betting while about 14.5% engage in games of chance like bingo.

Since the amendment of the Gambling Act in 2018, the gambling industry has not stopped expanding. Actually, after about a year, online betting alone accounted for 54% of the iGaming market. And like in the US, technology also fueled the expansion of this industry. It is no wonder why, in the entire of Europe, the country ranked fourth in terms of online gambling share in 2022.

Sweden

As you can see, there is no country whose casino and sports betting industries have yet to benefit from technology. It’s not any different in Sweden. Players tend to favor mobile gaming, especially because of the convenience and accessibility offered by operators. And by 2023, over 40% of the population owned atleast an Android smartphone – this is minus iPhone users. So, the number could actually be larger, offering the casino and sports betting industry a greater opportunity for growth.

Plus, since 2019, when a new Swedish Gambling Act entered into force, the government has been quite relaxed when it comes to gaming and betting. This has enabled private game providers to enter the market, as getting a license to offer betting has become quite easier. If you are a player and find yourself in Sweden, you will not have to worry about finding a platform that suits your preferences.

Norway & Iceland

Statista projected the online sports betting market in Norway alone to grow by about 3.4% annually until 2029. At the same time, Iceland’s market share is expected to grow as there are already 70% of the country’s population that engage in affordable gambling. Tech advancements have also greatly impacted both countries’ gaming and betting scene.

Take Norway, for example; some reports have indicated that by 2028, the live gaming market will have attracted over 1.9 million players. Plus, with most of the population – about 45% – preferring to play with smartphones, you can expect that operators will make their offerings more mobile-friendly.

What does the future hold for the USA?

Well, while it might be difficult to conclude whether or not the US sports and casino markets will look exactly the same as the Scandinavian’s, one thing is sure – they will both continue to grow. From the statistics you’ve read, it’s clear enough that this industry has been growing in the past years and that we expect the growth to continue even more in the coming years.

And again, technological advancements will make the wagering industry in both jurisdictions even more appealing. AR and VR, for instance, are set to enhance immersion, while mobile gaming makes online casino and sports betting products more accessible.

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