A rise in popularity has seen the number of online gamblers increase significantly. The figure has been on a steady rise over the past couple of years and is still expected to grow in the future as the online gambling industry expands due to heightened development rates.
Online gambling platforms offer engaging and highly rewarding gaming experiences for gamblers. An increase in smartphone use and easier access to gambling sites has made online gambling a popular pastime for many, easing gambling laws across the globe.
Significance of the Online Casino Markets in the US and Europe
A deep and extensive study of both markets indicates significant growth. Although Europe has generally been viewed as the pioneer in the gambling sector, the US has been making steady progress and emerging as a strong competitor for European online gambling casinos.
However, the US is still lagging a long way behind Europe. The introduction of new players, especially the younger generation, to the market has seen the industry slowly undergoing a revolution to catch up to Europe.
You need to consider essential aspects of both markets when determining who gambles more online. They include:
1. Gambling Culture
When it comes to the gambling culture in the US, gambling on horse races is the only form of gambling that has seen any form of longevity over the years. Americans are only now accepting gambling’s viability as a form of adult entertainment. Initially, players only found land-based casinos in Las Vegas and Atlantic City.
Despite the occasional opposition from advocates seeking to control gambling activities, it is widely accepted as a form of adult entertainment in European countries, especially in the United Kingdom. Some countries in Europe have become popular gambling hubs.
Take Finland as an example. The country has a large, government-owned casino based in Helsinki. It features hundreds of games, hotel rooms and entertainment shows.
You can also take part in online gambling through some of the best Finnish online casinos. In all fairness, these casinos also accept players from other countries in the EU.
Still on gambling, many table games, including roulette were first invented in Europe. The same applies some of the oldest traditional gambling institutions in the world. There has also been pro-gambling legislation in several European countries that favors online gambling.
2. Gambling Regulations
Although legislations favoring gambling have only come into place more recently than in Europe, the USA is making significant progress in catching up. However, the process has been slow, mainly due to the nature of the legislator framework present in the USA.
The Supreme Court ruling in 2018 placed the decision of legalization and regulation of sports betting on the individual states. Although online gambling is legal under federal law, some states have laws that harshly regulate gambling, with some states banning it altogether.
Even in states where online casino gaming is legal, some restrictions exist. Although Americans can gamble on offshore sites, the laws prohibit online casinos from setting shop in the country without proper legislation. Established gaming companies have entered the American market to gain new ground.
In Europe, there is no law in place that bans online gambling. Countries across the EU are free to pass their legislation concerning online gambling. As a result, Europe has dominated the online casino market due to the favorable laws in countries such as the United Kingdom. Other key players in Europe include Germany and France.
Some countries have clear licensing procedures implemented by local governments, with operators following the laid down laws. Nonetheless, some countries in the European Union have bans on online gambling, with some implementing measures such as IP blocking to stop foreign operators. But you can still access these online sites using a VPN.
3. Revenue Generation
The generated revenue is an excellent indication of the market in a region, and the USA is increasingly becoming a crucial part of the global market. The income from land-based casinos increased to over $50 billion in 2018, with the numbers for online gambling rising from 245 million to over 300 million. The slow legalization of gambling in individual states has affected the estimated revenues.
As the most competitive and most significant market in the industry, the EU market alone accounts for about half of the global market. It has been significantly consistent with increasing revenues.
Online gambling accounts for about 25% of the revenue generated across the EU states and is still expected to grow even further. Despite having a smaller population than the USA, Europe has a higher online gambling spending
4. Game Selection
Even though horse racing has a strong following, slot machines are the most popular casino game, followed closely by blackjack. Many Americans view horse racing as a top-tier market and are even considered by many as a niche. Lotteries are also very popular and attract many gamblers each year.
Horse racing is also very popular in Europe, especially considering that the EU has the highest number of race tracks per capita in the world. Although not exceedingly popular in the USA, Bingo and soccer continue to attract big gamblers in the EU annually.
USA vs. Europe
When comparing the USA vs. Europe, it is clear that there is no competition between the two as Europe is way ahead of the USA. It has a larger, more developed, and regulated market. European countries are responsible for a more significant percentage of the global market.
The slow legalization of online gambling in individual states has dramatically slowed down its growth in the USA. The majority of the states are also focusing more on the legalization of sports betting than online games.
Online gambling has significantly grown in popularity, with players increasing globally. Despite being home to Las Vegas, the dream destination of any reveler, the United States still falls behind Europe.
Despite the apparent differences, the two markets also have a few similarities. The top online casino sites in the USA are similar to those in Europe. Some of these sites are under the ownership and management of the same groups.