Savvy Bets by Grant Mitchell
Online gambling in New Jersey hits a new high; land-based gaming triumphs once more in revenue collection
12/16/2024 08:40 Financial NewsPhoto by Flickr, CC by-NC 2.0 (https://creativecommons.org/licenses/by-nc/2.0/)
Key Highlights
- Online casinos raked in jaw-dropping $214 million in November revenue alone
- Retail casinos couldn't keep up, generating less revenue than their digital rivals in October
- Online casinos are already eyeing a billion in revenue this money-making year of 2024
Former Virginia Tech grad and seasoned sports fan (and bettor), Grant Mitchell, brings you the latest sports betting industry headlines. Joining the professional ranks in 2021, he's now working with industry heavyweights like Forbes and VSiN,and thanks to his reliable reputation, Grant's become a force to be reckoned with in the world of sports gambling. When he's not crushing it in the office, you can find him pumping iron, strolling around the city, or parked in front of the big screen catching all the day's action.
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Insights:
The State of Online and Retail Casino Industries in 2024: A Closer Look
The Online Gambling Kingdom
- Revenue: The global online gambling and betting market exploded to an estimated $86 billion in revenue this year[2]. In the U.S., the online gambling market reached a staggering $12.68 billion[4].
- Growth Dynamics: Cutting-edge technology advancements such as live dealer games and mobile-first strategies have pushed the online segment's growth, fueled by the public's appetite for interactive and exciting gaming experiences.
- Crypto Casinos: Unlike in major jurisdictions, crypto casinos raked in an impressive $81 billion in revenue in 2024[5], despite facing regulatory hurdles.
Retail Casino Reign
- Revenue: In the U.S., gaming revenue from casino slot machines and table games amounted to almost $8 billion by February 2024[1]. However, this figure only represents a portion of the year and does not cover the global market.
- Expansion Path: In the U.S., commercial gaming revenue grew by a modest 1.1% over last year during the same period[1].
Online vs. Retail: A Tale of Two Markets
- Growth Paces: The online casino market is outrunning its retail counterpart thanks to technological innovations and increased accessibility. Experts predict the online market will continue to expand at a faster pace due to its widening reach and improved user experiences.
- Market Dominance: Although the global online market dominates in 2024, retail casinos still hold weight, particularly in jurisdictions with robust physical gaming sectors.
All in all, the online casino industry is galloping ahead more swiftly and boasts a larger market share than traditional retail casinos, driven by technological breakthroughs and worldwide accessibility.
- In the world of sports gambling, former Virginia Tech grad and seasoned sports fan, Grant Mitchell, has become a force to be reckoned with, working with industry heavyweights like Forbes and VSiN.
- Online casinos generated an astonishing $214 million in November 2024 revenue alone, outperforming retail casinos in terms of revenue in October.
- The global online gambling and betting market exploded to an estimated $86 billion in revenue this year, with the U.S. online gambling market reaching a staggering $12.68 billion.
- Grant Mitchell's insights reveal that the public's appetite for interactive and exciting gaming experiences, coupled with cutting-edge technology advancements, has fueled the growth of the online gambling segment.
- While the online gambling market holds a larger market share in 2024, retail casinos still have a notable presence, especially in jurisdictions with robust physical gaming sectors.
- Online casinos are already targeting a billion in revenue for this money-making year of 2024, highlighting the booming online casino market trend that has caught the attention of investors and enthusiasts in the world of finance and business, including casino-and-gambling entrepreneurs and casino-games connoisseurs.
