Despite the fact that USA online casino growth stopped somewhere back in 2021, we have been seeing a strange rise in February and March 2024. Unfortunately, it seems as if this was just a short growth spur since April numbers are not good.
Regardless of the fact that April usually signifies the beginning of the slow season for online gaming, the decline in daily revenue is said to be 5 percent, which makes the situation less than promising, especially given that the biggest drop is always expected later in the summertime.
So, let’s see what exactly happened in the beginning months of the year and why it reversed so quickly.
What do online casinos have to offer?
Generally, many people prefer online casinos to traditional brick-and-mortar. While both cases can be made, there is no denying that online casinos are extremely convenient to use. You can do it from the bus or your own living room. What’s best of all is that you do not need to dedicate special time to gamble when you are doing it online. On the other hand, if you wish to visit a casino physically, there are certain logistics that need to be taken care of, such as transportation and dedicated time.
Online casinos offer a wide variety of amenities. There are slots that may even be one of the most popular choices for users as they come in variations. There are also Plinko casino games inspired by the Price is Right game. It is essentially like throwing a ball on a vertical board while betting it will land on a certain prize. Its simplicity makes it a very popular game. You can find many good plinko casinos at best-plinko-casino.com. Table games such as roulette, blackjack, and baccarat are classics that will never go out of style, while sports betting and fantasy sports also take a special place in users’ hearts.
What is the reason for the rise of online casinos at the beginning of the year?
Before explaining this sudden rise, let us justify the slowdown. Online casinos experienced their greatest surge in 2021, a year when pretty much everything was done online. After that, it is only logical for it to slow down. However, what happened in February to make it jump again? There are two theories that pose an answer to this question.
The first one is the fact that FanDuel casinos experienced a growth overpowering both DraftKings and BetMGM. The annual growth of FanDuel for the first few months of 2024 is somewhere between 60 and 70 percent. However, that is about a 10 percent point acceleration from its growth in 2023, which means that it only contributed to about 2 percent of the market acceleration as, at the time, it only held about 20 percent of the market.
The second theory is the macroeconomic one. The stock market performance of Nasdaq and Dow Jones experienced a huge uptrend from October to mid-February. At that time, the stock market had an increased value. At the same time, there was a growth in online casino spending which means people were paying more money and investing it in online gambling. Coincidentally, in February when the stock market tapered off, online casinos also seemed to have slowed down.
Online gambling highlights in April 2024
Pennsylvania experienced just a small scale down from 28.4 percent in March to 26.9 percent in April. Bally’s in Pennsylvania experienced an amazing, close to 10 percent increase in revenue, thus exceeding the 2 percent market share for the first time ever.
Michigan is said to become the top-performing state in 2024 with its 20-dollar revenue per capita, while New Jersey remains at 19.2. However, the daily average revenue in Michigan declined by 7.3 percent which is the biggest decline for this state since May 2023.
When it comes to New Jersey, its daily revenue declined only by 1.6 percent since March, making it one of the best-standing states. Market share did not have much dynamic except for BetMGM Casino, which increased its daily revenue by 8.2 percent.
Regardless of the reason for this incredible and unexpected rise of online casinos, we are, unfortunately, seeing a decline now. Factors that are included in this equation are entangled in market saturation and customer preferences. Both of which are quite fickle and difficult to predict. Online gambling places ought to embrace these changes and try to learn from them.
Perhaps some new strategies are born after this two-month surge of online casinos. Either way, with the rise of anonymous casinos and no KYC casino places, there is absolutely no doubt that online casinos are the future. The only question is how soon that future happens.
