Before you learn how to start a bookie business, or any other business actually, you need to do a lot of research about the industry you will be investing it. It is very important for you to understand the current situation, and the direction the industry is taking. You also need to be aware of other circumstances that can affect your business. For instance, gambling industry leaders are looking at the possible direction of the gaming industry since the US could potentially experience a slowdown in its economy in the months or years to come.
How the US Economy Can Affect the Gambling Industry
When you hear of an economic slowdown, you will automatically thing that it would be a bad time to invest in business. For the most part, it could- since you will be dealing with a lot of potential problems like inflation. But the gaming and sports betting industry works a bit differently, as we have seen in the past, particularly during the COVID19 pandemic.
In fact, while other industries struggled, gambling coasted through the pandemic and lockdowns, with these industries suffering minimal losses. Sports betting took a hit, since there were very little events for people to bet on. But online gambling continued to be profitable. And the industry has maintained its pace, with more and more countries investing in gambling infrastructure for both online and retail gaming operations.
Is Gambling Exempt from the Slowdown?
Any industry can be susceptible to the economic slowdown, but gambling industry leaders are optimistic that the current conditions are good, and that things will continue and even improve. The American Gaming Association conducted a survey among gambling CEO’s and 44% say that conditions are good, while 50% find it satisfactory.
In addition, 32% of CEOs are expecting an improvement in business conditions in the industry. A similar survey six months ago had only 20% of CEOs saying this, so the increase in confidence says a lot about the industry. And the numbers support this, as the AGA reports that back in February, the industry has seen 36 straight months of annual growth in gaming for both brick-and-mortar and iGaming.
An Ever-Growing Market Still Flourishes
With a three-year streak of growth, one might say that there is no rush to join the industry. But the earlier that you use a per head sportsbook to launch a sportsbook and online casino, the more you will earn.
In the US, states continue to legalize sports betting and some states are also starting to tackle gaming- especially iGaming. The total handle for sports betting in 2023 was upward of $100 billion. So even with a 1.6% GDP for Q1 of 2024, the gambling sector could still maintain a highly successful existence- with the exception of changes in handle and revenue due to trends. This is especially true for sports betting, whose growth tends to decrease in spring, and will pick up in the fall.
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