United States Gambling Losses Expected to Exceed a Trillion by 2028
Experts are predicting that online gambling losses in the United States will surpass $1 trillion within the next few years.
Experts predict US gambling losses to reach $1 trillion by 2028.
LISTEN TO THIS ARTICLE:Derek Webb, founder and primary funder of the Campaign for Fairer Gambling (CFG), has criticized the existing regulatory frameworks, saying that “Lawmakers and government regulators cannot continue to rely on the theory of responsible gambling, which shifts the burden of harm prevention onto individuals.”
The Campaign for Fairer Gambling, an independent group advocating for reform in both US and UK gambling sectors, promotes evidence-based policies and emphasizes data-driven decision-making.
Increasing Rates of Problem Gambling
A recent report from a Public Health Commission on gambling that was convened by The Lancet estimated that roughly 16% of adults and 26% of adolescents using online gambling platforms experience gambling disorders. Similarly, 9% of adults and 16% of adolescents engaging in sports betting exhibit problematic gambling behaviors.
The World Health Organization (WHO) has projected that the legal global online gambling market will reach $700 billion annually by 2028. At the same time, the US economy and its consumers are expected to lose over $1 trillion to the online gambling sector within the same time frame.
In 2021, a United Nations report suggested that illegal betting markets already account for an estimated $1.7 trillion in annual losses globally.
A 2022 Pew Research survey found that 19% of American adults placed sports bets either in person or online in the previous year. Highlighting the dangers of gambling addiction, the WHO called for public health strategies to mitigate gambling’s harmful effects. Their recommendations included halting gambling advertising, sponsorships, and promotions.
More Responsible Gambling News
States Ignoring WHO Recommendations
Since a 2018 Supreme Court decision struck down a federal ban, 38 states and Washington, D.C., have legalized sports betting, according to the American Gaming Association. However, Derek Webb claims that state governments often disregard WHO recommendations intended to reduce gambling-related harm.
States giving tax breaks to any form of gambling or gambling promotion should consider whether they are exposing themselves or their regulators to litigation risk.
YieldSec, a gambling software company commissioned by CFG, reported that the illegal online gambling market in the United States was worth over $40 billion in 2023. However, due to the large number of illegal operators, combating the black market is set to be an uphill struggle.
RELATED TOPICS: Responsible Gambling
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