US Revenue to Triple in Next 3 Years According to Reports
Based on an insightful analysis, the revenue for the US online gambling industry could increase three-fold over the next three years, with experts predicting that this could become the biggest market in the world.
Over the last few years, the US has emerged as one of the fastest-growing markets in the world, with an increasing number of states approving legislation, with even more likely to pass gambling bills over the next 12 months.
The estimates also indicate that a staggering 90 per cent of gross gaming revenue (GGR) will come through mobile sports betting apps, which have surged in popularity across the country recently.
BTO Bet Analysis
Conducted by leading authority BTO Bet, this report details the intricacies of the online gambling scene in the country over the last few years and the initial predictions reveal that the market could be worth $24.3 billion by 2026, with this figure likely to rise beyond that.
In 2021, this figure reached $7.7 billion in revenue that was generated and to put this into context, that is double that of the UK, which is a behemoth in itself.
It’s been a boom for consumers, really; I mean, prior to 2019, consumers had to either pay to fly to Vegas to place your bet, which most people are unable to do or are unwilling to do, or you had to be with an illegal bookie or with an offshore site.
Following this, the report also estimated that 2022 could yet be another landmark year in the US online gambling industry, and there are a number of factors at play that is likely to make this possible.
What Is Influencing the Growth of the US Online Gambling Market?
There are a number of factors that have been responsible for the continued emergence of the market in the US. Compared to last year, there are now even more states that have had bills passed, not least the state of New York, which is predicted to become one of the most influential in the country over the next couple of years.
Also, those states that had bills passed in 2021 are likely to become even bigger in terms of revenue, such as Michigan, which has broken many records over the last 12 months. Indeed, BetMGM saw this become its most prominent state for online casino, with many players attracted by the innovative offers and promotions that were launched in the state.
In addition to this, more operators from outside the US have had licences approved in several states, such as Bet365 and 888, both of which are embarking on a major growth campaign in the country.
The landscape over the next few years is one of the most intriguing in the entire online gambling industry. In many respects, despite impressive growth figures, the US is still a young market and it will be interesting to see whether non-US operators can usurp native companies such as FanDuel, DraftKings and the aforementioned BetMGM.
Firms such as MGM and Caesars have the luxury of having been ingrained in the land-based gambling industry for the past two decades, so customers are fully aware of who they are, decreasing the need for huge marketing campaigns. Conversely, foreign operators find that they need to invest a lot more to raise potential customer awareness in this market.
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