June 20, 2024

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US Online Gambling To Hit $23.33 Billion In 2024

3 min read

The market for online gambling in the United States is projected to continue its growth with projected revenues of $23.03 Billion by 2024 with an annual growth rate of 8.86%, projected to touch $35.21 Billion by 2029. This expansion can be attributed mainly to online sports betting, which is expected to post a revenue of $9.65 billion by 2024 and $17.07 billion by the decade’s end. Since the laws are being gradually liberalized across various states, we can expect novel formats of online betting to be introduced in this industry.

In this growing population, online casinos are emerging, with an estimated gross revenue of $7.65 billion in 2024 and an anticipated growth of $10.73 billion in 2029. Moreover, the number of players is also growing and is expected to reach 52.6 million in 2029 from only 9.4% in 2024. This evidence suggests that a more extensive clientele base is gradually adopting an online gaming platforms base.

Currently, the United States is the leading country in terms of estimated earnings from virtual casinos, with other countries lagging. This growing sector is backed by many enticing incentives, popular payment methods, and various games across different platforms. All these factors improve user engagement and enhance financial prospects for the online casino business.

The world of sports betting is in its golden age today, with the industry enjoying tremendous growth in recent years. Research shows that 2024 online sports betting in the United States will generate roughly $10 billion in sales, projected to exceed $17 billion in sales by 2029. This translates to an impressive annual growth rate of more than 12%. Furthermore, the number of people using the internet for sports betting is also expected to increase dramatically to approximately 54 million in the United States within the next 10 years.

Currently, Australia leads the pack in many ways regarding revenue generation in the global sports betting industry. Nonetheless, the United States is growing fast to cover this gap, while Canada is also active in this field. The average annual revenue per user of online sports betting is expected to be $256.60 for 2029.

While growing at a slower pace than sports betting or casino platforms, online lotteries continue to be a steady component of the digital gambling sector. Lottery revenues are expected to reach $5.74 billion in 2024, with a growth trajectory aiming at over $7 billion by 2029. The U.S. is projected to dominate this market segment, although South Korea is anticipated to have the highest percentage of its population participating in online lottery games.

Despite sports betting and casino platforms’ higher growth rates, lotteries are also a stable component of the online gambling industry. According to market research, lottery sales are projected to increase to $5.74 billion by 2024 and may reach over $7 billion by 2029. The United States is forecasted to dominate the market share, while South Korea will witness the largest population actively participating in online lottery games.

Today, technology has rapidly evolved, and so has the online gambling industry, which is quickly expanding and changing as well. This has culminated in increased participation and innovation within the fare. Given the tremendous popularity of social media sites and the continuous incorporation of new technologies in such web-based platforms, the online gambling industry will transform entertainment for millions of users around the globe. From the investor and operator’s perspective, you get a perfect market filled with great opportunities to make things work.

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