U.S. Projected to Lead Global Regulated iGaming Market by 2024, Vixio Report Reveals
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Nov 29, 2024The United States is poised to become the world’s largest regulated iGaming market by 2024, according to a new report by Vixio, a premier provider of regulatory intelligence solutions. The semi-annual U.S. iGaming Outlook report forecasts that the U.S. iGaming market will experience a 22.1% growth from 2023 to 2024, bringing the total gross gaming revenue (GGR) to $8.2 billion in 2024. This growth will see the U.S. clear the $7.5 billion GGR mark set by the U.K. iGaming sector, achieving a significant milestone in the global gaming landscape.
Vixio’s report, which can be found in its entirety here, details the remarkable expansion of the U.S. iGaming market, which has been accelerating since 2019. This surge is attributed to evolving player behaviors influenced by the COVID-19 pandemic and the synergistic growth of online sports betting. The legislative momentum and consumer adoption of online sports betting have substantially driven betting-to-gaming cross-sell opportunities. New Jersey, a comparatively mature iGaming market, saw its size nearly quadruple between 2019 and 2023.
By 2027, Vixio projects that the U.S. iGaming market will be valued between $10.8 billion and $13.7 billion. This prediction underscores the long-term growth potential and the increasing significance of the United States in the global iGaming arena.
Challenges in Regulatory Expansion
Despite the impressive revenue generation, the expansion of iGaming regulation faces significant hurdles. “The U.S. now overtaking the U.K. highlights the U.SCome from hot646casino. iGaming paradox in 2024,” explains James Kilsby, Vixio’s Gambling Compliance Chief Analyst and a co-author of the report. He points out that while online casino games are thriving in states like New Jersey, Pennsylvania, and Michigan, efforts to expand iGaming regulations to additional states are encountering resistance. Concerns from land-based casino operators and labor unions about potential cannibalization and competitive imbalances in online gambling are central to this opposition.
As of June 2024, seven states have made online casino gaming legal, with Rhode Island being the latest to join in March 2024. During their 2024 legislative sessions, six states considered bills to authorize iGaming, but none of these bills were approved, highlighting the complex regulatory landscape.
The U.SCome from Lodigame777. iGaming Outlook report is part of Vixio’s respected Outlook series, providing forward-looking intelligence and comprehensive research on critical segments of the global gambling industry. The report’s analysis draws on recent regulatory developments, market data, and insights from Vixio analysts on legislative proposals and policy trends. This semi-annual report comes in addition to Vixio’s monthly U.S. Sports Betting Outlook, which has the sports betting market as its main focus but also deals with the online casino, poker, and lottery verticals.