sports betting provider BtoBet published on Monday industry report with the latest in its betting focus series based on the US market. The report predicts that the $7.7 billion in combined gross revenue generated by the US sports betting and online gaming markets in 2021 could triple in three years.
Data released by industry consulting firms indicates that the sector is on track to reach $24.3 billion by 2026making the United States the largest video game market on the planet, double the size of the United Kingdom.
The company began its report by stating that nearly every state has at least considered legalizing sports bettingalthough “deep-rooted political opposition and complex tribal relations will likely prevent” many states from doing so.
There are high expectations for Californiaa market that could be legalized soon thanks to two measures that could establish in November two different forms of sports betting. Similar expectations are placed on Florida and Texas, although their cases present a series of hurdles to overcome.
H2 Game Capital pointed out that, if it were to be legalized, the California market could account for 13.3% of total regulated sports betting gross winnings by 2025. As for Florida, it was planned by H2GC reach 4.9% total gross winnings from regulated sports betting, followed by Texas, with 2%.
The American Gaming Association recently reported that Commercial games in the United States generated record gaming revenue in the second quarter of 2022, despite macroeconomic difficulties at the national level. At national scale, Gaming industry earnings from traditional casino games, sports betting and iGaming topped $14.81 billion in the second quarter8.8% more than in 2021. Sports betting recorded $1.42 billion, with a market share of 9.6%, while iGaming recorded $1.2 billion, with a market share of 8.2%.
The BtoBet report stated that 2022 is poised to top 2021, with its first half recording $29.16 billion, up 18% from the same period last year. A total 21 of 31 commercial gaming jurisdictions reported increases, 9 of which posted quarterly records: Arkansas saw $152 million, Iowa took in $483.6 million, Maryland took in $519 million, Massachusetts saw $383.3 million, Nevada took in $3.7 billion dollars, New York earned $1 billion, Oklahoma earned $39.6 million, Oregon saw $11 million, and Pennsylvania saw $1.32 billion.
Land-based slots and table games generated the bulk of industry revenue in Q2 2022amounting to $12.17 billion, an increase of 29% compared to 2021. Sports betting brought in $1.42 billion in the quarter, an increase of 58.7% compared to last year. During the first semester, the vertical saw $3.04 billion in revenue.
David Forman, Vice President of Research for the American Gaming Associationsaid much of the growth in sports betting was due to its mobile format, which has been “a boom for consumers”. an increase in mobile sports betting during the pandemic of 72.5% in 2020, and 82.5% in 2021. These figures have led experts to predict that, by 2025, online sports betting could account for 86% of the gross revenue market size.
BtoBet’s report further focuses on the evolving legal landscape of sports betting in the United States and its record growth recorded over the years., providing information on the growth of the mobile channel. It includes data on sports betting revenue by state and betting attitude and demographics, among other characteristics. It is available on its website.