In recent years in the United States, in-person and online gambling has grown rapidly in popularity. This can be attributed to a myriad of influencing factors, including the rapid advancement of gambling technology, the ubiquity of smartphones and tablets, more people working from home and leading adaptive lives, and an overall increase in participants engaging in this form of entertainment. which constantly diversifies. appeal.
In addition, with many States Legalizing Online Gambling WebsitesAccording to aGamble.com, revenue streams are projected to continue to increase in 2023. Sports betting has been a major contributor, with a total growth of over 68% in 2020 mainly due to its legalization by the Supreme Court decision two years ago.
Subsequently, 19 US states passed regional laws allowing sports betting, increasing at the time of writing to 28 that accommodate mobile sports gambling (and 36 that allow some form of sports betting). Analysts estimate that the sports and iGaming market in the US alone will be worth $15 billion by 2025, with that figure potentially doubling by 2030.
However, 14 states still ban sports betting of any kind and are concerned about the potential negative effects of betting on the culture in general. This article presents an overview of the current state of gambling in America, providing relevant statistics, analysis of recent trends, and commentary on positive and negative outcomes.
Most popular form of online gambling
According to a survey by Statista, in September 2021, sports betting is Most popular type of online gambling Overall in America. This is 40.3% of the total gambling revenue in the US. This is followed by lottery draws (31%) and casino games, according to Statista. Poker generates $3.7 billion of total revenue in the US, followed by casinos (generating $2 million) and lotteries ($1 million).
In general, online gambling platforms attract more young adults than older generations, perhaps reflecting the former’s higher technology adoption rates. About 10% of adults in the US regularly bet online or bet in person at least once a week. However, online gambling is growing exponentially every year, with 2022 set to generate a record $54.9 billion in revenue.
US gambling revenue statistics
By early 2023, the US is projected to account for nearly 50% of the global revenue on online gambling sites. This is only increased by the emergence of a myriad of diverse markets, such as eSports and other outlets that include betting options. Less popular than other forms of live casino betting, there are only six states where this form of gambling is legal – including West Virginia, Michigan, Pennsylvania, Delaware, Connecticut, and New Jersey. A survey conducted by Time2Play indicates that 43.44% of bettors still prefer to play in physical casinos, while 27% play in both land-based and online casinos (15.35% only in online casinos).
In 2020, 61.6% of online gambling revenue was generated from sports betting. The industry has been exceptionally profitable; For example, Pennsylvania alone has generated over $1 billion in taxes since the legalization of sports betting. Revenue in online sports betting is projected to reach $7.62 billion in 2023, which will break further records in profits. Proponents of betting generally cite the increased revenue streams as beneficial for each state, while critics view increased gambling as a negative due to potential addiction for participants. The following sections give an overview.
Benefits of Legalized Gambling in America
Proponents of legalized gambling in the US have commented that revenue from this form of entertainment helps various states raise funds for public services that avoid raising taxes directly. In addition, many operators advertise their services by promoting how much of their profits will be donated to local development, such as education or charity.
In addition, gambling creates jobs in construction, operation and maintenance, as well as indirect jobs for the technology and advertising industries. Additionally, it generates significant employment in the hospitality, retail, tourism and service sectors.
Potential Disadvantages of Increasing Gambling
Critics of rampant gambling in the US generally cite increased addiction, higher levels of crime, social costs, and displacement of other forms of business as the most problematic drawbacks. However, in 2023, betting companies are striving to position themselves as more conscious and progressive, investing in responsible gambling operations and providing confidential support to their patrons.
In addition, new technology has been developed that provides self-limiting mechanisms on online platforms to restrict problematic levels of gambling with stricter limits on bet sizes and time limits. With many potential gamblers across America traveling to states that allow these forms of entertainment, it may only be a matter of time before additional local governments pass new bills to legalize various elements of betting.