Sportsbook supplier BtoBet released Monday an Industry Report with the latest in its betting focus series based on the US market. The report forecasts 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 published by industry consulting firms indicate that the sector is on pace to reach $24.3 billion by 2026, making the US the largest gaming market on the planet at double the size of the UK.
The company commenced its report by stating that nearly every state has at least considered legalizing sports betting, even though “deep-seated political opposition and complex tribal relationships will likely prevent” many states from doing so.
There are great expectations regarding California, a market that could be legalized soon through two measures that could bring two different forms of sports betting to the state in November. Similar expectations are placed on Florida and Texas, although their cases present a series of hurdles to overcome.
H2 Gambling Capital reported that, should it be legalized, the Californian market could represent 13.3% of the total regulated sports betting gross wins by 2025. As for Florida, it was forecasted by H2GC to reach 4.9% of the total regulated sports betting gross wins, followed by Texas, with 2%.
The American Gaming Association has recently reported that US commercial gaming generated record gaming revenue in Q2 2022, in spite of macroeconomic difficulties at a national level. Nationwide, gaming industry wins from traditional casino games, sports betting and iGaming surpassed $14.81 billion in Q2, 8.8% more than in 2021. Sports betting saw $1.42 billion, with a 9.6% market share, while iGaming saw $1.2 billion, with an 8.2% market share.
BtoBet’s report indicated that 2022 is poised to surpass 2021, as its first half saw $29.16 billion, 18% more than during the same period last year. A total 21 of 31 commercial gaming jurisdictions reported increases out of which 9 saw quarterly records: Arkansas saw $152 million, Iowa raked in $483.6 million, Maryland won $519 million, Massachusetts saw $383.3 million, Nevada reached $3.7 billion, New York won $1 billion, Oklahoma made $39.6 million, Oregon $11 million and Pennsylvania saw $1.32 billion.
Land-based slots and table games generated the main share of the industry’s revenue in Q2 2022, amounting to $12.17 billion, an increase of 29% compared to 2021. Sports betting garnered $1.42 billion during the quarter, a rise of 58.7% compared to last year. During the first half of the year, the vertical saw $3.04 billion in revenue.
David Forman, VP of research for the American Gaming Association, said much of the growth in sports betting was driven by its mobile format, which has been “a boom for consumers.” There was a rise in mobile sports betting during the pandemic of 72.5% in 2020, and 82.5% in 2021. These numbers have led experts to forecast that, by 2025, online sports wagering could represent 86% of the gross revenue market size.
BtoBet’s report further focuses on the evolving US sports betting legal landscape and its record growth registered throughout the years, providing insights into the growth of the mobile channel. It includes sports betting revenue data per state and betting attitude and demographics, among other features. It can be accessed on its website.