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Global online betting market to reach $93bn by 2023

Global online betting market to reach $93bn by 2023

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An article published by online markets and technology publisher Visual Capitalist has suggested that a global online betting market that is today worth $67bn will actually be worth $93bn within two years. The two key pillars for this seismic growth will be the loosening of regulations in the US, and the increasing digitisation of advertising, the article claims. In May 2018, the US Supreme Court uplifted the Professional and Amateur Sports Protection Act, to legalise sports betting on a federal level. Since then, over two dozen states have followed through, taking the tally to 25. Casino games make up over 30% of all online betting activity, while bingo’s popularity is more modest at 4.5%. By far the most popular activity is sports betting, comprising over 40% of the total online betting market. “The numbers behind sports betting are truly staggering,” states the Visual Capitalist piece. “Since the Supreme Court’s decision, $57bn in legal sports bets have been made, $4.1bn in revenues have been generated and $571m has been collected in tax or jurisdiction revenues. And these numbers reflect activity in some 20 states. The total count is expected to reach some 40 states in the years to come.”