Specialist researchers Mordor Intelligence has described the US iGaming market as having achieved ‘certain momentum’ and forecasts compound annual growth rates of 17.34% between now and 2028.
The study defines iGaming as the combination of both online sports betting and online casino gaming and the state of New Jersey is currently identified as the country’s largest market.
This is unsurprising, but other states are now accelerating rapidly. Despite caution on a number of levels amongst many legislators, the 30+ states that have relaxed their laws have seen operators undertaking huge marketing and promotional campaigns aimed at attracting and retaining players.
Coming up on the rails behind New Jersey is Pennsylvania. Having legalised iGaming in 2019, the 2021-22 financial year saw industry revenues hit $1.2bn, up 37.5% on the previous year.
Also rapidly gathering momentum is the Great Lakes State of Michigan. Legalising iGaming for both residents in early 2021, the Michigan iGaming sector generated $757m in revenue for the first half of 2022, just $58m shy of the amount posted by New Jersey for the same period.
As a final example, although West Virginia’s population is far smaller those of Pennsylvania and Michigan, its iGaming sector is growing rapidly, posting a three-fold revenue increase for the 2021-22 year.
As the US, like the rest of the world, resets itself in the aftermath of the land-based hiatus caused by the Covid pandemic, the taxation revenues generated by regulated iGaming are unquestionably leading to an acceleration in favourable state legislative changes, with early-mover states seeing rapid benefits.
