The Numbers Behind the Booming US iGaming Industry
The year 2021 proved to be a vital time for the world’s economy. Covid had left many businesses with uncertain futures, however, that was also the time the iGaming industry went through a revival, and it continues to thrive today. With countless new opportunities, more and more US states are accepting new gambling laws to change the slow-moving legislation that disallows many gambling forms in the United States.
As a result, currently, the US has the most prominent gambling market worldwide, with online gambling making great strides within America as well. An increasing number of Americans are choosing to place their bets online, in fact, they are spending more money than ever before on sports betting, casino games, and poker. Keeping this in mind, Gamble USA looked at the best betting apps for beginners and ranked them here.
Considering the advancements in technology in the past decades, it does not come as a surprise that the online gambling industry has become popular. In this article, we discuss a few statistics about US-based online gambling.
A Significant Part of the Market is Loyal to Sports Betting
The ever-growing popularity of sports and sports events in the US has resulted in an increasing demand for sports betting in the online gambling industry. Besides the US, sportsbooks are the most widespread form of gambling internationally, with around $400 billion being bet on sports every year.
There is an upward trend toward placing sports bets in which the consumer has a certain degree of expertise, allowing them to better understand the current game and make profits frequently.
Consumers now prefer online gambling because of the full transparency and convenience it comes with. Reputable online sportsbooks also offer an elevated level of security facilitated by protocols such as requiring users to go through the licenses, terms, and conditions, as well as other documents before moving further in a game.
The Appeal of Online Gambling
It has become more common for individuals to refer to online gambling websites to earn money and enhance their wealth. Such platforms come with a broad range of games they can play and win an established amount of money after winning games. As an increasing number of countries are headed towards urbanization, more and more customers are interested in trying out games they have never tried before.
In addition, gambling websites and applications provide players with gestures of loyalty. This is one of the main factors that attract consumers’ attention to online gambling.
Another reason why this field has become so popular is that by gambling online, players make money and enjoy themselves simultaneously. This is helping the popularity of online gambling markers in the US.
Gambling Revenue in the US
The American Gambling Association reported that US gambling revenue had touched $13.6 billion in the second quarter of 2021, which was a new peak for the industry.
Revenue coming from the US states that legalized gambling went up 22% in the third quarter of 2019. This is in comparison to the previous peak of $11.1 billion some months before the pandemic broke out. Aside from a speedy recovery, gaming income in 2021 set an all-time high of $53.03 billion, creating a new benchmark in the history of legal gambling.
This year so far, US states have gone up to around $25 billion in tax revenue. While in the second fiscal quarter, almost every state housing a casino gained revenue that surpassed pre-Covid levels. What is more surprising to believe is that most of this growth is at the hands of millennials. Millennials have become the largest demographic of gamers in the US, spending more on gambling than any other age demographic.