According to a study industry analysts Research and Markets released, the North American online gambling market is projected to be worth $32.95 billion by 2030.
This development will reportedly increase at a 12.2% compound annual growth rate (CAGR) over the next five years.
Key takeaways
- North America's online gambling market is projected to reach $32.95 billion by 2030.
- The Campaign for Fairer Gambling warned legalization without enforcement increases consumer losses and benefits illegal gambling operators.
- Mobile platforms and social features are reshaping global online gambling, driving user engagement and growth.
The convenience of access to online casino games, poker, and sports betting from virtually anywhere is growing the industry's popularity. Financial technology innovation has also stimulated user migration to online.
Sports betting dominated the market segment in 2024 with over 49% market share, fueled by increasing state-level legalization. However, despite the increasing mobile trend, desktop platforms recorded last year's largest share.
CFG: Legalization without enforcement increases losses
Meanwhile, The Campaign for Fairer Gambling (CFG) recently released a new supplement to its 2024 USA National Online Gambling Report. It indicated illegal online gambling contributed 74% of U.S. gross gambling revenue (GGR).
The supplement, jointly authored with online market intelligence firm Yield Sec, suggests state-level online gaming legalization, with no effort to quash illegal operations, could increase consumer losses by 261%.
They were divided into three levels based on their legislation regarding internet gambling: those with no legal forms (California, Texas), those with only sports betting (New York, Florida), and those with online sports betting and online casino games (Michigan, New Jersey).
The report shows a definite trend by comparing GGR per capita as a percentage of average income. GGR per capita in states where online gambling isn't legal is 0.31% of income. This climbs to 0.77% in states where online sports betting is legal and to 1.12% when both are legal.
Mobile betting and social features transform global online market
Compared to the North American gambling market, the worldwide online gaming industry is projected to grow from $70.64 billion in 2023 to $153.57 billion in 2030, with an 11.7% CAGR, as per a latest report by The Research Insights.
The industry is spurred by the widespread use of mobile devices, improved internet connectivity, and advanced cultural and legal changes that make online gambling more accessible.
The online gaming phenomenon is a game-changer in the industry's development. Widespread smartphone use and continuously increasing stable high-speed internet coverage lets players access gambling websites pretty much anywhere.
Apart from mobile optimization, social feature integration is also gaining popularity. These days, all platforms integrate the functionalities of chat rooms, multiplayer gaming, and leaderboards for higher user interaction.
