The global iGaming market has evolved at a steady pace of late, while it’s forecast to grow at a CAGR of 11.49% over the course of the next five years.
While there are several drivers of this growth, perhaps the most prominent factor is the continued evolution of the burgeoning US marketplace.
A Word on the Top Online Casinos in the US
Make no mistake; both online and offline verticals are thriving stateside, with some of the top online casinos in the US listed at Mejorescasinosonline.net and contributing significantly to this trend.
Clearly, the best online casinos in the USA have also recovered well from the impact of the coronavirus, with this another key factor in the market’s recent growth.
While most industry experts are predicting a minor slowdown in the market through 2023 (largely due to economic trends and their impact on consumer spending stateside), the sheer strength of the market-leading online casinos in the US will ensure that revenues remain high in the year ahead.
These include successful and nationwide betting brands like BetMGM, Borgata, and 888 Casino, who have all showcased exceptional growth since the Covid pandemic and continued to benefit from increased consumer demand.
Demand has also increased as the perception of online gambling in the US has changed, with the general public now viewing this as a form of entertainment rather than a vice.
Most recently, US gambling hit new heights through 2022. But what do the numbers say, and what are the key takeaways for operators?
US Gambling Revenues Hit $54.9 Billion in 2022
According to the American Gaming Association (AGA), cumulative US gambling revenues peaked at $54.9 billion during the first 11 months of 2022, with this enough to exceed the record set throughout the whole of the previous year.
So, even without factoring in December’s figures, US-based casinos and associated mobile gaming apps surpassed the 2021 figure of $53.04%. As a result, the market grew by at least 13.5% in the year ending November 2022, with this high growth trend unlikely to abate any time soon.
In the casino sector, slot, and table games performed best, generating an impressive $43.79 billion in revenue. This showcased a 6.7% increase when compared to the same 11-month period in 2021, with Nevada at the heart of this growth.
Nevada remains home to some of the best online casinos in the USA, while the state’s operators collectively generated $13.5 billion in gaming revenue through November 2022.
This was 10.2% more than the previous record set in 2021, while last year also saw the state extend its winning run to 21 consecutive months of growth.
As for the sports betting vertical, 2022 saw New York emerge as the major revenue generator, while a number of other state jurisdictions moved to legalize in-person and mobile wagering on sporting events.
In total, US sportsbooks generated $6.56 billion from January through November 2022, with this figure up by a staggering 65.4% increase when compared with the same period in 2021.
This provided a significant boost to online gambling in the US, while it’s interesting to note that continuous growth was also evident across the vast majority of commercial gambling jurisdictions.
In fact, 30 out of 33 US commercial gaming jurisdictions reported continuous revenue growth through 2022 (when compared with the first 11 months of the previous year), with Washington, Mississippi, and South Dakota the only regions to close out the year with revenue drops.
What are the Key Takeaways Here
While the best casinos online in the USA continue to thrive and emerge as huge revenue generators, it’s the exponential growth of the sports betting sector that really catches the eye.
Certainly, several state jurisdictions sought to legalize sports betting last year, with 36 authorities having followed this course since the Supreme Court struck down the controversial PAPSA bill in May 2018.
This has driven growth on a national level while enabling prosperous states such as New York to become the most prominent driver of the market.
According to New York’s State Commission, sportsbooks in the jurisdiction generated $1.4 billion in revenue through 2022, from a total of $16.7 billion collected in wagers through mobile apps.
This represented a remarkable accomplishment, especially with 2022 representing New York’s first year of trading as a regulated sports betting hub.
Such figures also provided a significant economic boost to the US as a whole, with increased turnover translating into higher tax burdens and a far greater contribution to the Federal Reserve.
This boost has been well-timed, with the US economy has remained in a state of flux since the third quarter of 2021 as it continues to recover from the coronavirus pandemic.
