The United States has a complicated relationship with iGaming. On the one hand, Americans have always been enthusiastic about gambling. On the other hand, the US government has taken a largely hands-off approach to regulating the industry.
As a result, the legal landscape of iGaming in the US is complex and ever-changing. However, there are signs that the future of iGaming in the US is bright. More and more states are passing bills to allow iGaming, and the industry is attracting increasing investment from major companies.
The iGaming industry has seen a significant boom in recent years, with the market value growing from $53 billion in 2021 to an estimated $59 billion in 2022. This growth is largely due to the increasing popularity of US online casinos and the widespread adoption of mobile gaming technology.
While the full figures for 2022 will not be published until early 2023, we can use available figures up until August to get an idea of the revenue generated by iGaming in that year. As of August, the total revenue generated by iGaming was $5.3 billion. This figure is expected to grow significantly in the coming months, as more and more people turn to online casinos as a source of entertainment.
Vixio GamblingCompliance conducted a report revealing that if all 42 states were to legalize both land-based gambling and iGaming, it could generate over $6.35bn annually in state taxes. At the time of writing, only six states have made iGaming legal – Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia.
So, there is still a long way to go until all states have legalized iGaming. However, despite this, the US online casino market has shown promising growth in 2022. These figures illustrate that if more states were to legalize iGaming, it could significantly boost state tax revenue. Consequently, we will likely see more states taking this step shortly.
One of the many reasons the US iGaming market has performed well in 2020 is the convenience of playing casino games on your mobile phone. With just one tap of an icon, you can load a mobile casino app and have instant access to a huge library of games. You can play these games wherever you are, whether you’re at home or traveling. This is extremely convenient for millions of busy people across the United States who want to gamble but don’t have the time to visit a brick-and-mortar casino.