Tuesday, December 6, 2022

BtoBet US market could more than triple in three years

BtoBet has published its Industry Report on the US market, with the supplier indicating that the $7.7bn in combined gross revenue generated by the US sports betting and online gaming markets in 2021 could more than triple in three years.

The company noted that the market’s sectors are on pace to reach $24.3bn by 2026, making the US the largest global gaming market, double the size of the UK’s.

BtoBet explained that almost every US state has at least considered legalising sports betting, but that some deep-seated political opposition and complex tribal relationships will perhaps prevent many states from going online for years to come.

California, however, once legalised, is expected to have a huge impact on the overall US sports betting scene. Referencing data from H2 Gambling Capital (H2GC), BtoBet noted that by 2025 California will amount to 13.3% of the total regulated sports betting gross win.

The same high expectations have been landed on both Florida and Texas, but the road to legalisation looks more complicated and therefore more lengthy than that of California. H2GC predicts that Florida would amount to 4.9% of the total regulated sports betting gross win, with Texas garnering 2%.

BtoBet added that, preceding PASPA’s repeal, sports betting was primarily associated with land-based bookmakers and casinos. But now much of the sports gambling growth has been driven by mobile, with people placing bets on their smartphones without having to travel to a casino.

“Now, sportsbooks’ target customer is closer to the average sports fan, and operators are focusing their efforts on reaching the vast majority of them through their smartphones,” a statement from the group read.

Referencing data from Vixio Gambling Compliance, BtoBet noted that by 2025, online sports betting will amount to 86% of the total gross revenue market size. Sportsbooks at casinos and retail sports betting will, however, register a consistent growth in the coming years.

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