Many of us have seen the impact of iGaming on the entertainment world through the emergence of cultural trends and advertising on TV – but the true extent of it lies in some incredible statistics. It’s clear that online casino apps and sports betting platforms have dominated the market, and people have adopted them as a favorite pastime, but the numbers tell the full story. Through them, we can see just how much growth, engagement, and revenue this industry is going through and creating.
Whether it’s billions in revenue or an improvement in player retention, the following statistics are sure to show you where the future of iGaming is heading.
U.S. iGaming Generated $5.02 billion in revenue in 2023
Breaking records left, right, and center, online gambling in the U.S. generated a whopping 5.02 billion USD in just 11 months in 2023 (January to November). And that doesn’t count in all the states where online casinos aren’t legal just yet. Across only six active states – West Virginia, Connecticut, Pennsylvania, Michigan, New Jersey, and Delaware – revenue numbers rose by 23.1% compared to the same 11-month period the year prior.
And this is just the beginning. As the remaining 44 states have the potential to change their laws surrounding iGaming, this number will only surge in the coming years, with the industry also becoming more widespread.
46% of American adults placed at least one sports bet in 2023
With just under half of all American adults joining in on the sports betting fun, people have transformed the way they engage with their favorite games – whether basketball, soccer, football, baseball, tennis, or something else.
The sheer expansion of sports betting platforms and word-of-mouth advertising have driven many to start experimenting with sports betting. Because these platforms are user-friendly and accommodating to new users, placing a sports bet or putting together a parlay is convenient and easy. That sort of accessibility means that millions of Americans can put their own stakes on any game and up the ante.
If you’ve watched a sports game on TV recently, you might have noticed the increase in sports betting app advertising. From sponsored content to commercials, it’s become a mainstay in popular culture. These ads showcase the fun and excitement that sports betting can bring and encourage fans to try their luck and become a bigger part of the action.
The Online Gambling Market in North America Was Expected to Reach a Revenue of 29.94 billion USD by 2024
At an annual growth rate of 9.02%, the start of 2024 was predicted to see a revenue of $29.94 billion. While casinos remain popular (winning a record $60 billion in 2023, according to Fortune magazine), more and more people are turning to their online counterparts for the convenience factor. With online gambling apps boasting accessibility, variety, and intriguing incentives like cashback bonus deals on casinos.com, the appeal of online gambling continues to grow.
Esports Betting Revenue is Projected to Reach 0.7 billion USD in 2024
Although considered a niche sector in the iGaming industry, it looks like esports is set to gain traction. Analyzing the data, Statista expects revenue to grow annually at a rate of 10.41%, which is higher than the projected online gambling market growth.
As streaming becomes a mainstream profession and esports leagues and tournaments rack up the viewership numbers, there’s a lot of potential for esports betting and involvement. Just like with online sports betting, it can transform the way fans immerse themselves into the community and invest in their favorite games.
Around 60% of All Bitcoin Transactions Are Gambling-Related
Part of the accessibility of online gambling apps is the flexibility they offer to fund your account in a variety of ways, whether using digital wallets, bank accounts, or cryptocurrencies. For those who don’t want to deal with the limitations and rules set by traditional banks, Bitcoin and other crypto provide a decentralized alternative for gambling.
With 60% of Bitcoin transactions being gambling-related, we can see a close relationship between cryptocurrencies and the online gambling industry. There are no intermediaries with Bitcoin, which means being able to make deposits, withdrawals, and wagers a lot more quickly and securely. Although online gambling is legalized in places where people are downloading these apps, Bitcoin also offers a layer of privacy and anonymity that appeals to many players.
Esports Athletes Attain Professional Status(Opens in a new browser tab)
The Live Casino Market is Expected to Reach $3.7 billion by 2025
In its short life span, the live casino market is already poised to earn well over 3 billion USD for the iGaming industry. Live casino essentially means being able to play a casino game just like you would in real life, thanks to the introduction of live dealers.
One of the main aspects of table games is the dealer, which is often lacking in online table games. Bringing in a live dealer streamed in real time creates a more immersive and authentic experience that you wouldn’t otherwise need with games like slots and the sports betting realm.
Beyond the dealer-player relationship, the live casino concept also helps to foster the interactive and social aspect of iGaming, which is a growing priority. Players can also interact with each other, mirroring the atmosphere of a real-life casino from a remote location. And as technology advances, there’s so much potential for a more engaging live casino environment.