In recent years, the iGaming industry in the United States has experienced explosive growth, with 2024 poised to be another banner year for the sector. As more states legalize online gambling, the market is projected to continue its upward trajectory, driven by factors such as increasing internet penetration, the proliferation of smartphones and tablets, and changing attitudes towards gambling.
According to a report by Market Research Future, the iGaming market in the US is expected to reach a value of $73.45 billion by 2024, representing a compound annual growth rate of 15.6% from 2019 to 2024. This growth is fueled by the expanding availability of online casinos, sports betting platforms, and other forms of online gambling, as well as the increasing acceptance of online gambling as a legitimate form of entertainment.
One of the biggest drivers of growth in the iGaming industry is the legalization of sports betting in several states. Following the landmark decision by the Supreme Court in 2018 to strike down the Professional and Amateur Sports Protection Act, which prohibited states from legalizing sports betting, a number of states have moved quickly to legalize the practice. This has opened up a lucrative new market for iGaming operators, with sports betting expected to be one of the fastest-growing segments of the industry in the coming years.
Another factor driving growth in the iGaming industry is the increasing popularity of online casinos. With advances in technology making it easier than ever to access high-quality casino games on the go, more and more Americans are turning to online casinos for their gaming fix. In addition, the COVID-19 pandemic has accelerated the shift towards online gambling, as brick-and-mortar casinos were forced to close their doors for extended periods, driving players to seek out online alternatives.
Furthermore, the rise of live dealer games has brought a new level of realism and interactivity to the online casino experience, attracting a new generation of players who may have previously been wary of online gambling. This trend is expected to continue in 2024, with iGaming operators investing heavily in enhancing the user experience through innovative technologies such as virtual reality and augmented reality.
Overall, the future looks bright for the iGaming industry in the United States, with 2024 shaping up to be another year of strong growth. As more states legalize online gambling and consumer interest in iGaming continues to grow, the industry is poised to become a major player in the US entertainment landscape, providing players with a convenient and engaging way to enjoy their favorite games while driving significant revenue for operators and state governments alike.
