How Has the US iGaming Market Fared in 2022?
If you are new to the term ‘iGaming’ it refers to online gambling, with online casinos and poker rooms being a good example. The United States and iGaming have not always seen eye to eye, but the future certainly looks promising. The legality of iGaming in the US is not straightforward and each state is responsible for passing iGaming laws. However, more states are passing bills to allow iGaming. Continue below as we look at how the US iGaming market fared in 2022 and what the future might hold.
iGaming Growth in 2022
If we look at the iGaming figures in the United States, 2021 was a fantastic year for the industry. The iGaming market was valued at $53 billion in 2021 and it has grown to $59 billion in 2022. Looking at the revenue generated by iGaming in 2022, the full figures will not be published until early 2023 but we can use available figures up until August 2022. A report by the American Gaming Association showed US gambling revenue exceeded $4.99 billion between January and April 2022. Overall, there is expected to be a growth of over 20% in gambling revenue in the United States come the end of 2022, including increases in the iGaming sector. Considering the six iGaming states, the total iGaming revenue in the US for August 2022 was $394.7 million. That is up 22.9% from August 2021.
In a report conducted by Vixio GamblingCompliance, should all 42 states legalize both land-based gambling and iGaming, it has the potential to generate over $6.35bn in annual state taxes. At the time of writing, the states that have made iGaming legal include Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia. So, there is a long way to go until all states legalize iGaming, but the figures show the US iGaming market has fared well in 2022.
One of the many reasons why the US iGaming market has performed well in 2022 is the convenience of playing mobile games. Casumo online casino is a good example and this casino offers players the opportunity to play casino games using a mobile device. Mobile casino apps can be installed on mobile phones and with just one tap of the icon, the casino loads. Mobile casinos, such as Casumo, have a huge library of games and they can be played instantly using a mobile device. This is extremely convenient and why millions of people across the United States are choosing to play mobile casino games. It does not matter if you are at home or travelling, iGaming is available if you have an internet connection.
The continued development of technology means the iGaming industry is always pushing the boundaries of what is possible. For example, playing casino games sat at a home computer against other people and with a real dealer was unthinkable 20 years ago but has become commonplace today. Augmented reality casinos are in the works and with online casinos always searching for new ways to play games, the US iGaming market is only going to get bigger.
2022 was a tremendous year for the iGaming market in the United States and we expect more of the same in 2023 and beyond.