Online Betting Volumes in North America to Surpass the $300B Mark by 2027
By Elizabeth Kerr
Last Updated: February 14, 2023
Online betting in North America is on the rise. With an ever-increasing number of states legalizing gambling and ongoing technological advances, the North American online betting market is projected to skyrocket over the next few years. According to LotteryCritic.com, in 2027, the online betting industry in North America is expected to be valued at over USD 300 billion.Speaking on the data, LotteryCritic's Freddie Smith commented on the data:
North America is a haven for online betting. Most states are opening up to regulate it and gain revenue from it. With well-established structures and platforms in place, the growth of online betting is going to be astronomical.LotteryCritic's Freddie Smith
Increased Adoption of Mobile Betting
One of the main drivers of this growth is the increased adoption of mobile betting. The popularity of mobile betting has risen dramatically in recent years. More people are choosing to place bets using their smartphones and tablets. This is possible due to the widespread availability of high-speed internet. Besides, there is the development of more user-friendly mobile betting apps.Mobile betting is convenient and offers a range of benefits to users. Some of the benefits include access to real-time betting odds, a wide range of betting markets, and better bonuses. Additionally, mobile betting apps are also more secure than traditional online sportsbooks. This makes it a safer option for bettors who want to protect their personal information from third parties.
Legalization of Sports Betting
Another key factor driving the growth of the online betting market in North America is the legalization of sports betting. In recent years, many states in the US have legalized sports betting. Even more states might follow suit in the coming years. Legalization opened up a new market for online betting firms and has also led to increased investment in the sector.The legalization of sports betting has also helped to reduce the stigma surrounding online betting. Thus, making it more acceptable and accessible to a broader audience. This, in turn, has contributed to the growth of the online betting market, as more people are willing to try betting online.
Canada Emerges as the Largest Market for Online Gaming
Canada is a leading player in the online gaming industry, with a largely unregulated environment for gaming activities. The Canadian Gaming Commission oversees the industry, provides information, and addresses significant issues. However, individual provinces enforce Laws on casinos, online gaming, sports betting, and related activities.The Canadian Gaming Association estimates that the untaxed online gambling industry generates around CAD 1 billion in annual revenue. It is estimated that 64% of Canadians take part in some form of gambling, whether charitable gambling, online poker, or other options.The future of online betting in North America looks very bright. With the industry projected to hit USD 300 billion by 2027, it is clear that the sector is on an upward trajectory.