The US casino industry is booming, and reports suggest that the market is set to continue on an upward trajectory for the foreseeable future. This is partly down to the increase in the size of the market due to the number of states legalizing gambling, either online or in physical brick-and-mortar establishments, or indeed both.
That growth is set to reach dizzying heights, with reports suggesting that the industry will be worth as much as $13 billion between now and 2027. The presence of gaming in the US is hard to ignore.
Sponsorship in sports and advertising, in general, has led to increased exposure to the casino market, as well as sports betting, and as each new state joins the rapidly growing list of regions that allow gambling, so does the size of the marketplace.
Currently, there are six states that allow online casino gambling; Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia, while 44 out of the 50 states allow some form of casino action, which could be riverboat-based or Native American operations.
The size of the sports betting market is similarly growing, with 2022 seeing a massive bump in revenue as New York legalized sports betting last January. This led to the industry generating a massive $1.36 billion in revenue, which in turn meant the state made $693 in tax revenue.
There were signs of growth ahead of the coronavirus pandemic and the fact that people were restricted in terms of other forms of entertainment and the use of their disposable income, the period of COVID peak also saw an increased use of online gaming sites.
This has continued since the pandemic became less of an issue, and clearly, it appears to be the case that the growth shows no sign of abating.