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US iGaming Market Set to Surpass UK by 2024
A new report from Vixio GamblingCompliance predicts that the US iGaming market will overtake the UK as the largest in the world by the end of 2024. This significant growth is fueled by the rapid adoption of online gaming across multiple states and the expansion of legal frameworks supporting the industry.
Key Insights
The Vixio report highlights several factors contributing to this anticipated growth, including increasing consumer interest, technological advancements, and supportive regulatory environments. The US market is projected to grow by 22% year-on-year, reaching a gross gaming revenue (GGR) of $8.2 billion in 2024.
Market Dynamics
Consumer Adoption: The growing acceptance and popularity of online gaming among US consumers is a primary driver of market expansion.
Technological Advancements: Innovations in gaming technology and payment solutions are enhancing user experiences and accessibility.
Regulatory Support: Many US states are progressively legalizing and regulating iGaming, creating a conducive environment for market growth.
Comparative Growth
The UK has long been a leader in the global iGaming market, but the rapid growth in the US is set to change this dynamic. The report predicts that by the end of 2024, the US will eclipse the UK, establishing itself as the largest online gaming market worldwide.
Future Outlook
The report underscores the potential for continued growth in the US iGaming sector, driven by ongoing technological innovation and regulatory developments. As more states legalize online gaming, the market is poised for further expansion, potentially reaching unprecedented levels of revenue and user engagement.
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