North American iGaming Market to Reach $42B-CFRA
Andrew Tam and Tuna Amobi, market and policy analysts, made it a point that the sports betting wagering market of the US will gain good traction in the coming time. Analysts mentioned that the North American iGaming and sports wagering markets to reach $25 billion to $42 billion by 2030.
Goldman Sachs had a similar prediction where it reported that online internet casinos and online sports betting reach about $39 billion to $14 billion by 2033.
The forecast by the CFRA assumes that 70% of the American people can access regulated sports in 2030, and 45 percent will participate in iGaming.
However, the firm’s $25 billion scenarios assume that the legal sports betting market will reach 55% of Americans.
Massive Growth Prediction
Presently, there are 21 states and Washington DC where sports wagering is live and legal. Nine more states are yet to join the league.
Canada is nearing the passing of the single-game betting law, but Texas, Florida, and California are not going live with sports betting games.
According to the prediction by CFRA analysts, the annual growth rate will be 23% to 30% in the coming years. Moreover, there will be an increase in consumer spending as the North American market moves ahead.
More Consolidation in the Row
The global sports betting industry is a prime area of merging, and the American sports betting and online casino industry is already witnessing the same.
In 2018, around 23 successful deals stuck with the aim for cross-border expansion and media enhancements in the industry.
California, Texas, and Florida, the big three, aren’t even close to launching sports betting. However, Canada is on the verge of passing single-game betting, and the intersection of its entrance, as well as predictions that any of them would ultimately join the club, creates positive expectations.
Most of the recent casino deals were motivated to increase cross-border expansion and gain critical mass. However, it was a challenging path to sustainable free cash flow, still elusive for many companies.