Online gambling continues to grow, both in terms of gaming products and in customer growth. Revenue for online gaming is also consistently growing over the years. More and more states across the country have been legalizing online wagering. The increase in popularity of gambling and sports betting provides a boost to an already booming industry. And as we look at what gambling products are the highest source of revenue; it seems that in some markets, iGaming overtakes sports betting.
Not that sports betting revenue is something to ignore. Back in 2021, the 30 states that offer sports betting report $560 million in revenue. But in the same period, iGaming has $970 million in revenue in 6 states alone. Currently, Connecticut, Michigan, Nevada, New Jersey, Pennsylvania, and West Virginia are the only states that offer iGaming in their betting software.
iGaming Overtakes Sports Betting Revenue
Many in the industry believe that the push in legalizing sports betting can help encourage legislators to consider iGaming as well. And since there are a lot of brick-and-mortar casinos in a lot of states, going online is not much of a stretch. Given the revenue that iGaming generates, we will certainly see revenue grow to billions should the same number of states offer online casino gaming in their respective markets.
This is why many pay per head providers offer a complete gambling suite for bookies. Even if you are only looking for a solution for existing sportsbooks, products for online gaming and horse racing are also easily available. You can maximize your profits from your pay per head sportsbook operation; offering more than just sports betting will definitely be an advantage.
This year, there are five states that are considering iGaming in their legislation. You have Illinois, Indiana, Iowa, Kentucky, and New York. We are yet to see bills pass. But the fact that the discussion is there shows that they are listening to the demands of the customers. And in the online gambling business, providing your customers with what they want in terms of gambling products is a great way to secure customer loyalty, and, therefore, long term revenue.