Economic Analysis Reveals Significant Growth Potential for Online Gambling Markets
Date: 2024-03-22 Author: Dima Zakharov Categories: EVENTS
Economic Boost from Online Gambling
A recent economic analysis by the Sports Betting Alliance (SBA) unveils promising prospects for online gambling markets. The study indicates a notable surge in total revenue and market growth upon the integration of online casinos into existing markets.
SBA Economic Insights
The SBA, in collaboration with the Analysis Group, conducted a comprehensive study involving 2,389 current and prospective gamblers. The analysis focused on the impact of online casino introduction on existing markets in several states, including Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia.
Market Growth Trends
According to the findings, the introduction of online casinos resulted in a 1.9% increase in revenue at physical casinos within the legalized online gambling states. Moreover, the total gaming revenue in these states surged by 46% in 2023 compared to pre-online casino era.
Potential Revenue Expansion
The study also forecasts significant revenue growth in potential online gambling states like Maryland. If legalized, Maryland's market could witness a substantial revenue boost, potentially reaching $3.9 billion by 2029 from $2 billion in 2024.
Impact on Land-Based Casinos
Contrary to concerns about cannibalization, the analysis suggests that online casinos complement rather than compete with land-based counterparts. The majority of respondents reported maintaining or even increasing their visits to physical casinos alongside online gambling activities.
Market Projection
Utilizing a unique model based on sports betting trends, the analysis projects a substantial revenue increase in potential online gambling states like Illinois, Louisiana, Massachusetts, New York, and Virginia.
