Exploding Gambling Industry in the US: A Double-Edged Sword
Rapid deregulation and technological advancements have fueled an unprecedented boom in the U.S. gambling industry, with revenues skyrocketing from $30 billion in 2020 to a staggering $67 billion by 2023. This explosive growth, driven primarily by traditional casino gaming, sports betting, and iGaming (online gaming), has caught the attention of liberals who advocate for further deregulation.
George Bernard Shaw once quipped that the most popular method of wealth distribution is via the roulette table. The U.S., often dubbed the land of opportunities, seems to be embracing this principle with its gambling industry’s meteoric rise. However, the aphorism also hints at potential upheavals and backlash.
The American Gaming Association (AGA) reports a 122% increase in gross gaming revenue (GGR) between 2020 and 2023, representing a compound annual growth rate of 22%. This growth signifies a significant increase in gamblers’ losses. In 2024 alone, GGR reached approximately $66 billion in the first eleven months, with sports betting spending surging from $7 billion in 2018 to an estimated $150 billion.
The U.S. has emerged as the world’s largest online gambling market, with around 60% of adults having gambled in the previous year and 40% admitting to placing sports bets. However, this growth comes with a darker side: problem gambling. According to the National Council on Problem Gambling, millions of Americans grapple with gambling addiction.
The gambling industry’s future appears bright, with predictions suggesting continued unabated growth. Online gambling businesses alone are projected to generate billions more in revenue. Yet, as the sector expands, so too does the potential for social and economic issues stemming from problem gambling.
As liberals cheer the gambling industry’s growth, it is crucial to acknowledge both its economic benefits and potential drawbacks. While deregulation has undoubtedly fueled the boom, it also raises concerns about responsible gaming and consumer protection. The U.S., in its pursuit of opportunities, must navigate this double-edged sword with caution.