The American iGaming business had a big month in May 2024. Profits in the business hit all-time highs in key states that allow online gambling. It was a time of unmatched growth. Fresh numbers from gambling companies in these areas show that their Gross Gaming Revenue (GGR) for the month was a huge $634.8 million, a 27.6% rise from the same time last year.
May 2024 is now the second most successful month in the history of US iGaming, thanks to this huge rise in sales. It’s not far behind March 2024, which had sales that broke the record at $678.4 million. The iGaming business is growing quickly and becoming more important in the American gaming scene, as shown by the numbers.
Michigan, New Jersey, and Pennsylvania Lead iGaming Surge
Michigan, which had a huge $198.6 million in gross gaming revenue (GGR) for May, was the best state for online casinos during this rise. New Jersey came in second with $192.1 million, and Pennsylvania came in third with $174.1 million in iGaming income during the same time period. Eighty-nine percent of all the money made by online casinos that month came from just these three states.
When you look at growth rates from one year to the next, Michigan, New Jersey, and Pennsylvania all had huge jumps: 31.9%, 19%, and 23.5%, respectively. These numbers show that iGaming has had a long-lasting effect on these key regions’ economies and show how important they are to the overall growth of the business.
Rhode Island, Connecticut, and West Virginia See iGaming Growth
While Michigan, New Jersey, and Pennsylvania brought in the most money, a number of other states also saw big gains in their iGaming industries. Rhode Island is a newcomer to the market, and its only operator, Bally’s, made $2.2 million in sales and paid $1.1 million in taxes in May. Connecticut broke its previous monthly income record by making $46.3 million, and West Virginia saw a remarkable 61.6% growth rate, making $16.8 million. Delaware’s adjusted gross income tripled to $3.9 million, which shows a promising growth beyond the well-known iGaming hubs.
Technology and Regulation Set to Drive US iGaming Growth
According to experts, US iGaming will continue to grow in the future. This is because mobile technology is getting better, there are more ways to pay, and betting sites are using cryptocurrency more and more. As laws change across the country, it might become easier for people to gamble online in more places. This helps the business grow.
Statista says that over the next five years, iGaming sales in the US will double. This is because of new technologies and changing consumer tastes. People who work in the business are excited about how it could change the future of gambling in the US by making games easier, safer, and more immersive for more people.
It’s clear that the US iGaming business is doing very well in May 2024. Big money is coming in from the top states, and there’s still a lot of room for growth all over the country. The future looks very bright for iGaming in the US as the market grows and changes due to new technologies and new laws.iGaming includes a lot of different things you can do online, like virtual casinos, sports betting, poker, and raffles. You can do these things on the web or on your phone. Its popularity comes from how simple and easy it is to use, as well as how strong the technology is that makes sure games and deals are safe and fair.
