As the online gambling landscape continues to evolve, alarming projections indicate that losses in the United States are set to surpass $1 trillion by 2028. This staggering figure is attributed to both legal and illegal gambling activities, with the illegal online gambling sector alone valued at approximately $40 billion in 2023 [4218b218].
The Campaign for Fairer Gambling (CFG) has raised concerns about the exponential increase in gambling losses, emphasizing the urgent need for effective regulations and consumer protection measures. Derek Webb, the founder of CFG, advocates for a 'Duty of Care' approach, which includes robust know-your-customer policies to safeguard vulnerable players [4218b218].
Moreover, the World Health Organization (WHO) has projected that the online gambling sector could reach an annual value of $700 billion by 2028. This alarming trend raises significant concerns, especially when considering that these losses are comparable to nearly half of Canada’s GDP, which was $2.14 trillion in 2023 [4218b218].
In light of these developments, the WHO has called for an end to gambling advertising and sponsorships in sports, aiming to mitigate the impact of gambling on public health and safety [4218b218]. As the situation unfolds, the need for comprehensive regulatory frameworks becomes increasingly critical to address the challenges posed by the burgeoning online gambling industry.