The gambling industry in the United States has seen remarkable growth over recent years, generating $34.93 billion in 2020 and escalating to $66.65 billion in 2023. As of November 2024, the industry's revenue slightly declined to $65.83 billion, yet it has effectively doubled over the past four years [464162ff].
This growth is not only significant in terms of revenue but also in its broader economic impact. The gambling sector contributes over $300 billion annually through indirect spending, creating more than 1.8 million jobs and generating over $100 billion in wages [464162ff]. Furthermore, in 2022, the industry paid $11 billion in direct taxes and contributed a total of $52.7 billion in tax revenue, which supports essential public services and infrastructure [464162ff].
However, alongside these economic benefits, there are growing concerns regarding the social implications of gambling. Projections indicate that losses from online gambling in the U.S. could exceed $1 trillion by 2028, driven by both legal and illegal activities [4218b218]. The illegal sector alone is valued at approximately $40 billion in 2023, prompting calls for stricter regulations and consumer protections [4218b218].
The Campaign for Fairer Gambling has highlighted the need for a 'Duty of Care' approach, advocating for measures such as robust know-your-customer policies to protect vulnerable players [4218b218]. Additionally, the World Health Organization has urged an end to gambling advertising and sponsorships in sports to mitigate public health risks associated with gambling [4218b218].
As the gambling industry continues to expand, balancing its economic contributions with the need for responsible gambling practices remains a critical challenge for policymakers and stakeholders alike.