US Online Gambling Losses Projected to Surpass $1 Trillion by 2028

The expansion of legal betting and online gambling across the United States has opened up a world of possibilities for millions of Americans, enabling them to place legal bets from the comfort of their homes. The proliferation of smartphones has made wagering on sports and iGaming just a few taps away, but this convenience sometimes leads to excessive gambling and associated harms. An alarming number of people affected by problem gambling spend more than they can afford, which results in spiraling financial losses. According to new research, these losses in the United States are expected to reach a staggering $1 trillion within the next few years.

On Wednesday, the Campaign for Fairer Gambling (CFG) emphasized recent data from YieldSec, which estimated that the illegal online gambling market in the US was valued at an astounding $40 billion in 2023. Additionally, the World Health Organization (WHO) projected that the online gambling sector in the country would hit $700 billion annually by 2028. These daunting figures indicate that both legal and illegal gambling activities could have a seismic economic impact, with losses potentially surpassing trillions before the decade ends. To put this into perspective, the $1 trillion loss expected by 2028 is nearly half of Canada’s $2.14 trillion gross domestic product (

The increase in gambling activities is closely tied to rising gambling harm, an issue exacerbated by the ease of access and insufficient consumer protection legislation. The Campaign for Fairer Gambling highlighted the critical role of “Duty of Care” for legal gambling operators to mitigate harm and combat problem gambling. Despite the pressing need, the United States has yet to establish a comprehensive regulatory framework at the federal level for iGaming and sports betting, leaving a gap in oversight and protection.

Derek Webb, founder of the CFG, underscored the potential of duty of care in the context of class action lawsuits targeting the legal online gambling sector. He stressed the importance of robust know-your-customer policies to prevent money laundering and other financial crimes, urging states offering tax breaks to gambling entities to reconsider their stance to avoid litigation risks. Both legal and illegal gambling contribute to increased consumption, and WHO suggests that curbing the advertising and promotion of gambling, along with reducing sponsorships in sports, is essential to mitigate public health issues related to gambling harm. As the online gambling landscape continues to evolve, striking a balance between growth and responsible practices is paramount.