Igaming And Betting Competition

Mobile game installs are at a 12-year low in the U.S.

Hours played in mobile gaming have tumbled in the U.S.

Time spent watching video game streaming is flatlined in the U.S.

In Q4, users placed 1.5 million bets per day on prediction markets, averaging $300 in notional value

Prediction market betting involves untold hours of research, tracking, and social engagement

Prediction market activity has grown dramatically from near-zero in 2019 to over 140M quarterly bets by 2025

U.S. net betting losses crossed $17B in 2025, up 35x from 2019 and growing 35% a year

Sports betting is further integrating into live sports as legalization expands

Online sports betting faces bans in many top markets including Korea, Australia, Japan, and China

International net losses from online sports betting are now $53B per year, representing a 210% increase or $36B growth since 2019

U.S. sports betting shows 35% compound annual growth rate over 3 years

Rest of world (as legal) sports betting shows 20% compound annual growth rate

iGaming refers to digital games in which players bet and can cash out money

iGaming is only recently legal in parts of the U.S.

Singleplayer Slots represent 79% of U.S. iGaming net player outlays by 2025

Multiplayer Poker represents 19% of U.S. iGaming net player outlays by 2025

Singleplayer Table Games represent 2% of U.S. iGaming net player outlays by 2025

iGaming is legal in only 7 states in the U.S.

Each of the 7 states where iGaming is legal is growing 22-117% a year

iGaming is already 2x the size of the mobile casino game category

iGaming represents 21% of all U.S. video game spend

Despite (ever fewer) bans in top markets (China, Korea, Japan), players now lose $54B a year in legal markets in iGaming

iGaming losses have grown from $11B in 2019 to $54B in 2025

iGaming represents roughly 45% of video game spend

US iGaming market has 26% 3-year CAGR while Rest of World (As Legal) has 25% 3-year CAGR

iGaming, though the category might seem too distinct to compare to traditional video games, India is a clear case study on how it can squeeze the growth of the latter

Real-Money Gaming was banned in August 2024

In mechanics, design, and IP, there's little difference between "mobile gaming" slots and "iCasino" slots

If a player's $20 goes in and never returns, the outcome is functionally equivalent regardless of whether it's mobile gaming or iCasino

Traditional mobile casino genre (no cashout) long outpaced total mobile gaming growth

The casino genre is now shrinking as whale players depart for iCasinos

With iGaming, U.S. growth from 2021 to 2025 increases from -0.4% to +12.0%

Non-China international gaming growth goes from +10% to +30% with iGaming inclusion

iGaming growth occurs despite widespread bans

Sports betting is now integrated into sports broadcasts, with sports broadcasters (e.g. ESPN) licensing their brands to sports books.

Americans decreased their annual expenditure on video game content, software, and services from $52.49B to $52.30B since 2021, a $190MM decrease

Americans increased their spend on OnlyFans + Online Sports Betting + iGaming from $11.3B to $32.8B in total, a $21.5B increase

Video games are losing the attention war in the 'Major Market 8'

Novel interactive competitors are taking attention, time, and spend from video games