Report: iGaming Revenue In Americas To Match Europe By 2028

A new report published Monday by Vixio projects online casino revenue in the Americas to reach $56.3 billion by 2028, which would put the continents level with Europe.

There are currently only seven states in the U.S. that offer regulated iCasino, but three of them — New Jersey, Pennsylvania, and Michigan — have combined to surpass $685 million in revenue in each of the first three months of 2025. All three set individual all-time monthly highs in either gross or adjusted revenue in March, totaling more than $816.1 million in operator winnings.

“Prior to 2018, the regulated online gambling market was highly euro-centric,” explained James Kilby, chief analyst, Vixio, “but legalization of sports betting and iGaming in various U.S. states as well as the major markets of Ontario and Brazil has coincided with stricter regulations in European countries that has restricted growth in a number of cases.”

Double-digit growth projected to continue

According to Vixio, the double-digit, year-over-year growth that has been present in the United States for more than a year is expected to be seen in Canada, Latin America, and South America in the coming years.

Vixio is projecting a compound annual growth rate (CAGR) of 20.3% for the regions from 2023 through 2028, during which revenue will grow from $22.3 billion to $56.8 billion. Ontario showed itself to be a burgeoning market, with Canada’s largest province reporting $684.8 million CAD ($495.5 million U.S.) for the first quarter of 2025.

That was up 33.8% compared to the first three months of 2024. Internet casino drop has surpassed $6 billion CAD ($4.35 billion USD) for six months running, with a peak of $6.6 billion ($4.79 billion) in March.

Vixio is projecting solid but smaller growth for European operators in the short term, with revenue escalating from €30 billion ($33.34 billion USD) in 2022 to €37.3 billion ($41.45 billion) by 2026.

Potential surge in South America revenue

Vixio’s projections are bullish when it comes to iGaming in South America, forecasting a near doubling of revenue to $12 billion by 2028 from $6.1 billion in 2025. With more than 70 companies licensed to offer either iGaming or sports betting in Brazil, revenue in South America’s largest country is projected to surpass $6 billion by 2028 and account for more than half the continent’s online casino revenue.

Brazil’s rise to prominence comes as Colombia — once a pioneer of these gaming verticals — may struggle to find solid growth. A presidential decree in February that required operators to collect a value-added tax (VAT) of 19% on player deposits has put a drag on such transactions. In its South American-specific report, Vixio cited the Fecoljuegos trade association noting player deposits are down “30-50 percent” since the VAT became effective.

Argentina could emerge as a wild-card for further potential growth depending on how well regulations set in provinces that offer iGaming can co-exist with those that may be put forward at the national level. Vixio forecast that Argentina could reach $500 million in annual iGaming revenue by 2028, but the lower house of its Congress passed a bill last November that restricts online gambling, “including banning essentially all advertising and sponsorship, and prohibiting bonus offers and credit-card deposits.”