# Gambling Market

> Gambling market: USD 528.09 billion GGR in 2025, rising to USD 846.08 billion by 2035 as legal online betting and iGaming add gamblers.

Publisher: Douglas Insights  
Author: Douglas Insights Research Desk  
Report code: DI-CG-10600  
Published: 2026-10-07  
Last updated: 2026-10-07  
Next review: Apr 2027  
Page: https://www.douglasinsights.com/gambling-market/

## Key figures

| Measure | Value | How it is built |
| --- | --- | --- |
| Market size · 2025 | USD 528.09 billion | 1.45 billion active gamblers x USD 364.2 GGR each = USD 528.09 billion |
| Forecast · 2035 | USD 846.08 billion | Base case: 2.15% gambler growth and 2.62% price growth a year |
| Revenue CAGR · 2026-2035 | 4.83% | (1.0215 x 1.0262) - 1 |
| Volume · 2035 | 1.79 billion gamblers | 1.45 billion growing 2.15% a year |
| Leading segment | Land-based casino gaming, 33.7% | USD 177.97 billion in 2025 |
| Fastest segment | Online casino, 9.85% a year | US iGaming revenue rose 27.6% in 2025 (AGA) |
| Fastest region | Latin America, 8.3% a year | Licensed online betting replaces offshore play |
| Market leader | Flutter, about 3.1% of global GGR | USD 16.38 billion 2025 revenue against USD 528.09 billion GGR |
| Event | UK Remote Gaming Duty 21% to 40% from 1 April 2026 | HM Treasury policy paper, 26 November 2025 |

## Key takeaways

- Global gambling GGR is USD 528.09 billion in 2025 and USD 846.08 billion by 2035, a 4.83% revenue CAGR.
- Land-based casino gaming leads with 33.7%, while online casino grows fastest at 9.85% a year.
- Asia Pacific is the largest region at USD 177.44 billion; Latin America grows fastest at 8.3%.
- US commercial and tribal gambling reached USD 124.88 billion, with online products at 35.2% of commercial revenue.
- British Remote Gaming Duty rises from 21% to 40% on 1 April 2026, one reason our CAGR sits low in the 4.6% to 6.1% outside range.

Gamblers worldwide left operators USD 528.09 billion in 2025 once winnings were paid out. The gambling market covers gross gaming revenue (GGR), meaning stakes minus prizes, from land-based casino gaming, lotteries, sports and race betting, online casino, gaming machines outside casinos, and bingo and other games. Douglas Insights expects GGR of USD 846.08 billion by 2035, a 4.83% revenue CAGR over 2026-2035, built as 1.45 billion active adult gamblers times USD 364.2 of average annual GGR per gambler, which equals USD 528.09 billion. Tax is moving against operators in places: the UK government said on 26 November 2025 that Remote Gaming Duty rises from 21% to 40% on 1 April 2026 ([HM Treasury policy paper on gambling duties](https://www.gov.uk/government/publications/changes-to-gambling-duties)). The study is part of our [luxury goods and leisure research](https://www.douglasinsights.com/industry/consumer-goods-retail/luxury-goods-leisure/), and each step follows the [Douglas Insights research methodology](https://www.douglasinsights.com/research-methodology/).

## What does the average gambler lose in a year, and how do hold rates set gambling prices?

USD 364.2 per active gambler was the average 2025 gambling loss, which works as the price in this market. Hold rates, the share of each stake an operator keeps, set that price: about 10.2% for US sportsbooks, more for slots and lottery draws. The figure covers all six products in 5 regions.

The American Gaming Association reported on 26 February 2026 that US commercial sportsbooks kept USD 16.96 billion of revenue from USD 166.94 billion of handle, a hold of 10.16% ([AGA commercial gaming revenue release](https://www.americangaming.org/new/commercial-gaming-revenue-hits-78-7-billion-in-2025-driving-record-18-1-billion-in-gaming-taxes-nationwide/)). Lotteries return a smaller slice of sales as prizes than sportsbooks do, so their effective price per USD 1 staked is higher. Slots sit between the two.

Regional price bands are wide. Douglas Insights puts GGR per gambler at USD 781.1 in North America, USD 424.3 in Europe, USD 279.9 in the Middle East and Africa, USD 250.4 in Latin America and USD 248.2 in Asia Pacific. Gambling spend per head tracks income, venue density and how much of the product is legal online.

Online slots dominate the British price stack: remote casino yielded £5.0 billion in the year to March 2025, of which £4.2 billion, or 84.0%, came from slots ([Gambling Commission industry statistics](https://www.gamblingcommission.gov.uk/statistics-and-research/publication/industry-statistics-annual-report-financial-year-april-2024-to-march-2025)). The price leg in our gambling model rises 2.62% a year, taking GGR per gambler to USD 471.7 by 2035. Product mix, not higher hold, does most of that work.

## Which gambling product makes the money: casino floors, lottery draws or sportsbooks?

Land-based casino gaming makes the most money, with 33.7% of 2025 gambling GGR, or USD 177.97 billion. Casino floors in Macau, Nevada and Singapore combine high hold slots with premium table play, so they out-earn lotteries even though lotteries reach more adults. Online casino is the fastest product at 9.85% a year.

| Gambling product | Share 2025 | GGR 2025 | Growth 2026-2035 | GGR 2035 |
| --- | --- | --- | --- | --- |
| Land-based casino gaming | 33.7% | USD 177.97 billion | 3.80% | USD 258.41 billion |
| Lotteries | 25.6% | USD 135.19 billion | 3.05% | USD 182.57 billion |
| Sports and race betting | 17.9% | USD 94.53 billion | 6.45% | USD 176.61 billion |
| Online casino | 11.8% | USD 62.31 billion | 9.85% | USD 159.44 billion |
| Gaming machines outside casinos | 8.3% | USD 43.83 billion | 1.35% | USD 50.12 billion |
| Bingo and other games | 2.7% | USD 14.26 billion | 0.85% | USD 15.52 billion |

Land-based casino gaming holds USD 177.97 billion because integrated resorts charge for space, comps and table limits that no app can copy. Lotteries take USD 135.19 billion; state and national monopolies sell cheap tickets to the widest adult base of any gambling product. Sports and race betting earns USD 94.53 billion, and its 6.45% growth comes from mobile wagering in newly legal states and countries.

Online casino, at USD 62.31 billion, grows 9.85% a year and reaches USD 159.44 billion by 2035. The reason is simple: the US iGaming line grew 27.6% in 2025, and each new legal jurisdiction adds slots and live dealer tables at once. Gaming machines outside casinos, such as pubs, clubs and arcades, bring in USD 43.83 billion but grow just 1.35%, held back by venue closures and stake limits. Bingo and other games are the smallest gambling segment at USD 14.26 billion, rising 0.85%.

Sibling demand shows up elsewhere in our catalogue: the [Sports Technology Market](https://www.douglasinsights.com/sports-technology-market/) tracks the data feeds that price in-play bets, and the [Gaming Market](https://www.douglasinsights.com/gaming-market/) covers video games, where loot box rules overlap with gambling law.

## Why are online sportsbooks and iGaming states adding gamblers fastest?

Gambler numbers grow 2.15% a year to 2035, and four forces explain all of it. Online legalisation in North America adds 0.74 points, regulated betting in Latin America 0.58 points, mobile access in Asia Pacific and Africa 0.52 points and adult population growth 0.31 points of the gambling volume leg.

North American online legalisation is the largest lever at 0.74 points. The AGA reported on 26 February 2026 that US commercial gaming revenue rose 9.2% to a record USD 78.72 billion in 2025, with iGaming up 27.6% to USD 10.74 billion and sports betting up 22.8% to USD 16.96 billion, while traditional casino gaming grew just 2.3% to USD 50.94 billion ([American Gaming Association](https://www.americangaming.org/new/commercial-gaming-revenue-hits-78-7-billion-in-2025-driving-record-18-1-billion-in-gaming-taxes-nationwide/)). Online products therefore carried 35.2% of US commercial gambling revenue. All 38 commercial markets posted annual gains, and gaming taxes reached USD 18.09 billion, up 15.1%.

Tribal casinos add a steadier base. The National Indian Gaming Commission report dated 21 July 2026 puts fiscal 2025 tribal GGR at USD 46.2 billion from 545 gaming operations, up 5.3% from USD 43.9 billion ([NIGC fiscal 2025 gross gaming revenue report](https://www.nigc.gov/wp-content/uploads/2026/07/GGR25_071526.pdf)). Together, commercial and tribal gambling in the US reached USD 124.88 billion, which Douglas Insights counts as 74.4% of North American GGR.

Latin America adds 0.58 points. Licensed betting regimes pull offshore wagering onto taxed, counted platforms, and Douglas Insights models 135 million active gamblers in the region in 2025, spending USD 250.4 each. Every gambler who moves from an unlicensed site to a licensed one appears in the gambling market for the first time, which is why regional growth runs at 8.3% a year.

Mobile access in Asia Pacific and Africa contributes 0.52 points. Smartphone payments let lotteries and sportsbooks sell tickets without retail agents, and our model adds about 31 million gamblers in 2026 alone, from 1.45 billion to 1.48 billion. Adult population growth supplies the last 0.31 points. The four contributions sum to the 2.15% volume leg.

Product mix lifts the price leg as well. Douglas Insights calculates that online products took 35.2% of US commercial gambling revenue in 2025, against 46.4% of British yield, and each new online gambler spends across several products: sports bets, slots and live dealer tables. That cross-selling explains 2.62% annual growth in GGR per gambler, against 2.15% for gambler numbers. Higher tax receipts, USD 18.09 billion in the US in 2025, make legislators more willing to license, which feeds the next round of volume.

## What slows gambling revenue when duty rises, stake limits bite and India bans money games?

Three gambling restraints remove about 0.39 points a year from base growth, already netted into the 4.83% revenue CAGR. Higher British duty takes 0.18 points, India's ban on online money games 0.12 points, and stake limits on online slots and gaming machines 0.09 points.

British duty is the clearest headwind at 0.18 points. Under the policy paper published on 26 November 2025, Remote Gaming Duty rises from 21% to 40% from 1 April 2026, and a new 25% remote rate of General Betting Duty starts on 1 April 2027, with UK horse racing bets kept at 15% ([GOV.UK changes to gambling duties](https://www.gov.uk/government/publications/changes-to-gambling-duties)). Operators facing a 40% duty on online casino profit cut bonuses and marketing, which slows gambler acquisition.

India removes 0.12 points. The Promotion and Regulation of Online Gaming Act, 2025 banned online money games, their advertising and the payments that fund them, with prison terms of up to 3 years and fines of up to INR 1 crore for offering them. A large base of online players left the legal gambling count overnight.

Stake limits and slower recoveries take the last 0.09 points. Macau GGR of MOP 247.4 billion in 2025 rose 9.1% but reached only 84.6% of the 2019 level. Supplier results also show the drag: Evolution's operating revenues fell 4.3% to EUR 2.12 billion in 2025.

## Which companies win the most gambling revenue, from FanDuel owner Flutter to Las Vegas Sands?

The top three listed gambling groups, MGM Resorts, Flutter and Las Vegas Sands, reported USD 46.9 billion of 2025 revenue, equal to an 8.88% upper-bound top-three concentration of global GGR. Gambling is fragmented: state lotteries, tribal casinos and local operators hold most of the USD 528.09 billion.

| Company | 2025 revenue reported | Position built on |
| --- | --- | --- |
| MGM Resorts International | USD 17.5 billion | Las Vegas Strip resorts and MGM China |
| Flutter Entertainment | USD 16.38 billion | FanDuel in the US, international online brands |
| Las Vegas Sands | USD 13.02 billion | Macao resorts and Marina Bay Sands |
| FDJ United | EUR 3.68 billion | French lottery operator plus Kindred online brands |
| Entain | GBP 5.33 billion NGR | UK and international brands plus 50% of BetMGM |
| Aristocrat Leisure | USD 6.3 billion | Game supply to casino and online operators |
| Evolution | EUR 2.12 billion | Live dealer studios for online casino |

MGM Resorts reported consolidated net revenues of USD 17.5 billion for 2025, up 2%, with the Las Vegas Strip at USD 8.4 billion, down 4%, and MGM China at USD 4.5 billion, up 11% ([MGM Resorts 2025 results filed with the SEC](https://www.sec.gov/Archives/edgar/data/789570/000078957026000013/mgmexhibit991q42025er.htm)). Las Vegas Sands reported USD 13.02 billion, of which Macao operations supplied USD 7.47 billion and Marina Bay Sands USD 5.59 billion ([Las Vegas Sands 2025 results filed with the SEC](https://www.sec.gov/Archives/edgar/data/1300514/000130051426000004/lvs_ex991x12312025.htm)). Both groups earn part of that revenue from rooms, food and retail rather than gambling.

Flutter Entertainment reported 2025 revenue of USD 16.38 billion, up 17%, and said FanDuel held a 41% share of US sportsbook GGR and 28% of US iGaming GGR in the fourth quarter. Douglas Insights estimates Flutter alone at a 3.1% share of global gambling GGR, on a reported-revenue basis. Entain reported group net gaming revenue (NGR) of GBP 5.33 billion, up 3%, excluding BetMGM.

FDJ United, the French lottery group that completed its Kindred integration, reported 2025 revenue of EUR 3.68 billion and GGR of EUR 8.71 billion. Aristocrat Leisure, a supplier rather than an operator, booked USD 6.3 billion for the year to 30 September 2025, up 11%. Evolution runs live dealer tables for online casinos with about 22,500 staff in its studios. Payment hardware matters too; see the [Outdoor Payment Terminal Market](https://www.douglasinsights.com/outdoor-payment-terminal-market/) for the cashless trend in unattended venues.

## Which region spends most on gambling, and why is Latin America growing fastest?

Asia Pacific leads gambling GGR with USD 177.44 billion in 2025, a 33.6% share, ahead of North America at USD 167.93 billion. Latin America grows fastest at 8.3% a year as licensed betting replaces offshore play. The Middle East and Africa is the wildcard at 5.49%.

| Region | GGR 2025 | GGR 2026 | GGR 2035 | CAGR 2026-2035 |
| --- | --- | --- | --- | --- |
| Asia Pacific | USD 177.44 billion | USD 185.87 billion | USD 282.22 billion | 4.75% |
| North America | USD 167.93 billion | USD 176.50 billion | USD 276.16 billion | 5.10% |
| Europe | USD 120.93 billion | USD 124.74 billion | USD 164.91 billion | 3.15% |
| Latin America | USD 33.80 billion | USD 36.60 billion | USD 75.02 billion | 8.30% |
| Middle East and Africa | USD 27.99 billion | USD 29.53 billion | USD 47.77 billion | 5.49% |

Asia Pacific gambling reaches USD 282.22 billion by 2035 on 4.75% growth, with Macau alone at MOP 247.4 billion, about USD 30.9 billion, in 2025. North America grows 5.10% to USD 276.16 billion and nearly closes the gap, because US iGaming and tribal casinos keep adding revenue. Europe, at USD 120.93 billion, grows a slower 3.15% as duty and stake limits tighten; Great Britain alone generated £16.8 billion of gross gambling yield in the year to March 2025, up 7.3%.

Latin America rises from USD 33.80 billion to USD 75.02 billion, the fastest gambling region at 8.3%, because regulated online betting is new there. The Middle East and Africa grows from USD 27.99 billion to USD 47.77 billion at 5.49%. Its outcome depends on a few licensing decisions in Gulf states and mobile betting rules in African markets, which is why we call it the wildcard.

## Which licensing laws and responsible gambling rules decide where operators can sell?

Licensing law decides the size of every gambling market: 38 US commercial markets, 545 tribal operations and a British regime that taxed online casino at 21% until 31 March 2026. Rules on duty, stakes, advertising and payments shift GGR between legal and offshore channels.

In Great Britain the Gambling Commission publishes yield by sector: remote casino, betting and bingo produced £7.8 billion, up 13.1%, or 46.4% of total GGY, while land-based sectors produced £4.8 billion ([Gambling Commission annual statistics](https://www.gamblingcommission.gov.uk/statistics-and-research/publication/industry-statistics-annual-report-financial-year-april-2024-to-march-2025)). The National Lottery sold £7.9 billion of tickets and gave £1.6 billion to good causes. Those figures make Britain the best-documented gambling market in Europe.

US gambling regulation is state by state for commercial venues, and federal plus tribal for 545 tribal operations. India took the opposite path, with a total ban on online money games and on banks processing their payments. Responsible gambling tools, such as deposit limits, affordability checks and self-exclusion, cut spend per gambler at the margin and are part of every licence we model.

## What if US iGaming legalisation stalls: how wide is the 2035 gambling range?

USD 739.73 billion to USD 958.42 billion is the 2035 gambling GGR range, around a USD 846.08 billion base. The base adds 2.15% gamblers and 2.62% price a year. The slower case assumes US iGaming stalls and more countries copy British duty; the faster case assumes broad online licensing.

| Case | Gambler growth | GGR per gambler growth | Revenue CAGR | GGR 2035 |
| --- | --- | --- | --- | --- |
| Slower | 1.35% | 2.05% | 3.43% | USD 739.73 billion |
| Base case | 2.15% | 2.62% | 4.83% | USD 846.08 billion |
| Faster | 2.95% | 3.10% | 6.14% | USD 958.42 billion |

Gambler growth is the swing factor. One extra point of volume growth adds USD 86.57 billion to 2035 GGR; one point less removes USD 79.27 billion. Other forecasts we reviewed sit between 4.6% and 6.1% a year, and our 4.83% lands near the low end because the British duty rise from 1 April 2026, set out on 26 November 2025 ([UK policy paper](https://www.gov.uk/government/publications/changes-to-gambling-duties)), and India's ban are already in the base.

Two signposts will tell buyers which gambling case is unfolding. If US iGaming grows faster than 27.6% again, the faster case gains weight. If Macau stays below 90% of its 2019 level, Asia Pacific drifts toward the slower path.

## Douglas Exclusive: the Gambling Channel and Tax Atlas

The Gambling Channel and Tax Atlas is a Douglas Insights model built from 16 sourced inputs, not an official register. Those inputs are 6 US figures from the AGA and NIGC, 5 British figures from the Gambling Commission and HM Treasury, 1 Macau total and 4 company results. It maps GGR, active gamblers and the online share of gambling in 5 regions.

| Region | Active gamblers 2025 | GGR per gambler | Online share (model) | Online GGR 2025 |
| --- | --- | --- | --- | --- |
| North America | 215 million | USD 781.1 | 24.6% | USD 41.31 billion |
| Europe | 285 million | USD 424.3 | 41.3% | USD 49.95 billion |
| Asia Pacific | 715 million | USD 248.2 | 17.8% | USD 31.58 billion |
| Latin America | 135 million | USD 250.4 | 38.9% | USD 13.15 billion |
| Middle East and Africa | 100 million | USD 279.9 | 22.4% | USD 6.27 billion |

The atlas splits each region between two channels, land-based venues and online and mobile. Its finding: online gambling GGR totals USD 142.26 billion, 26.9% of the 2025 market, yet the share ranges from 17.8% in Asia Pacific to 41.3% in Europe. Europe already sells the largest share of its gambling online, so tax there bites the online channel hardest.

North America is the outlier. It has the highest GGR per gambler at USD 781.1 but only a 24.6% online share, because most US states still allow no online casino. Each state that licenses iGaming moves the region toward the European mix, which is why the atlas tracks the 38 commercial markets one by one.

## Methodology: how does the gambling model rebuild USD 528.09 billion from gamblers and spend?

1.45 billion active adult gamblers times USD 364.2 of GGR each gives USD 528.09 billion. The gambling model covers 5 regions and 6 products, 30 cells in all, each reconciled to the global total in 2025 and 2035.

Volume comes from regional gambler counts: 215 million in North America, 285 million in Europe, 715 million in Asia Pacific, 135 million in Latin America and 100 million in the Middle East and Africa. Price is regional GGR divided by those counts. Growth legs of 2.15% and 2.62% give 1.79 billion gamblers and USD 471.7 per gambler in 2035.

Three cross-checks hold. US commercial and tribal GGR of USD 124.88 billion equals 74.4% of our North American figure, leaving USD 43.05 billion for US lotteries, Canada and Mexico. Our global total sits 8.8% below the highest outside estimate we read for 2025. The segment 2035 values sum to USD 842.67 billion, within 0.4% of the USD 846.08 billion headline.

## Why does land-based gambling still earn more than online and mobile play in 2025?

Land-based venues earned about 73.1% of 2025 gambling GGR, or USD 385.83 billion, against USD 142.26 billion online. Casinos, betting shops and lottery retailers keep that lead because most countries still license gambling venue by venue, not app by app.

The gap is closing fast in some places. Online products took 35.2% of US commercial gambling revenue in 2025 and 46.4% of British yield in the year to March 2025. In Asia Pacific, where Macau and Singapore resorts dominate legal play, the online share is just 17.8%.

Douglas Insights projects the online channel to keep outgrowing venues through 2035 as online casino compounds at 9.85% against 3.80% for casino floors. Venues still matter. A resort earns from rooms, shows and dining, and that wider wallet is why MGM and Las Vegas Sands report revenue far above their gambling win.

## Which gambling signals should operators, suppliers and investors track through 2027?

Four gambling signals matter most through 2027: British online casino margins after the 40% duty, new US iGaming states, Macau recovery beyond 84.6% of 2019, and licensed betting volumes in Latin America. Each moves the 2035 figure by tens of billions of US dollars.

Watch the next AGA annual release for the online share of US revenue, now 35.2%. Watch NIGC data for tribal growth, last at 5.3%. And watch the British remote betting rate of 25% from 1 April 2027, the second step of the duty reform.

Short version: gambling grows, but slower than its online slice suggests. Tax and law set the pace.

## Market by segment

| Segment | Share | Value |
| --- | --- | --- |
| Land-based casino gaming | 33.7% | $177.97 Bn |
| Lotteries | 25.6% | $135.19 Bn |
| Sports and race betting | 17.9% | $94.53 Bn |
| Online casino | 11.8% | $62.31 Bn |
| Gaming machines outside casinos | 8.3% | $43.83 Bn |
| Bingo and other games | 2.7% | $14.26 Bn |

## Market by region (USD million)

| Region | 2025 | 2026 | 2035 | CAGR 2026-2035 |
| --- | --- | --- | --- | --- |
| Global | 528,090 | 553,596.7 | 846,080.6 | 4.83% |
| North America | 167,932.6 | 176,497.2 | 276,160.9 | 5.1% |
| Europe | 120,932.6 | 124,742 | 164,905.7 | 3.15% |
| Asia Pacific | 177,438.2 | 185,866.5 | 282,219.8 | 4.75% |
| Latin America | 33,797.8 | 36,603 | 75,019.3 | 8.3% |
| Middle East and Africa | 27,988.8 | 29,525.4 | 47,774.9 | 5.49% |

## Dataset

| Series | Value | Unit |
| --- | --- | --- |
| Market size 2025 | 528,090 | USD million |
| Market size 2035 | 846,080.6 | USD million |
| Revenue CAGR 2026-2035 | 4.83 | percent |
| Volume CAGR 2026-2035 | 2.15 | percent |
| Price per gambler CAGR 2026-2035 | 2.62 | percent |

## Frequently asked questions

### How much do gamblers lose to operators worldwide each year?

USD 528.09 billion in 2025, measured as gross gaming revenue: stakes minus prizes paid back, across casinos, lotteries, betting, online casino, machines and bingo.

### What will global gross gaming revenue be in 2035?

USD 846.08 billion in the base case, a 4.83% revenue CAGR from 2.15% more gamblers and 2.62% more GGR per gambler each year.

### How much does the average gambler lose per year?

USD 364.2 in 2025 on our model, from USD 781.1 in North America to USD 248.2 in Asia Pacific.

### Does online casino outpace casino floors?

9.85% a year for online casino against 3.80% for land-based casino gaming, because new legal jurisdictions add slots and live dealer tables online.

### How large is US gambling revenue?

USD 124.88 billion: USD 78.72 billion of commercial gaming revenue in 2025 plus USD 46.2 billion of tribal GGR in fiscal 2025.

### What changes for British online casinos in 2026?

40% Remote Gaming Duty from 1 April 2026, up from 21%, under the UK policy paper of 26 November 2025.

### How concentrated is gambling among large companies?

8.88% of global GGR is the upper-bound top-three concentration for MGM Resorts, Flutter and Las Vegas Sands, whose revenue also includes hotels and dining.

### Where does gambling revenue grow fastest by region?

8.3% a year in Latin America, from USD 33.80 billion in 2025 to USD 75.02 billion in 2035, as licensed betting replaces offshore play.

## Sources

- [HM Treasury and HMRC, Changes to gambling duties](https://www.gov.uk/government/publications/changes-to-gambling-duties)
- [American Gaming Association, Commercial gaming revenue hits USD 78.7 billion in 2025](https://www.americangaming.org/new/commercial-gaming-revenue-hits-78-7-billion-in-2025-driving-record-18-1-billion-in-gaming-taxes-nationwide/)
- [National Indian Gaming Commission, FY25 Gross Gaming Revenue Report](https://www.nigc.gov/wp-content/uploads/2026/07/GGR25_071526.pdf)
- [Gambling Commission, Industry statistics April 2024 to March 2025](https://www.gamblingcommission.gov.uk/statistics-and-research/publication/industry-statistics-annual-report-financial-year-april-2024-to-march-2025)
- [SEC EDGAR, Las Vegas Sands fourth quarter 2025 results (Form 8-K)](https://www.sec.gov/Archives/edgar/data/1300514/000130051426000004/lvs_ex991x12312025.htm)
- [SEC EDGAR, MGM Resorts fourth quarter and full year 2025 results (Form 8-K)](https://www.sec.gov/Archives/edgar/data/789570/000078957026000013/mgmexhibit991q42025er.htm)

## How to cite

Douglas Insights, "Gambling Market", DI-CG-10600, updated 2026-10-07, https://www.douglasinsights.com/gambling-market/