iGaming power shift: Americas to overtake Europe by 2028

Fueled by aggressive market openings, surging demand, and favourable regulatory frameworks, the U.S., Canada, and Latin America are fast becoming the new epicenter of iGaming. In contrast, European markets face tightening restrictions that threaten to curb their growth.

What the forecast predicts

Vixio’s forecast projects that regulated online gambling markets across the Americas will generate US$56.3 billion in revenue by 2028. That figure would bring them level with Europe’s expected earnings. This shows a dramatic rise from just US$22.3 billion in 2023.

This projected growth rate of 20.3% in the Americas more than doubles Europe’s. For an industry that, as recently as 2018, was considered almost entirely Euro-centric, the acceleration is certainly surprising.

What’s driving this growth in the Americas

The surge of revenue growth in the Americas looks to be underpinned by a combination of legalisation momentum and market maturity. Here are some examples:

• In the U.S., only seven states currently offer regulated iCasino, but heavyweights like New Jersey, Pennsylvania, and Michigan continue to break records. In March 2025 alone, the three states combined for over US$816 million in operator revenue, an all-time monthly high.

• Ontario, Canada’s largest province, has also shown explosive growth. Its iGaming market reported CA$684.8 million (US$495.5 million) in Q1 2025 revenue, a 33.8% increase year-on-year.

• Brazil, which is newly regulated, is already expected to surpass US$1 billion in sports betting revenue next year, trailing only Mexico in Latin America. Eleven LATAM countries combined are forecasted to grow from US$830 million in 2021 to US$4.4 billion by 2026.

Meanwhile, New York remains a standout example of iGaming’s tax potential. Sportsbooks generated over US$2 billion in revenue in 2024 alone, with the state collecting more than US$1 billion in taxes under its 51% levy.

Why is Europe stumbling?

While the Americas surge forward, Europe’s iGaming sector is experiencing a deceleration, which is largely driven by increasingly restrictive regulation.

According to Vixio, Europe’s market is expected to grow from just under €30 billion in 2022 to €37.3 billion in 2026, a far more modest pace than what is seen across the Atlantic.

The UK has imposed tighter controls on bonuses and stake limits for online slots. European countries, like Portugal, have all ramped up advertising restrictions. Across the continent, heightened scrutiny is tempering industry expansion and limiting operator freedom.

Speaking about the shift in markets, James Kilsby, Chief Analyst at Vixi stated;

Prior to 2018, the regulated online gambling market was highly Euro-centric, but legalisation of sports betting and iGaming in U.S. states and major markets like Ontario and Brazil has coincided with stricter regulations in Europe that have restricted growth in a number of cases.

Why 2028 could mark more than a milestone

The 2028 forecast isn’t just about crossing a revenue threshold, it signifies a real change in the global igaming market. 

Should the Americas match or exceed Europe in market value, the implications will redefine investment trends, regulatory strategy, and product innovation.

Currency fluctuations could even tip the balance further in favour of the Americas. Also, with multiple U.S. states, Canadian provinces, and LATAM countries yet to fully regulate iGaming, the upward trajectory is far from over.

Is Europe’s dominance over?

For decades, Europe was seen as the global hub for online gambling. But by 2028, that dominance could be shared, or even surrendered, to a rapidly rising Americas.

As lawmakers, operators, and investors respond to this transformation, the question isn’t just when the Americas will overtake Europe, it’s what happens when they do.