However, we don’t expect every state to fully deregulate iGaming by 2025. Applying similar consumption rates for the entire US population implies a $36 billion total addressable market. Europe’s online gambling industry already generates $30 billion annually and is highly prevalent in nations such as the U.K. The market opportunity for online gambling in the US could reach $25 billion annual revenues by 2025 if 25-30 states deregulate online gambling. Intense competition leading to low market share and high marketing costs.Slow state-by-state legalization of iGaming and sports betting.We forecast revenue growth at a 28% CAGR from 2021 to 2025 after 64% revenue growth in 2020.GNOG has an opportunity to grow its user base with lower acquisition costs by leveraging its access to a database of 2.5 million land-based casino members and 2.5 million members across Landry’s restaurant loyalty base. GNOG also has market access rights in IL, LA, NV, MS and plans to launch in additional states as more markets deregulate. The company also launched iGaming in MI, PA and WV this year.
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