Gambling Market Research: Industry Methods and Compliance

Gambling market research connects you with industry insiders, former executives, operators, and regulators, to gather actionable intelligence on market entry, competitive positioning, and regulatory changes. Interviews and surveys are used to gather actionable insights, while custom studies deliver the primary data you need for investment decisions, strategic planning, and due diligence.

Get reliable insights without the six-figure retainers of traditional expert networks.

Research Methods for Different Investment Needs

Whether you're evaluating a potential acquisition or entering a new market, there's a research approach for every gambling industry question.

Pre-Investment Due Diligence Before You Bet

The United States is the largest growing gambling market driven by sports betting legalization. In 2025, U.S. regulated sportsbooks posted a handle of $165.58 billion, GGR of $16.80 billion, a hold rate of approximately 10.15%, and state tax revenue of $3.66 billion. Those numbers matter when you're validating a target company's financial projections.

Due diligence in gambling requires several lines of primary research:

• Expert interviews with former C-suite executives from target companies to validate revenue claims and hold rate assumptions.

• Regulatory compliance assessments through ex-gaming commission staff who understand state-by-state licensing requirements.

• Competitive positioning analysis via industry veterans who know operator economics firsthand.

• Financial performance validation through former finance leaders who can confirm margin structures. iCasino operators retain approximately 25-30% of every dollar wagered vs roughly 10% in sportsbooks. That difference changes your model entirely.

Additionally, prediction markets present a growing regulatory risk. Platforms like Kalshi and Polymarket face litigation in multiple states, with the CFTC asserting federal jurisdiction while state gambling laws push back. If your target has exposure to event contracts, this is essential diligence.

North American gambling operators face strict regulatory demands. An estimated 2.5 million US adults faced severe gambling problems in 2024, and public health approaches are advocated to manage gambling technology-related harms. States like Ohio are proposing bans on online sports betting, wager limits, advertising restrictions, and credit card gambling bans. Your diligence needs to account for these regulatory shifts.

Market Entry Research for Markets Experiencing Significant Growth

Entering a new state or vertical requires data on licensing, costs, and competition. Market research includes analyzing consumer behavior and preferences, and you need people who've actually done it.

• Regulatory mapping with former compliance officers who know the difference between single-operator and multi-license state models.

• Customer acquisition cost analysis through marketing executives. High customer acquisition costs in gambling can exceed $400 in 2024, so understanding unit economics by state is critical.

• Partnership opportunity identification via business development leaders who've structured deals with casinos, teams, and media companies.

• Technology requirements assessment through former CTOs who understand AML compliance, platform architecture, and cybersecurity demands. Cybersecurity threats have risen due to increased digital transactions in gambling.

The online gambling market is growing significantly worldwide. The U.S. online gambling market was approximately $11.8 billion in 2025, projected to reach roughly $22.8 billion by 2034 with a CAGR of about 7.33%. Sports betting dominates game type share at approximately 49.3%, while mobile devices dominate access at roughly 68.7%. Mobile gambling growth is driven by internet access and smartphone penetration. Knowing which states are next in line for legalization, and at what tax rates, is the difference between a good bet and a bad one.

Competitive Intelligence

The gambling industry is experiencing significant growth, and operator strategies are shifting fast. Major players in sports betting include FanDuel and DraftKings. FanDuel holds approximately 43.6% and DraftKings approximately 36.4% of U.S. sports betting market handle. A structured competitive intelligence process is how deal teams pressure-test those share numbers.

• Product roadmap insights from former product managers who've built features for online casinos and sportsbooks.

• Pricing strategy analysis through revenue management experts who understand odds-setting, promotional offers, and margin management.

• Customer satisfaction studies via former customer success leaders. Online gambling platforms are integrating social features for better user engagement, and understanding what drives retention matters.

• Operational efficiency benchmarking through ex-operations directors who can compare cost structures across operators.

55% of US consumers have participated in sports betting. 31.7% of adults gamble on sports regularly or occasionally. 66% of sports gamblers also gamble online. These demographics show where the money is moving, and competitive intelligence from the people who built these products shows you why.

Choose the Right Method for Your Research Objectives

The right research approach depends on your timeline, budget, and the depth of insight required.

For Quick Market Validation

When you need a fast read on a market or a regulatory development, a focused set of expert calls delivers the strongest signal in the shortest time.

• 30-minute expert calls with 3-5 industry veterans.

• Focus on high-level market trends, regulatory developments, and competitive dynamics.

• Target former executives from major operators like DraftKings, FanDuel, MGM.

• Complete research within 1-2 weeks.

This works when you're creating an initial view on a potential investment or need to answer a specific question for a partner meeting.

For Deep Strategic Analysis in Significant Growth Markets

When the stake is higher, like a platform acquisition or market entry decision, you need more coverage.

• 60-minute interviews with 8-12 specialized experts.

• Include regulatory, operational, and technology perspectives.

• Cover both online and land-based gaming segments. Retail gambling remains popular despite online alternatives.

• Allow 3-4 weeks for a thorough analysis.

Data from financial reports and third-party studies inform market analysis, but they don't tell you what an ex-operator knows about state enforcement patterns, licensing timelines, or the real cost of compliance. Primary research fills those gaps.

For Investment Committee Presentations

Your IC presentation needs to stand up to hard questions. That means structured, defensible primary data.

• Structured interview guides with consistent questions across experts for comparability.

• Detailed transcripts and synthesis reports included.

• Financial projections validated through former finance leaders who understand hold rates, tax exposure, and margin variability.

• Executive summaries tailored for board-level decisions.

Statista uses survey results for primary research in market size estimation. Surveys collected data from 17,159 adults in January 2023 to understand gambling behavior. Combining that kind of secondary source with primary expert interviews gives you both the numbers and the context behind them.

Compliance and Quality Standards That Protect You

Gambling industry research requires strict compliance protocols given regulatory scrutiny and material non-public information risks.

Expert Vetting and Screening

Every person you speak to in this industry carries potential MNPI risk. A former compliance officer at a state gaming commission, a day-one operator at a tribal casino, an ex-CFO from a publicly traded sportsbook. You need to know their background is verified and their participation is legal.

• Background verification of employment history and credentials, with emphasis on recent experience within the last 12-24 months.

• Compliance training on insider trading and confidentiality rules before any conversation.

• Ongoing monitoring for regulatory violations or conflicts of interest.

• Documentation of the vetting process for audit trails.

Information Handling Protocols

• MNPI screening before and during expert conversations, with trained moderators who know where the line is.

• Secure transcript storage with encryption and access controls.

• Compliance review of all research outputs before delivery.

• Legal privilege protection where applicable.

These protocols are equivalent to what you'd get from GLG or AlphaSights, without the annual retainer or six-month procurement process.

Regulatory Coverage

The gambling industry's regulatory environment is a moving target. Tax regimes are shifting: Illinois raised its online sports betting tax from a flat 15% to a tiered 20-40% based on revenue size, plus a per-wager fee. New Jersey, Louisiana, and the District of Columbia also raised rates in 2024-2025. That directly affects operator margins and your investment thesis.

By mid-2025, 39 states plus DC and Puerto Rico had legalized some form of sports betting. About 30 states plus DC allow online or mobile access. But online casinos remain more restricted: only eight U.S. states have legalized regulated iGaming as of early 2026, with a ninth coming.

Your expert network needs to span these jurisdictions:

• Experts from high-importance states like NY, NJ, IL, and NV.

• Tribal gaming leaders who understand sovereign territory regulations.

• Online vs. land-based specialists who can explain the operational differences.

• Sports betting legalization expertise covering all 50 states.

Offshore operators capture roughly two-thirds of U.S. online gambling value (approximately $79.8 billion in Competitive Earning Baseline in 2025). In states without legal iGaming, offshore platforms take about 80% of brands. In fully licensed states, domestic operators capture approximately 69% of value. Understanding this dynamic is essential for any market sizing exercise. Illegal offshore activity distorts the data if you don't account for it.

How to Execute Sports Betting and Gambling Market Research

Effective gambling industry research requires careful planning and expert selection to maximize insight value.

Define Your Research Scope

Start with specifics, not generalities.

1. Specify geographic markets and gambling verticals of interest. Sports betting, iGaming, casinos, lottery, prediction markets. Each has a different regulatory profile and margin structure.

2. Identify key questions around market size, growth, competition, and demand signals, including that 55% of consumers have participated in sports betting. The online gambling market is growing due to changing preferences, and Gen Z consumers are a strong growth driver. 85% of Canadian men aged 20-34 plan to bet soon. 42.1% of males reported gambling on sports in 2023. 81.2% of males under 44 with high income bet on sports. These demographics shape your questions.

3. Determine regulatory compliance requirements for your use case. Pre-investment diligence has different MNPI risks than competitive intelligence.

4. Set timeline and budget parameters upfront so you pick the right research model.

Global gambling market user penetration is projected to reach 12.8% by 2026. Major sporting events increase online betting volume in the USA. Understanding these trends helps you frame the right research questions for your specific investment or strategy objective.

Select the Right Expert Mix

The rise of online platforms, the influence of mobile play on user behavior, and the ongoing turn toward legalization all require different expert perspectives.

• Combine operator perspectives with regulatory and technology insights. A former DraftKings product manager sees the world differently than a former New Jersey Gaming Control Board member.

• Include both C-suite and functional experts for comprehensive coverage. An ex-CEO gives you the strategic view. An ex-compliance officer gives you the operational reality.

• Target experts from companies at different growth stages, from early-stage operators to established players.

• Balance recent experience with long-term industry perspective. Someone who's been in the industry for 15 years and left in the last 12 months is ideal.

Regulatory expansion is estimated at 3-4 new states per year until 2028. Each new state is a potential source of significant growth for operators. Your expert mix should include people who've gone through state launches before and can tell you what the reports won't: how long licensing really takes, what compliance costs look like on day one, and where the operational risks hide.

Getting Started with Your Gambling Research Project

Access industry expertise without the overhead of traditional expert networks. Pay only for the insights you need, when you need them.

• Transparent per-call pricing with no annual retainer.

• Direct access to former executives from major gambling operators, sportsbooks, and regulators.

• Compliance infrastructure equivalent to GLG and AlphaSights.

• Custom research design tailored to your investment thesis.

The gambling industry is experiencing significant growth. Whether you're evaluating a sports betting acquisition, assessing an iGaming market entry, or building competitive intelligence on operators and their products, primary research from qualified experts is what turns good data into good decisions.

Get a quote for your research scope: miles@fieldsignalhq.com