The U.S.-based sports wagering could be active in 24 states by 2023 and generate an estimated $4.9 billion in yearly gross gaming revenue (GGR), according to a Monday session at the Global Gaming Expo (G2E), currently taking place at the Sands Expo & Convention center in Las Vegas.

In addition to this prediction, David Henwood, director of H2 Gambling Capital and a speaker on the panel entitled “Sports Betting: A Way Forward in the U.S. and How iGaming Fits In” reported that 50 percent of the $4.9 billion in sports wagering GGR would primarily be generated by three large states—California, New Jersey and New York.

“Our projections, which are actually quite similar to other reported analyst numbers, have the U.S. sports wagering market outstripping the UK sports wagering market, currently the top commercial sports betting market in the world, in five years,” Henwood said.

Indeed, H2 predicts sports wagering may be legal in 25 states by 2030, producing $7.6 billion in annual GGR. “And that is only one-third of a total obtainable market,” Henwood added, meaning if all 50 states were to allow sports wagering, the market would jump to an estimated $22.8 billion in yearly GGR.

Henwood and H2 based these predictions in part on the size of the current illegal sports wagering market in the U.S., which it estimated to generate $196.2 billion in annual handle or $10.4 billion in annual GGR. Meanwhile, by way of comparison, the worldwide legal sports wagering marketplace produced $62.4 billion in 2017 GGR, which was 15 percent all gaming GGR from all over the world.