Some industries come and go, whereas others are here to stay. Judging by what has happened in the last couple of years, online gambling is definitely in the second group.
Of course, this is not our observation because we have the stats to prove it. In fact, Nostrabet.com shows that the online sports betting industry in 2023 has brought $43.55B, whereas online casinos had a $34.8B revenue. These numbers might seem shocking, but the estimates for the next couple of years are even more impressive. “By the looks of it, sports betting will reach $63.62B in revenue by 2027, whereas online casinos will have $46.34B. The number for online casinos is a bit lower because some countries have not legalized them yet, whereas sports betting websites are legal in more states”, said Veselin from NB.
The fact that experts predict sports betting will get $20B+ in revenue in the next 3 years alone is mind-blowing. Speaking of intriguing facts, here’s the situation in every continent.
Europe is the biggest continent for online gambling in terms of revenue
The last couple of years have been amazing for some industries, such as iGaming, and 2023 was no exception. This was the year when many new bookmakers and casinos opened their doors to the public. Furthermore, there were many legislative changes that resulted in new markets.
Even though the growth in places such as North America and Asia is impressive, Europe is the king regarding revenue. The 2023 data shows that the continent generated $43.01B, much more than the $29.64B in America. The number 3 spot on our list goes to Asia, which gets around $17.27B, followed by Oceania with $10.93B.
Despite online gambling’s growing popularity, there is no arguing that land-based gambling is bigger. The data for 2022 provided by EGBA reveal that land-based casinos had a GGR close to 70.3B EUR.
With that said, the situation with the online gambling industry could change because of what’s happening in North America. Countries such as the USA alone are predicted to generate more than $23B in online gambling in 2024.
The 3 Biggest European Gambling Markets
Regarding the most prominent European gambling markets, it’s no surprise the UK is leading. The UKGC has revealed data from 2023 showing that the value of the gambling market in GB is £15.1B. Moreover, around 48% of adults have gambled in the last 4 weeks.
The second spot for the biggest European gambling market is Italy. The stats from popular sources show that the GGR for 2022 was around €3.3B. However, this is just the “legal” side of iGaming in the country, and it’s important to know Italy is home to many offshore iGaming brands.
As for number 3 on our list, it is Germany. Despite the strict laws, the 2023 gambling revenue was around 4.8B EUR.
In terms of online gambling revenue in 2024, the stats predict that the UK will have $13.74B, whereas Germany will clock in at around $5.65B. Lastly, we have Italy with $3.21B.
The gambling market in Canada & the US Continues to grow
We have mentioned that Europe is the biggest continent in terms of gambling revenue. This, however, does not mean it is number 1 in terms of number of players. The stats from Statista show that North, Central, and South America take the crown with more than 81.2M users, 30% more than people in Europe.
There is a logical explanation for the growth in the US – the country changed its gambling laws a few years ago. Nowadays, gambling is legal in most states, and people can place bets on many things. Needless to say, most users haven’t been able to wager online before, so they are interested in trying it.
As for the stats, authoritative websites reveal the revenue from gambling in the USA for 2023 was close to $66.5B. As for the online gambling market, the stats for 2024 reveal it should be close to $23.03B.
As for Canada, this is another big iGaming market that many people forget about. We found interesting statistics from early 2024 that revealed the revenue of the industry in the country is around $14.2B. What’s also interesting is that close to 34,000 people are employed in this industry.
Regarding the online gambling revenue in 2024, stats show Canada will get close to $4.19B.
South America is on the Rise
Europe and North America are the clear leaders in the number of people who gamble and the revenue they generate. However, this does not mean that other parts of the world are not catching up.
South America is a very interesting place because you have a lot of countries where gambling is legal, as well as places where it is illegal. Experts predict that South America’s revenue in the iGaming space will be close to $5.10B in 2024, which means that more and more people are getting involved.
Besides the impressive gambling revenue, the expected annual growth rate is 12.05%. In other words, unless something changes, South America will have more than $8B in revenue from online gambling in 2028.
The online gambling industry is improving in almost all South American countries, such as Colombia. An article from 1 year ago shows that the gambling revenue in the state increased by 18% and reached 175M in 2022. Considering the changes in online gambling since then, the stats for 2024 show that the online gambling market should reach $1.28B in 2024.
Many of you may think Colombia has the biggest iGaming market in South America, but this isn’t the case. The title goes to the continent’s biggest country – Brazil. Statista reveals that Brazil’s market is projected to reach $1.97B in 2024. Furthermore, the annual growth is around 15.39%, one of the highest in the business.
Online gambling is growing in Asia
Asia is the largest continent in terms of population, but the gambling laws in most countries remain strict. There has been, however, a change in the last couple of years because we see more and more countries increasing their gambling revenue. Some stats have shown that, in 2022, the total Asian region’s gambling revenue was close to $8.8B, so we would not be surprised if it surpasses other continents soon.
In terms of each country’s performance, there are a couple of big markets. Vietnam, for example, has a projected revenue in the online gambling space that can reach up to $1.2B in 2024.
The Philippines is another country where gambling has a lot of fans. The stats show that the revenue from the online gambling market should reach close to $680M USD in 2024.
We also want to include Thailand, a country where the revenue is projected to reach around $546M in 2024.
The stats in Oceania
Oceania is a pretty interesting region for online gambling. This part of the world was not as “developed” as others regarding iGaming, but things changed in 2017.
Following Australia’s decision to legalize online gambling, many world-class operators came into the country. This resulted in having one of the fastest-growing betting markets in the world. In fact, the 2024 data shows that the online gambling industry in Australia should generate more than $10.14B in revenue.
Speaking of numbers, researchers estimate that there will be a 7% yearly growth rate until 2028. In other words, the online gambling market in the country should continue to grow.
Unlike Australia, New Zealand has strict gambling laws. In fact, iGaming is banned, so people can only participate in lotteries, horse racing events, and sports betting options run by the state. Nevertheless, credible sources like Statista state that the online gambling market in the country should reach $1.25B in 2024.
Africa – A hidden online gambling gem
Many of the world’s leading online casinos and bookmakers began operating in Africa in the last couple of years. That’s why it’s probably not surprising that experts predict the African online betting market will reach $40B in 2025.
There are a couple of countries on the continent that lead the chart in terms of iGaming, such as Ghana and Kenya. The latter made an interesting decision to reduce its gross revenue tax. Instead of 20%, businesses have to pay 7.5%, which increases Kenya’s gambling industry. As for Ghana, the stats show a projected online gambling revenue of around $57.4M in 2024.
Of course, we also need to address South Africa, one of the biggest markets on the continent. The iGaming business in this state generated close to $736M in 2023, and the data shows that the number should reach $828.5M in 2024.
Lastly, we also need to mention Nigeria. The country’s iGaming revenue should reach $641M in 2024. As for the annual growth rate, experts think it will be close to 6%. Let’s not forget this is the biggest country in Africa in terms of population, so even if the numbers seem lower, Nigeria is a key player in the business.
Conclusion
These were just some of the stats related to the gambling business as of 2024. We want to point out that the data for 2024 is based on predictions. We will have to wait until the end of the year to see the final results. Regardless of what happens, there’s no arguing the gambling industry keeps getting bigger.
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