The latest casino technologies have hugely paved the way for online gambling worldwide. So much that in 2021 it was worth $65 billion. And forecasts for 2022-2030 have estimated that growth will likely continue, reaching approximately $170 billion.
It is worth noting that countries may change legislation regarding online gambling, which could potentially affect this number. But there’s no denying that online gambling has become a pretty competitive market, and it isn’t going away anytime soon.
In terms of revenue boosters, high-speed internet, smartphone devices, changes in regulations, and a variety of sports events that offer gambling are the most common. Europe is ahead in the online gambling scene, but forecasts predict North America will take the lead in 2022-2030.
According to the North American branch of Justgamblers.com, this isn’t surprising as new states are gradually passing gambling laws and broadening the US online gambling market.
But let’s look closely at all major global markets and their most relevant components and revenue drivers to form a better judgment.
North America is anticipated to have one of the most competitive online gambling marketplaces in the upcoming years. The CAGR for the US was predicted to increase to an impressive 17.34% just over the next five years.
The lengthy process of legalizing online gambling in the US is why this didn’t occur sooner. Other states have only recently come to understand that some states, like New Jersey, can depend on the additional tax revenues from online gambling. New York’s submission of bill S4856 to legalize online casinos in February of this year is one of the instances and the most recent addition.
The US will become one of the leading online marketplaces by following this model and adding more legalized markets.
Currently, North America’s largest gambling market is Canada, but unfortunately, it’s primarily unregulated when it comes to online gaming.
Because of the widespread interest in sports in North America, sports betting is the most sought-after online gambling type. Based on consumers ‘ preferences, American football, horse racing, and e-sports are at the top. Casinos and other types of games are slightly lagging behind.
According to revenue numbers for 2021 and 2022, Europe is the biggest online gambling market, and growth is only expected to continue. Law regulations and safety protocols are the main reasons for this. The biggest markets that account for revenue are the UK, Italy, France, Germany, and Spain.
Players in Europe prefer sports betting, which covers around 40% of the total online gambling contribution. Most attention is given to football, basketball, and e-sports. After sports betting, interest falls on bingo, lottery, scratches, and slots. Even though table games are getting more popular, they’re primarily preferred in brick-and-mortar establishments.
Due to its large population, the Asia-Pacific region has been quite successful with its online gambling market. Internet services, relaxed gambling laws, and the economic growth of this region have significantly aided the popularity of online gaming and online casinos.
Players are usually interested in casino games, live casinos, and video slots. Crypto gambling is also getting very popular, especially with e-sports and fantasy sports betting. Unlike in Europe and North America, sports betting is less attractive to players.
The biggest online gambling revenue boosters in Asia are China, India, and Japan.
There is substantial potential for the countries of Latin America and the online gambling sector. The biggest obstacle is a prohibition or the lack of a regulated online gambling market in countries such as Brazil, Colombia, and Ecuador.
Yet, many people still use offshore regulated operators despite the bans and difficulties they face. On the other end, in countries like Mexico, players can choose between local and offshore operators. Thanks to both options, Mexico has a promising future at the top of the online gambling market.
In Latin America, players are mostly interested in sports betting but also in casino games. Football is the most relevant sport for sports betting in this region.
Online gambling hasn’t developed enough in Africa but shows great promise. Operators see it as a lucrative opportunity since it has demonstrated a constant growth rate. So far, the most prosperous countries are Tanzania, Kenya, Nigeria, and Uganda.
Among them, Kenya’s online gambling scene had a setback in 2019 due to an additional 20% tax rate that caused the departure of many operators. Eventually, the policy was withdrawn due to lobbying and pressure from betting operators.
Will to reinstate the 20% rate persisted, but despite that, Kenya is still considered one of the major markets for the online gambling industry in Africa.
African players, for the most part, prefer sports betting on football, basketball, athletics, and horse racing. Video slots and cryptocurrency are also prevalent in Africa.