Lisa Cheban | 11 October, 2022 16:29 | Last update on: 11 October, 2022 16:29
The global online gambling market is a great part of the income source of many countries. That’s why the areas where gambling is legal provide different laws to regulate the market and allow new online platforms to join the industry for rapid market growth.
You notice it not only due to a wide range of new online casinos launched but also when viewing statistical numbers. On this page, our BetSquare team will analyze these numbers, considering the situation in 2022 and the plans of the largest gambling sectors for further years!
Online Gambling Market Growth & Trends
The online gambling industry is analyzed by many experts and companies dealing with finances and statistics. And the report by Grand View Research, Inc states that during the next 8 years, the market will increase by 11.7%. The research shows that the revenue will reach a really decent amount of USD 153.6 billion if things go well by 2030. And the main factors for this rapid and steady growth are the freemium model and the drive market.
Online Gambling Market Report Highlights
The research we’ve mentioned above isn’t the only one as the industry is very attractive and interesting. These are some market report highlights noticed by different experts and organizations:
- The mobile gambling direction is nearly the most essential since it influences the market positively so that more and more cost-effective applications are launched by operators worldwide
- In 2021, the New York state government published that 650,000+ individual accounts were created on mobile betting apps
- The desktop segment is growing as well since there are downloadable versions to install casino software
- The revenue share in 2021 was around 41% due to the online gambling legalization
- Once online gambling websites started their advertisement through online agencies, the industry grew a lot
- Asia Pacific is considered to register a CAGR of over 12% up to the year 2030
These numbers and actions show that there is enough space for innovation and new solutions, which leads to the growth of the entire iGaming market.
Online Gambling Market Segmentation
Actually, you can divide the online gambling market into several essential segments. The same is with the regions where they operate.
When we are talking about the different gambling areas, in 2018 to 2030, the largest revenue will be provided for sports betting. Then, there will be casinos, poker, bingo, and other gambling types. As for devices to try out, they are desktops, mobiles, and others.
The segments by countries are also essential. They are North America (the USA and Canada), Europe (Germany and the UK), Asia Pacific (China, India, and Japan), Latin America (Brazil), and Middle East & Africa.
Key Industry Players
Such a serious iGaming market growth is connected not only with the desire of players to gamble more but also with the key industry brands that provide top-tier services and make sure that innovative solutions are implied for their projects. These are the brands that are known as the gambling giants:
- William Hill
- Betsson AB
- GVC Holdings PLC
- Other large brands
Today, the gambling industry is influenced by a bunch of different innovative solutions. Mainly, they are all connected with cross-platform gambling so that online gamblers can access the games for real money in any location and at any time.
Electronic Gambling Devices (EGDs) are among these solutions. They are in-built software types spread all over the countries where gambling is legal. For example, the Video Lottery Terminals (VLT). They can feature not only standard video slots but also electronic poker games. That’s why it’s convenient when such machines are customized.
And this solution is in great demand among gamblers. For this reason, in April 2022, IGT Canada Solutions ULC struck a deal with the Atlantic Lottery Corporation. According to this contract, 1,375 CrystalDual 27 VLTs will be produced and delivered within a year.
It’s hard to ignore the COVID-19 pandemic since it’s influenced all the areas, including gambling. Fortunately, it didn’t make the market less popular. Moreover, since people had to stay indoors, more and more users opted for digital solutions, and mobile gambling was no exception. Moreover, these changes caused more apps to be added to the market. Digital currency is another tool to make this market expand even more.
And it’s worth noting that the online gambling market did its best to stand for responsible gaming during the pandemic. For example, in the UK, the government prohibited the use of credit funds for gambling due to COVID-19. Besides, online casinos strengthened their security measures and made sure that both desktop and mobile gambling is equipped with the proper tools to make the experience safe.
Futuristic Solutions in Gambling
The great news is that today, not only mobile optimization is a key factor in online gambling development. For now, the gambling industry is open to applying various solutions, especially the ones which are outpacing and innovative.
In addition to mobile gambling, the market growth will be provided due to the following solutions:
- Live games become more popular and you find not only table games but also live shows
- The industry of VR in gambling is going to merge to provide an even more realistic experience
- The influence of cryptocurrency on the iGaming market is also significant
- Providers add new features to their games, for example, Mega Clusters and Megapays
In other words, players want more and gambling companies can give this. That’s why we are bound to see even more innovations in the near future, and they are certain to provide the expected revenue or even increase it.
The best way to estimate the online gambling market is to provide some numbers. In 2021, the industry was estimated at USD 57 billion. And it keeps on growing, so this number is going to exceed USD 150 billion by 2030. According to this, the number of players is also large and the solutions to please them are splendid.
Modern gambling giants focus on all types of services to please modern players. They are mobile optimisation, smart advertisement, and new technologies, including VR, cryptocurrency, and other unusual things. With all this in mind, online gambling market is both popular and huge!
How much is the global online gambling market worth?
Today, the online gambling market is estimated at USD 57 billion. And its 11% growth (up to USD 153.6 billion) is expected by 2030.
How big is the global gambling industry?
As the revenue of online casinos is so huge, it’s not surprising that a lot of consumers and providers are involved. And statistically, around 26% of the world population gamble.
How big is online gambling in the US?
In 2021, the online gambling market in the USA was estimated at USD 57 billion. By 2030, this number is considered to reach even a larger score of USD 153 billion.
What are the most popular trends in the online gambling market?
They are the focus on mobile gambling and different innovative solutions like VR and the growth of live games.