The global gambling market is firing on all cylinders right now, and the latest research from Reportlinker.com has shown that it is expected to grow $90.22 billion between 2022 and 2027, with a growth rate of 8% CAGR during the forecast period.
The report took into account the market size, forecasts, trends, and the factors that will potentially initiate the growth of the market. One of the most important driving engines of the growth spur is the popularity of online gambling and its legislation across various jurisdictions. Another vital contributor to the explosive growth is the players’ greater spending power.
Market Size of the Global Casinos and Online Gambling Industry in 2023
Considering the revenue of the biggest companies in the global casino and online gambling sector, such as 888 Holdings Plc., Boyd Gaming Corp., Caesars Entertainment Inc., MGM Resorts, Penn Entertainment Inc., Flutter Entertainment Plc., and many others, we can put the value of the industry in 2023 at $279.3bn.
The growth rate in the following year is expected to be 6.7%, consistent with the year-to-year increase of at least 1% since 2018.
North America Leads the Way
According to the published research, North America is going to account for 38% of the growth in the designated period. US and Canadian markets are leading the pack, thanks to the adoption of digital platforms and technologies and the overall legalisation of various forms of gambling.
Several states and provinces, including Ontario, New York, and others, are contributing massively to the growth. In addition, the information released by iGaming Ontario shows that its operators made USD $3.1 billion during the first quarter of last year — and that’s just for sports betting. The situation in New York is even more staggering, considering that New Yorkers placed $2 billion worth of bets during the first five weeks of the rollout.
Aspiring Gambling Markets in Focus
Asia Pacific dominated the gambling industry in 2021, whereas Eastern Europe has been highlighted as the fastest-growing market in the forecast period.
The demand in these and other markets will be strongly influenced by the change in users’ gambling habits. The popularity of mobile gambling apps has been propelling the growth, but it’s the rise of social casinos that has kept things going. Namely, the size of the global social casino market was capped at $4.64 billion in 2020, with a growth rate of 5% CAGR.
Also, the increasing use of social media marketing in representing gambling products globally is likely to help the industry reach further milestones. Additionally, the implementation of digital technologies (such as the use of cryptocurrencies at licensed operators) is getting approved by regulators across the world. The latest move of this kind is seen in the Malta Gaming Authority’s Sandbox Regulatory Framework.
Final Thoughts
The online casino and betting industry is driven by internet gambling opportunities and the increase in players’ spending power. However, new technologies that impact the player experience (such as innovative loyalty programmes, female casino patronage, and cashless payment methods) are also expected to contribute to that growth.
The inclusion of promotions, tournaments, and bonuses will support the markets on their projected road towards a value of $145.6 billion by 2030 at a 12% CAGR even further.
