In the past few years, the global gambling industry has grown tremendously, servicing billions of players per year, both in land-based venues and online. However, there has been a particularly high demand for iGaming and virtual casinos with punters from all corners of the world showing interest in this type of entertainment. The online casino industry has expanded worldwide, and this article will tell you all about its rise.
The Current State of Online Gambling
The global online gambling industry was valued at $90 billion in 2022, and it is expected to rise at a compound annual growth rate of over 10% until 2032 when it is projected to reach $370 billion.
At the moment, there are more than 176 million active online players on the planet, and the number might grow to reach 210 million by the end of 2025.
What Is Driving the Growth of iGaming?
Online casinos are thriving for a number of reasons. First of all, their growth is largely supported by the increased internet penetration worldwide, then, we are now witnessing the high accessibility of affordable smartphones and tablets. These two factors make it possible for punters to play their favourite games on the go.
On top of that, software developers keep enhancing the user experience on all sorts of devices.
Finally, there is also a growing acceptance of online gambling with governments issuing new laws that regulate local markets. This means that an increasing number of countries in the world are opening their doors to legalized online casino businesses.
Exploring the Demand for Online Casinos Across Different Regions
Who’s leading the casino gaming bubble? Which region collects the most profits? Where are the most passionate players? Let’s take a closer look at how the popularity of online casino games varies across different regions of the world.
Europe
Europe has been the leading market of the iGaming world for a long time. As such, it accounted for as high as 35% of the global market share in 2022.
Not only do the locals enjoy wagering on the web, but the continent is also home to countries like the UK, Gibraltar, and Malta which have been pioneers in creating regulations for online gambling. Thanks to their efforts, there is now a strong foundation for the industry to expand worldwide.
As expected, the iGaming sector is growing steadily in Europe, and there will also be a strong rebound in land-based gambling in the area.
Asia-Pacific
The Asia-Pacific region is considered a sleeping giant in the world of online gambling. The interest in wagering is definitely there, and governments are gradually making important moves towards the legalisation of the practice.
While some countries are still in the regulatory process, others already showcase exciting gaming options. Good examples are Australia and New Zealand. For instance, some operators in New Zealand like Dunder online casino offer exciting gaming lists for both newbies and experienced players. And, in order to be considered legal, these casinos must hold a valid international license. However, the government plans to launch a new regulative framework in 2026 in order to enhance the players' protection and collect taxes.
Additionally, countries like India and the Philippines boast relaxed gambling regulations, showing tremendous potential for international investors. All in all, the Asia-Pacific region is expanding quickly, and experts predict a CAGR of 11.5% between 2022 and 2028.
North America
North America has been showing serious growth tendencies in the past few years. In the United States, for example, there has been a significant shift in the approach to online gambling, especially after the 2018 repeal of PASPA - the Professional and Amateur Sports Protection Act.
Since then, many states have legalized virtual sports betting, and some have already made efforts to regulate online casinos, as well.
In fact, as of 2023, more than 30 states have already legalized sports betting, and the trend is expected to continue. As a result, the North American market is about to see a 15.7% growth from 2022 to 2028.
Latin America
Latin America might be a late bloomer when it comes to online gambling, but it is now doing its best to catch up.
Countries like Colombia already have a regulated online gambling market, while Brazil, the largest market in the area is about to open up for legal business.
In 2023, the industry in Latin America generated a revenue of $6.7 million, and it is projected to grow at a CAGR of 13.2% in the period from 2022 to 2028. At the moment, sports betting is still the largest source of revenue in Latin America, which is not surprising at all.
The world of online casinos is now getting more attention from punters all around the world, mostly because of its convenience and ease of use. Also, governments are becoming more lenient when it comes to legalizing the practice, so it is now accessible worldwide. Although each area has its own rules and unique stats, the numbers are consistent in one thing - the demand for online casinos is rising globally, and so is the revenue of virtual operators.
