Now one of the biggest industries in the world, online gambling continues to grow exponentially every year. Predictions suggest that the global market will generate $100.9 billion in revenue in 2024. This revenue will derive from the different markets that make up the global online gambling landscape. This post reviews the biggest of these markets and their contributions to the growing revenue.
Europe
Europe contributes the lion’s share of revenue in the online gambling landscape. Comprising major mature markets like Germany, the UK, and France, this region generates substantial revenue – $38.59 billion in 2022. This number includes online casinos ($17.42 billion), sports betting ($13.76 billion), and lotteries ($7.41 billion). Top gambling markets within the European region include:
- United Kingdom – $12.5 billion
- Italy – $4.5 billion
- France – $3.8 billion
- Germany – $3.6 billion
- Sweden – $2.1 billion
Because the European market is also one of the most established, it boasts some of the strictest regulatory frameworks. These frameworks protect players from problem gambling, fraud, data breaches, and unscrupulous dealers.
North America
North America, particularly the United States and Canada, is a close second to Europe in the gambling landscape. It’s predicted that the US alone will generate $23.1 million in 2024. In 2023, the US collected $66.5 billion in revenue from all forms of gambling (online, lotteries, and land-based).
This market continues to grow as more states legalize online sports betting and gambling following the 2018 Supreme Court decision granting them this power.
Canada, meanwhile, is a $2.6 billion market. Despite its relatively small share, the country has the highest online gambling market penetration in the world at 69.4 percent. Online gambling in Canada is also expected to grow more following the recent legalization of single-bet wagers.
Asia-Pacific
The Asia-Pacific region is the fastest-growing online gambling market. Growth in this region is driven by increased mobile usage and internet penetration. While legalization statuses differ, countries like the Philippines, India, and Japan are experiencing major growth. Predictions say that this region will be worth $50 billion in revenue by 2030, growing at a 12.8 percent CAGR. In the meantime, Australia and Japan dominate this market at $6.5 billion and $5.3 billion, respectively, in revenue.
Latin America
Like Asia-Pacific, Latin America is a growing market. Countries like Mexico, Argentina, and Brazil dominate this market, which is benefiting from increasing legalization and mobile use. The most popular form of gambling in Latin America is sports betting, particularly on football, which is very popular in the area. However, bettors are also showing increasing interest in online casino games.
One market to watch in Latin America is Brazil. The country recently passed regulations (Law 14790) expected to strengthen its position in the global gambling market.
Middle East and Africa
Although major operators like Betway have penetrated Middle Eastern and African markets in recent years, they remain relatively nascent. Several countries in the region have legalized online gambling, and the market shows significant potential for growth.
The Online Gambling Industry Will Continue to Grow
The different markets that make up the global online gambling landscape present different economic, cultural, and regulatory realities. As the industry responds to these factors, it is expected to grow at a 6.2 percent CAGR between 2024 and 2029 to be worth $130.3 billion by 2029. This growth will also come from changes in consumer behavior and technological advancements. All in all, we can expect each of these markets, particularly Asia-Pacific, to continue to grow.
