Market Size of the Global Casinos and Online Gambling Industry in 2023
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
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
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.
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.