Global Online Gambling Market Revenue Approaches $100 billion

Online gambling is emerging as one of the fastest growing forms of digital entertainment, with a market value just short of $100 billion- and double-digit compound growth forecast for the decade ahead.

The excitement of betting on sports, live dealer card games, and traditional casino slots is drawing customers of all ages. This trend is accelerating as online gambling becomes legal in several US states (as it already is in most of the Eurozone) and players from the developing world join the market with their rising disposable income.

In this article we delve into the exciting online gambling industry and uncover the growth factors that are making it so successful.

Overview of the global online gambling market

Betting has been a popular form of entertainment for millennia, and if the latest data is anything to go by, the popularity of the monetary wager is as strong as ever.

The market for online casinos and other types of betting, including best online casino reviews, is estimated at $95.05 billion with an impressive compound annual growth rate projection of 11.7% through 2030. This notable growth performance can largely be attributed to the widespread use of mobile devices in virtually every market across the spectrum of rich to middle-income countries.

The general trend toward home entertainment, which started with the advent of fast, affordable internet and intensified dramatically during the COVID-19 lockdown period, has seen a rise in the popularity of online activities across the board.

Media products including movie streaming and mobile games are already familiar pastimes for billions of internet users, and online casinos are joining them as a major magnet for consumers’ time and attention.

• Online gambling combines the entertainment value of high resolution graphics and sound with the irresistible prospect of large winnings.
• This feature distinguishes online casinos from normal mobile games and explains the enhanced revenues that both slots and card game providers have been experiencing.

A major factor underpinning the success of the online gambling sector over the past few years is a societal shift in favor of gambling and a gradual disappearance of traditional conservative opposition to placing bets both online and at land-based casinos.

Online gambling has been legalized in almost all EU countries, with several US states either passing legislation to approve the use of sports betting sites and online casinos or taking a relaxed approach to enforcement. These actions bode extremely well for an industry with huge pent up demand in the world’s biggest economy.

Market Segmentation and Growth prospects

When analyzing the structure and future growth prospects of the online gambling industry, it's essential to note the various segments which comprise the market as a whole.

The market for online gambling can be divided into the following segments:

• Sports betting
• Poker
• Bingo
• Online casinos, encompassing slots and other games

At present, the single largest segment in the online betting realm is still sports betting with an approximate market share of 49% according to Grandview Research. The growing popularity of rugby and soccer betting is considered to be the main cause of the segment's continued dominance.

While sports betting may be the largest segment of the gambling market, the casino segment is the winner where future growth is concerned.

Online casinos are expected to enjoy a market expansion of between 10 and 12 percent between now and 2030, with the continued popularity of slots and live dealer poker contributing to the segment's popularity in virtually every market.

Of particular importance is the emergence of a new exciting trend in the online casino industry which is attracting a new generation of players: crypto casinos.

The rise of crypto casinos

Cryptocurrencies have established themselves as a popular alternative to fiat currency, despite the dramatic fluctuations in the value of crypto coins.

As an asset class, crypto has proven that it can withstand the whims of the market thanks to its three competitive advantages: convenience, low transaction fees, and popularity with the younger generation of financial customers.

• Cryptocurrency has become an accepted form of payment in virtually every economic sector, especially for goods and services transacted online, and gambling is no exception.
• Casinos that accept cryptocurrency were once the exception but are rapidly becoming the rule as online gambling providers discover a lucrative market of players who prefer to fund their accounts in non-traditional currency.

While various cryptocurrencies can be used to sign up for online casino accounts and benefit from sign-up bonuses, the popularity of bitcoin casino sites indicates that the world's first major cryptocurrency is still extremely popular in the online gambling market. These cryptocurrency casinos offer virtually the same lineup of exciting slots and card games as traditional online casinos - with the only major difference being that Bitcoin, Bitcoin Cash, Litecoin, and more are an accepted funding option. 

Some casinos offer crypto along with traditional choices like credit cards and bank transfers, but unlike these traditional methods, cryptocurrency offers the added benefit of lower fees and quicker withdrawal times for winnings.

Conclusion 100

The global online gambling markets are set for a decade of extremely healthy expansion, with a compound annual growth rate of 11.9% set to take the sector over the $100 billion mark before 2030.

The deregulation of online gambling in many jurisdictions, including the US and large parts of the affluent developing world, as well as increased internet penetration rates are partly to thank for the market’s impressive performance and positive growth outlook.

The rise of cryptocurrency casinos promises to attract a new pool of customers to the online gambling realm, further boosting the growth outlook for a sector that combines entertainment with the prospect of tangible financial winnings.