With today’s fast digital advancements, more aspects of daily life that used to take place solely offline have shifted into the digital realm. This is also the case with traditional forms of entertainment as those found at the casino. Offering the traditional pastime on the internet, the online gambling sector is seeing tremendous growth around the world. The recent Online Gambling Global Market Report 2023 by The Business Research Company provides insights into the dynamic field and upward trajectory of online gambling.
What is online gambling?
Online gambling entails the use of the internet to play games of chance with an uncertain outcome that cannot be influenced or predicted by the player. Some of the most popular forms of gambling include online casino games, such as slot games, and table games like roulette. Many providers have established themselves online, offering large game libraries to players in different regions around the world. To ensure more transparency in the market and help users find suitable platforms to play on, review sites specializing in the iGaming sector have emerged in the process. Taking various criteria into consideration, including licenses, payment methods, bonus terms, and more, experts review and rate online platforms and their casino bonus offers to help users navigate the growing online gambling market and find the best promotions. These games can be played using various devices, such as desktop computers, laptops, tablets, and smartphones.
What revenues does the market make?
To be able to look at the online gambling market value, one must see what revenues the market includes. These revenues entail the earnings of online companies that operate online gambling facilities such as online casinos. Their revenues include the players’ bets on their online services, which have been generated remotely. This means players have accessed their gambling offers using the internet on devices such as their computers or mobile phones, in contrast to visiting a physical gambling establishment in person. The Gross Gaming Revenue (GGR) is the most common metric used to measure the gambling market revenue. It measures the difference between the amount wagered by players minus the amount won.
The global market is seeing growth
The global online gambling market is projected to grow this year. Growing at a compound annual growth rate of 9.3%, the market is projected to reach $88.65 billion in revenue in 2023, up from $81.08 billion in 2022. According to the report’s forecasts, the market is set to continue its upward trajectory over the coming years. It is expected to reach $125.6 billion in revenues by 2027 at a compound annual growth rate of 9.1%. As the internet becomes ever-more dominant in people’s everyday lives across the globe, online gambling is projected to continue growing. According to the latest report, the Asia-Pacific region was the largest in the market in 2022, with Eastern Europe expected to be the one with the fastest growth rate in the forecast period. The Online Gambling Global Market Report 2023 looked at the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Mobile users driving growth
Mobile phones have become the world’s number one gaming platform. As shown in a recent report by MordorIntelligence, the global mobile gaming market is expected to grow at a compound annual growth rate of 16.22% and reach $300.47 billion by 2028, up from $141.71 billion in 2023. Similar developments can be seen in the online gambling market. With the increasing adoption of smartphones and more widespread and easier internet accessibility around the globe, more people are able to access online gambling offers. According to an annual report by Cisco, the total number of internet users is expected to grow at a compound annual growth rate of 6% to reach 5.3 billion by 2023. The adoption of smartphones is also projected to grow at a compound annual growth rate of 7%. Both these developments are set to have a positive effect on the online gambling industry and drive growth. Already today, mobile users account for about 80% of all online gambling users, showcasing the importance of mobile players. As smartphone adoption and internet accessibility continue to grow, the online gambling market will likely see a positive effect.
The online gambling market has seen tremendous growth and is projected to stay on an upward trajectory in the coming years, as the recent Online Gambling Global Market Report 2023 reveals. As technological advancements progress, and more people around the world have access to online gambling services, the market is set to keep growing.
