Online gambling has already undergone impressive growth in the past decade, and the predictions for the coming years are just as positive.
Globally, it will grow in size each year at a rate of 11.5 percent, reaching $127.3 billion by 2027, according to Grand View Research.
Of course this growth will not be evenly distributed, as some countries will inevitably gain more traction than others. Let’s look at where the most growth is expected to be seen, and why this might be the case.
US & Canada
There are many different reports into the growth of online gambling, but most agree that North America is likely to be responsible for much of the expansion that is anticipated in the coming years.
There are a few reasons for this, with the chief catalyst being the fact that the US in particular has begun to legalize online casinos and sports betting in more and more states.
From New Jersey and Pennsylvania to Nevada and beyond, the mainstream acceptance of online gambling is increasing, and in turn this is generating vast tax income, in addition to other economic benefits.
Europe is home to some of the most mature gambling markets in the world, with the UK leading the way in this regard. If you take a look at fantastic casino bonuses, you’ll see why British players in particular now spend billions on web-based bets annually.
Elsewhere, in countries as varied as Italy, France, Germany and Finland, similar spikes in play are expected going forward.
Online gambling may be more established in Europe, but the pandemic pushed even more people towards these services, stimulating interest and helping revenues to soar to record levels.
Asia is an interesting place when it comes to gambling. While countries like China and Japan may have outright bans on most forms of gambling, there are a few exceptions on a regional basis which do allow for major money to be made within this industry.
The special administrative area of Macau is a great example of this, with its lavish land-based casinos. Likewise the city-state of Singapore manages to make gambling a valid pastime, at least in licensed venues.
Online gambling is another matter. It is either explicitly illegal, or not regulated in most of Asia, as well as across the broader Asia-Pacific bloc.
Because of this, it is quite hard to get a handle on just how much money players in these regions are spending on gambling sites.
We know that the use of VPNs allows them to get around any official blocks on online casinos in places like China, and so there is likely a very large market which is flying under the radar at the moment.
If legalization goes ahead in a big way, then there would be little doubt that the growth in Asia would eclipse that seen anywhere else in the world.
Another vast continent with countries that take very different stances on web-based gambling, Africa is a lot like Asia in the respect that plenty of people who live there do use online casinos, but this industry is not widely regulated or embraced at a mainstream level.
For example, in South Africa there are laws against running casino sites domestically, but that does not prevent citizens from using the internet to gamble via offshore providers.
As opinions around online gambling soften and liberal attitudes spread, growth globally is certain to accelerate. It is just a case of convincing more governments that the tax benefits outweigh the potential addiction issues with this industry.