Estimated Time 12 min
September 16, 2020
The iGaming industry has seen a lot of growth over the past few years and is still showing signs of growth. According to the study, the global iGaming industry was worth $46 billion as of 2017 and is expected to rise above $87.75 billion by 2024. Closer industry assessment indicates the potential for more income from online gambling, particularly when many countries have adopted the market and are increasing rapidly. Many countries across Africa, South America and Asia have expanded their presence in various segments of the online gambling industry. There is no question that many countries are contributing to this growth, but the demand in some areas such as those listed below is growing.
A quick glimpse of the online gambling market
Gambling is one of the most dominant areas of entertainment since it is particularly receptive to emerging technology and developments. Growing hardware and technological developments to support gaming operators and their players are very much expected to affect business development. Owing to this, the online gaming industry is tightly controlled, the business growth opportunities are limited to those countries only. Online casinos have seen a steady rise in popularity over the last few years, with more and more users registering with sites to play online casino games. Below are some of the contributing factors.
- Increasing legalization of online gambling to drive the online gambling market growth
Low risk of money transfer and growing customer interest to online sports betting offers potential for business growth during the projected period. In certain countries, demand growth has been limited due to stringent government restrictions, which have been a significant barrier for emerging players to enter new markets and broaden their customer base.
- Online Casino to witness the fastest growth during the forecast period
Improved internet access has proven to be one of the key reasons for the rise of the online gambling industry, along with smartphone and live gaming, and has had a significant impact on operators. The implementation of new technology such as chatbots, machine learning and AI would have a huge effect on the development of the online gambling industry. Also, the introduction of augmented reality technology in online gambling is expected to shift consumer trends in the coming years. Sports betting, on the other hand, is expected to see substantial market growth as common in developing countries.
- Growing legalisation of online gambling
Globally, more than 84 nations have allowed online gaming, which is the main driver of market growth over the projected time frame. Europe has a large market share in online gambling, as more than half of the countries that have allowed online gambling come from the European region. Many European countries have also allowed online gaming in recent years.
Emerging markets for online casinos
The choice of a new market for the online casino world is a minefield of new regulations combined with a real interest in an emerging market. Given the importance and substantial anticipated expansion, some countries are the emerging stars in the global online gambling industry. Although the data cannot be used to specifically classify revenue or which country will continue to expand, it does indicate countries that have seen substantial growth in interest in online casino-related searches. Let us have a look at the top 5 emerging markets.
India’s online gambling market is one of the fastest-growing iGaming markets in the world. It was worth 62 billion Indian Rupees ($830 million) as of 2019. This amount is predicted to quadruple in the next 10 years. The nation has investments in so many areas of iGaming, including online gambling, sports betting, entertainment, and so on. However, the online casino market has become a phenomenon to reckon with. Online casinos in India have produced the biggest income and the largest number of players.
When asked about the involvement of players on the casino platform, the owner of one online casino responded: “Indians love gambling, particularly Indian card games like Teen Patti.”
Online casinos are new to Indians, so casinos still ought to clarify it in depth to their Indian casino enthusiasts. Like the method of depositing, withdrawal, the rules, etc. Along with many other countries in the world, India has no specific laws on online gaming. Though physical casinos and sports betting are generally banned throughout India, online gambling can be done without being branded illegal.
Brazil is one of the world’s most populous nations. For this factor, the gaming market continues to be very lucrative for casino operators. Unfortunately, the Brazilians cannot compete inside the boundaries because the government is yet to legalise gambling. Betting on skill games is permitted, but gambling is forbidden.
However, the regulation in Brazil does not extend to online casinos. As a result, players can easily play online because no regulation limits them. Since casinos are not permitted within the boundaries of the region, online casinos outside Brazil have taken the opportunity to sell their services to players in Brazil. The iGaming industry in Brazil currently produces around $5 billion annually.
Colombia’s iGaming industry is the first territory in Latin America to establish a regulated online gambling environment. The eGaming Act was signed in 2016 and the industry has started to expand in the country since then.
The nation witnessed more than 1.7 million new active online players in 2018. A significant percentage of these players are playing more online poker games and bingo. As of June 2019, online bingo and casino games in Colombia added COP186.3 m to the country’s gaming industry.
The iGaming market in Nigeria, the most populous African region, is also one of the top emerging markets. Sports betting is the main online gambling market in Africa and the world, and you’ll find a variety of bookmakers open for punters. Nigeria also has a variety of gambling halls within its boundaries, where sports betting takes place mostly.
About 60 million Nigerians between the ages of 18 and 40 are interested in sports betting. According to estimates, Nigerians spend more than $4.6 million on sports betting every day. The country’s gaming industry is reportedly worth $2 billion and is expected to continue to expand steadily.
With no federal regulations in place to control casino gaming, the industry is governed by the provinces that make up Argentina. Fortunately, Argentina has traditionally been “in support” of nearly all forms of gaming, ranging from horse racing to lotteries and casinos.
A 2016 article released estimated that Argentina had hosted 80 casinos and racetracks back in 2007. That figure had almost doubled to 159 by 2017. You can lawfully play casino games and horse racing in all provinces around the nation. The general outlook is very optimistic. Argentina is projected to become South America’s gambling capital by 2020.
The online gambling market equation
The casino industry is no doubt booming. While the global crisis and regulatory concerns have made areas of the gaming industry slower than anticipated over the last decade, the overall balance sheet is still in the black. Indeed, as we progress into 2021, the expansion of technologies such as smartphone casinos, live dealer gaming and possibly Augmented Reality is helping to push annual sales to record levels. So, whether you are an entrepreneur, a competitor or just someone with a knack for numbers, the casino industry continues to show that it is one of the most exciting entertainment markets in the world.
The future of online gambling
No market in the world today is expected to equal the overwhelming growth and push of online gambling. Across the world, creativity is taking root, with more companies vying for player interest than ever before, with more consumers making wagers as a result. Considering the present status of global gaming, everybody is looking to the future. Helping to make the picture a bit simpler, we’ve broken down the details to give you a glimpse of what’s coming.
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