The international online gaming and betting market is one of the fastest growing industries worldwide. Its financial might is an undeniable indication of just how popular online casino games such as online poker, online blackjack, online slots, sports betting and lottery online games have become.
With more and more people enjoying increased access to the Internet, at ever-increasing speeds, it has never been easier to play your favorite online casino game on your smartphone, tablet or laptop. What attracts many players to the hobby is the sheer convenience of accessing online casino games and sports betting at any time of the day or night- or from any place, as long as they have a data connection.
So Just How Much is the Industry Worth?
A 2017 industry report published by Zion Market Research titled “Online Gambling & Betting Market by Game Form (Poker, Casino, Sports Betting, Bingo, Lottery, Horse Racing Betting, and Others) and by Component (Hardware, Software, and Service): Global Industry Perspective Analysis and Forecast, 2017 – 2024”, sheds light and some interesting facts.
The report stated that in 2017, the global online gambling and betting market was worth $45.8 billion (USD). That staggering amount pales in comparison to its projected growth, which industry experts expect to reach a whopping $94.4 billion (USD) globally by 2024.
The report went on to reveal which nations have emerged as online gambling gurus since the turn of the millennium. The UK, Canada and Australia are leaders in the industry due to each country’s commitment to innovation, regulation and effective promotion of online gambling and sports betting sites. These countries are home to industry heavy-hitters such as software giants, Microgaming and Playtech.
Online and mobile betting has grown at a phenomenal rate in the UK, accounting for a Gross Gaming Yield of £710.19 million in 2011-2012. That amount skyrocketed under new legislation, rising to £3.6 billion during 2014 -2015.
Canada is home to a number of notable software providers and online gaming operators due to its liberal approach to gambling. This combination of progressive regulation and innovation has proven to be a fertile breeding ground for some of the best online gaming operators and software providers in the industry today.
37% of all mobile and PC players across the US, UK and Australia play social casino games such as online slots, bingo, poker, roulette, blackjack and baccarat.
Online slots are the most popular. 53% of all online social casino players play the real slots NZ and the rest of the world has to offer. There are progressive jackpots to be won worth life-changing sums of money. In the past few years, a number of players have taken home winnings worth $5-7 million.
Since it’s the boom in the early 2000’s online poker has continued its upward trajectory and remains a firm favorite with online players. There are huge prize pots up for grabs with the biggest online tournaments attracting enough online poker enthusiasts to award multi-million dollar prizes.
There are an estimated 10 million online bingo players worldwide. The Gross Gaming Yield for online bingo in 2015 in the UK alone accounted for £128,64 million.