The global iGaming and sports betting market was worth $70bn in 2020. The iGaming industry is growing at an alarming rate, and by 2022 it is expected to be a $52.5 billion market. Sign up HERE. As soon as people were ordered to stay home in response to the Covid-19 pandemic, consumers have had a number of ways to spend their added time at homeincluding play games. Assessing market growth. What is Slingo and will it become more popular than Bingo? Data states that there are close to 400 registered casino hotels in the United States, with an estimated value of $54.8 billion this year. According to European Gaming, the size of the global casino market was estimated at almost $546 billion in 2021. If You Or Someone You Know Has A Gambling Problem, Help Is Available. 10/13/2022, 6:05:41 AM. The iGaming industry is a rapidly growing sector that is poised for even greater growth in the coming years. As long as the industry keeps . Most brands operate both a sportsbook and casino, allowing them to cross-sell their products. With these opportunities, shockwaves are being sent throughout the US, as many more states are proposing new laws related to gambling in an attempt to move the stagnant legislation that currently prohibits many forms of gambling in the US. They can integrate new games that suit the taste of their target audience, offer bonuses and loyalty programs, expand their marketing activities, and more. Global Betting Services growth pushes revenue up at BetMakers in Q1 . The Rise of iGaming Source:industrywired.com. Utah and Hawaii are the only states which currently have a total ban on all kinds of commercial gambling, online and land-based. Playtechs iGaming software continues to prove an attractive proposition in new and emerging iGaming markets. The immersive games segment's revenue in 2024 is predicted at $2.4 billion. Good potential for business lies in the wake of these changes as citizens of the US look forward to more transparent and safe betting being made available. The Africa Gaming Market - Growth, Trends, and Forecasts report by ResearchAndMarkets is even more optimistic, predicting compound annual growth for the gaming industry of 12% between 2020 and 2025. . Therefore, more and more investors are diving into iGaming, and respectively, the market is growing. The repeal of Americas PASPA legislation has given the green light to US states to launch their own regulated iGaming markets, bringing increased tax revenues to regional economies. This reliance will be even greater when it comes to the world of online casinos. For example, a bookmaker could acquire a new customer who wants to bet on football but then encourage them to play blackjack or baccarat. The current rate of expansion for regulated sports betting in the United States supports the idea that there is both an audience and a financial incentive for states when adopting the practice. A recent report from a market intelligence and regulatory firm found that the iGaming market could reach $8.4 billion by 2025. The online gambling market continues to grow steadily. According to data from e-Conomy, 40 million Singaporeans, Malaysians, Vietnamese, Indonesians, Filipinos, and Thais first betted/gambled online in 2020. Investors actively take part in market building, so it is important to be aware of the latest updates. The Gaming Market was valued at USD 198.40 billion in 2021, and it is expected to reach a value of USD 339.95 billion by 2027, registering a CAGR of 8.94% over 2022-2027. You may opt-out by. Leading companies in the sector, like 888 Casino, offer popular live games such as live roulette, live baccarat and the exciting live blackjack game. For the perpetuity growth method, I use a perpetuity growth of 3%. The global online gambling market size was valued at USD 57.54 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.7% % from 2022 to 2030. If we look at the online gambling industry in the USA, it was valued at approximately $2.2 billion in 2020. The play anywhere services allow for not just traditional casino and card games to be played on the go, but for sports betting from mobile devices whilst at sporting events, or anywhere else. Copyright 2021, Bettors Insider, Inc. In the past two decades or so since the first sites started to appear, iGaming industry has seen a meteoric rise in popularity. To that end, many companies are looking at investing and acquiring other iGaming innovators to strengthen their chances of taking a slice of the US iGaming pie. GlobalBet, a B2B virtual sports supplier,, Slotegrator, a gaming content aggregator and online casino and sportsbook platform provider, advocates adding live dealer games to operators' offerings, It used to be the case that there were bingo players and there were slot machine fans, with little or, Many people are interested in playing slot machines, but there are some concerns. Today, iGaming offers players a range of different games that can be played on any device. The iGaming.com Group is a lead generation company in the digital media sector with outstanding performance, dynamic growth and strong financials. Many of Playtechs new and immersive slot titles are underpinned by HD-quality visuals and audio, such that its new title The Mummy: Books of Amun Ra is listed as one of the best new slots. Combined, this has resulted in $1 trillion being wagered online each year. iGaming has experienced one of the world's fastest growth rates over the last 15 years. In 2017, online casinos, sports betting and other forms of iGaming generated around $45.8 billion of gross gaming revenue (GGR). It would therefore not be unreasonable to think that the iGaming industry was having a similar effect on the traditional land based casinos and high street bookmakers. It aims to give the players only the best gaming experience through some of the best . Internet-enabled phones have also helped iGaming brands to penetrate regions where computer ownership rates are low. This gives superb playing experience that is one of the closest you can get to being in a land-based casino. Casino games like roulette and blackjack have been popular for centuries but you would need to travel to a casino to play them. You can read more on this subject in our blog: One-click payment in the Modern E-commerce Ecosystem. The remarkable numbers that showcase industry growth in these countries; Why iGaming companies have looked towards these countries in particular to grow their respective businesses; India. According to forecasts in an exclusive report by Acumen Research and Consulting, the online gambling market size will reach an estimated $172 billion by 2030 growing at an annual CAGR of 11.6% due to the rise of mobile gambling. The German Interstate Treaty on Gambling (ISTG) enables private operators to apply for licences to offer sports betting, virtual slot machines (online simulations of land-based slot machines) and online poker - with . In just about every recorded human civilization, people have enjoyed betting on sports and playing games that require wagering. The prevalence of this can be seen from the fact that 10 of the teams in the English Premier League have iGaming companies as their shirt sponsors and with another 7 having signed other sponsorship deals with betting brands. Playing casino games is therefore not a recent phenomenon but in the 21st century, the games we play and how we place bets have changed significantly. Online casinos are expected to eventually follow suit of sportsbooks, as it appears that the dollar signs attached are just too tempting for legislators to pass on. Technology has driven growth in most sectors, including gaming. Blockchain would eliminate the facilitation of a central authority (an escrow service/third-party company that processes bets) when betting online. In a race to put the best product on the market first, it seems likely that the established gambling brands in the US will either look to partner with or acquire these existing operators. A total upturn of the system with Blockchain? Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. September 23, 2022. North America (the USA and Canada combined) reported a lower figure of $31.4 billion in iGaming revenue the same year. Operators have a few tools at their disposal for scaling their business. The United States brought in $34.3 billion in total gross gaming revenue in 2009, meaning that the interest and cash flow has more nearly tripled in a ten year span.. Every year, land-based casinos become less popular as growing numbers of players choose to roll the dice or spin the slots online. In 2008, the UK gambling industry earned around 8 Billion in revenue. Smart TV, augmented reality and VR. Improvements in technology help to provide a better experience to players, which in turn makes them want to spend longer playing games. Other innovations, such as live casinos and virtual reality may not lead to the same big increases in turnover, but will help to differentiate the product ranges and provide a more realistic experience for the most die hard fans. It is expected that this will almost double to $90 billion by the end of 2024 and could breeze past the $100 billion mark before the end of the decade. Zero cash-out fees, best for leverage trading,fastest growing exchange! Accelerated Growth Sony's September 2022 value is $97.55 billion. As of the most recent statistics posted, the industry is now valued in the region of $17 billion per year, and that number is already likely out of . The global iGaming and sports betting market was worth $70bn in 2020. Overall, modern users find online casinos to be more comfortable and convenient than their land-based counterparts, and especially enjoy the incredible variety of available gaming content. The GGR for this market grew to DKK2.88bn in H1 of this year and shows. One of the reasons for this shift is the rise in mobile games. The growth in the number of games tracked by the firm, as well as the number of online casinos available to US consumers - from just a . It has been at the forefront of adopting new technologies and trends. The winner of this race was an online lottery based in Europe, and within 12 months over 200 iGaming services were in existence. The dealers behave just as they do in a real casino, making the same hand gestures as they draw cards to show that they are playing fairly. Denmark is one of the most integral European jurisdictions in regard to iGaming growth. The iGaming industry has followed a similar trajectory, with growth in online and mobile gaming accompanied by an ever-growing number of casino and poker players. The iGaming industry is one of the most notable industries that has led the charge toward working remotely. Since its inception in 1994, the iGaming industry has continued to grow. In the modern day, this timeless activity is carried out through sports betting, online casino gambling and other skill-based games like poker or blackjack. This has led to the rise of several iGaming brands that are targeted specifically at women. The iGaming industry also faces some noticeable hurdles in its path to development. Evolution Gaming's unprecedented $2 billion offer to purchase NetEnt sent shockwaves through the iGaming world in June. It signals that the industry is ready to expand even further and is testament to what kind of returns a wise investor . The largest part of this growth has come from sports betting, an increase in female participation and mobile services. Prior to that, the federal ban on sports betting meant that Americans bet an estimated $150 billion illegally every year, and the issue of unregulated gambling remains a hot topic. iGaming companies have also joined in, using virtual reality to augment their live casino experiences. Australian slot machine manufacturer Aristocrat Leisure Ltd is a prime example. Ever since its creation in 1994, the iGaming industry has enjoyed growth as it reached fresh markets and expanded operations in existing ones. Meanwhile combined August revenue generated by iGaming operations in Connecticut, Delaware, Michigan, New Jersey, Pennsylvania and West Virginia increased by 31.9 percent year-over-year to $401.8 million, with all markets reporting annual growth. In 2017, mobile services accounted for 45% of the global iGaming market, a 20% increase on the previous year. Sportsbooks operate at much lower margins, and legislators are quickly catching onto the fact that taxable revenue from virtual casinos could dwarf that of the sports wagering markets., More than half the country has started legalizing betting. All major sportsbook operators have either partnered with or are heavily influenced by the large UK brands, as they offer years of experience and provide the extensive technology needed to run the business, shared an Online Slots UK spokesperson. However, this device was ahead of its time and not able to provide an enjoyable experience for gamers. Ever since its creation in 1994, the iGaming industry has enjoyed growth as it reached fresh markets and expanded operations in existing ones. Sports Betting as a must-have product. It produced data to show that the compound annual growth rate looks to be more than 10%, which will nearly double the global igaming market worth from $65B in 2020 to more than $128B in 2027. In other states, players play at websites licensed by other countries. The growth is mainly due to the COVID-19 outbreak and the lockdown measures to contain it, which made online gambling more accessible to gamblers . Everything You Need to Know About Online Slot Symbols, Tighter Regulations in France on Gambling Offers and Promotions, Pragmatic Play Goes Back to Ancient Greece in Sword of Ares. What Does It Mean To Be Snoop Dogg's Personal Blunt Roller? It became an iGaming behemoth, listed as part of the iconic FTSE 100 Index, due to its immense value and potential. The size of the Mexican iGaming market size is estimated to be around $500m GGR with year-on-year growth of ~10%. . [Image: Shutterstock.com] iGaming Innovation Driving Massive Market Growth. Playtech also signed a multi-state agreement stateside with Unibet Interactive, powering Unibets online casino games in New Jersey and additional states. Follow this author to stay notified about their latest stories. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Cryptocurrency is also likely to become a valid form of payment when betting, if Blockchain enters the industry. Due to nationwide lockdowns implemented because of the COVID-19 pandemic, some people turned to game platforms to pass the time. Most operators do not have sufficient knowledge to develop high-quality software, so they turn to contractors. Since the early 2000s, gaming has seen a rapid evolution with new platforms, devices and technologies being released on a regular basis. Award-winning online casino with an extensive offering of games in the industry, Videoslots, announced that one of its lucky players, The fully responsive Virtual Sports products from GlobalBet are now accessible on BetConstruct's platform. In July, the most recent month Illinois has publicly released monthly revenue, the Land of Lincoln recorded just over $516m in handle compared to roughly $531m for New Jersey. 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