Without any doubt, 2021 was a rather unusual, very difficult, and challenging year for all major global industries. With the Covid-19 pandemic negatively influencing the global economy, the global casino gambling industry recorded some negative trends, especially in the field of land-based gambling establishments.
According to the latest reports published by acclaimed agencies that follow the latest industry trends, the global casino gambling industry is expected to grow at an annual rate of 5% in the three years from now.
When it comes to the global online gambling market, it is expected to reach a staggering value of $92,9 billion by 2023. The global iGaming industry was valued at around $59 billion as estimated in December 2021. If it grows at the forecasted annual rate, the value of the global iGaming market will double in the next few years.
The growth of the global online gambling scene is fueled by technological advancements that make iGaming much more convenient than gambling at land-based casinos. Naturally, some other factors significantly contribute to the growth of the iGaming scene.
In recent times, we have witnessed new countries and regions in the world intruding friendlier, more lenient gambling laws and regulations, such as the United States. Global digitalization has also been on the rise, especially in Africa and Asia.
With many regions in the world jumping on the digitalization bandwagon, more international companies feel encouraged to expand their businesses and offer their services to wider audiences. These are all crucial factors that contribute to the tremendous growth of the global online gambling scene.
The Growth of the Global Online Gambling Market in 2021
Unlike many other industries, the iGaming industry was positively influenced by the Covid-19 pandemic and different restrictions. As land-based casinos were forced to temporarily shut down their operations, more players turned to iGaming venues.
To bridge different psychological, social, and financial crises, players engaged in various online gambling activities. According to the latest reports, the Covid-19 pandemic has surged customers’ interest in online gambling activities in all key iGaming markets.
In response to the temporary closures of land-based gambling establishments, many renowned casino operators decided to go digital. We also witnessed many online casinos expanding their offering by adding more instant-win and classic table games into their libraries.
According to most experts, the online sports betting industry will be the fastest-growing iGaming segment, followed by online casinos and other forms of online gambling activities.
In the years to come, the growth of the online gambling market will most likely be fueled by introducing more convenient cashless payment options and more innovative betting models.
To keep their customers engaged, we also expect to see renowned gambling operators offering more interesting tournaments and more rewarding bonuses and promotions. As bonus incentives become bigger and better, customer engagement increases.
The Fastest-Growing iGaming Market – North America
In the second quarter of 2021, the total gambling revenue in the United States surpassed $13,6 billion according to a report released by the American Gaming Association. In the third quarter of 2019, the total gambling revenue in the US gambling market reached over $11,1 billion.
Therefore, the revenue increased by over 22% in the second quarter of 2021, despite the fact the Covid-19 pandemic caused a major recession. When we compare the US online gambling scene with other key iGaming markets, it is quite obvious that the United States is home to the fastest-growing online gambling scene.
This does not come as a surprise considering that online casino and sports betting activities have been legalized in many states, including Pennsylvania, Michigan, Delaware, New Jersey, West Virginia, Illinois, Colorado, Arizona, and Louisiana.
In other words, the number of licensed online casinos and sports betting sites in the United States increases every day, so is the US iGaming market’s revenue. The increasing liberalization and regularization of online gambling activities in the United States will most certainly fuel the market’s growth and expansion in the months to come.
Key iGaming Markets in 2021
In Europe, the United Kingdom is the ultimate leader when it comes to online casino gambling activities. According to a report by Statist, around 32% of adult Brits engage in online gambling activities on a regular basis.
Moreover, over twenty-five million adult Brits fuel the tremendous growth of the United Kingdom’s gambling scene. Around ten million British gamblers engage in online gambling activities. With this in mind, the UK’s gambling industry is expected to grow at an exponential rate in the next twelve months.
Other key iGaming markets, such as Canada, Australia, and Italy are also expected to grow in the months to come. While their gambling laws and regulations are not as lenient as those in the United Kingdom, the number of online gamblers has been on the rise for quite a while now. The bottom line, the iGaming sector in 2021 suffered no major pitfalls, unlike its land-based counterpart and most other industries.