European gambling is expected to reach 56.8 billion USD by 2027 – Global gambling is expected to grow 260.44 billion USD in 4 years. (Photo by Ibrahim Rifath on Unsplash)
The size of the worldwide online gambling industry was estimated at 58.2 billion USD billion in 2021, and it is anticipated to increase at a CAGR of 11.7% from 2022 to 2030.
In Europe, which is the third largest region (behind Asia and the U.S.), this market reached 34.6 billion USD in 2021 and experts predict the market to increase to 56.8 billion USD by 2027 with a CAGR of 7.9%. With the rise of mobile phone gambling, marker penetration is faster with more people playing online games at home and in public via smartphones or tablets.
Mobile casino apps are not as prevalent as they once were, but HTML5 instant play casino games and sports book delivered via web bowers such as Chrome, Edge and Safari using responsive code to adjust to all screen sizes and device types has lifted the global online gambling.
Additionally, the expansion of the industry is being promoted through the ease of internet, corporate support and celebrity affirmations as well as through its growing global acceptance, legally and culturally. As the internet has increased the ease of online gambling, it has enhanced many other variables such as online gambling applications, betting opportunities and enticing those with a disposable income to spend it in the gambling industry.
Increase in Regulated Gambling
With the increase in domestic licensing authorities, those that were once skeptical about gambling online are now reassured by local licensing. For example in the Canadian live casino industry, the MGA is one of the most reputable licensing authorities protecting players in the country. However, there is also the new iGaming Ontario licensing framework specifically regulating casinos in the province. Local laws apply, and players also have the provincial legal system to back them up in case any of the casinos try to go rouge.
New Domestically regulated casino markets: The Republic of Ireland is on the verge of a new licensing authority expected in the first quarter of 2023. In India, a draft report is now officially in circulation outlining how the country can regulate gambling across all states.
Technological Trends
With the proliferation of the internet and smartphones, the rise in demand for online gaming increased. This was evident during the Covid-19 pandemic as the public had an excess of free time due to lockdowns and the trend was moving from offline to online. Technology has played a massive role in the expansion of online gaming with the integration of AI and blockchain technologies that enable users’ multi-level payment security and transparency.
The integration of virtual reality into games, and the gambling environment will enhance the experience with better visual and sound quality. This advancement in technology seems to be favouring market growth, which allows the players to interact with bettors and dealers.
Another factor in the expansion of the markets is the dominant companies have focused on mergers. This increases their market share, enhances their brand portfolio and helps their bottom line. Many of these companies have acquired software companies or other well-established iGaming companies to fulfill their mandates to investors.
Most Popular Online Games: The most popular online gambling products in Europe are sports betting, accounting for 40% of all online betting. This is followed by casinos at 34%, lotteries at 17%, poker at 5% and all other forms of betting at 4%.
What to Expect
Although the online gambling market faces some headwinds as we enter 2023, it is evident that this industry will continue to grow in the coming years. With the upgrades in the internet and smartphones, new developments in online gambling apps, the introduction of new games, relaxation of gambling regulations and introduction/legalisation of gambling in certain countries this will contribute to new sources of revenue to fund government projects.
Growth in Live Casino: You can 100% expect the live casino industry to continue its fast moving growth patterns. The days of only Evolution and Playtech dominating this scene are over with new brands such as OnAir Entertainment, BETER LIVE, Amusnet Live, CreedRoomz and Stakelogic Live all hitting the market, it is going to be an interesting 2023.
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