The global iGaming market continues to amaze with its scale and growth rate. According to Statista, the online gambling industry was worth about $70 billion in 2022, and by the end of 2023 had already reached $85.6 billion. It is not surprising that the attention of investors, technology companies, and government regulators is increasingly focused on this sector. What exactly is driving such impressive development? Which countries are shaping new standards for global iGaming, and why do analysts consider this market one of the most promising? Let’s try to figure it out, relying on fresh data and expert opinions.
Global iGaming growth in numbers and forecasts
The iGaming market is growing at an exponential speed, as evidenced by current indicators. In 2022, the global volume was about $70 billion, and by 2023 it had grown to $85.6 billion. According to Statista’s forecast for 2024, the value will reach $97 billion. Such growth rates are confirmed by calculations of the compound annual growth rate (CAGR), which ranges from 13% to 19% depending on the source. This indicator reflects a steady annual increase in market volume, showing the stability and long-term potential of the sector.
It is expected that by 2027 the industry will reach $125 billion, and according to some optimistic estimates—even $583 billion by 2030. Such figures confirm not only the high dynamics but also the growing popularity of iGaming on a global level (Statista, Grandviewresearch). How these forecasts will change in light of technological and legislative changes, time will tell.
What accelerates the development of online gambling
What lies at the heart of such rapid iGaming growth? Analysts highlight several key factors:
• Internet coverage. According to the latest data, 64.6% of the world’s population has access to the Internet. This creates a unique audience for online gambling, especially in regions with traditionally low levels of physical casinos.
• Legalization and regulatory changes. More and more countries are easing laws, opening new markets for operators. Differences between regions are significant, but it is liberalization that encourages the involvement of millions of new users (Grandviewresearch).
• Technological progress. Modern technologies such as live dealers, mobile apps, artificial intelligence, and blockchain make games more engaging and secure. Experts note that it is precisely new technical solutions that build trust in services and increase player engagement.
• Changing societal attitudes. Gambling is increasingly seen as harmless entertainment. The development of leisure culture and digital entertainment expands the audience by attracting young people and new demographic groups.
• Bonus promotions for new users. Many online casinos offer welcome gifts for newcomers, no wagering free spins on popular slots, and weekly cashback bonuses. This allows them to attract a new audience that tests the platform with minimal risks and makes the decision to switch to regular play more quickly.
As a result, a combination of easy access, technological innovation, welcome gifts, and open legislative policy contributes to the explosive growth of the market. But which regions are setting the pace for the industry today?
Which regions are setting the pace for the market
The regional structure of iGaming demonstrates pronounced leadership by some countries and restrained participation by others. Here are the main players in the global market:
• Europe. According to Statista, the European market accounts for about 41% of the global volume. The reason is deep liberalization of legislation and the active work of regulators such as the Malta Gaming Authority and the UK Gambling Commission. For example, the UK has had an open licensing system since 2005, ensuring a steady influx of new operators and users.
• North America. There is a significant difference between countries here. In Canada, provinces like Ontario have fully legalized the market, helping Canada take 65% of the North American iGaming share. In the US, the situation is more complicated: only certain states allow online gambling, which restrains overall growth. In 2023, the region’s market volume was $13.08 billion with a projected CAGR of 12.3% until 2030 (Grandviewresearch).
• Asia and the Pacific region. The most notable growth is in the eSports segment, especially in China, where there are over 169 million eSports fans according to WifiTalents for 2021. Although many countries maintain strict restrictions, the popularity of digital entertainment continues to grow.
• Australia and New Zealand. Despite restrictions (for example, the ban on online casinos in Australia), mobile apps provide a high level of engagement: 85% of Australians play on smartphones. The industry’s revenue was $2.2 billion in 2023, and in New Zealand, $1.25 billion is expected in 2024 (Statista).
• Central and South America, Africa. In these regions, online gambling is not legalized everywhere, but user penetration is growing thanks to friendly policies and technological innovations. In Central America, penetration is expected to grow by 2.6% in 2024 and the market volume to reach $189.9 million.
Key iGaming segments
The iGaming market is quite diverse. Among the key segments, the following should be highlighted:
• Online casinos. These are virtual analogues of traditional establishments—slot machines, poker, roulette, etc. According to Statista, in April 2024 the market volume reached $305.8 billion, and the number of users will exceed 139.7 million by 2029.
• Sports betting. The popularity of sports among young people (71% of fans aged 18–24) supports this segment. The adult audience is also actively involved (61% among those over 55), making betting one of the largest market drivers.
• eSports betting. The term eSports refers to competitions in computer games, where fans can bet on match outcomes. Leading games here include League of Legends, DOTA 2, and CS:GO. Over the past five years, the market has grown annually, especially in China and the US.
• Lotteries and bingo. The online format allows participation in draws without visiting offline locations. In the UK, from April 2022 to March 2023, National Lottery sales reached £8.2 billion, up 1.1% (Gambling Commission).
• Social casinos. These are platforms where play is for virtual currency rather than real money. According to Statista’s forecast, by 2026 the revenue of this segment will reach $7.5 billion.
How mobile technologies are changing the rules of the game
Mobile devices have become a key catalyst for iGaming growth. It is projected that by 2029 the number of smartphone users worldwide will increase by 1.7 billion (Statista). Thanks to this, players can place bets and enter casinos anytime and from anywhere. In the US, Internet penetration is 94.6%, in the UK—98%, in Canada—94% (Forbes, Statista). Such accessibility creates conditions for the emergence of new consumer habits and makes mobile platforms the basic format for the industry. A logical question arises: can mobile iGaming become the dominant entertainment model in the world?
Barriers and opportunities of regulation
The rules of the game in the iGaming market are largely determined by state policy. In countries with liberal legislation (Canada, the UK, a number of US states), rapid industry development is observed. Where laws are tightened, operators face restrictions or even bans. In Europe, leading roles are played by bodies such as the Gambling Commission and Malta Gaming Authority, ensuring transparency and player protection. However, experts warn: excessive regulation can slow down innovation and lead to loss of the market for local brands. Discussions around the balance between control and freedom continue.
Market leaders and who earns the most
Despite the abundance of medium and small players, the market structure is characterized by the concentration of key shares among large operators. The top five leaders include:
• Flutter Entertainment (9.2% of the market, brands FanDuel, Paddy Power, Betfair)
• Bet365 (4.4%, wide range of online games)
• Entain PLC (3.1%, owns Ladbrokes, Bwin, Coral)
• Kindred Group PLC (1.4%, strong positions in Europe and the US)
• DraftKings Inc (1.1%, focus on fantasy sports and casinos)
These companies account for 22.6% of global turnover. The rest is distributed among numerous medium and small operators, which creates a competitive environment and stimulates development.
How iGaming attracts players
Modern marketing strategies in iGaming are distinguished by a variety of channels and tools. In the operators’ arsenal are social networks (Facebook, X), affiliate programs with affiliate sites, cooperation with influencers, retargeting, email marketing, SEO, and contextual advertising. Blockchain advertising occupies a special place: this technology allows precise targeting of offers to the crypto audience and bypassing the restrictions of traditional advertising. For example, successful campaigns using Blockchain-Ads have been conducted by Bet365 and Fair Spin. The effectiveness of these tools is confirmed by industry research and real audience growth.