While estimates vary significantly, it’s assumed that the online gambling market exceeds $60 billion yearly, with substantial potential upside. According to Statista, the online betting industry is expected to grow from the 2017 market capitalization of $45.8 billion to a $94.4 billion market capitalization in 2024.

Global proceeds from the casino market are expected to reach more than $525 billion by 2023, a Gambling Market—Global Outlook and Forecast report indicate. The report attributes this progress to high interest and adoption across the world, a rising number of dual-income households, and rising per capita income.

A growing population of female gamblers in casinos coupled with the convenience of cashless payment during betting are likely to further the online gaming market, in the forecast period.

The online gaming industry is dominated by Microgaming, Playtech, The Stars Group Inc. and a few other industry leaders. These software developers shaped the industry by using cutting-edge technology to create well-regarded games and powerful gaming platforms.

Today, the world’s largest online betting companies include Paddy Power Betfair, 888 Holdings PLC, Ladbrokes Coral Group, and William Hill PLC.

Although online casinos appear to be the leaders of the online gambling industry, online sports betting by far outperforms online casino gambling worldwide. All thanks to the progressive evolution of mobile technology, and the increasing number of bettors registering and playing on their Android and iOS smartphones.

The progression of the online gambling market is as a result of the increasing liberalization of the business across the US, Australia, UK, Canada, South East Asia, and other regions.

Following the legalization of online betting in 2018, every single state in the US now decides for itself whether to legalize online casinos or not, which can be signed into law. So the US can potentially grow into the most extensive online gambling market in the world if legislators from individual states speed up the passage of bills through state assemblies.

Online Casino Market in the UK

Many European countries allow some form of online gambling, with the UK permitting all forms of online gambling; including online casino and online poker. Online casino at 32.1% is the second-largest component of online gambling activity in the EU.

The UK gambling industry has been doing well in the last decade, with about $17.9 billion generated in 2017 alone. And unsurprisingly, online gambling with $6 billion in earnings, topped other sources.

Online gambling was legalized in the UK in 2005, when the Gambling Act came to the realization, attracting fans since the day a few online gambling restrictions were slackened. This further saw the number of online gamblers rise from 9.7% in 2008 to more than 17% in 2018, with online gambling accounting for 34% of the entire UK gambling market.

New online gambling age-verification rule took effect in the UK in 2019, and will undoubtedly make gamer acquisition more challenging for operators. Under the new guidelines, a new player will not be allowed to gamble until their date of birth, name, and address has been verified. This move also will possibly limit the growth of this sector.

Further to this, penalties against UK gambling operators rose tenfold and over, between May 2017 and May 2018 from $2 million to $23.6 million. Even more, the regulator UKGC warned that fines would continue to “increase persistently” if the industry doesn’t improve its compliance standards.

Recent reports indicate that the number of gamblers, and revenue from online casinos will decline from the last figure. The report also shows a growth of 28% in the verification process of online casinos, which is a good move for responsible gambling. Notwithstanding this, several companies are now depending on revenue from overseas for their long-term sustenance.