As we are seeing more countries legalize iGaming, opportunities for people to get involved are increasing every year. iGaming covers all forms of online gambling, whether it be on video games, known as eSports betting, casino games, or betting on the outcome of a sporting event. As we look ahead to 2023 and beyond, just how lucrative is the iGaming sector globally?
Worldwide iGaming Market Size
We do not have the full global figures available for 2022 as they are yet to be published at the time of writing but if we look back on 2021, the iGaming industry was worth an incredible $61.5 billion. When trying to consider how much this may have gone up in 2022, the total revenue for the iGaming industry in the United States for the month of December alone was $459.9 million. Looking specifically at another country, New Zealand has witnessed exponential growth in the iGaming industry and the regulations allow for the use of a local online casino New Zealand and offshore casinos. According to the online gambling and betting industry worldwide survey, the market value of iGaming will rise to $114.40 billion come 2028, which is close to double the value of 2021. These figures highlight just how lucrative the iGaming sector is globally.
Changes in iGaming Legislation
One of the major factors behind the rise in global iGaming revenue is the changes we are seeing to iGaming legislation around the world. If we go back a decade, there were many nations where iGaming was illegal or not regulated, meaning there was a lot of confusion. Today, more countries are bringing in legislation to legalize iGaming and creating regulating bodies to help the process. The safer people feel when gambling online, the happier they will be to participate in the activity. Rather than having to use offshore iGaming websites, the likes of United States, New Zealand, and Canada have introduced regulations to allow domestic iGaming companies to offer their services online. Foreign based iGaming brands are also welcome but must follow the regulations set out by the individual country to operate in the region. The more places where iGaming becomes regulated, the more people are going to play and that leads to higher revenues.
Improved User Experience
Another reason the iGaming sector is proving extremely lucrative is the improved user experience. Without a great product, the iGaming industry would be nothing and the user experience has improved hugely over the past decade. From the introduction of live casino games with a real dealer to the live streaming of sports events, the iGaming experience is fantastic. A wealth of payment methods means it is easier than ever before to make a deposit and cryptocurrency is accepted at some iGaming brands. Online games are more sophisticated then ever, including slots and eSports games and the high quality of the games is attracting new players.
So, the iGaming sector is highly lucrative and we expect to see the industry grow between now and 2028.
Disclaimer: Gambling involves an element of financial risk and may be addictive. Please play responsibly and at your own risk. This post contains material that may or may not be legal in your country. Please play/not play subject to applicable law.