Last updated on January 30th, 2021 at 11:45 pm
The gambling industry across the globe will continue its exponential growth in the next couple of years. Analysts estimated that the gambling industry value would be $93 billion by 2023.
Some factors contributing to the gambling industry’s growth include increasing interest, higher per capita income, a rising number of dual-income families, and increased adoption. According to Google Trends, many people searched for Online Casinos in July 2020. There was a need for entertainment while people stayed at home during the pandemic.
2020 saw an influx of new players due to the coronavirus. In 2018, the gambling industry had a value of $449.3 billion. It had an estimated value of $490 billion in 2019. According to a pay per head company, the gambling market grew at a compound annual growth rate of 4.1 percent since 2014. Researchers estimate CAGR to grow at four percent. However, they estimated the growth before the pandemic was a thing.
Gambling Industry Value
Another study predicted global gambling industry revenue would be more than $525 billion by 2023. According to bookie pay per head reviews, market size in 2019 was $59 billion with an estimated growth rate of 13.2 percent by 2020. The prediction was at par with another study that predicted market value to be $92.9 billion by 2023 with a CAGR of 11.6 percent.
North American gambling regulatory processes are complex. However, there’s a rapid expansion of legal sports betting in the US the benefited the whole gambling industry. In 2019, the global sports betting revenue was $85 billion. Experts expect the amount to grow in the next couple of years.
In Europe, several gambling markets enjoyed popularity in recent years. They include Spain, the UK, and Italy. The UK also leads the continent in having the most mature regulatory framework as per pay per head service.
The top-grossing Asian gambling markets are South Korea, China, Hong Kong, and Japan, despite having strict gambling regulations. However, some APAC governments are relaxing their restrictions that can result in higher revenues in the region.
