Global Online Gambling Market Will be Worth $95 bn by 2024

The online gambling and betting market is set to be worth $95 billion by 2024, according to a report released last week.

Zion Market Research claims that the gambling industry accounted for $45.8 million in 2017 and is set to grow by a huge 10.9% over the next 5 years.

The news comes as more countries worldwide begin to accept online gambling on mobile devices, desktops, and tablets.

Even America has started to take a liking to the profits and taxes the industry brings.

Just last week, a Connecticut bill was drafted to legalize sports betting and internet gaming in the state.

It follows in the footsteps of Pennsylvania, New Jersey, and Nevada, among others.

The report, entitled ‘Online Gambling & Betting Market by Game Form (Poker, Casino, Sports Betting, Bingo, Lottery, Horse Racing Betting, and Others) and by Component (Hardware, Software, and Service): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024’, can be requested to view online.

It evaluated all the big players in the online gambling industry, including Bet 365, Playtech, PaddyPower, 888 Holdings and around 15 others.

In a statement regarding the report, Zion said it had given a transparent view of the industry through the inclusion of a detailed competitive scenario and a range of leading businesses operating within the market.

It added: “The study encompasses a market attractiveness analysis, wherein game form, component, and regional segments are benchmarked based on their market size, growth rate, and general attractiveness.”

An analysis of Porter’s Five Forces model for the online gambling and betting market has also been included.

This model was designed to analyze the industry through the bargaining power of those in it and the growing competitiveness of the market.

The report added that countries such as Poland, France, Malta, and the Czech Republic are likely to contribute massively to earnings over the next 5 years as their stance on gambling evolves.

It is also thought that consumers’ rising amount of disposable income and the adaptation of internet and mobile-based devices into our everyday lives holds some basis for the growth.

SugarHouse Casino in Pennsylvania has even found a way around Apple’s new gambling guidelines to allow iPhone users access to its app.

RushStreet Interactive is now using Geolocation technology to verify the whereabouts of players before inviting them to sign in.

Other casinos will likely adapt to this method in the near future to ensure they are not missing out on a large amount of revenue.

China and the USA currently dominate the online gaming market; each is estimated to bring in over $36,500 million this year.

The market’s doubling of expected earnings over the last two years will not only be seen as great for the industry’s big dogs but for the countries in which they operate, too. 

Casino operators worldwide pay out anywhere from 2% to as much as 75% of their gross gambling revenue in tax.