Casinos & Online Gambling Market

Casinos & Online Gambling Market Outlook (2024 to 2034)

Worldwide revenue from the casinos & online gambling market is estimated to stand at a value of US$ 296.31 billion in 2024 and is slated to increase at a CAGR of 14.1% to reach US$ 1,107.22 billion by 2034.

The yearly growth of online casinos coincides with advancements in the digital realm, which are meant to gain the appropriate level of confidence in the online gambling industry. For example,

in gambling simulates environments and allows players to interact with them in a realistic way using certain gear. In addition to offering a more realistic gambling experience, a realistic game design, and higher sound quality, virtual reality (VR) enables players to communicate with dealers and other players. For example, the SlotsMillion online casino from SLTM Ltd. is a virtual reality option.

Several developers of online casinos focus on products that help and encourage players, guarantee the legitimacy of gaming, and stop fraud. New customers are drawn to online gambling sites because they provide a free-play version of their games. In the free-to-play versions, money is made through in-app or online ads. For instance, gambling apps and websites provide in-app and online advertising slots. Because gamblers from all over the world are playing whenever it's convenient for them, the online gambling business is seeing tremendous development and demand, thereby contributing to the overall expansion of the casinos & online gambling market growth.

Market expansion is also been greatly affected by the use of blockchain technology. Websites and applications for gambling have started to accept payments using the blockchain in addition to standard payment methods. BitStarz, for example, is a Bitcoin-based gaming site that has about 4 million regular users. Blockchain ledgers help the blockchain in guaranteeing safe payments and openness in gaming operations. Because Bitcoin transactions are quick and secure, there are several options for gambling. Users are increasingly using cryptocurrencies for online gambling as there are minimal rules and limitations on their transactions.

The demand for online gambling is rising as more people use mobile phones to play online games and are accessing the internet. In 2022, for example, 92% of Americans are having access to the internet countrywide. Moreover, the business is expanding because of corporate sponsorships, celebrity endorsements, simple access to internet gambling, and cultural and legal support. For example, Betsson AB purchased 80% of KickerTech Malta Limited, a B2B sportsbook provider, in October 2022. Betsson was able to expand its B2B clientele and add more scalable technologies thanks to this purchase. The industry is expanding due to the increasing use of smartphones and 5G internet technologies.

Report Attributes	Details
Casinos & Online Gambling Market Size (2024E)	US$ 296.31 Billion
Forecasted Market Value (2034F)	US$ 1,107.22 Billion
Global Market Growth Rate (2024 to 2034)	14.1% CAGR
North America Market Value (2024E)	US$ 81.02 Billion
East Asia Market Growth Rate (2024 to 2034)	15% CAGR
Gaming Tables Segment Value (2024E)	US$ 133.65 Billion
Accommodation Segment Value (2034F)	US$ 84.79 Billion
Key Companies Profiled	888 Holdings Plc; Betsson AB; Kindred Group; MGM Resorts; Caesars Entertainment; Flutter Entertainment

What is Leading to the Growing Popularity of Casinos and Online Gambling?

“Efficient Payment Features and Improving Affordability among Customers”

The growing need for affordable payment methods is the main cause of the growing investments in the online gaming industry. The advent of virtual and augmented reality is another important aspect that encourages investments in online gaming. Professional players have been motivated to invest in stocks of some of the most important online gambling firms and sports betting due to the market's vast investment prospects. Stakeholders in the online gambling sector, such as operators, regulators, suppliers, and industry-focused financial and legal consultants, are contacted by several new investors and newcomers.

Industry development is greatly aided by ongoing technical improvements. Commercial models, such as virtual currency and social casinos, game forms, in-play sports betting, and smartphone geolocation are examples of noteworthy advancements. Cryptocurrency and AI-powered facial recognition tools are some key areas of investment. Further, the industry is benefiting from market participants' increasing inclination to use Virtual Reality (VR) to deliver realistic gaming experiences. For example, the first VR-based multi-sports entertainment was introduced in 2021 by the well-known sports betting and gaming entertainment business Entain. This new product was created by the corporation in partnership with Verizon Media.

“Surging Preference for Online Platforms Contributing to Improved Profitability”

The business is expanding because of consumers' increasing preference for online live casinos compared to conventional land-based casinos in several countries that are allowing both online and offline gaming. Online casino companies now are significantly developing opportunities as more gamers are switching from offline to online gaming. Live casinos are preferred by several professional players as they enable them to monitor their movements. In addition, they include live chat, real-time games with live dealers, and games that are accessible from anywhere at any time, which are leading to expanding casinos & online gambling market size.

Throughout the forecast period, the rise of live casinos built on cutting-edge technology is anticipated to propel market expansion. As part of its corporate expansion plan, Evolution opened its third live casino studio in Michigan in 2021, coinciding with the rapid growth of the United States iGaming market.

The business claims that the live casino studio provides a cutting-edge B2B live casino solution to several operators. They are looking to give online gamers improved live casino gaming experience on smartphones, PCs, and tablets. Because they don't require actual money to gamble, live casinos are also growing in popularity because novice players are playing without concerns about losing money. These advantages are leading to a sharp rise in live casinos, which has created lucrative prospects for the internet.

What are the Challenges Faced by Casino Owners and Gambling Platforms?

“Criminal Activities and Potential Frauds Leading to Potential Damage to Market”

Cybercriminals utilize bots to target funds moved through several payment channels, such as credit cards, wire transfers, and electronic checks, because of the online gambling industry's strong development prospects. The industry participants are thus taking significant action to address these problems by raising consumer awareness and encouraging them to install anti-virus software on their PCs and cellphones.

Several businesses employ third-party applications to safeguard their websites and enable safe online payments. Because wire communication facilities include the Internet, federal law prohibits their use in gambling or sports betting. However, gamers are quickly leaving gambling sites and maintaining an anonymous identity thanks to the internet, making it challenging to track down gambling activities.

App-based hacking is another risk associated with online gaming. For example, it is simple to control and intercept mobile applications used in live casinos using 4G and shared Wi-Fi signals. Additionally, hackers are controlling the applications by releasing malware-infected phony versions. These days, several casinos save an offsite backup of their patron data and employ industry-standard 128-bit encryption. As a consequence, even if a Denial-of-Service (DoS) assault challenges the site, the data would remain safe.

Country-wise Insights

Casinos are similar to jackpots where everyone comes to try their luck. This is becoming a more common trend due to the rising disposable income among more people around the world. Several countries, which are contributing to this market include the United States, Canada, Mexico, South Korea, and Japan.

What is Responsible for a Strong Casinos & Online Gambling Market Share of the United States in North America?

“Capitalist Economy Allowing More People to Attain Disposable Incomes”

Attribute	United States
Market Value (2024E)	US$ 72.73 Billion
Growth Rate (2024 to 2034)	15.42% CAGR
Projected Value (2034F)	US$ 305.18 Billion

The strong market share of the United States in casinos and online gambling is largely attributed to the capitalist economy, which promotes higher disposable incomes among consumers. As the economy grows, more individuals are accessing discretionary spending that is used for entertainment and leisure activities, including gambling. The expanding online gambling sector also plays a significant role, providing convenience and accessibility that traditional brick-and-mortar casinos cannot match.

The increasing acceptance of gambling as a form of entertainment and the growing number of states legalizing online betting contribute to this robust market. Technological advancements, such as mobile apps and secure payment options, further enhance the user experience, attracting a diverse audience. All these factors combined create a vibrant and ever-expanding gambling market, making it a lucrative business for both operators and the economy at large.

What is Making China One of the Strong Leaders in Casinos and Online Gambling Niche?

“Digitalization Allowing People to Enjoy Making Money Through Gambling at Home”

Attribute	China
Market Value (2024E)	US$ 30.06 Billion
Growth Rate (2024 to 2034)	17.5% CAGR
Projected Value (2034F)	US$ 150.97 Billion

China is emerging as a strong leader in the casinos and online gambling niche primarily due to rapid digitalization, which allows citizens to engage in gambling activities conveniently from home. The proliferation of smartphones and high-speed internet has made it easier for people to access online platforms, leading to a surge in participation. This shift is allowing more individuals to enjoy gaming without the need for travel, and appealing especially to younger generations.

The government's stance on regulating and promoting local gambling sectors has also created a conducive environment for growth. Furthermore, innovations in online gaming technology enhance user experience, ensuring that platforms are engaging and technically sound. As digital payment methods become mainstream, the risk associated with online transactions decreases, further encouraging individuals to try their luck on these platforms. Overall, the intersection of technology and cultural acceptance positions China as a formidable player in the global gambling industry.

Category-wise Analysis

Several products and services are available in the market to attract a huge chunk of customers. These services include gaming tables, gambling machines, accommodation, and food and beverages.

Which Products and Services are Highly Profitable for Service Providers?

“Gaming Tables Becoming a Revenue Machine for Casinos”

Attribute	Gaming Tables
Segment Value (2024E)	US$ 133.65 Billion
Growth Rate (2024 to 2034)	16.6% CAGR
Projected Value (2034F)	US$ 623.48 Billion

Gaming tables are proving to be a significant revenue source for casinos, capitalizing on the increasing demand for interactive gambling experiences. These tables offer several games, such as poker, blackjack, and baccarat, which attract a diverse clientele. The social aspect of these games encourages players to engage for longer durations, heightening their spending potential. Moreover, gaming tables often require a higher buy-in compared to slot machines, resulting in more substantial profits per game.

With the rising trend of experiential gambling, casinos are willing to invest in innovative game variants and enhanced experiences to entice players, further driving profitability. This sustainable revenue stream positions gaming tables as essential assets for casinos, making them a focal point for audiences looking for both thrill and social interaction in their gambling experiences. These factors are further positively impacting casinos & online gambling market trends.

Which Age Group is More Actively Involved in Casinos & Online Gambling?

“Higher Indulgence of People Aged 18 to 34 in Gambling Activities”

Attribute	Aged 18 to 34
Segment Value (2024E)	US$ 138.48 Billion
Growth Rate (2024 to 2034)	15.7% CAGR
Projected Value (2034F)	US$ 594.95 Billion

The age group of 18 to 34 years stands out as the most active demographic on gambling platforms. This cohort is particularly drawn to online betting and gaming due to their familiarity with technology and digital trends. The accessibility of mobile applications and online casinos has made it easier for younger individuals to engage in gambling activities. Furthermore, this age group is often influenced by social media and peer recommendations, which is driving interest in several gambling options.

With the rise of e-sports and online gaming platforms, this demographic also seeks engagement through competitive environments. Therefore, service providers that target this age group are finding substantial opportunities in innovative gaming solutions, loyalty programs, and promotions specifically designed to align with their interests and behaviors, ensuring a stronger market presence and enhanced profitability.

Market Condition

Key players in the casinos & online gambling market are also focusing on bringing new products to make the market lucrative. Few of these products and services include casino management systems.

• May 2024: In a study published on May 16, the U.K. Department for Culture, Media, and Sport suggested enabling cashless payments on gaming machines at bingo halls, arcades, and casinos and increasing the age limit to 18 years old. The rules are stimulating companies to install more machines and raise the maximum amount the government is charging for gaming licenses by 15%.
• The UK Gambling Commission (UKGC) unveiled new rules in May 2024, one of which is a trial program with a £500 betting cap. The Betting and Gambling Council (BGC) supports this project, which attempts to make gambling safer.

Fact.MR provides detailed information about the price points of key players in the casinos & online gambling market positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Casinos & Online Gambling Market Research

• By Product & Service :

  • Gaming Tables
  • Gambling Machines
  • Accommodation
  • Food & Beverages
  • Online Legal Casino Gaming Services
  • Others

• By Major Market :

  • Aged 18 to 34
  • Aged 35 to 54
  • Aged 17 & Younger
  • Aged 55 & Older

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa