- August 29, 2023
Online gambling, or Internet gambling, was first introduced to the world in the mid-90s. It is an activity wherein people place money as a bet over the internet. Gamblers can play at online casinos, bet on sports matches, or buy online lottery tickets. As a result, there are many companies that launched their own betting sites to cater to the gambling needs of the people.
Online gambling is moderated by computer programs wherein the gambling software can be downloaded on the user's mobile phones or computers. Users can also play through gambling websites instead of downloading gambling applications or software. Due to the enhancement of technology and the internet, the online gambling industry began developing and growing as well.
As a result, about 51% of the world's population is gambling every year. The pandemic may have contributed to the growth of the online gambling industry. In fact, the industry was not affected by the pandemic. Due to the restrictions of physical contact and people being required to stay indoors, many have been looking for some sort of entertainment in the comfort of their homes.
One of these forms of entertainment is online gambling. The pandemic caused physical casinos and other physical gambling establishments to close. Therefore, there was a sudden surge in the number of visitors to online gambling websites.
Market Size Revenue of Online Gambling Market
According to the analysis of the gambling market in 2022, Asia is the region that is leading when it comes to gambling revenue. Three of its countries, China, Japan, and South Korea, are one of the top gambling markets. It was forecasted that the online gambling market size would reach USD 74.35 billion by 2023. However, the expectation was exceeded in 2022. The market size of the online gambling market reached USD 79.8 Billion. Now, the market size revenue of online gambling is expected to grow 8.5% this year and until 2028 for each year.
Countries Where iGaming is Already Legal
Due to the legalization of many gambling activities worldwide, the online gambling market has been increasing in terms of global shares as well. It has created a lucrative opportunity for leading businessmen. Below are the countries where online gambling is already legal.
- New Zealand
- South Africa
- Cape Verde
- Ivory Coast
- United States
- Costa Rica
- El Salvador
- Tobago and Honduras
Places That Will Soon Legalize Online Gambling
Despite many countries legalizing online gambling, there are still other countries that don’t. However, there are some places that have plans to legalize online gambling in 2023.
- New York
Popularity of Smartphones and the Internet
There are many factors that have positively affected the growth of the online gambling market. These are urbanization, penetration of the internet, legalization of gambling, technological advancements, and the development of mobile phones.
However, mobile phones and the internet have shown a great impact on the online gambling market as these are the ones people use to gamble online. In fact, the total value of the online gambling market from the mobile game market is more than USD 3 billion in the Southeast Asian region alone, according to the Southeast Asian Gambling Market Analysis. Below are the countries that have many smartphone and internet users.
- China - 1.6 billion users
India - 1.28 billion users
Indonesia - 386 million users
United States - 327 million users
Brazil - 284 million users
- Russia - 256 million users
- Nigeria - 167 million users
- Bangladesh - 166 million users
- Pakistan - 165 million users
- Japan - 147 million users
What to Expect From the Online Gambling Market This Year
So what can we expect from the online gambling market this 2023? First, the obvious - the popularity of land-based casinos will decrease. Online gambling is much more convenient than going to physical casinos. All people have to do is download gambling applications to their mobile phones or simply visit a gambling website. It saves them more time and money. Additionally, it is more secure than being physically present at the casino. Not only that, online gambling has more games available for users than local casinos. Therefore, mobile gambling games’ popularity is expected to increase.
Second, the development of mobile and online payments like e-wallets and online banking made payment options convenient and easy for online gambling. Speaking of secure online gambling, cryptocurrency is a safe and secure mode of transaction when online gambling. Additionally, cryptocurrencies are now being accepted by many online gambling companies. Cryptocurrencies like Bitcoin and Ethereum do not require any personal information. Thus, making online gambling activities anonymous. Therefore, e-wallets, online banking, and cryptocurrencies make it easier to deposit and withdraw gambling money.
Third, with more and more people indulging in online gambling, online gambling market revenue will increase further. Thus, it will likely lead to more countries legalizing online gambling to increase job opportunities, attract tourists, and may help with economic growth.
Fourth, transparency, anti-cheating systems, and security measures will increase further. Despite having many legal online gambling platforms, some users may be cautious to prevent being scammed. Online gambling platforms must provide them with the best security system for users to trust them.
Lastly, Esports and Sports Gambling will continue to grow. According to the 2023 Analysis Of Sports Network Market, many people are getting involved in sports betting and looking for additional income through entertainment. Due to the World Cup’s popularity, more people are getting inclined to sports betting. In 2023, there will be various sports events such as the Women's World Cup, Champions League final, FIBA Basketball World Cup, and NBA All-Star Game, wherein people can gamble. Additionally, Esports betting, such as betting on video game competitions, is an alternative to Sports gambling. The only difference is that the ones they are betting on are not really physically playing the sports or game. That being said, the classic horse racing gamble is going to make a comeback digitally for people to gamble on.
On that note, for hopeful businessmen wanting to enter the online gambling market in 2023, TC-GAMING is your key to success. With more than 15 years of extensive experience in White Label Gambling, TC-GAMING offers a variety of automatic activity preferential settings, platform big data analysis reports, and a reliable maintenance system to help you quickly understand the marketing dynamics. TC-GAMING White Label Gambling network provides services in different countries like Vietnam, Cambodia, Thailand, Myanmar, Malaysia, India, Indonesia, China, and other different countries of the gambling. We commissioned local designers to create a system typesetting that closely resembles the gambling market, offered a range of skins consistent with aesthetics, and offered multi-language system support. We used the robust TC-GAMING data system to obtain a sizable number of data samples and used various gambling types, regions, different manufacturers, sales, and cross-analysis of the most popular gambling on the online gambling market. Choose TC-GAMING White Label to quickly open the site within 10 minutes from the time of payment and operate immediately, allowing you to seize the opportunity to join the online gambling market quickly!