The popularity of online casinos in Canada and global online gambling is increasing. In 2021, the worldwide online gambling industry had a worth of USD 57 billion. According to the latest 2023 research by Grand View, it is projected to increase to USD 153 billion by 2030, with an 11.7% compound annual growth rate anticipated during the 2022-2030 prediction phase. During the forecast period, the market will likely expand due to the availability of affordable mobile applications for online gaming and betting. Moreover, the usage of online gaming platforms is expected to increase globally due to the growing internet penetration. As a result, the number of live casino platforms and investments in online gambling companies will expand worldwide.
Online Gambling Market Growth & Trends
The market is experiencing growth for two reasons: the rapid urbanization happening worldwide and the widespread use of the internet. In addition, the legalization and acceptance of online gambling sites and online sports betting in developed states also contribute to the market's expansion. These factors are crucial in driving the market's upward trend and global gambling market size.
Source: grandviewresearch.com
The gambling industry growth is being spurred on by technological advancements, including virtual reality (VR) and blockchain tools. These technologies help to ensure that gambling activities are transparent and offer Canadian players an engaging experience.
Top Gambling Countries in The World
Over the past few decades, the casino gaming industry has experienced remarkable expansion into new markets, resulting in unprecedented revenue figures. Below are the top gambling states.
CANADA
As per the data provided by Statista, the gambling industry is predicted to grow significantly, with a market size of $127.3 billion projected for 2023 and $174.2 billion for 2030. Canada is a significant market, accounting for approximately 8% of the global market share. Around a quarter of adults are involved in gambling, with numerous Canadian online casinos, racetracks, and online gambling platforms in the country. Canadians are particularly enthusiastic about participating in sports betting and casino games.
SPAIN
Gambling is widespread among adults in Spain, with a participation rate of over 40%. It is deeply rooted in the country's history and culture, and its people are enthusiastic about it. Online gambling is also prevalent, with a significant number of people engaging in activities such as sports betting and poker.
PHILIPPINES
In the Philippines, a large number of adults, estimated to be around 70%, participate in gambling, making it the country with one of the highest gambling rates. It has numerous platforms and betting shops, indicating that its people are fond of the activity.
FRANCE
In France, gambling is a well-liked activity that about 30% of grown-ups engage in. This practice has a lengthy history, and the people of France enjoy it. Various casinos and horse racing tracks are situated throughout the country and on the internet.
GERMANY
Gambling is quite popular in Germany, with around one-fourth of its adult population reportedly engaging in it. The country houses various gambling establishments, including betting shops and gambling websites.
Major Players in the Global Online Gambling Market
Some of the major players participating and operating online in the global gambling market are:
Bet365 Group Ltd.
William Hill
888 Holdings
The Stars Group Inc.
Paddy Power Betfair PLC.
Reasons Behind Online Gambling Market Growth
The industry growth statistics is impressive but we have to understand the factors that influence such drastic results. It’s critical to clearly see what stands behind the numbers going up. A lot of reasons are behind the gambling market growth, and we listed the leading ones below.
Increased Investments in Online Gambling Propels the Market Forward
The investment surge in the gambling industry is primarily due to the growing need for efficient payment methods. Additionally, incorporating advanced technologies, such as artificial intelligence and virtual and augmented reality, is a significant factor driving more investments in online gambling. The market is expanding due to ongoing advancements in tech. Notable progressions include creating new commercial models like virtual currency and mobile geolocation. Investments are also being made in cryptocurrency and facial recognition technology that uses AI. As a result, the market is expanding, and this trend is expected to persist.
Sponsorships and Convenient Payment Options Create Untapped Growth Potential
Due to the growing popularity of online payment platforms, web payment methods are becoming more accessible to consumers and those who engage in online activities. The gambling industry has also adopted safe and secure online banking methods, contributing to its growth. The online betting market has been primarily driven by the online sports category, especially during major football events such as the FIFA World Cup and the European Championships. To promote their brand, many online sports wagering companies sponsor teams and engage in strategic business mergers and acquisitions.
Online Gambling Companies Adapt to Trends
Every reputable gambling company must adapt to trends to remain in the game. We may take smartphones and tablets as an example. Betting and gaming on the go are extremely popular lately. More companies are adapting to the trend, ensuring players access the games from various devices, including mobile phones. Thus, sites are becoming mobile-friendly and perfectly optimized for smaller screens. Some providers have dedicated apps. The market for online gambling and betting is expected to attract more consumers in the future due to the abundance of affordable mobile apps available for this purpose.
Final Thoughts
According to the latest research by Grand View, online gambling will be worth over $150 million by 2030. That doesn't come as a surprise. A variety of factors, including the widespread use of smartphones, the continuous development of internet tech, and the increasing financial means of users, are propelling the digital gambling market. All the mentioned elements have led to gambling software providers investing significantly in cutting-edge technologies, including AI, VR, and blockchain, to improve the overall customer experience, which is expected to stimulate player interest further.
