Global Gambling Trends in Q4, 2023 and beyond
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Before we get into how the world of iGaming is trending towards the close of 2023, we first need to know why people gamble in today’s day and age.?
What drives gamblers in 2023??
Gambling's allure truly knows no bounds. In 2023, an estimated 26% of the world's population tried their luck in various forms of gambling. Astoundingly, approximately 4.2 billion people engage in gambling activities at least once a year, with 56% of them having gambled within the past 12 months.
Australia stands as the frontrunner in gambling activity among adults, with a staggering 73% participating in gambling over the past year. However, we also need to turn our attention to some of the largest gambling markets around the world, where active gamblers are as follows:
It's worth noting that despite the illegality of gambling in China, the country significantly contributes to global gambling activity. This is due to the thriving casino industry in Macau and the substantial revenues generated by Chinese gamblers visiting neighboring Southeast Asian countries.
Projections indicate that the global casino and online gambling industry will surpass $264 billion by the end of Q4 2023. This is a promising sign of recovery following the industry's significant drop to $193.3 billion in 2020, driven by forced closures due to the global pandemic.
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Online gambling has become a force to be reckoned with. The global online gambling market was valued at $90 billion in 2022 and is poised to grow at a compound annual growth rate (CAGR) of over 10% between 2023 and 2032, ultimately reaching an astonishing $370 billion. If you want to know where the money’s at, iGaming is a good bet.?
The surge has been remarkable, with over 176 million active users in 2023, a figure that is projected to reach 210 million by 2025!?
Among these online enthusiasts, 127.8 million are avid users of sports betting apps and websites, and there's a strong anticipation of further growth in this segment.?
In a striking transformation, online casinos have witnessed a significant upswing, boasting 94.1 million users, reflecting a remarkable 62% increase since 2019.?
Europe, in particular, has played a pivotal role in this thriving landscape, capturing the highest share of the online gambling market and contributing to 41% of the global revenue.
The competition for all those players is fierce, though - there are set to be nearly 5,000 registered gambling establishments by the end of 2023, and projections suggest a steep, continuous, rise in that number in the following decade. This may all seem like we’re just throwing numbers at you, but it truly is a very exciting time to be in the online gaming industry!
If you are looking to start your own online casino or sportsbook, get in touch with Quantum Gaming and we’ll set you up with everything you need to launch your brand into the Slot-o-Sphere!
We're so looking forward to the event! Thank you so much for sharing this news!?Quantum Gaming ????