WORLD MARKETS | Global Thinking for iGaming Operators. Analysis of World Markets
GLOBAL THINKING FOR iGAMING OPERATORS Analysis of the Global Online Gambling Market The global online gambling market is currently valued at around $59 billion and this amount increases rapidly. It is expected to almost double during the near future, so by 2023, the market could already be worth $90 billion. Rapid urbanization and the increasing penetration of the internet across the globe are the two key factors driving the growth of the market. Legalization and cultural approval of online activities are also critical factors. Countries that have managed to fully legalize the market, and properly harness its opportunities are forging ahead. So, what's happening on the world stage? Which markets are leading the way, and where do the opportunities for operators lie? Currently, there are around 80 countries worldwide where online gambling is allowed and regulated. In these countries, iGaming websites must be licensed and there is a regulatory body overseeing the industry. These countries include the main European markets (France, the U.K., Italy, Germany, Spain, Denmark, the Netherlands, Malta, etc), Colombia, and almost half of the U.S.. These territories use the most competent approach, where every operator (whether it is local or foreign) must acquire a license that
meets the rules and legal standards. Only in this case, an iGaming company has the right to legally function in the local market and take advantage of its opportunities. In around 30 of those states, any online resource that tries to circumvent the rules is blocked and/or can face penalties. In around 50 regulated countries, such as Canada, Sweden, Switzerland, Australia, New Zealand, Mexico, Singapore, and Macau, unlicensed platforms do operate although it is not legal. Blocks are not strictly enforced in these countries. A foreign operator could be licensed in another jurisdiction, or some cases, not at all. Five countries including Norway and Turkey operate a monopoly for selected providers. Another 54 countries do not prohibit online casinos and do not license them either. Those markets include many African countries, Gibraltar and India to a large extent since iGaming is only regulated in some Indian states. Countries like China, Russia, some states in the U.S., and Israel prohibit online gambling. Other major markets, like Japan, prohibit locals from gambling and block websites of local operators but do allow foreign platforms to work freely. Countries like Brazil are in a transitional period as their markets are about to be regulated, should all legislation be approved.
Currently, there are around 80 states where online gambling is allowed and regulated
The global online gambling market is currently worth around $59 billion, and is forecast to almost double in the near future, so by 2023 the market could be worth more than $90 billion.
