While estimates vary significantly, it’s assumed that the online gambling market exceeds 60 billion yearly, with substantial potential upside. According to statistics, the online betting industry is expected to grow from the 2017 market capitalization of 45.8 billion to a 94.4 billion market capitalization in 2024.

Global proceeds from the casino market are expected to reach more than 525 billion by 2023. The report attributes this progress to high interest and adoption across the world, a rising number of dual-income households, and rising per capital income.

The online gaming industry is dominated by Microgaming, Playtech and a few other industry leaders. These software developers shaped the industry by using cutting-edge technology to create well-regarded games and powerful gaming platforms.

Although online casinos appear to be the leaders of the online gambling industry, online sports betting by far outperforms online casino gambling worldwide. All thanks to the progressive evolution of mobile technology, and the increasing number of bettors registering and playing on their Android and iOS smartphones.

Many European countries allow some form of online gambling, with the UK permitting all forms of online gambling; including online casino and online poker.

New online gambling age-verification rule took effect in the UK in 2019, and will undoubtedly make gamer acquisition more challenging for operators. Under the new guidelines, a new player will not be allowed to gamble until their date of birth, name, and address has been verified. This move also will possibly limit the growth of this sector.

A growing population of female gamblers in casinos coupled with the convenience of cashless payment during betting are likely to further the online gaming market, in the forecast period.