What is the expected online casino industry revenue for 2023?
The online gambling industry is on a rise in the past couple of years reaching new all-time highs in both revenue and new customers. The digitalization of the online gambling industry was heavily accelerated by the Covid-19 pandemic, where casino game enthusiasts were forced to take their gambling habits online.
However, as the situation quiets down and brick-and-mortar casinos are reopening, it seems like they are still in the lead in terms of total revenue generated by gambling.
With that said, the online gambling industry is still growing at a decent pace, as seen by websites like 1Good.Bet, and experts predict that it will continue with the same momentum, if not more, in the future.
This got us wondering, what can we expect from the online casino industry for this year?
Global Online Casino Revenue
The global online casino market reached $73.42 billion in 2021, and this year experts are predicting a two-digit growth in terms of revenue. According to the analyst that are spotting trends and measuring the rise of the online gambling market in the first half of 2022, we can assume that the global online gambling market will reach $81.08 billion this year.
That is a growth rate (CAGR) of 10.4%, which is not that impressive considering that this is still a new trend that is not adopted by many casinos.
The growth rate is mainly due to new casinos entering the online gambling market and introducing new trends that will expand the market.
With that said, the online gambling industry is hard to predict. There are new casino games emerging that change the whole idea of traditional gambling by including different types of games that are very different from the games we are used to in local casinos.
This means that even though the online gambling market has experienced huge growth in the past couple of years, we haven’t still explored its full potential. With new gambling trends that focus more on the user experience rather than the idea of winning some money, the online casino industry holds the power to change how people gamble.
Additionally, it is worth mentioning that the numbers we covered so far include only online sports betting, and traditional casino games like poker, blackjack, slots, and others like bingo and lottery.
This doesn’t include a huge online gambling segment eSports betting. This type of betting involves online betting on games like Dota, League of Legends, Counter-Strike: Global Offensive, and more. The global eSports betting market in 2020 accounted for 1,214.6 million dollars and it is expected to reach 7,131.8 million dollars by 2025 with a huge CAGR of 25.1%.
With that said, online gambling has a lot of potentials to reach even more market dominance and grow in revenue much higher than predicted.
Another important thing to consider is the softening of laws and regulations toward online gambling. Many countries are now seeing the benefits of online gambling and changing the laws to allow companies to build their online gambling empire.
With that said, there are still many countries where online gambling isn’t allowed. This means that market has a much bigger growth potential due to new customers that will flood online casinos.
Final Words
So, the online gambling market might get a CAGR of around 10% this year according to experts, but this can be changed drastically as some of the trends we mentioned before. With a growth rate as we mentioned, the global online gambling market will reach a revenue of 114.4 billion dollars by 2028.
However, with all the upcoming trends that are shifting the entire gambling industry in a different direction, we might see these numbers much earlier than
