With the casino industry outlook appearing more optimistic now than in recent years, it’s no surprise that the global online gambling market is also expected to expand and experience a compound annual growth rate of almost 11 percent.
That’s according to analysis released from research analysts at Technavio. The trend is slated to continue through 2020.
“The global online gambling market is currently worth around $37 billion a year, as about 85 nations across the world have chosen to legalize Internet gambling, according to the American Gaming Association,” notes CardPlayer.
“The United States is a bit different than the rest of the group because only a few jurisdictions there—Nevada, New Jersey and Delaware—have legalized and regulated online casino gambling so far.”
Where does the majority of online gambling revenue originate? That would be Europe.
“According to the European Commission, online gambling is worth nearly $15 billion a year, and it’s growing faster than the rest of the world,” according to CardPlayer. “Online gambling on the continent is seeing yearly growth of roughly 15 percent.”
All across Europe today top gaming innovators continue to raise the bar for online slots and other casino games for the home and mobile player. William Hill VEGAS, for example, is a key driver of growth in the online gambling market, fueled by an enticing cocktail of quality games, an electric environment, and quality gaming experiences (to learn more, check out William Hill VEGAS – online slots).
All told, the online gambling industry has grown so quickly across the global landscape that new records are being made and broken all the time.
As mGamingWatch confirmed last week, the 2016 Spring Championship of Online Poker (SCOOP), held over a 17 day period by PokerStars, established a new world record for richest ever online poker series.
“The total prize pool of $90,984,283.44 across 56 events (168 tournaments) smashed the previous record of $81,222,158.66, set during SCOOP 2014, by nearly $10 million,” an announcement from the online poker giant explains. “The result highlights the strength of PokerStars’ flagship poker championships and the appetite that players from around the world have for the biggest and most prestigious online poker series.”
As for the most robust online gambling market in the world, that rests in the U.K.
There are more than 18 million online gambling accounts in the U.K. alone. And everyone wants a piece of the action.
Earlier this month, Vegas Mobile Casino, a leading mobile casino in the U.K., announced the launch of new IGT slot games.
The new game launches include The 100,000 Pyramid, Dungeons & Dragons: Crystal Caverns, Lil’ Lady, Shamrockers: Eire to Rock and Western Belles. The casino claims that many more new games will be added in the upcoming months. And the timing couldn’t be better.
According to the United Kingdom Gambling Commission, “between 2009 and 2005 online slots play increased 328 percent, while table games and poker grew by 52 and 26 percent, respectively,” reports CardPlayer. “The U.K. is especially favorable to online poker because it does not ring-fence its players like other European countries do. In other words, U.K. online poker players can battle it out on the felt with players from other countries as long as the platform has regulatory approval from the U.K. government.”
Interestingly, Russia is considering legalizing and regulating online gambling. About 8.4 percent of players on PokerStars are located in Russia.