The global online gambling industry is on a roll, with revenue projected to hit a staggering $95.05 billion in 2023, marking a significant surge from previous years.
According to statistics compiled by Business2Community, the revenue is expected to continue its upward trajectory at an annual growth rate of 8.54%, leading to a forecasted market volume of a whopping $131.9 billion by 2027.
US iGaming Industry Thriving
The robust growth of the iGaming industry is particularly evident in the US, where the first quarter of 2023 saw a year-on-year increase of 23% in interactive gambling gross gaming revenue, as reported by the American Gaming Association via valuation methods like Times Revenue.
The sector’s Gross Gaming Revenue (GGR) has seen a substantial boost, rising nearly a quarter from the same period in the previous year. From Q1 2022 to Q1 2023, iGaming GGR has leaped an impressive 22.7%, reaching a notable $1.48 billion.
Future Projections for the US Market
Looking ahead, online casinos are estimated to reach $10 billion in 2027, a significant jump from the estimated $6.29 billion in 2023, as per a report from Statista Market Insights.
This projected growth is driven by an expected annual growth rate of 11.75% from 2023 through 2027. The consistent upward trend over these years underscores the market’s resilience and the increasing popularity of online casinos among American gamblers.
Further projections indicate that by 2031, the gambling industry will witness a job growth rate of 17%, surpassing the average growth rate of 5% for other industries. This rate signifies a growth trajectory three times faster than other sectors, reflecting the sector’s growing influence and vitality.
Bitcoin and Younger Gamblers Driving Trends
Approximately half of all Bitcoin transactions are now associated with online gambling.
This significant increase in Bitcoin transactions related to gambling can be attributed to its decentralized nature, which provides users with a perceived sense of anonymity, making it an appealing option for online gamblers.
Moreover, while the rest of the world exhibits a more evenly distributed age range in its gambling populace, the US demographic leans decidedly younger. Around 52% of online gamblers in the US fall within the 18-34 age bracket.