Global online gambling revenue is projected to reach an impressive $95.05 billion in 2023, a sharp increase from previous years. Following the anticipated 2023 windfall, revenues are expected to continue climbing at an annual growth rate of 8.54%. This will result in a forecasted market volume of a staggering $131.9 billion by 2027, according to statistics compiled by Business2Community.
The healthy state of the iGaming industry is particularly noticeable in the US, where interactive gambling gross gaming revenue in the first quarter of 2023 was up by 23% year-on-year, as per the American Gaming Association. The sector’s Gross Gaming Revenue (GGR) has experienced a significant boost, rising by nearly a quarter from the same period in the previous year. From Q1 2022 to Q1 2023, iGaming GGR has jumped an impressive 22.7%, reaching a notable $1.48 billion.
Looking forward, online casino revenue in the US is estimated to reach $10 billion in 2027. That is a notable leap from the estimated $6.29 billion in 2023, notes Business2Community, citing 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 show that by 2031, the gambling industry will see a job growth rate of 17%, exceeding the average growth rate of 5% for other industries. This rate signifies a growth trajectory three times faster than other sectors, according to reports, reflecting the sector’s growing influence and vitality.
Bitcoin, younger gamblers and more trends
Approximately half of all Bitcoin transactions are now connected to online gambling, according to a report by Get Set Before You Bet. This notable uptick in Bitcoin transactions related to gambling can be linked to its decentralized nature. Transactions with Bitcoin are carried out on a peer-to-peer network, bypassing traditional banking systems. This gives users a perceived sense of anonymity, making it an appealing option for online gamblers.
Other recent reports on gambling show that while the rest of the world exhibits a more evenly distributed age range in its gambling populace, the US demographic skews decidedly younger. This phenomenon may be tied to the existence of a thriving yet unregulated ‘gray’ or ‘black’ market for gambling, which, due to its covert nature, is difficult to accurately measure. Around 52% of online gamblers in the US fall within the 18-34 age bracket, according to a report from YouGov.
A comparison of American online gamblers with the global average further highlights this trend. Of American adults who gambled online for money in the year leading up to the 2021 study, 38% were aged between 25-34, and 15% were aged 18-24. Globally, these age groups comprised 22% and 9% of online gamblers, respectively.
More data on the US: a recent by Morning Consult claims one in five Americans, or 20%, play casino games at least once a month. This figure includes both online and in-person gaming, showcasing the broad appeal of casino games among the US populace.
While a solid majority, around 60% of survey respondents, reported that they never participate in casino games, a noticeable portion of the population is indeed engaged. Specifically, 9% of respondents stated they bet on casino games at least once a week.