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IGaming & Sports Betting Industry Size - Facts & Forecasts
The term ‘online gambling’ involves all types of reindeer games, which are based on any risk, including sports betting, poker, and lottery. Every year the gaming and sports betting industry is growing up drastically. Nowadays the majority of leaders of this sphere try to make online gambling websites more universal and provide a large option of games to the clients: from sports betting to poker and bingo. In most cases, they make a network of sites on different subjects, not only the marketplace sites, where all kinds are present on a page.
Some types of entertainment of online gambling market:
- Poker, where you can play against each other or against a computer programs, take part in the competitions
- Casino - all main games, which you can play in any gaming institution, are available for players
- Sports betting - money bets on the outcome of the sports’ events, which are made on the bookmaker’s website
- Lotteries - but they are strictly controlled in many countries by local governments, because of being a significant source of income to funds.
How big is igaming industry
Owing to such factors as the development of existing technologies (for example, apps and smartphones) and the growth of the digitalization sphere in the world, the industry of online gambling is growing rapidly in several countries. That’s why the igaming market has been rising for years. Due to the research of Ivan Montik, founder of SoftSwiss, the online gambling market is increasing to 20% every year. Many businessmen think that gambling is a really profitable affair, which will bring them billiards without any difficulty and investment. But the business of igaming requires sizable sums of investing and carries with it a lot of risks. The main thing is to do some research about the online gambling market and its rules. And be ready to be beholden not only to put money into launching and developing the brand but to be ready for large payments. Such a condition is possible to see particularly among the main list of buying the license.
How big is the legal gambling industry
Currently, there are a lot of large suppliers of software for online gambling sites all around the world. Although gambling is considered to be illegal in the countries of the CIS, that does not prevent Russia to create software for it to export into countries of Europe and the USA. And thereby they make a lot of money.
In all major online gambling markets, strict rules for the coordination of such types of business are established. One of the leaders in the USA’s market that are controlled in each state individually. The same situation is in Europe. Therefore, it’s almost impossible to get into it illegally. These days the online gambling licenses for businesses are issued on the local level: for countries, where the company works. It is no longer possible to process the legal documents on the islands. For example, if you want to move forward in the UK, you have to get a British license.
Telling about the online gambling market in the USA and Europe and its size, it’s an affordable investment. If you have enough cash for the input and you are ready to wait until the business will pay off (from 3 to 5 years), the income will surprise you. Online gambling is a multi-billion recess, where there is enough cash for everyone.
What about sports betting
It is known that sports betting is a type of online gambling because it includes all games of hazard in general. The customers of bookmaker firms have a possibility to place bets on different events. Online gambling is forbidden in many countries, for example, in the CIS’ countries, and in Asia. But sports betting is most frequently an exception and is totally a legal field of activity. Sometimes it’s really expensive to get a license in some countries, that’s why the owners of sports betting companies buy the license from Curacao. The bookmakers with the permit from off-shore zones face more lucrative tax requirements and propose players a large variety of bonuses and most optimal rates.
Every year the gaming and sports betting industry is growing up drastically. Especially at the moment of impact of COVID-19 people are taking part in such type of entertainment and trying to take their piece of cake. What about Europe, Gross Gambling Revenues (GGR) are the highest in Italy, Spain, UK, France, and Germany. And Europe takes 53% of the world’s market of online gambling.
Forecasts for 2022
As was said, Europe takes 53% of the world’s market of online gambling. For example, in 2019 41% of GGR in Europe was from online sports betting. And it was predicted to cost 24,7 billion Euros not only from sports betting but online casinos and lotteries. In the report of the European Business Review, the online gambling industry was forecasted to be valued at 27 billion Euros by 2022 and big market growth.
As for the USA, the record revenue of the gambling industry is $387 million and was predicted to be worth $7 billion by the year 2025. As stated by an article by Technavio, the sports betting industry and online gambling market size are forecasted to grow by $36.4 billion by 2022.
Active gaming and tech companies in the markets today include:
- Esports Entertainment Group's
- Golden Nugget Online Gaming, Inc.
- FansUnite Entertainment Inc.