Igaming can growing earnings
Source: inyourpocket.com

The iGaming industry has witnessed phenomenal growth in 2023. North America has once again proven to be a gambling powerhouse, despite limited access to online gambling venues. Europe continued to show significant revenues thanks to its advanced infrastructure and mature market. Africa and Asia continued to grow steadily, while South America has once again proven to be a true growth market for the industry.

iGaming is expected to continue growing at a fast pace in 2024 and beyond. It’s not easy to estimate a definitive number for this year due to the fragmented global market. So, let’s take a look at how the different regions performed in 2023 and at their growth projections for the coming years.


Africa gambling market
Source: pmnewsnigeria.com

In Africa, the online gambling market was expected to reach $1.62 billion by the end of 2023. This represents an impressive growth rate of 8.60% between 2023 and 2027. Experts predict that the projected market volume will reach $2.26 billion by the end of 2027. This once again confirms that the African market is a “growth market” for iGaming businesses.

This growth suggests a rising popularity of online casino and betting services in the region. The growth of iGaming in the region is driven by the growing popularity of smartphones and improving internet access. At the same time, the normalization of the legal framework across the continent further contributes to the growth of the industry. As more countries regulate iGaming, more local and international players enter the market. This continues to drive growth across the entire continent.

Several African countries have proven to be key players in the industry in 2023. Among these, South Africa, Nigeria, Kenya, Ghana, Uganda, and Tanzania were the most notable markets. South Africa leads in terms of revenue, while Nigeria stands out due to its large player community, mostly focused on sports betting.


Women in Asian online casino dealing cards
Source: casino-review.co

The Asian online gambling market, projected to reach $10.4 billion in revenue in 2023, has been growing steadily. Experts predict a robust annual growth rate of 7.95% from 2023 to 2027. The market volume is expected to hit $14.23 billion by 2027. This growth is significant not just in terms of revenue but also indicative of the expanding reach of the industry in the region.

Major brands in this region include companies like Bet365, William Hill, and Paddy Power. At the same time, significant local brands are also driving growth, including Dafabet, Sbobet, 22Bet, and W88. All of these have extended their reach in Asian markets, with a diverse offering and growing popularity among players.

The growth in Asia is largely attributed to the increasing use of smartphones and the internet, as well as the region’s large population. The vast pool of players eager to gamble online presents amazing opportunities for iGaming companies in the region.

South America

South America may lag behind the other regions by volume but it stands out with the speed of its growth. The online gambling market revenue hit $4.25 billion in 2023, with an anticipated growth rate of 14.77% in 2023-2027. The projected market volume is expected to reach $7.38 billion by the end of 2027.

Key players in this market include Betsson Group and Codere. Both of these groups have made significant inroads in countries like Argentina and Brazil. Betsson is a prominent online gambling company based in Sweden, with a comprehensive range of products and an extensive and diverse brand portfolio. Codere, a gaming group of Spanish origin, has a significant footprint in Spanish-speaking countries like Mexico, Argentina, Colombia, Panama, and Uruguay.

In many South American countries, we see a sustained growth of smartphone use and the increasing availability of broadband internet. This makes the region one of the main growth markets for the iGaming industry.

North America

United States online gambling
Source: euroweeklynews.com

North America, particularly the United States, has seen a significant surge in iGaming revenues. The market was expected to reach $25.22 billion by the end of 2023.

The US market alone accounted for over $5 billion in iGaming revenues in 2023. Major contributors to this growth include brands like DraftKings, FanDuel, and MGM Resorts.

The legalization and regulation of online gambling in several states also contributed to this growth.

Canada has long been a major iGaming market, even if the legal status of the industry was in limbo for years. Now, in turn, Ontario has opened up its market to international operators, and provincial lotteries are also pushing iGaming hard in other states. Experts predict the Canadian iGaming market to reach a total value of C$16.6 billion by the end of 2023, and the industry to keep growing by close to 8% by 2027.


Europe online gambling
Source: europeanbusinessreview.com

Europe stands as a leading market in the iGaming industry, with the revenue expected to reach $43.01 billion in 2023. The market volume is estimated to reach $54.58 billion by 2027. While the growth rate of the European iGaming market is lower, it does stand out of the crowd with its massive volume.

The European iGaming market is mature, with several significant players that include GVC Holdings, Bet365, and Kindred Group. The majority of European countries – and certainly those in the European Union – have regulated gambling markets.

Aside from major international groups, smaller local operators are also there to fill the gaps. Europe is home to a significant number of small, independent game development studios, as well as a host of local iGaming brands operating in a handful of countries. Add this to the advanced internet infrastructure and the high penetration of smartphones, and you have a perfect storm for iGaming growth.

The iGaming industry has shown remarkable growth globally in 2023. The more established and mature markets have generated the bulk of the revenues. There are also “growth markets”, like South America and Africa, with smaller values but convincing percentages. The iGaming industry is expected to continue growing in the coming years. Experts expect it to reach a total value of over $125 billion globally by the end of the year 2027.