The online gambling sector has experienced remarkable growth over the past four years, surging to 176 million users and generating more than $95 billion in revenue by 2023.
The revenue of this industry has been consistently increasing by an average of 20% year over year (YoY), with the United States and the United Kingdom emerging as the leading markets. Previously almost non-existent, online casinos and sports betting platforms now contribute significantly to the global economy. This exponential growth can be attributed to the accessibility and variety of gaming options offered by online platforms compared to traditional casinos.
In 2019, the global online gambling industry raked in $45.7 billion in revenue, a figure that surged to $55.1 billion the following year, marking the beginning of a rapid ascent. The momentum continued, propelling the industry's revenue to $95 billion by 2023. Projections indicate that this growth trajectory will persist, with the market expected to reach a value of $117.6 billion by 2025.
The United States and the United Kingdom collectively contribute over one-third of the industry's total revenue. In the US, online gambling revenue is predicted to skyrocket to $19.1 billion in 2023, representing a staggering 267% increase from 2019. Meanwhile, the UK market is forecasted to reach $12.8 billion in revenue, reflecting a 62% growth over the same period. Other notable markets include Australia, Japan, and Germany, each reporting substantial revenue figures.
Online sports betting stands out as the primary revenue driver, projected to generate $43.5 billion in 2023, a 120% surge from four years ago. Meanwhile, online casinos have experienced a remarkable growth rate of 110%, with revenue climbing from $16.6 billion in 2019 to $34.8 billion in 2023.
Despite concerns about the societal costs associated with online gambling, such as unemployment and financial strain, the number of participants continues to rise. Statista data reveals that more than 80 million individuals worldwide have ventured into online gambling since 2019, encompassing various activities such as online casinos, sports betting, poker, and lottery. The user base has expanded significantly, from over 95 million in 2019 to 176 million in 2023, with projections indicating further growth to over 210 million within the next two years.
Among the different segments, online sports betting platforms boast the highest user count, with 127.8 million users in the current year, compared to 60.3 million in 2019. This figure is anticipated to reach 156.9 million by 2025. Online casinos follow closely, with a 62% increase in user count over four years, reaching 94.1 million users in 2023 and expected to approach 112 million by 2025.
