According to recent figures, the global online casino market will be worth just under $70 billion in 2023, with an expected CAGR of 11.7% by 2030.
If the projections are correct, this would mean the iGaming industry would be worth $155 billion in just 6 years.
While this number may seem high, it makes perfect sense when you consider the growth in iGaming’s popularity over the past few years.
In a recent study, it was found that there were almost 100 million active online casino players worldwide, with online punters even rarer.
So, what exactly makes the online casino industry so popular, and is it really going to hit $155 billion in 2030?
The growth of online casinos
If we wanted to go back to the beginnings of online casinos, we would have to go back to the 1990s, when the first online casinos were launched.
Their success was fair at first, but the majority of players still opted for the traditional casino experience over the online experience. But this was mainly because fewer devices were available.
It wasn’t until the first iPhone came out in 2007 that things started to change. Suddenly, online casinos became much more convenient. All you had to do was pull out your phone, log in, and you were playing. When that happened, the CAGR exploded and the industry started making billions of dollars every year.
Realizing the Potential of Online Casinos
This was later facilitated by changing laws in the United States. Currently, seven states have legalized online casinos, with New Jersey and West Virginia, in particular, seeing much success in the market. In total, the United States contributes $3 billion to a nearly $70 billion market, and as more states begin to legalize, that number will increase.
Right now in the Middle East there also seems to be a sea change. The United Arab Emirates has a Wynn casino under development, and countries like Egypt, Morocco, and Tunisia are seeing significant revenue from legalizing the practice. However, even outside of these countries, online casinos are thriving, with a number of games and slots available for online players to join – visit ArabCasino.com for an example of one of them.
The popularity of online casinos
As mentioned earlier, the main reason for this is convenience. Before the introduction of online casinos, people had to leave their homes, look for a traditional casino and play their games there.
However, with online casinos, gambling has become accessible to anyone with a phone. Although security was an issue in the beginning, security technologies have also improved along with casinos, meaning that they have gradually become safer, more efficient and more secure over their lifespan.
Most online casinos also encourage playing. Because the industry is so large, there are thousands of casinos to choose from around the world, making it important for casinos to stand out.
In 2023, a player will be able to search for online casinos based on the promotions and bonuses they offer, with free spins and loyalty programs also up for grabs.
An underestimation of online casinos
As the iGaming market has grown, so have its ramifications. One of the fastest growing industries today is the eSports industrywhere people watch and bet on video games rather than sports, which is sure to drive the growth of online casinos in the coming years.
With this in mind, the question of whether online casinos will be worth $155 billion by 2030 doesn’t merit much thought.
It’s one of the most successful industries of the last decade, and it shows no signs of slowing down – and it doesn’t look like there will be any less appetite in 6 years, either. For this reason, it is more than likely that the $155 billion mark will be reached. In fact, it seems almost more likely that the iGaming industry will exceed this estimate before 2030.
According to recent reports, the gaming market as a whole is expected to be worth around $650 billion by 2030. more and more people are investing in mobile games – smartphones represent 45% of video game revenue – more people than ever will be introduced to the industry. It seems like even the sky isn’t the limit for iGaming, and $155 billion certainly isn’t the limit either.
Interesting related article: “The best iGaming experience and desktop vs mobile“