A report from Statista said that: “The global online gambling market is anticipated to be valued at more than 92.9 billion U.S. dollars in 2023. The current size of the market is almost 59 billion U.S. dollars, meaning the size is forecast to double in the upcoming years.” Their report continued: “Online gambling consists of playing casino games, poker and/or sports betting via the internet.
Due to factors such as the advancement of technology available (for example smartphones and apps), higher trust of gamblers paying online, and the increasing digitization of the world, the online gambling market is seeing growth in many regions. After sports betting was legalized in the United States by the Supreme Court in 2018, online gambling companies are now able to grow their sport betting sectors, thereby further supporting the market’s growth.
The South African Gaming Market is expected to generate gross gaming revenue in 2020 of R34.8 billion (CDN$2.9 billion) and is expected to grow by a 6% compound annual rate. Casino games alone make up 72% of the revenue generated from gaming. South Africa has a very healthy gambling industry. One in every ten South Africans participates in gaming.
A recent article from Gambler’s Daily Digest, said, “Online casinos are the next big thing in gambling. Since online gaming has been available, it has only grown in size, revenue, and popularity so that it now makes up a significant portion of all revenue earned from gambling.”
“As more people become more comfortable with online gambling and as more countries begin to accept it, more gaming options are becoming available. One high demand option that is legal in only a few places is sports betting. Bringing sports betting to online casinos will only… continue to fuel an already financially productive industry”
