Online Gambling Market Size Predicted to Reach $158.2 Billion by 2028

Updated by Robin Storm on October 11, 2021 in

The world’s gambling market is forever growing, and if you ever had any doubt about this, then recent reports should serve to prove a point. According to Fortune Business Insights, the worldwide gambling market size is predicted to become worth a massive $158.20 billion (£114.1 billion) by 2028. This marks a compound annual growth rate (CAGR) of 11.4% throughout the noted period. That report also notes that the market stood at $66.72 billion (£48.1 billion) in 2020, pretty much displaying how effectively it is likely to grow in the coming years.

So, how is it possible that it can be expected to expand so much? What will be changing in those years and what is contributing to the online gambling scene today?

Best Casino Bonuses for October 2021

Rank Rating Bonus Offer Secure Link

Top Features

  • Fast payouts
  • Live Casino
  • Free Spins

Payment Methods

Visa MasterCard Neteller Skrill Trustly Rapid Transfer EPS Astropay
More details

Top Features

  • Tax Free Winnings
  • Excellent Support
  • Low wager

Payment Methods

Visa MasterCard Skrill Neteller Apple Pay Bank Transfer Interac Maestro
More details

Top Features

  • No deposit bonus
  • Tax Free
  • Wide choice

Payment Methods

Visa MasterCard Skrill Neteller ecoPayz Alipay Revolut Credit / Debit Cards

COVID-19 Boosts the Appeal of Online Gambling

We’re not saying that pre-coronavirus the online scene wasn’t appealing to gamers. That would be far from the truth. In fact, it regularly used to bring in large amounts of money for many countries’ economies. However, the impact of the pandemic experienced in 2020 saw more people look towards the online gambling scene than ever before.

Governments in countries around the world were forced into imposing lockdowns and social distancing measures on people. This meant that many companies had to close their doors for periods of time, and this included many worldwide casinos and sports betting outlets. Without a venue to visit to engage in casino gameplay, players had to turn to the online sector as an alternative. Then again, with many people also having to work from home as well, it became a much simpler process to engage in online gaming alongside. Some of the world’s largest online casinos grew even more so thanks to this being the case.

With that shift to virtual platforms, the online gambling market has grown in various areas as well. You can look at an article that the New York University published, which displayed information surrounding online gambling platforms in Canada. Following the restrictions being imposed due to coronavirus, those sites gained quite the swift momentum. This was backed up by reports from Concordia University in Australia, which declared that spending at online casinos in Canada had risen by a vast 67% in April of 2020.

 In fact, the situation enabled the scene to record a very healthy CAGR of 11.2%, reaching an overall value of $74.17 billion (£53.8 billion) in 2021.

Figures also show that Australia witnessed its own 67% increase in online betting in April 2020, while Great Britain's online gambling market recorded data showing a rise of 17.5% experienced in the same time period. Just generally speaking, since 2017, the online gambling market has witnessed a consecutive rise in its size. This is labelled as one of the reasons that the scene is predicted to hit around $158.2 billion by 2028.

Factors Shaping Online Gambling Growth

While the pandemic has been noted as a significant factor when it comes to the increase in online gambling recently, various other factors will shape its growth in the future. Within the report, these factors are analysed, as are the potential disruptions that could stunt that growth. It’s also the case that the report has its own study of the regional and competitive dynamics which have their own influence on the market. To obtain these insights, primary, secondary and tertiary sources were used for research purposes.

Markets around the world for gambling have been divided into several categories – sports betting, casino gaming, poker, bingo, lottery and others. The lottery segment is actually divided into two as well, with the worldwide segment possessing a share of 15.1%, while the UK market has a share of 15.4% in 2020.

The devices have also been separated into desktop, mobile and others. Different regions have been split up into their respective continents too, resulting in categories for North America, Europe, South America, the Middle East & Africa, and the Asia Pacific.

One other driving force that has been noted by the report is the introduction of high-quality, modern technologies. These add more fuel to the market and surround areas like artificial intelligence and blockchain technology. The latter of these is associated with digital currencies like Bitcoin and Ethereum, and it is already clear to see that more and more platforms are incorporating the possibility of depositing and withdrawing through cryptocurrencies, catering to players even more.

Spearheading the way for the trend of novel technologies are those startups that are both developing and providing innovative gambling platforms, which are powered by impressive smart technologies. Take a look at the Edgeless brand, which was introduced in 2018, becoming the very first Ethereum-based virtual casino platform. Tombola operates in a similar setup, providing gambling games and lotteries that are driven by cryptocurrencies and blockchain technology.

Europe Set to Be at the Forefront of the Global Market

Europe has always been quite the forward-thinking continent when it comes to gambling. The United Kingdom has had a liberal gambling market for some time now, while various countries within the European Union offer differing degrees of gambling options, too. It is for this reason that the continent is expected to be the headliner when it comes to the future of online gambling.

Heavy investments are already being made in the sports betting field by those who are enthusiastic about sporting events. It is also predicted that with a healthy betting culture throughout Europe, the prospects of the region will be heavily boosted. A figure of $30.92 billion (£22.26 billion) was reported as the size of the gambling market in Europe for 2020.

It is likely that North America won’t be far behind in this respect, though. With a secure connectivity infrastructure as well as strong gambling regulations, it is expected that the continent will stand in second place where the generation of revenue is concerned. At the same time, the growth in the number of investments being made in online gambling in South America, thanks to regulations in Colombia and Argentina, are expected to bolster the market growth in this area.

Latest News View all

Tropical UK Casinos for Your Own Island Getaway

Wouldn’t it be nice to just get away from the rigamarole of everyday life and transport yourself to a tropical island? Somewhere that you can experience the warm sun, the temperate sea and some time to rejuvenate. Of course, we’re not all able to simply up and leave our daily lives to experience a tropical getaway. But don’t worry. If that pertains to you, we have a great suggestion for you. You can check out a bunch of exciting online casinos with a tropical theme to bring that atmosphere to your screen.

Read more

Best Slots to Play on Your Adventures

If you’re setting off out on your adventures and travelling somewhere, then you needn’t be without your favourite online casino games. Many software developers have created their games in a way that allows them to travel alongside you. So, you’ll never have to go without getting your gaming fix while out and about. Just imagine sitting by the beach and having a spin of the reels while the water laps up on the shore. Or hiking in the mountains and hitting a big win on a game with a plethora of trees surrounding you.

Read more

Most Popular

Biggest Gambling Cities Across the Globe

Gambling is not something that is restricted to one specific area of the world. In fact, it is present in more countries than you may know, be that in an official way or a bit more of an underground format. Whatever the case may be, gambling has become an appealing pastime for many people all over the globe. So much so that various cities around the world have risen to obtain the status of being the biggest gambling locations today.

Read more

Bankroll Warrior's New Guest Host Announced

CasinoTopsOnline’s very own podcast The Bankroll Warrior is going to be guest-hosted by none other than Tayo Branston, also known as FunkTazer. Check out who the new guest host is and what he plans on bringing to the podcast.

Read more

Euro 2020 Final Odds Italy vs England - Who Will Win It?

Italy and England will face each other on Sunday at Wembley in what has been an existing European Championship tournament. Hosted a year later due to the pandemic, the Euro 2020 will come to an end on Sunday at 3 pm, with the final taking place at Wembley. Is it coming home? Or is it coming to Rome? Let’s see what the bookmakers say.

Read more

How Do No-Risk Bonuses Work?

Let’s face it, most of us love a bonus. These are the joyous treats that keep us ticking and give us that little bit extra. Making us feel welcome at our favourite online casinos, or rewarding us for our loyalty. They come in all different shapes and sizes these days, as sites compete for our business.

Read more

Biggest Online Jackpot Wins of Last Year

It is always a momentous occasion when someone wins an online jackpot from a casino. And while many of us believe that they do not come around so frequently, several big winners were recorded in 2020. So, keep playing and you never know, you could be the very next person to claim a jackpot payout. Let’s have a look at the biggest online jackpot wins of 2020.

Read more

Best Crypto Gambling Sites 2021

Crypto bring with it new opportunities and for all those online casino players who prefer to use cryptocurrencies for their gambling payments, we know of several online casinos that support Bitcoin, Litecoin, Ethereum and other cryptocurrencies as a payment method. So, which of these sites can we recommend for 2021?

Read more

Bankroll Warriors Gets New Host for 2021

CasinoTopsOnline is re-launching its exciting slots and casino Twitch stream Bankroll Warriors with a brand new host for 2021. At different times in his life, Dreezy has been a professional poker player, gambler, esports bar owner, trucking business owner and Twitch streamer. Read more

£100 Deposit Bonus UK

UK online casinos that offer a £100 deposit bonus are quite common, especially as we see an increase in the number of online casinos, which results in greater competition between them - and better offers for players!

Read more

Bankroll Warriors is Back With HUGE NEWS

Bankroll Warriors is our hit casino podcast, offering you a look into the world of the best slot games online at the top casinos around. So get right for lights, camera, and spin! Whether you’re after discovering the best bonuses or just after some suggestions for a new game, our new all-star streamer team has got what you need.

Read more

5 Favourite Slots by European Players

Europe is a hotbed for casino gaming activity, and there’s little wonder. With locations like Monte Carlo, London and Malta all playing host to exciting casino escapades, it has quite the popular appeal for players. It is also due to this that many online casino slots have become popular in their own right with players from the continent. So, which ones can be considered the five favourites of European casino players? We’ve got a look at each of these and their inbuilt features below.

Read more
Robin Storm
Robin Storm
Author
659 Articles
Always on the lookout for the best online casinos and their latest offerings, Robin works hard to make gambling fun and worry-free for all the players. His years of experience working in the industry provides. If he’s not trying out new casinos and playing slots, Robin enjoys testing new recipes and listening to the latest hits. He is very passionate about being able to play casino games in a relaxed and fun way and he is enthusiastic to share in his articles on how to play at casinos and avoid all the hassle.
About the author