Oh North America: A Continental Comparison Reveals a Staggering Source of RevenuePublished November 25, 2020 by Lee R
A comparison of the two major continent's revenue contributions to the industry points out likely paths of growth.
Between the two major continents of Western civilization, Europe has the more developed iGaming market. Though far less defined than Europe, the North American market is just as formidable.
According to 2019 numbers, 26% of the global population were categorized as regular gamblers, which counts approximately 1.6 billion regular gamblers worldwide.
Figures have been rising over the past two decades and are expected to continue in coming years. A comparison of revenues across each region provides a surprising source of main trajectory.
In 2018, EU countries posted annual revenues of $34.5 billion, while North America (Canada & USA combined) posted $31.4 billion.
Annual Spend Comparison
As for iGaming, North America's annual online gambling spend came in $54.23, as opposed to Europe's $72.33.
There are currently 14 American states where online gambling is legal, with regulating states still maintaining specific distinctions and restrictions on the types of gambling allowed.
Dwarfed in Comparison
With such a small percentage of the nation allowing gambling, the revenues of the US per se are significantly lower than than European countries and Canada.
Canada v USA
In 2018, the year PASPA was repealed, America earned $408 million out of the $31.4 billion in online gambling revenues that North America generated in 2018.
Canada's Global Dominance
Canada is actually the major contributor to that continental total, and it turns out that Canada's revenues also dwarf the major jurisdictions in Europe.
The $31 billion generated by the Canada market translates to an annual spend per capita of $824.68.
The Market Landscape
Canada has driven the rise through the ability of players access iGaming sites where they find a full range of games, themes, bonuses, and promotions.
Massive Offshore Industry
The additional of Canada's grey market alone of offshore gambling companies and foreign casinos is worth $4 billion.
In comparison, the massive leading UK market generated a quarter of Canada's revenues in 2018.
What's more telling is the remaining potential for growth: Canada has a confusing regulatory landscape. Thus a more effective regulation model could increase revenues--starting with the $1 billion in revenues from illegal gambling that would be added to the Canada tally to increase Canada's domination in a North American market which remains otherwise limited.