The Booming iGaming Market is About to Get Major Boosts from US and Asia PacificPublished February 9, 2020 by Lee R
The prospects for the iGaming market are booming now, and brighter for the future.
So, we know that iGaming is expanding steadily if not rapidly across many jurisdictions, mostly in Europe, and that private operators are more or less growing steadily in the space or merging to form complementary powerteams fast tracking to diversified success: but what are the real numbers behind all that robust overall activity?
The iGaming Market Size
Well, in sheer market size, the iGaming market is just past the midpoint of an amazing scale of growth, growing from $46b in 2017 to some $87.75 b by 2024, but that magnitude still doesn't tell the whole story.
It turns out that certain regions, particularly the USA and Asia-Pacific, have specific subcategorical regional components that categorically fuel the value growth of the iGaming market further.
Sports Betting in America
For instance, sports betting is the leading global subcategory of iGaming, with the introduction of sports betting in the US expected to provide another boom-scale boost to the betting sub-category of iGaming.
Not surprisingly, the second leading sub category in the iGaming market share is online casino gaming.
Sports betting is estimated to account for some 40% of online gambling revenues, with the legalisation of sports betting across America currently accepted as the primary catalyst for growth in that subcategory.
US Impact on European Standard
At present, Europe remains the biggest sports betting market in the world, with the UK still being the jurisdiction to lead that charge. The US could ultimately transcend all markets with a projected $6b market by 2023, were all 32 states to agree to legalize sports betting by that time.
The Appeal of Asia Pacific
The intrigue of Asia-Pacific and home of China is rooted in the subcategory of online casino: a continent of over $4 billion is centered around the lone island jurisdiction of Macau, the only jurisdiction where gambling is legal in all of massive China.
As for other countries in the region, China casts a long shadow, and is leading a crackdown on gambling in neighbouring countries to prevent operators from next door to serve their citizens illegally, which ultimately translates thusly: the Asia-Pacific region of $4 billion experiencing positive financial shifts including disposable income and internet penetration are operating in a regional jurisdiction landscape that is still dominated to this point by prohibitions against online casino play! People, that is called a vacuum.
When heaped on top of the already booming industry centralized in Europe, the room for growth in America (led by sports betting) and Asia Pacific (online casinos and betting) renders the global iGaming market one that is rapidly growing and highly investable, as well as massive.