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By 2023, the global gambling market revenues is speculated to generate over $525 billion. That’s more money than most sports earn combined. With more countries moving towards the decriminalization of gambling, both virtual and real life, the already lucrative market is getting bigger. With millions of people staking their money on everything from poker to horses each day, what does the market look like now? Let’s take a look.
Over the next few years, the global gambling market revenues are predicted to have a compound annual growth rate of 4% to 6%.
Now, that may not seem like a large number, but taking into consideration how big it is currently, this rate will be a massive boost to the economy.
As of now, the gambling market is worth $495 billion worldwide. This was quite a development since 2001 when it was worth a little more than $300 billion. The rates will only go up faster, due to technological developments and the increase in the use of smartphones.
Online gambling is one of the fastest growing segments of the gambling industry. It is only expected to get more popular, with more sports betting websites and virtual casinos developing as we speak. Currently, it’s worth around $46 billion and will be worth $94 billion by 2024. That’s more than double its current value. The rising number of live casinos is certainly a contributing factor.
This predicted growth rate is attracting investors from all kinds of industries. From web developers to the digital marketing and technology sector, to name a few.
Ever since the United States Supreme Court legalized sports betting last year, the gambling industry has been growing exponentially. The American Gaming Association (AGA), estimates that the gambling industry in the US is currently worth around $261 billion. Casinos especially have been doing very well, including online casinos. Statistics show that the gambling industry alone employs around 1.8 million individuals across 40 different US states.
You can see pokier scattered all across Australia. On an individual level, Australia has had the lead for a while now. Studies have shown that on average, an Aussie spends over a $1000 each time they gamble. It also states that punters reportedly lose over $24 billion in a year.
Despite gambling being largely outlawed and highly regulated in China, it is home to one of the biggest underground gambling industries. Take Macau for example, China’s equivalent to Las Vegas. It is reported that the revenue generated from gambling in Macau surpasses the total revenue generated in Nevada in 2010.
Tags: Gambling Market Overview