The past decade has seen explosive growth in the online gambling industry around the world. Technological advances, smartphone penetration, evolving consumer preferences, and regulation changes have all contributed to more people gambling online than ever before.
To understand the future trajectories and implications of this growth at Sky Crown casino, we must analyze the key global market trends and statistics.
Global Online Gambling Market Growth Projections
The global online gambling gross win is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027 (ResearchAndMarkets.com, 2022). This puts the market on track to reach $127.3 billion by 2027, more than double the market size in 2020.
While Europe has historically dominated the online gambling market, Latin America and Asia-Pacific regions are actually forecast to see the fastest growth rates over the next five years at CAGRs of over 15%. This rapid growth will significantly shift the market share dynamics of online gambling globally.
Driving Factors Behind Growth Trends
Several interrelated factors are fueling the steep growth trajectory, including:
- Increased internet, smartphone, and digital payment access
- Launch of new online casino and sportsbook platforms
- Favorable regulatory shifts like EU single market directives
- Innovation in virtual reality, live-streaming, and cryptocurrency gambling verticals
- Demographics and cultural shifts towards online entertainment
For context, the number of smartphone users globally is projected to grow from 3.8 billion in 2021 to just under 7 billion by 2027 (Statista, 2022). Much of this access is concentrated among key gambling demographics like millennials and Gen Z. Unsurprisingly, the convenience and expanding offerings enabled by tech advances resonate with younger generations.
Societal Impacts and Problem Gambling Concerns
While online gambling market growth provides business and revenue opportunities, it also raises societal concerns around addiction and problem gambling.
Some research points to higher problem gambling rates among online versus land-based gamblers. One meta-analysis found the pooled past-year rate of problem gambling to be 17.7% among internet gamblers, compared to 8.7% for non-internet gamblers (Gainsbury et al., 2015).
Further driving concerns is research indicating engagement with online gambling at a younger age correlates to a higher risk profile for developing gambling addictions.
In recognition of the raised stakes presented by surging global participation in online gambling, many advocacy groups have urgently called for consumer protections, identifying best practices for responsible gambling, updated diagnosis criteria and screening tools for problem gambling, among other measures to minimize harm.
Key Figures on Global Online Gambling Revenue Growth
|2020 Gross Win
|2027 Projected Gross Win
|Rest of World
Attempts to Balance Growth and Responsible Regulation
Jurisdictions around the world are grappling with how to simultaneously embrace the economic benefits of licensed online gambling while establishing appropriate regulatory safeguards.
For example, Canada recently expanded online gambling and sports betting legalization efforts beyond just provincial monopoly models towards including private industry competition. However, regulations also focused heavily on instituting responsible gambling guards like the mandatory use of player card registration and weekly deposit limits (Bracken, 2022).
Many European countries are updating their regulatory frameworks using learnings from early regulated markets like the UK and Sweden. Central focuses include using site blocking measures against unlicensed operators, establishing national self-exclusion registries, mandating deposit limits and timeout measures, and launching responsible gambling public health campaigns and treatment funding programs.
The Way Forward
As global access to digital entertainment and gambling continues expanding rapidly, especially among young demographics, we are likely to see the online gambling industry keep posting double-digit growth year after year.
While this growth stands to provide substantial tax revenue and business opportunities, it also ushers new societal challenges around problem gambling and addiction. Balancing continued innovation that delights customers with responsible regulation that protects them must be the shared focus across companies, advocacy groups, regulators, and public health officials worldwide.
Getting this balance right will ultimately determine if this next era of online gambling has an overall net positive or negative impact globally. But one thing is clear – there remain cultural shifts still to come as online gambling plays an ever-increasing role in entertainment, information commerce, and daily life across the world.