The global gambling industry has been on an upward trajectory for the last few decades. In 2023, it reached a value exceeding $540 billion. This number is certainly staggering as a standalone figure, but it starts to mean even more when you look at the industry more closely.
To truly understand the worth of the gambling industry today and how it will shift in the future requires looking at factors such as which countries are contributing to this total, what forms of gambling are bringing in the most revenue, and what factors and trends are influencing the industry’s worth.
Gambling Worth in Different Countries
While many countries offer gambling, some countries stand out from others in terms of how much revenue they produce. Join us as we explore a few of the biggest gambling countries and get a sense of their unique gambling markets.
United States
Last year marked a significant amount of growth for gambling in the US, with a record-breaking revenue of $66.5 billion from gambling in all forms. However, this total doesn’t include yields from tribal casinos, a significant portion of the gaming industry, which will be announced later this year.
The AGA (American Gaming Association) released a statement breaking down the state of gambling in the country. This revealed that land casinos, which saw a revenue of $49 billion, remain the highest-earning form of gambling.
Changing regulations around sports betting in the country also influenced the country’s record-breaking year, with more states regulating this form of gambling. Online gaming grossed $6.2 billion for the entire country despite being a relatively new part of the US gambling market and only being regulated in a handful of states.
China
While gambling is illegal in most parts of China, Macau is an exception and has become known across the world as a gambling hot spot. The area now has more than 40 casinos and rivals Las Vegas in its gambling yields. The revenue for the country surpassed $22 billion in 2023, making it a notable country for the gambling industry.
United Kingdom
The UK remains one of the world’s top countries when it comes to its gambling revenue, with this past fiscal year raking up $18 billion. This total showed a rise in revenue for the UK gambling market, primarily attributed to the popularity of online casinos used to facilitate gameplay, which contributed $7.4 billion to the year’s total.
Canada
In Canada, online gaming and sports betting are hot topics in the country’s gambling market. When single-game sports betting was legalized (though not throughout the entire country) in 2021, it became immensely profitable for the gaming industry. Just one province saw a revenue of $1.4 billion in the course of a year. Add in the fact that Canada has one of the first regulated online gaming markets and a wide array of gaming options consisting of land-based casinos and lotteries, and it has become a powerful market.
What’s Influencing the Gambling Industry?
The gambling industry has been rapidly evolving as different forms of gambling are legalized, like sports betting and online gambling, in more and more places. The continued growth of the industry’s revenue reflects these regulation changes in its sudden growth, but these aren’t the only factors influencing the gambling industry and its worth. From the development of new technologies to concerns about gambling’s ill effects, there are many factors to consider today and going forward.
Growth of AR/VR
Though sales are currently performing slower than projected for VR tech from companies like Meta, augmented reality (AR) and virtual reality (VR) are finding ways into the gambling world and showing promise for the industry. The capabilities of AR and VR will allow players to play casino games in real-time, in a much more immersive style than they currently do, while also offering the possibility to play with friends or meet new people.
AI & Machine Learning
AI is disrupting many industries with the possibilities it presents. When it comes to the gambling industry, AI and machine learning are helping to shape a much more personalized experience that keeps players engaged and entertained. It also helps to track statistics around gaming options like sports betting, keeping a log of all the relevant details needed for placing wagers. Beyond this, these technologies also assist with customer service tasks to deliver a better experience.
For some people, like those who have struggled with problem gambling, the engaging and immersive abilities of AI in gambling raise concerns about problem gambling becoming more commonplace in society. These concerns are fairly founded, and it seems an answer to the worry may also lie in AI. AI software, like Mindway AI, can help track gambling behaviors and flag changes that indicate an increased risk for disordered gambling.
Growing Concerns About Problem Gambling
With gambling more accessible than ever thanks to online gaming platforms, there’s growing concern around the topic of problem gambling. It’s believed that in the US alone, 2 to 4 million gamblers may be struggling with problem gambling. Because of the presence of the problem and the worries that it will only increase, calls are being made for stricter player protections and regulations to be developed. And it’s a sentiment that’s shared in many countries around the world.
Gambling in the Years to Come
The gambling industry has seen many updates in recent years, with regulations and laws shifting in major regions like the UK and the US. It won’t be surprising to see these continue to change in response to public concerns, but for now, the industry is projected to continue flourishing and setting new revenue records by reaching $1.4 trillion by 2030.
