Regional Peculiarities: What Businesses Need to Know Before Launching an iGaming Site in 2024
Date: 2024-10-09 Author: Alex Crawford Categories: EVENTS
According to Statista, the global iGaming market is expected to grow to $184 billion by 2032. In 2024, revenue is expected to reach $107.30 billion. This market includes sports betting and online casinos, including various lottery games. Projections show that online casino revenue will be $38.96 billion in 2024, reaching $48 billion in 2028, at a CAGR of 5.38%.
As for the global online betting industry, its volume will amount to $49.9 billion in 2024, and by 2028, with a CAGR of 7.68%, the revenue will grow to $67.17 billion. There is also a growth in eSports betting. In 2024, eSports betting revenue is projected to be $2.5 billion, and by 2028, it will grow to $3.3 billion.
To successfully launch a brand, it is necessary to conduct market research, assess financial risks and development opportunities, and choose high-quality software to build a business infrastructure. Despite the fact that the Internet is a global network, each iGaming company conducts business in a certain jurisdiction and in the countries where it has a license. Therefore, it is important to know about local markets, volumes, features, and potential.
In Europe, iGaming revenue will reach $46.9 billion in 2024, and by 2028, the market will exceed $56 billion. Online casino market cap to exceed $20 billion, with an average revenue per player of $840.
Popular jurisdictions for licensing in Europe include Cyprus, Malta, Curacao, the Isle of Man, and Gibraltar. However, individual countries may restrict the types of bets, which must be taken into account when building a business model.
In the Middle East, most countries allow access to foreign sites, despite strict restrictions. In recent years, sports betting has grown in popularity in Arab countries. Sports events such as football and horse racing are particularly attractive to locals.
The Asia-Pacific region has a strong iGaming culture, although many countries completely or partially ban betting and online casinos. However, given the high population density and demand for gambling, the market continues to grow.
In North America, legalized gambling is making it increasingly accessible. Canada has the largest market share, but there are licensed bookmakers in the US. In South America, especially in Argentina and Brazil, there is a growing interest in sports betting.
Key factors for the successful launch of an iGaming site are understanding the needs of the audience and adapting the offers to local preferences. It is important to take into account the cultural characteristics and financial capabilities of the target audience in order to ensure long-term investment in the development of the project.
