The online gambling market is expanding at a rapid rate, it is predicted that by the year 2030 it will be worth nearly $154 billion US dollars. There are a number of factors influencing this growth trend, including changes to regulations, access to technology and societal behaviours.
Online casino sites account for a significant percentage of the global gambling market. There is a growing audience of users heading online to play their favourite casino games such as pokies/slots, roulette, poker and many more traditional casino games in a digital format.
Here, we share insight into the popularity of online casinos worldwide and the laws affecting major countries:
One driver of market growth in this global industry is the emergence of the freemium model. The freemium model is able to generate large revenues for businesses through the use of integrated advertisements, with advisers recognising the opportunity to reach this user base.
Another factor influencing this market is the growing adoption rate of smartphone technology as well as growing internet penetration. This is a trend across the world but is having the biggest impact in countries where the uptake of this tech has been slower previously.
It has been predicted that in the Asia Pacific region, the number of smartphone internet users will grow by more than 333 million by the year 2025. These new users will have access to a huge variety of online casino and gambling applications and in browser games.
Some of the largest established online gambling providers are now taking advantage of this opportunity. For example, PokerMatch partnered with PlayTech PLC in early 2023 to enter into the online gambling market in the India region.
The availability of safe and convenient digital payment methods is also supporting online casino growth. There are now many different ways you can make deposits and withdraw winnings from online casino sites, including the use of safe third-party payment providers.
There is also a small but growing number of online gambling businesses allowing the use of digital cryptocurrencies on their sites. This option is a welcome choice for some users who enjoy the decentralised nature of these currencies and the anonymity of their personal financial data.
How do gambling laws differ between the major countries?
Offline and online gambling laws differ significantly, not only between countries, but also different states and provinces in certain areas of the world. Different governments have different attitudes towards this industry but there is a recent trend of legalisation and introduction of regulation in parts of the world that previously prohibited gambling activities.
Australia and New Zealand
Gaming regulations in Australia are quite restrictive in comparison to other parts of the world, with only conventional (not online) sports betting and lotteries being offered within the country. However, there are no laws preventing Australians from accessing offshore based online casinos and betting sites.
In New Zealand, the government has enacted legislation that specifically allows the use of offshore online gambling sites for its citizens. Pokies are a popular casino game in Australia and New Zealand and players have access to some of the best pokies sites offering a range of themed pokies games.
United States and Canada
In the United States, 27 out of the 50 states and District of Columbia some form of online gambling is legally permitted. For land based gambling, 48 of the states permit it in some form of gambling, with only Hawaii and Utah outlawing it.
Over in Canada, online gambling is legal in every province. Each one offers online lottery sales but many also permit and regulate online casinos and sports betting.
United Kingdom
In the United Kingdom, land-based gambling, as well as online gambling is permitted and regulated. Business must be licenced and licensing and regulation is carried out by the UK Gambling Commission.
While other European nations have their own gambling laws and regulations, many follow a similar arrangement to the United Kingdom.
Pros and Cons of Online Gambling
One of the biggest benefits of being able to play online casino games is convenience. All a player needs to access games is a smartphone, computer or tablet device and a reliable internet connection.
Unlike many land based casinos, all online casinos are open and accessible 24/7, meaning players can enjoy games at a time and place that suits them. There is no requirement to travel like there is with land based gambling.
On the other hand, one limitation of online gambling is that it can take days for any winnings to hit your bank account. However, when playing in-person you can get instant access to your winnings.
Online casinos offer the best variety of gaming opportunities and they refresh game libraries at a much faster rate. Unlike land based venues, they are not limited by physical space and often have lower overhead costs to consider.
