World Gambling Market Size & Statistics 2024 Projections

Gambling is an integral part of human culture and society. Throughout history, men and women have been wagering on games of skill, luck, athleticism, and more. Not only that, but the gambling industry has drastically changed. From street games to gambling dens and extravagant casinos to capitals like Las Vegas, Macau, and Singapore, the gambling industry is now grander than ever.

Interestingly, no matter how large it grows, the gambling market never seems to cap. Every year, the market is bigger than last year, and folks are surprised to learn that the gaming industry has, once again, outdone itself. This article will look at the 2024 projections for the world gambling market.

Estimated Growth of the Gambling Market 2024

Understandably, the 2020 global pandemic had a massive impact on the casino industry. However, gamblers will be happy to learn that the market has not only recovered but reached incredible new heights in just two short years.

In 2013, casinos in the U.S.A. generated 300 billion dollars a year. Though the market has yet to reach those heights, we are slowly getting there. In 2022, the American gambling industry generated over $260 billion, with many estimating that, by 2024, the market will have fully reached its former glory.

On the other hand, the sports betting market has yet to grow. Sports betting in the USA has gone from generating millions to billions in the past five years. Truly an impressive feat. Experts predict that the gaming industry will drastically rise by 2024, increasing by $200 billion. That number takes into account not just land-based establishments but also online casinos.

Estimated Growth of the Online Casino Market 2024

iGaming, or the online casino market, is the latest iteration of the gaming industry. Online casinos have reached incredible heights. One reason for their incredible success is the rise of live dealer online casinos, where players can experience the social aspect of land-based casinos with all the convenience of online gambling.

Similar developments and innovations have led to iGaming growing in popularity. In truth, iGaming’s success significantly contributes to the overall gambling market. In 2021, the online gambling industry generated $61.5 billion, growing ever since. We expect immense growth in 2024, with many experts thinking the number might reach as high as $94 billion.

Quite a few optimistic analysts believe that, by the end of 2024, online casinos may generate as much as $100 billion. However, this will depend on various factors that are out of casino operators’ control. Whatever the case, gaming enthusiasts should expect a vast improvement in the online gaming industry by the end of next year.

The Trends in Online Gambling

Now that we are familiar with the numbers, we thought it would be worth discussing some of the latest trends in the online gaming industry. Casino operators develop new ways to bolster the market and improve the industry every year. These next few segments will be dedicated to the latest trends in online gaming, which we believe have helped bolster the industry to new heights.

Live Dealer Casinos

We briefly mentioned live dealer casinos before. However, the impact that live streaming has had on the online gambling industry cannot be understated. The advent of live dealer casinos managed to bridge the gap between land-based gaming and online casinos. Folks can now enjoy the social aspect of playing at land-based gambling establishments while also enjoying the convenience of online casinos.

How live dealer casinos work is quite simple; dealers stream themselves rolling dice, drawing cards, or spinning wheels. The players interact with the dealer from the live chat, whether a voice or a text chat. Live dealer casinos make the game much more exciting and engaging for a broader player base.

Virtual Reality Casinos

The latest innovation in online gambling is the addition of virtual reality. VR is now a big part of gaming culture, used in escape rooms, video games, and tabletop RPGs. Of course, the online gaming industry has also hopped on the bandwagon.

As things currently stand, VR casinos do not allow players to play for real money. Most are social casinos, where players can have fun, meet new people, and invest in virtual currencies with no real-world value. However, many experts predict that, by 2028, we may just see real-money VR casinos become the norm.