The online gambling industry has grown in esteem. Since it first hit the scenes in the late 20th century, iGaming has come quite a long way. No longer is the industry marred by sketchy websites with subpar games. Nowadays, online casino businesses are held to the same standard as land-based establishments. And they certainly live up to said standard.
Online casinos nowadays offer a safe, reliable, and engaging gaming experience. They have hundreds, sometimes thousands, of slots to choose from. Classic table games like blackjack, baccarat, roulette, and poker are available online. Best of all, thanks to live streaming technology, gambling websites can now bring the casino to you by introducing live casinos.
With all this in mind, it is no surprise that the industry has risen to massive prominence in 2023. The industry in the USA saw record profits in 2022, despite inflation and similar harsh economic factors. In this article, we want to explore just how profitable the online casino business has become in 2023. And we won’t just focus on the USA. We will also cover Europe as well. So, let’s begin.
The United States and Canada have only recently begun to delve into legalizing online gambling. In 2018, the United States Supreme Court passed a law legalizing online sports betting on a federal level. Ever since the sports betting industry has seen a massive surge in revenue. Understandably, online bookmakers make wagering a lot simpler and more convenient.
Regarding online casinos, the USA’s laws are a bit different. There is no federal-level law legalizing or prohibiting the activity. In other words, individual states can pass their laws. Unfortunately for American gamblers, most states have not passed a law legalizing the practice.
As of April 2023, there are only six states in which you can legally gamble online. We will list said six states in this section and talk about their profits:
- New Jersey
- West Virginia
New Jersey was the first to legalize online gambling and, as such, has reaped the most benefit from the industry. NJ currently holds 91% of the USA’s iGaming market. This fact may not shock many of you, as New Jersey is home to one of the USA’s biggest gambling cities, Atlantic City. According to a 2014 study, New Jersey generated $150 million from iGaming alone. That number has almost certainly increased close to 10 years later.
Unlike the United States, Europe is much more open to online gambling. The industry has been legal in many European countries for quite a long time. And it is within these countries that a lot of the innovation happens. For example, Bitcoin-based deposits and withdrawals began in European online casinos. Nowadays, many debate the benefits of Bitcoin as cryptocurrency becomes much more mainstream. But, gamblers have been discussing the merit of crypto-based gambling far longer than most.
If we look at the European iGaming market, it easily surpasses North America’s. Europeans spend over 80 billion Euros on gambling annually. Analysts say that number might rise to over 120 billion in the next three years. Of the 80 billion Euros spent on gambling, around 15 billion comes from online gambling. So, let us look at Europe’s most popular online gambling methods.
By far, the most popular method for online gambling in Europe is sports betting. Especially football-related (soccer) sports betting. The English Premier League alone saw 68 billion Euros wagered in 2020. That isn’t even mentioning the other incredibly popular national football leagues like the Spanish La Liga (with 41 billion), Italy’s Serie A (38 billion), and Germany’s Bundesliga (with 27 billion).
Of course, football is not the only sport European countries are passionate about. Hockey, ice skating, and similar winter sports dominate in the northern regions. In Eastern Europe, they place bets on basketball and handball. Western Europe follows motor racing, auto racing, and basketball. Overall, in 2021, over 1 trillion Euros went into sports betting, making it the most popular form of gambling in Europe.
Online Casino Business
In 2020, the European online gambling market saw a massive rise in revenue. At the time, many believed that by 2026, the industry would continue to grow. And they were right. As technologies develop, online gambling games become much more fun and engaging. Prompting many to try out this exciting new method for wagering. In Europe, the most popular games at online casinos include the following: