With reports of the global gambling market expected to reach $876 billion by 2026, it’s safe to say that this sector is constantly rising in popularity. By allowing people to escape the everyday hustle and bustle, have some fun, and even earn some extra money, the gambling industry is very appealing to many. However, there is also potential for this industry to grow further. If certain countries decide to legalize the practice or make online gambling available, this market can see an even larger profit. For example, due to their constant population growth, Asian nations could provide the sector with a great boost in overall revenue if they implement more flexible laws.
The current size and revenue of the gambling market
The gambling industry has seen a constant rise in both profits and popularity for the last few decades. However, the COVID-19 pandemic created a big divide between land-based venues and online operators. While brick-and-mortar establishments saw closings and significantly decreased revenues, online casinos thrived as people were able to play from the comfort of their homes.
Despite the pandemic, the global gambling market was worth an estimated $711.4 billion in 2020. By 2026, it’s expected to reach $876 billion. In the same timeframe, the forecasts suggest that the Asia-Pacific region could be at $322.4 billion solely. Canada and Europe could also see noteworthy growth of 3.1% and 3.5%, respectively.
The best places in the world for gambling
When it comes to the best places in the world where players can go to put some money on the line, there are many options to choose from. As each country is at liberty to create its own laws concerning gambling, there are different regulations in place all over the globe.
For example, although the United States laws differ from state to state in terms of the legality of gambling, there are a few iconic places where individuals can go to have the time of their life. While Utah and Hawaii have banned gambling altogether, states like Nevada and New Jersey have made the most of the practice, and we have cities like Las Vegas and Atlantic City that are iconic casino centers. Canada and Mexico also legalized gambling and are making the most of the economic boost that it provided.
Then, Europe is also home to some of the world’s biggest gambling cities. For instance, Monte Carlo’s reputation as a hot-spot for rich people and gambling cannot be overlooked. Furthermore, there is London which is making the most of the well-regulated British gambling scene. What is more, it should be noted that many countries on the Old Continent allow gambling and have a regulated market that players can enjoy.
In terms of Asia, the gambling spots are not lacking. While Asian countries might have strict gambling laws and restrictions in place, there are still places that allow residents to play games of luck. For starters, there is Singapore’s Marina Bay – one of the planet’s most expensive standalone gambling properties that boast over 500 tables and 1,600 slot machines. Moreover, when we talk about countries like China, taking a look at this local Chinese gambling overview article, first we can see that online and land-based gambling is not permitted in the country and that Chinese citizens and visitors have to leave the mainland in order to do it. According to Carson Shui, editor at Casinotopsonline.com, however, there are special administrative regions of Macau and Hong Kong where casino games are legal, and they are true Chinese meccas for gambling.
The countries with the biggest potential
Seeing as how there is no online gambling in China, it’s easy to see how this country is a potentially huge market if the practice is legalized in the future. While nowadays residents are flocking to China’s gambling centers, passing laws that allow gambling over the internet could give a huge economic boost to the People’s Republic. However, there are no indications that China would be relaxing in terms of gambling legislation any time soon.
Another area that is on the rise is Europe. For example, in addition to being home to the oldest continuously running a land-based casino on the globe, Italy’s online casino industry is also big. As the country earns 22% of all revenue from operators, it’s no surprise that they are so welcoming to the practice.
Spain also saw a boom in 2020, with a 17.7% increase when compared to 2019. Both slots and live roulette were played significantly more while sports betting is also on the uptake following a slow 2020.
Finally, even the United States is a potentially huge market if more states decide to legalize online gambling. As only 11 of the 50 countries offer this to their residents, they could provide the online casino gaming sector with a large boost.
Despite already raking in hundreds of billions of dollars, there is still potential for the gaming industry to expand. If countries like the United States and China make online gambling more widely available, the value of this sector could reach trillions.
