Europe Corners the Real Money Online Casino MarketDavid Burgundy | 15 Aug 2016
Globally, online casinos produce an estimated $37 billion in revenue on an annual basis, and a recent study has shown that the European market is responsible for around $15 billion of this figure. The UK alone makes up for more than 10% of the EU online gaming market and despite international growth recorded at 11%; it remains well ahead of the pack.
Statistics recorded by the United Kingdom Gambling Commission show that between 2005 and 2009 there was an increase in online slots play of a massive 328%, whilst poker and table games grew by 26% and 52% respectively. The continued increase in players can be partly attributed to the fact that the UK is considered a world leader in terms of regulating online play, and the strict controls enforced inspire confidence.
The EU online gambling market is estimated to continue to grow at 3% per year for the foreseeable future. In Europe, the fastest growing online activity is gambling and supply and demand continue to exceed expectations as the industry flourishes. With an increase in players has come an increase in casinos, and this has a knock on effect in numerous areas.
To date, around 85 nations across the world have legalised online gambling, and Russia and India have both shown plenty of promise with ever-expanding player bases. It’s America however that has huge potential, and as an individual nation could easily surpass Europe if more States allow for the legalisation of online play.
In 2013 the first state-regulated US real money online casino made its debut, successfully launching Nevada’s online gaming industry. Delaware and New Jersey followed suit and New Jersey has since claimed around 92% of the US online gaming market.
A report by RubinBrown, a US-based accounting firm that gives a general overview of i-gaming in America has shown that real money online casino game play is still in its infancy, and that there’s huge scope for growth. Global financial firm Morgan Stanley has also predicted that the American market could be worth $5 billion by 2020, and although this is still less than the European market, it’s a huge step forward from where the USA is right now. Should Pennsylvania, New York and California eventually agree to legalise online gambling, the American market will be given a considerable boost.
Realistically, Europe looks set to stay at the top of its game for several years to come but if America begins legalising online gambling at a more rapid pace, they could offer the EU market some healthy competition and annual revenue would increase exponentially.