Gambling is as old as humanity, and the introduction of online gambling has helped to connect the dots globally and rapidly increased the financial might of the industry.
In the 21st century, the gambling industry has received a tremendous boost in the aspect of sports games that were regulated to be available on sporting platforms. Also, the availability and ease of using VPNs also made gambling accessible in countries with strict government regulations against it.
In this article, we have critically analyzed the global online gambling industry in the 21st century and broken down the facts and statistical figures into smaller bits for easy understanding. The aim of this article in not only to give you the much needed information on the global online gambling industry, but to also provide you with vital tips that will guide your gambling adventure.
Overview of the Global Gambling Industry
Apart from staking a bet on a game and waiting for the outcome, many do not know any other thing about the gambling industry – and who can blame them? From a broad perspective, the gambling industry looks like a complex web; but it is a very easy-to-understand business operation on a closer look.
It is this understanding that has guided many countries to lift previous restrictions on gambling and gambling activities. Take Malta, for example; the small but densely populated European country set up the Malta Gaming Authority to regulate and tax the gaming sector rather than prohibit its activities.
The move has seen the country raise valuable revenue and helped authorities better to structure the activities of gambling companies in the country and protect its citizens.
Gambling and sports betting have become a global industry. National or regional restrictions are somewhat ineffective and tend to cause more damage than good for both the country and its citizens. It is safe to say that the gambling industry has a global value system enforced by international regulatory bodies, which has helped maintain its relevance.
In all, the gambling and online betting industry has been on an upward curve in the 21st century, and this is majorly due to its inclusion and regulation for government authorities across the world.
Essential Statistics of Online Gambling
What is gambling without figures? According to recent figures from the world gambling statistics, more than 26% of the total world population gambles online – that is, 1 in every 4 persons. The reports further go on to reveal that more than 1.6 billion people in the world gamble online, and 4.2 billion people engage in gambling activities at least once every year.
When it comes to demographic statistics related to online gambling, a recent UK study revealed that 17% of the total world population gambles online. Interestingly, this results in a total of £5.3 billion in revenue for the online market alone.
Also, the number of people globally who gamble online has increased. For instance, in 2016, only 3% out of the total 4.2 billion dollars revenue generated from the gambling sector originated from the online gambling market. However, the figures increased to 306.5 billion dollars generated from the online gambling sector alone in the next two years.
Today, there are a large number of online casinos in South Africa and other parts of Africa, Asia, and Europe. As expected, countries that have set up regulatory bodies to oversee the operations and ensure the safety of citizens have experienced higher returns.
Top Gambling Countries in the World
When it comes to online gambling, the world is equal, and everyone has equal opportunities. Regardless of your locations, your choice of games, or the amount you stake, there is only one motive – to win.
Below, we have highlighted the top 5 countries in the world when it comes to gambling. Check them out!
Gambling is illegal in China’s mainland; Macau is a heaven for gambling. Even though the country does not have as many casino sites as there are in Canada, the country is on top of the gambling revenue food chain. 50% of Macau’s revenue comes from gambling alone.
2. The United States of America
According to statistics, the gambling industry in the United States is worth $261 billion and contributes to more than 1.8 million jobs.
3. The United Kingdom
Although official statistics for the United Kingdom often experience changes, the gambling market is steadily growing. In 2018 alone, the UK gambling industry made £14.4 billion, and an estimated 32% of the total population gambles weekly.
According to official statistics, 80% of the Australian population gambles. A recent study showed that citizens from the country spend around $18 billion yearly gambling.
As a country with a liberal approach to gambling activities, the country makes an average of CA$17.3 billion in revenue yearly.