Projections for the Online Gambling Industry in 2024

The online gambling industry is expected to experience significant growth in 2024. According to Statista, the global online gambling market is projected to reach a revenue of US$107.30 billion by 2024, with an annual growth rate (CAGR 2024-2028) of 6.51% . A report by Mordor Intelligence states that the online gambling market size is expected to grow to $103.74 billion by 2028 at a compound annual growth rate. The global online gambling market size was valued at USD 63.53 billion in 2022 and is expected to expand at a CAGR of 10.91% during the forecast period. The market size is estimated to grow by USD 181.47 billion from 2024 to 2028 at a CAGR of 12% . The global Online Gambling & Betting market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031, reaching USD 104328.12 million by 2027.

Key Factors Driving Growth

Several factors are expected to drive the growth of the online gambling industry in 2024. One of the key factors is the increasing demand for mobile gambling, which is driven by the rising number of smartphone users and the availability of high-speed mobile data networks. Another factor is the increasing number of states legalizing real-money online gambling, sports betting, and poker within their borders. As more states regulate rather than prohibit online betting, they also gain tax revenue. Improved payment processing and security measures, such as effective identity verification, geo-tracking to limit access to in-state players, and secure cashier interfaces, also make consumers more willing to trust licensed online gambling sites. The variety of available betting options has also expanded from traditional pre-match sports bets to in-play wagering, online poker, slots, blackjack, and live dealer table games. Younger generations, in particular, are driving engagement through their comfort level with digital experiences.

Revenue Projections

Reflecting these favorable conditions, total revenue from legal online gambling in the U.S. is projected to reach over $30 billion in 2024, a 50% increase from 2023. Mobile betting is expected to account for around 85% of this revenue as smartphones largely supplant desktop play. As the market expands, competition is heating up. Established gambling operators like MGM, Caesars, and DraftKings are rapidly growing their online presence across multiple states. At the same time, new entrants are also entering the mix. This competition should benefit consumers through more attractive odds, bonuses, and promotions.