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20 November, 2023

What is the iGaming Market Size?

The iGaming market size has swelled considerably in the last few years. Rapid advancements in technology, coupled with a changing regulatory landscape and a cultural shift in the perception of gambling, have taken iGaming’s popularity to new heights.

But what is the market actually worth? And what do future projections say about the trajectory of the industry? If you’re asking yourself these questions and are looking to find out how lucrative the iGaming business can be, this guide is for you. Today we’re breaking down what components make up the iGaming market, what is driving its growth, who the main demographics are and what the numbers say about the iGaming market size.

Defining iGaming

Before we can discuss what the size of the iGaming market is, it’s important to clarify what that actually means. As we know, iGaming is an umbrella term that covers the wagering of real money on online entertainment. This includes casino games, sports betting, and mobile gaming. iGaming is facilitated by various websites and platforms that allow players to bet at home or on the go.

Later in this post, we’ll break down each of these three components and discuss the impact each vertical has on the industry.

What are the factors driving iGaming’s growth?

iGaming has absolutely exploded in the last decade. There are several main factors that are contributing to this steady increase in popularity, which we have outlined below. 

Accessibility

The accessibility and convenience of iGaming simply cannot be matched. Bettors no longer need to trek to a brick and mortar casino or a bookie shop to place wagers; they have access to industry leading casinos and sportsbooks in the palm of their hand. Online gambling is an industry that runs 24 hours a day, 7 days a week, allowing players to get involved at the time and place of their choosing. As online gambling is easier than ever to access, more and more players are choosing to play.

Advancements in technology

Major technological advancements are also responsible for the sudden spike in player activity. Widespread access to lightning fast internet and global smartphone penetration have allowed players to connect with iGaming platforms like never before. Furthermore, gaming technologies are improving constantly. Live dealer games, virtual reality (VR), augmented reality (AR), artificial intelligence (AI) and web3 integrations allow software providers to create truly unique, immersive gaming experiences.

The rise of blockchain technology has also made a major impact. The iGaming industry is pioneering the use of the blockchain and cryptocurrencies to better the industry and appeal to modern players. The blockchain has allowed software providers to create incredibly safe, transparent betting experiences, while cryptocurrencies have enabled players to bet with low fees and lightning fast processing times.

Regulatory changes and public perception

There are more legal and regulated iGaming markets operating than ever before. The United States has seen many new markets open for business in the last few years, while Ontario has become the first province in Canada to have regulated online gambling. This has allowed operators like you to increase their reach, appealing to more players than ever before.

Along with increased regulation has come greater acceptance from the general public. As the market becomes more regulated, the perception of gambling has shifted from being a negative activity to one of entertainment and leisure.

What are iGaming’s demographics?

There are a few key demographics that make up iGaming’s target audience and have a big influence on its market size. They are quite diverse, and each has an impact on the success of each component of the iGaming market.

Casual players

This is a fairly wide group of players, and includes individuals who are gambling for fun rather than for profit. They are from a variety of backgrounds, and enjoy a wide array of games for their entertainment. These players look for easy to use, intuitive platforms for a hassle-free gambling experience.

High rollers and VIPs

These are players that have serious budgets for gambling. They favor high-stakes games and VIP perks, while expecting a premium service. They also prioritize exclusive rewards while demanding high security and privacy standards.

Sports fans

These are players who are passionate about one thing: sports. Their preference is typically popular leagues like the NFL and NBA, and gravitate towards live betting and real-time data.

Mobile gamers

Mobile gamers use their smartphones for their iGaming needs. They prefer mobile-optimized casino games and value seamless, intuitive experiences above all else.

Esports enthusiasts

This demographic is primarily young, tech savvy players passionate about the world of competitive video games. Their focus is on Esports betting, live streaming and immersive experiences made from popular titles.

Crypto-natives

Crypto-natives are tech savvy players who embrace cryptocurrencies and decentralized platforms. They prefer crypto casinos and crypto sportsbooks, and as a result value privacy and security. They also look for web3 integrations and crypto payment gateways.

Components of the iGaming market

As we alluded to earlier, the iGaming market is made of a range of different gambling activities. Here is a recap of the big three:

Online casinos

Simply put, online casinos offer a virtual interpretation of traditional casino games, such as slots, table games, and live dealer games. They make up a large chunk of the iGaming market size, and give players the convenience of playing anytime, anywhere.

Sports betting

Sports betting has existed in some fashion since the time of the Ancient Greeks. With the rise of online sportsbooks, players can bet on more sports and Esports than ever before. This ranges from major leagues like the NFL and Premier League, to more niche offerings like Esports tournaments.

Mobile gaming

The rise of smartphones has directly led to an explosion of mobile gaming growth. Apps and responsive websites allow players to access iGaming activities on their phones and tablets. More than 58% of website traffic globally comes from mobile devices (Statista), offering more ways for players to access online gambling sites.

What the numbers say

According to Grandview Research, the global iGaming market size is USD $70.64 billion in 2023. This number is forecasted to grow at a compound annual growth rate (CAGR) of 11.7% until 2030, swelling to USD $153.57 billion.

These numbers are determined by studying revenue reports, regulatory changes and market trends, and represents the culmination of player wagers, total profits, and the overall financial health of the industry.

Market potential and partnering with Lion Gaming

As we observed above, the potential of the iGaming industry is massive. Software providers are creating immersive and thrilling gaming experiences, while more and more markets around the world are regulating online gambling. The stage is set for online casinos, sports betting and mobile gaming to continue to grow at a rapid pace over the next decade.

If you are considering diving into the iGaming market, you’re not alone. While there is stiff competition to succeed, there is also a tremendous opportunity for you if you have a clear vision for your business. Contact Lion Gaming today and let our team of industry experts help you start your journey. We have a proven track record, unmatched technological capabilities and a passion for creating truly excellent iGaming solutions. We are confident our Fer0x Casino and Fer0x Sportsbook solutions are the best on the market – let us show you why!

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VP of Operations
c.lewis@liongaming.io

Christine Lewis

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      Lion Gaming Group Inc.
      855 2 St SW #3500
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      T2P 4K1 Canada
      Our address
      Lion Gaming Group Inc.
      855 2 St SW #3500
      Calgary, AB
      T2P 4K1 Canada
      Our address
      Lion Gaming Group Inc.
      855 2 St SW #3500
      Calgary, AB
      T2P 4K1 Canada