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Online Gambling market expected to double to $94.4bn by 2024 – report

The study is broken down into four separate topics – Casino Market Overview, Top Land-Based Casinos, Popular Casino Games, and Gambling Wins & Losses.

Catena Media has conducted a major piece of research into the casino industry in the years leading up to 2020, and the outlook for the sector remains bullish despite challenges around the globe.

The research – which delves deeply into all aspects of the casino segment but particularly the land-based market – looks at gross gaming yield within casino, revealing a huge rise from $50bn in 2001 to $130bn in 2019.

It also highlights global gambling trends by-product, with solid growth in sports betting, casino and lotteries, and compares the land-based casino market with online. The size of the online gambling market is expected to more than double from $45.8bn in 2017 to $94.4bn in 2024.

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Joevren Curmi, Catena Media SEO Product Specialist, said: “We wanted to take a deep dive into the entire casino industry to look back at how all elements of the sector have grown and changed over the past 20 years, as well as how the landscape might evolve in years to come. 

“The results are fascinating and although the world is facing some serious challenges at the moment, the outlook is positive for both land-based and online casino as we progress towards the middle of the 21st century.”

The Devil is in the detail

When broken down by product, the research explains that from the early 2000s to the last decade, the dominant market of sports betting has generally taken the same share of the market, which is predicted to increase to 41% this year. The 2nd most popular area, casino gambling, has slowly increased to 26% over the past decade and is projected to stick at about 25% over the next year.

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With regards to Lotteries and Poker, the former has steadily increased with the real growth expected to carry on to 17% in 2021, and the latter was found to have the most surprising market reduction, with a drop from 19% in 2007 to a projected low of 7% in 2020 and 2021.

Moving onto the Top Land-Based Casinos, not only is the list dominated by American Casinos, but the top three biggest casino companies in the world have giant resorts in Las Vegas. The first is The Las Vegas Sands company, which owns The Venetian and The Palazzo in Las Vegas, takes the prized number 1 spot for money-made, reporting revenue of $13.8 billion in 2018.

They’re followed by MGM Resorts that own or run a cluster of casinos on The Strip, including Luxor and Excalibur, who took home $11.8 billion and Caesar’s Entertainment, owners of Caesar’s Palace, who earned $8.4 billion.

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What does the study indicate?

The researchers concluded that whilst the casino industry is booming, it is also slowly being shaped to fit in the changes in modern trends. The online sector is growing, virtual games have become the most prominent games out there and more revenue is being made than ever before.

Despite this, the classic side of the casino industry has also stayed strong with many engaging with real-life, as well as virtual, table games such as blackjack, poker and roulette.

Click here to see the full research and conclusions.

Catena Media has a leading position within online lead generation. The company has approximately 400 employees in the US, Australia, Japan, Serbia, UK, Sweden, Italy and Malta (HQ). The company is listed on Nasdaq Stockholm.

SiGMA News is now covering four different regions: Europe, Asia, Americas and Africa. Find the latest breaking news and updates on anything related to gaming here!

 

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