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The Worth of the Casino Industry and Top Markets Around the World

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What to Pay Attention to if You Want to Play at Newly Opened Online Casino

Playing at online casinos has been the primary source of entertainment for people from several countries over the years. Strict government regulations govern these casinos.

Let us dive into statistics and understand the future of this industry.

Gambling Around the World:

Before diving into the details, let’s look at the bigger picture. The industry’s value as a whole can be considered the most crucial stat for gamblers. The dynamics of the gambling market are closely linked to employment levels, the economy’s health, and people’s incomes, as all of these factors determine the spending levels of the casino market. Hence, we can say that online casino growth depends on the market’s growth.

Technology is another factor that plays a significant role here. The rich interface it offers year after year has led professional gamblers to prefer online gambling over traditional one. Technology developments, such as artificial intelligence, cryptocurrency, virtual reality, and augmented reality, have further helped the market grow. The development of live games drew more players from traditional platforms to online sites, which has again contributed to the growth of the online casino market.

The global online gambling market stood at $73.42 billion in 2021. In the year 2022, it grew to $81.08 billion at a compound annual growth rate (CAGR) of 10.4%.

Unfortunately, the way between Russia and Ukraine led to a surge in commodity prices and disrupted the supply chain in several countries, affecting several global markets. This disrupted the chances of economic loss recovery that were incurred during the COVID-19 pandemic. The projected growth of the online gambling market in 2026 is $115.13 billion at a CAGR of 9.2%.

Top Gambling Markets:

While gambling has picked up in many countries, it has become more prevalent in a few nations than in others. Not-so-strict regulations in a few states may also be the reason why a few of these places are doing better than others.

Let us look at the major gambling markets in 2022 around the world.

1. US Online Casinos:

The US has been leading the global gambling market for a long time with Macau. This is due to Las vegas which has the highest number of casinos in the US. Till recently, as per information, there are 104 establishments, and the turnover is as high as $10,300 million. The Nevada State Gaming Control Board and the Nevada Gaming Commission regulate the casinos in Nevada.

Most states have banned online gambling here. A few may have legalized these casinos on tribal reserves, or they run them privately. On the other hand, state lotteries do exist here.

In fact, in 2013, Nevada, Delaware, and New Jersey became the first states where online gaming was regulated for the first time. Currently, Delaware and New Jersey run legal online casinos and poker sites. Nevada also operates online poker sites. Make a note that sports betting is restricted on the web everywhere.

Experts from CasinoUSA.com stated that the revenue from commercial gaming has been on a steady rise for a few years now, which is quite promising.

2. Macau Online Casinos:

Gambling is illegal in mainland China, but Macau is known as a gambling haven. Gambling has been legal here since the 1850s, and half of Macau’s revenue is generated from gambling alone.

China is a country that has many strict laws against gambling. For example, most online and live gambling is restricted here, but they do run state-run lotteries.

In fact, tourists from across the globe visit the casino mainly because wagering games have been introduced here from the west. Some games include Sic Bo, baccarat, blackjack, slot machines, and poker.

The Macau Gaming Inspection and Coordination Bureau regulates the casino industry. The casinos should also comply with the tax requirements.

Currently, there are about 38 casinos in Macau. A few major ones are Melco Crown and Sands, and Wynn.

But unfortunately, the gross gaming revenue (GGR) has seen a decline over the past few years due to the restriction on cash flow from China to Macau. This has led to several casinos struggling to exist.

This scenario can change if the Casinos seek a new direction in the mass entertainment market, which may help keep the revenues flowing. Otherwise, VIP players may just lose interest here and find new destinations like Singapore and Australia to gamble.

3. United Kingdom Casinos:

The UK is one of the original gambling market leaders, and all the credit goes to the UK Gambling Commission. This regulatory board was set up in 2005 after the government decided to open up laws for gambling. They are responsible for monitoring casinos and issuing online licenses to gambling sites.

After introducing the Gambling (Licensing and Advertising) Act in 2014, all offshore betting sites must pay a “Point of Consumption” tax if they are willing to cater to UK customers. This tax is paid to acquire a UK Gambling Commission License. Hence, we can safely say that the overall size of the UK casino market is significant, and it is undoubtedly an excellent gambling destination.

The citizens of the UK are allowed to gamble at land-based casinos and online via desktop and mobile. In fact, UK gambling has shown some impressive numbers in recent years. Remote betting has also seen steady growth in the UK.

The Bottom Line:

As we can clearly see from the statistics, the gaming industry is thriving. You could be a gambler or an operator, but you cannot deny that gambling has become one of the world’s most vibrant mass entertainment economics today.

 

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