New projections reveal that India is set to emerge as a major player in the global online gambling market, with an estimated revenue of $2.90 billion in 2024.
Utilizing data from Statista, the Japanese Online Casino Guide conducted an analysis of the anticipated online gambling revenues for 61 countries in 2024. These countries were then ranked based on their projected earnings, highlighting India’s significant presence in the industry.
Global Leaders in Online Gambling
The United States is forecasted to top the global chart with a staggering $23.03 billion in revenue from online gambling in 2024. This represents a 20.3% increase from 2023, making it the second-highest year-over-year growth rate globally, just behind Brazil. In comparison, the worldwide average growth rate is 12.9%, showcasing the US market’s accelerated expansion.
Following the US, the United Kingdom is expected to secure the second spot with $13.78 billion in revenue. Despite a relatively modest annual growth rate of 7.4% for 2024, the UK maintains a strong market presence, with 27.9% of its population engaging in online gambling.
Australia ranks third, with projected revenues of $10.14 billion in 2024. The country has the third-highest participation rate, with 21.1% of the population involved in online gambling. Australia’s market is expected to grow by 10.5% in 2024 and continue expanding at a rate of 5.12% annually until 2028.
Japan and Germany: Significant Players
Japan is anticipated to generate $6.19 billion in online gambling revenue in 2024, marking a 12.7% increase from the previous year. Despite this growth rate being slightly below the global average, Japan remains a key market with 7.9% of its population projected to gamble online by 2024.
Germany follows closely, with an estimated revenue of $5.65 billion in 2024. Approximately 10.4% of the German population is expected to engage in online gambling, making it a significant market in Europe.
Canada, France, and Italy: Consistent Growth
Canada, ranking sixth, is projected to earn $4.19 billion from online gambling in 2024. Interestingly, Canada boasts the highest participation rate, with 48.6% of its population expected to gamble online.
France is expected to generate $4.12 billion in revenue, securing the seventh position. With a steady growth rate of 4.7% from 2024 to 2028, France maintains a stable market presence.
Italy, in eighth place, is projected to bring in $3.21 billion from online gambling in 2024. Despite a 10.1% growth rate, Italy’s market expansion is on the lower end compared to other top-ranking countries.
India: A Market with Immense Potential
India is set to earn $2.90 billion from online gambling in 2024, ranking ninth globally. Despite this impressive revenue, India has one of the lowest participation rates, with only 0.7% of its population expected to engage in online gambling. This indicates a massive untapped potential, suggesting significant growth opportunities if the market can attract more users.
Spain: Growing Steadily
Spain concludes the top ten with a projected revenue of $1.97 billion from online gambling in 2024. The Spanish market is expected to grow by 11% by the end of 2024 and continue expanding at a rate of 5.28% annually until 2028.
Conclusion
As global online gambling markets continue to expand, India’s projected revenue highlights its potential to become a dominant player in the industry. While the participation rate remains low, the significant revenue figures underscore the market’s potential for growth and development. With strategic initiatives and targeted engagement, India could further solidify its position in the global online gambling arena.