The Global Growth of Online Casinos
Online gambling is a big business with huge earning potential in markets that do it right. Although the sums are already high, the online industry continues to grow year over year. The value of the global online gambling market is projected to increase. Here we go to assess the increasing growth of online casinos worldwide and take a look at the markets that are most likely to grow more.
The growing market for online casinos in the Netherlands
Until recently, online market gambling had a monopoly that the Dutch government very strictly controlled. With the new Remote Gaming Law introduced earlier this year, online players can now legally enjoy a broader range of games from a wider variety of providers. Forecasters predict this will see the market explode and revenue skyrocket, and the Dutch online gambling industry worth at least 1.1 billion euros by 2024. If you want to enter the market yourself, you can compare the different online casinos before playing to make sure you find the right Dutch casino for you.
Cryptocurrencies are driving Taiwan’s growth.
For obvious reasons, the regions that generate the most revenue from online gambling are where online gambling is legal. However, the tremendous popularity of cryptocurrencies and cryptocurrency casinos has started to change this fact. Taiwan is a prime example of this: Despite the country’s strict national online casino regulations, casinos that accept cryptocurrency as a means of payment are overgrowing in Taiwan.
There are crypto casinos geared explicitly towards the Taiwanese market, and with that market formally so neglected, the demand for access to these bold new casinos is unprecedented. The same trend is likely to be seen in other markets in the Asia Pacific, where online gambling is
restricted or very strictly controlled by the authorities in the region.
The Italian market maintains its tremendous position.
Italy is consistently the European country with one of the largest online gambling industries. In 2019, the GGR of the Italian online industry was valued at a whopping € 1.85 billion, and with the Italian government generating 22% of the revenue from all licensed online gambling operators in the country, it has had a significant impact on the country’s finances. Because of this, online gambling is promoted in Italy, and regulations are relatively lax compared to many other European countries.
Italy is home to the oldest land-based casino in the world. Many Italians would say that gambling is in their blood – this would certainly explain why online gambling is so prevalent in the region and why the revenue generated by the industry continues to increase year after year.
India’s growth remains significant.
As in Taiwan, land-based casinos are illegal in India. However, unlike the situation in Taiwan, online gambling is not prohibited in all states of India. Each state dictates its own rules for access to online gambling and, in many countries, both online gambling and sports betting are legal.
The increasing popularity of online gambling in India is also driven by accessible and affordable access to cell phones and internet connections. This means that more people than ever have access to the tools they need to enjoy online gambling, and this is also helping to meet the growing demand from the industry. Last year, more than 17 million people played online and spent around INR 20 billion in the region.