Words by iGaming Media Limited
The iGaming industry has seen a lot of growth in the last few years and is still showing signs of increasing. According to research, the global iGaming market was worth $46 billion as of 2017 and is predicted to grow beyond $87.75 billion by 2024.
A closer evaluation of the industry shows possibilities for more revenue from online gambling, especially as many countries have embraced the market and are growing speedily. Many countries across Africa, South America and Asia have increased participation in the different sectors of the online gambling market.
No doubt many countries are contributing to this growth, but the market in some places – such as the ones mentioned below – is growing fast.
India’s online gambling market is one of the fastest-growing iGaming markets in the world. As of 2019, it was worth 62 billion Indian Rupees ($830 million). This worth is expected to quadruple within the next ten years.
The country has interests in so many aspects of iGaming including online casinos, sports betting, esports, and so on. However, the online casino sector has become a force to reckon with. Online casinos in India have been driving the biggest revenue and the largest number of players.
We asked Nikhil, the writer of casino site onlinecasinoguide.in, to share his thoughts concerning the growth of the sector in India.
“We recently launched in India, just a little more than a year ago,” He started. “We have seen tremendous growth and a continuous increase is the amount of daily traffic.”
When asked about the participation of players on the casino site, he responded: “Indians love gambling, especially Indian card games such as Teen Patti. To respond to this, we recently launched teenpattibaba.in, a site that provides information about playing Teen Patti online.”
Nikhil also said: “Online casinos are new to Indians, so we really have to explain everything in detail. We have to explain how to deposit, how to withdraw, the regulations, etc.”
Like many other countries in the world, India has no clear regulations concerning online gambling. While physical casinos and sports betting are prohibited largely across India, online gambling can be done without being tagged illegal.
Brazil is one of the most populous countries in the world. For this reason, the gambling market seems to be very lucrative for casino operators. Unfortunately, Brazilians cannot gamble within the borders as the country is yet to legalise gambling. Betting on games of skill is allowed, but games of chance are prohibited.
However, the law in Brazil does not cover online gambling. Thus, players can gamble freely online since no law restricts them. Since casinos are not allowed within the countries borders, online casinos outside of Brazil have taken the opportunity to spread their services to players in Brazil. The iGaming market in Brazil currently generates about $5 billion yearly.
Colombia iGaming market happens to be the first jurisdiction in Latin America to organize a regulated online gambling environment. The eGaming Act was signed in 2016 and since then, the market has continued to boom in the country.
In 2018, the country experienced over 1.7 million new registered online gamers. A large number of these gamers play more of online casino games and bingos. As of June 2019, online bingos and casino games in Colombia contributed about COP186.3m to the country’s gaming industry.
The iGaming Market in Nigeria, African most populous country, is also one of the top emerging markets. Sports betting is the major online gambling sector in the country and Africa, you will find several bookmakers available for punters. Nigeria also has many gambling halls within the borders where sports betting mainly takes place.
Roughly 60 million Nigerians between the ages of 18 to 40 are involved in sports betting. According to reports, over $4.6 million is spent by Nigerians on sports betting daily. The gambling market in the country is currently worth $2 billion and is expected to continue growing rapidly.