24 Jan, 2023
Gambling is one of the largest industries in the world. According to a recent report from Insider Monkey , the global casino and online gambling industry has reached a total market value of $231 billion in 2021. The volume of online gambling alone is expected to exceed $114 billion by the end of this decade, at a compound annual growth rate of approximately 11% over the forecast period to 2028.
Famous and largest gambling hubs are located in countries such as the United States of America, Great Britain and China. However, one of the countries of the CIS region, Eastern Europe, also entered the top 15 largest gambling countries in the world.
Russia , with a total gross gaming revenue of $4 billion, is ranked 14th in the Insider Monkey rankings . Online gambling is banned in the country, but the land-based gambling market has flourished since 1987. Famous land-based gambling establishments are located in certain regions where the government has allowed gambling.
However, it is predicted that in the near future the country's performance may fall due to the ongoing war in Ukraine, which is causing a serious economic blow to Russia.
In addition to Russia, the list includes leading countries in Europe and Asia, such as the Netherlands, Spain, France, Germany, Singapore, South Korea and the Philippines .
Canada also tops the list with a total gross gaming revenue of $14 billion. One of the reasons for the prosperity of gambling in this country is a stable economy. The country is the home of gambling and betting. Studies show that 75% of Canadian adults have gambled at least once.
Australia is another important country with a total gross gaming revenue of $18 billion. The country is one of the fastest growing economies in the world. A stable economic situation allows citizens to explore various types of entertainment and recreation, as well as spend money on them. It is noteworthy that slots and poker are the most popular among Australians. Not only gambling, but also betting make a great contribution to the country's economy.
The top five included the United Kingdom , where after the pandemic there has been a boom in gambling. In 2022, the industry has achieved strong performance not only through gambling, but also through online gambling, betting and gaming. The total gross gaming revenue in the UK was $19 billion.
Italy has a rich gambling history, with many casino game inventors hailing from this country. The total gross gaming revenue here is $20 billion. Japan is in third place with $50 billion.
The online gambling market size in China reached $9.2 billion in 2021 and is expected to reach $14.7 billion by 2027. Although China is one of the top five gambling markets, gambling is prohibited by the government and is considered illegal. The total gross gaming revenue in the country was $70 billion.
The USA is the leading country in the world with the highest annual gross income. Last year it amounted to $119 billion. The US Supreme Court recently legalized sports betting in 50 states. Betting is a favorite pastime of Americans, and the world's largest casinos are also located in the USA, in particular, in Las Vegas, which is the world's gambling hub.