Few gambling experts could have foreseen the coronavirus pandemic at the end of 2019, which devastated every sector of the gambling industry down to its roots. It seemed to most land-based casinos that they were not destined to live in the new reality in the spring, the year of the yellow rat according to the Chinese calendar. Businesses were on the verge of collapse after strict restrictions were imposed. Many assumed there would be a disaster. Nevertheless, gambling has a future. Moreover, a trend that started more than five years ago and has gained strength in 2019 and continues to grow in the post-pandemic world, strange as it may seem. We’re talking about online casinos.
We have to go back a year to understand the expanding interest and revenue growth of online gambling. In 2019, the gaming world has moved completely online, and operators interested in growing online gambling have really missed out. We begin our dive …
Virtual Casino in 2019 Let’s first look at the overall trend of online casino revenue growth from 2014 to 2024. Three charts are of interest to us: market GGR information, market breakdown by region, and ranking of the top operators by revenue.
The parameter known as GGR is used to determine the industry’s profitability. The calculation uses the formula GGR = A-B, where the first value represents the total amount of bets and the second value represents the total amount of winnings.
This indicator determines the leaders among online casino operators and developers and determines the dynamics of growth and decline of the gambling industry.
In 2019, the turnover of virtual casinos and slots was $5.3 billion. According to forecasts, by 2020 it will amount to $5.7 billion, and by 2024 it will rise to $7.2 billion.
Online gaming in 2019
North America ranks first in online gambling revenue (71%), with Oceania (New Zealand, New Guinea, Fiji, Australia, Polynesia and others) taking less than 1/3. Europe and Asia are far behind in 2019. The GGR of both is less than 5%.
According to the regional breakdown, the countries that lead in online gambling revenue are shown.
However, the growth in online casino revenue, and all online gambling, has been somewhat unexpected in 2019. Asia was slightly behind with 9%, while Africa led the way with 14%. Europe and Oceania showed just 2% growth