By the end of 2024, the global iGaming sector will be valued at US$107.30 billion. By 2028, the market volume will be 138.10 billion US dollars, which corresponds to an annual growth rate of 6.51% (CAGR 2024-2028), and estimated online players will reach 243.2 million. Market penetration, also known as the percentage of the population betting online, is expected to reach 2.5% in 2024 and increase to 3.0% by 2028.
“The growth of the industry is driven by advancements in digital technologies and the widespread availability of devices with internet access. The segment is projected to experience significant growth. In 2022, the number of Internet users exceeded 5 billion, offering a vast audience potential access to iGaming services. This ease of access and broad reach fuels the expansion of the industry,” notes BetB2B, a provider of the betting and gambling platform.
Regional features
Let's look at expected profits for 2027 by region.
● North America - For 2027, revenue is forecasted to be $39.78 billion, with CAGR of 12.7%. profits totaling $9.95 billion position it as the market leader.
● Asia – $14.23 billion expected by 2027 reflecting an annual growth rate of 7.95%. As of 2022, this market was the largest in online gambling.
● South America - Revenue projections for 2027 stand at $7.38 billion, following a market profit of $4.25 billion in 2023.
● Africa - Revenue is set to rise to $292.90 billion by 2027, with an expected annual growth rate of 9.40%.
● Europe - Anticipated revenue for 2027 is $53.58 billion. The European market demonstrates the most rapid growth compared to other regions.
The Asia-Pacific market share is 30% of revenue. The industry benefits from the high proportion of the younger population interested in sports, driving significant development of the betting market. In addition, China and India exhibit a strong cultural inclination towards gambling, which boosts market growth, and promises market growth in this region.
In 2022, the European market share was 22.6%. The region's average annual growth rate is expected to reach 11%.
With total market growth projected to be $102.97 billion by 2025, and with revenue topping $63.53 billion last year, it's easy to see why the iGaming sector is booming. There is no doubt that the iGaming sector is a huge money maker and investing in it has never been more profitable.
In the iGaming landscape, investments in betting projects hold significant promise. The rationale is straightforward: if the casino industry, with its established stability, is less susceptible to unforeseen disruptions, then investing in online betting could lead to substantial gains in players and revenue. This is especially true given the rapid expansion of emerging sectors like Esports.
Business projects in this industry may be tempting and lucrative for new investment portfolios. However, the likelihood of success is minimal without collaboration with software developers specializing in iGaming.
It's crucial to find the right platform and a partner with whom you can build your own empire. This initial decision will determine whether your business thrives or falters.
BetB2B: Which betting platform to choose in 2024? What to pay attention to
Entrepreneurs who are planning to open a betting business are getting more intrigued in all the intricacies of the process. “Among other things that are needed for opening the business, it is important to put an emphasis on choosing the suitable platform, which will play a key role in launching a sports betting site,” notes the BetB2B analyst.
Among the large number of offers from software providers, not an easy task to choose the right option from the get-go. In order to simplify this process, we recommend using a guide to help companies make the right choice.
Quality isn't solely defined by the betting software and its features. It's vital to assess the supplier's industry knowledge, the availability of required licenses, and the potential for additional software expenses.
Sportsbook
The greater the variety of betting options offered by a platform, the stronger the betting site. This is because you attract a wider range of players who bet on major events and lesser-known leagues, sports, teams, etc. The portfolio should include options for the most popular events and sports, as well as those that are relevant in a particular region. Taking into account the fact that sports betting is constantly evolving, it is necessary to monitor the trends and preferences of the target audience.
In addition to betting on more traditional sports, the betting platform provider should offer:
● Esports betting is a developing and fast-growing industry that is becoming increasingly popular and reaching a larger audience. The most popular disciplines for betting today are League of Legends, Dota 2, Overwatch, and Counter-Strike. To attract a young audience, eSports betting is an important component of a betting site.
● Betting on virtual sports. Visually, everything is similar to real tournaments and competitions. However, the gameplay is a product of the RNG (Random Number Generator). Betting on virtual races, football, basketball, tennis matches or horse racing is no different in its mechanics from regular sports betting.
● Fantasy sports betting. It is a type of online game where participants create imaginary teams made up of real professional athletes from various sports leagues. These teams compete based on the statistical performance of the real players in actual games. Participants earn points based on how well their selected players perform in real-life games, and the team with the most points wins. It's a way for fans to engage with sports in a competitive and interactive manner while using their knowledge to strategize and compete against others.
● Non-sports events— bets that are not related to sports are also popular among players. Many interesting events are happening in the world, which are monitored by millions, thus making predictions and placing bets on them about them is very exciting. These can be political, social events, weather, and many other events, sky's the limit.
Exciting and unique bets on the platform are an excellent way for an upcoming bookmaker to make a name for itself and boost its reputation. “Non-standard approaches to betting will provide a differentiated approach to audience engagement, which allows companies to expand their business,” says the BetB2B expert.
For example, BetB2B betting offer consists of:
● Bets on more than 182 sports.
● Popular sports, championships, and team games are collected in one place for betting before the start of the event (pre-match).
● Live broadcasts of matches and graphical reports using the unique BetB2B Zone technology in real-time.
● “Match of the Day” - highlighting the day's main events with a wide selection of odds.
● “Players tools” - selection of matches and possible results with favorable odds.
● Over 3,000 events and upcoming games.
● Support for statistics and match analytics.
● Wide selection of betting odds.
● Optimised for any device thus granting the ability to place a bet for any player.
Moreover, such a solution can be integrated into an existing betting site and significantly expand business opportunities.
The company can also consider a more comprehensive solution for projects that are just getting ready to launch. Turnkey solution BetB2B offers:
● Wide variety of payment solutions, ranging from crypto to card payments. (more than 250 secure methods for accepting payments from the client)
● Technical support
● Sportsbook
● Live casino
● Slots
● Virtual sports
● Access to thousands of games from over 100 providers
● Back office
● CMS
● CRM
● Affiliate and agent programs
Of course, betting companies can take the path of developing a custom platform and custom software solutions. However, it must be taken into account that such a project will require substantially larger investment and may encounter more crucial errors that have been already solved by platform providers.
Solutions from betting platform providers eliminate those potential errors as due to experience and competence this results in software that is much more optimized and efficient
This can be especially noticeable when dealing with different regions. The company that is planning to develop a custom platform will have to research the local preferences and features that are must have in order to operate this particular region successfully. And at the moment when scaling to other regions is required, it will be necessary to develop new solutions and as well as to have a relevant infrastructure to implement these changes.
Modern betting platforms already contain local add-ons, they provide various solutions for content, features, and bids.
Each region has its preferences. For example, in the USA people are more fond of basketball, while in India they favor cricket. Odds formats should also be taken into account. Bookmakers in Ireland and Britain often offer fractional odds, whereas decimals are used in: Europe, Canada, New Zealand, and Australia. Local payment methods, languages, and other details that are difficult to implement in a custom platform should also be taken into account when making a decision.
Brought to you by Glen Martin