With the changing economic landscape, the gambling industry has been continuously adapting to these changes and providing customers with an ever-changing selection of options to wager on. Gambling has become a popular outlet for a variety of customer demographics, whether they are taking part in sports betting, playing classic table games like poker or roulette, or even investing in the foreign exchange market (forex). To better understand the current state of the gambling industry, let’s take a look at the 2022 gambling industry statistics concerning forex.
Gambling Industry Statistics 2022 Review
The global gambling sector is experiencing an unprecedented surge in growth. According to the statistics released by Zion Market Research, the size of the global gambling market is expected to reach $458.93 billion in 2022, representing a compound annual growth rate (CAGR) of 7.1%. This can be largely attributed to the increasing popularity of online gambling, particularly in new markets such as the United States.
Global Gambling Market: An Overview
From slot machines and table games to betting shops and sports betting, the global gambling market is estimated to reach a staggering $575.16 billion by 2027, at a compound annual growth rate (CAGR) of 7.1% over the forecast period (2022-2027). Online gambling, which accounts for the majority of the global gambling market, is expected to grow at an 11.7% rate, reaching a value of $163 billion in 2027.
The largest segment of the global gambling market is online gambling. According to Zion Market Research’s report titled ‘Global Online Gambling & Betting Market Size, Share, Analysis, Trends, and Forecast 2021-2027’, the market size of online gambling was estimated to be worth around $61.5 billion in 2021 and is forecasted to witness a CAGR of 11.03% between 2022 and 2027. The United States has the largest online gambling market (in terms of revenue) with a market size of $30.88 billion in 2021 and is expected to witness a CAGR of 11.90% through 2027.
The growth in the online gambling & betting market is attributed to the rising popularity of new gaming formats such as online sports betting, online poker, and other real-time online gambling games. The market is further expected to benefit from the increasing number of new applications and apps now available.
Gambling Industry Statistics in the US
The United States is the second largest global gambling market (behind only China), with revenues from both traditional and online gambling reaching a record of $54.93 billion in revenue during the first 11 months of 2022. Online gambling is the latest trends in the US market, with online casino and sports betting activities accounting for the majority of the market’s revenues. According to a report by Technavio, online gambling and betting revenue in the US will reach $14.51 billion by 2023, representing a compound annual growth rate (CAGR) of 36.0% over the forecast period (2018-2023).
When it comes to demographic statistics, online gambling surveys in the United Kingdom reveal that 17% of the UK population participates in online gambling, contributing to an estimated £5.3 billion in revenue. According to research conducted by the UK Gambling Commission, most British online gamblers are males aged between 25-34.
The Future of the Gambling Industry
As technology advances and Internet penetration increases, it is expected that online gambling & betting will continue to experience solid growth in the near future. Moreover, with new technological advancements such as virtual reality and cryptocurrency payments, the industry is expected to further expand its reach and gain further traction with new customers. Additionally, with government regulations becoming increasingly lax in many countries, the industry may experience an even bigger surge in the coming years.
All in all, the global gambling industry is experiencing significant growth, with the online gambling and betting market being the largest contributing sector. The gambling industry in the United States has seen a significant surge in the past year as well. Furthermore, as technological advancements continue, it is expected that the industry will only continue to grow, with an estimated value of $575.16 billion by 2027.