Global online gambling revenue is projected to grow by 56 percent to $133.6 billion by 2029, according to available data provided by the Statista Research Department.
The size of the global online gambling and betting industry totaled $85.62 billion in 2023. In March 2024, the market size of the global sports betting and lottery industry was valued at about $244 billion.
Online casino revenues in the U.S. market are experiencing a surge, with casino revenues increasing by 35.2% to $5 billion in recent years.
As of August 2024, a total of 38 states and Washington D.C. offer legalized sports betting.
The legalization of mobile betting has been the largest contributing factor for the U.S.’s sports betting revenue growth.
Global online gambling revenue is projected to produce an annual growth rate of 6.46%
Mobile gaming has made gambling more accessible to bettors. Thanks to smartphones and the rollout of 5G networks, players can place wagers wherever they reside.
For a further breakdown, the overall global sports betting industry constituted more than 200,000 employees and approximately 22,000 businesses.
In 2022, over 25 million Americans engaged in some form of sports betting in the U.S. Based on the analytics provided by Statista, this figure is expected to increase by 47 percent by 2025.
In 2023, the total revenue from sports betting in the U.S. amounted to $11.04 billion, an increase of approximately 46 percent from the previous year.
According to betting slips and total unique users, Boston-based DraftKings was the most popular sports betting website in the U.S. last year.
DraftKings, FanDuel continue to dominate the U.S. sports betting market
For the three months ended March 31, 2024, DraftKings reported revenue of $1,175 million. It was an increase of $405 million, or 53%, compared to $770 million during the same period in 2023.
DraftKings cited improved promotional reinvestment for sportsbook and iGaming and healthy customer engagement as reasons why the company met its financial goals.
Additionally, FanDuel owner Flutter Entertainment reported favorable growth from its North American operations despite a substantial increase in net losses.
Flutter Entertainment also owns Betfair, PokerStars, and Paddy Power. The global sports betting provider generated $11.7 billion in group revenue in FY2023, a 24.9% increase year-over-year.
Although Flutter reported positive results for FanDuel, the company posted a net loss of $1.2 billion in 2023, a 227.3% increase compared to the year prior.
Overall, Flutter’s U.S. businesses reported $4.4 billion in revenue in FY2023 compared to $3.1 billion for the fiscal year prior.
Statista factored in U.K.’s National Lottery
Moreover, the U.K.’s National Lottery contributed to Statista’s global online gambling revenue and other projections above.
The U.K.’s National Lottery is described as a form of gambling where participants purchase numbered tickets with the goal of matching those numbers with lots, which are drawn randomly at a later date.
Established in 1994, the National Lottery is a nationwide version of the activity that is regulated by the Gambling Commission of the United Kingdom.
Between April 2022 and March 2023, over £8 billion worth of National Lottery tickets were sold. Total figures were higher than the figure reported in the period immediately prior.
Meanwhile, more than £4.6 billion were available as prize money for potential winners of the National Lottery in the same period.
According to Minimum Deposit Casinos (MDC), $14.4 billion contributed in direct gaming taxes to the U.S. government in 2023. About $750 million was earmarked for conservation.
During the same period, gaming tax came to £3.4 billion in the U.K. Proceeds fund the National Health Service (NHS), public transport, and community projects.
The online gambling market alone is expected to generate $97.70 billion by the end of 2024. An annual growth rate of 6.46% is projected to raise the market volume to $133.6 billion by 2029.