This iGaming report 2024 equips you to navigate the evolving landscape of iGaming industry, exploring key trends in regulations, technology, and marketing strategies.

CEO’s Message

“In the year 2023 alone, 26% of the world’s population tried their hands on various forms of betting, signaling toward the rising popularity of iGaming across the globe. While the gambling industry generated $66.5 billion in the US alone, many new markets are opening their gates to iGaming with new and relaxed regulations. This surge in popularity is attributed to several factors, including the increasing penetration of smartphones and high-speed internet, along with a growing acceptance of online gambling activities. However, there’s also rising concerns around gambling addiction and the potential negative social impacts of increased accessibility. With technology we can not only increase player engagement and experience, but also nip the addiction problem in the bud with the help of predictive analytics and AI. We’re excited to see how technology leaders can work towards bringing sustainability and growth to this industry”

Introduction to iGaming Report 2024

As we set foot into 2024, gambling industry not only continues booming but has also become saturated with thousands of players vying for market share. To stay afloat, gambling operators and brands must be laser-focused and far-sighted by keeping up with the trends in the iGaming market and align their business objectives and strategies accordingly.

This report is crafted with a unique focus on gambling brands and operators, diving deep into the key trends shaping the gambling industry in 2024. This in-depth report delves into the regulatory landscapes around the world, helping brands looking for entering new markets.

Alongside, the iGaming report 2024 also explores key trends shaping the gambling industry this financial year, serving as a blueprint for brands and operators to craft their 2024 strategy.

Key Highlights

• Regulatory environments of Asia, Europe, Australia, North America, MENA and the LATAM region.
  Technological advancements driving the evolution of gambling industry in 2024.
  Marketing trends helping brands and operators stay ahead of their competitors and make the most of their marketing budget.
  iGaming Report 2024 – Exploring the Global iGaming Landscape: A Regional Breakdown (2024)

The iGaming industry as a whole is growing at a meteoric speed across the globe. But there are some regions that are the frontrunners of this upward trend, marked by a confluence of factors, including well-established regulations, a tech-savvy population, and a thriving online gambling culture. This section delves into the region-wise development of the iGaming industry along with their regulatory landscape, key players, emerging trends and challenges. This breakdown will help brands and operators make informed decisions while curating/optimizing their iGaming business expansion into these geographies.

Latin America

Latin American Countries Where Gambling is Legal

• Colombia
• Argentina
• Brazil
• Mexico
• Paraguay
• Peru
• Costa Rica
• Panama

Navigating the Maze: A Look at Local Gambling Regulations

Argentina 

• In Latin America’s 4th largest country, gambling is regulated on a provincial basis.
• iGaming operators are allowed to offer their gambling services to the residents of their province.
• iGaming advertisers are not allowed to advertise gambling products to minors and use deceitful information.
• Only authorized operators are allowed to advertise in Argentina.

Colombia 

• The gambling industry in Colombia is regulated under LAw 643 of Colombian Gambling Act 2001.
• In 2016, the country made gambling, online casinos, and sports betting legal.
• Starting January 2024, Colombia established Coljuegos as the country’s central gambling advertising regulator, overseeing the advertising activities of the Colombian gambling operators.

Brazil

• In December 2023, the Brazilian government implemented gambling regulations for sports betting, online gambling, and online casinos.
• ‘Games of chance’ are still prohibited in Brazil.
• Poker, fantasy betting, and social gaming is legal but unregulated in Brazil.

Mexico

• In Mexico, land-based businesses are allowed to provide online gambling services.
• ‘Games of chance’ are prohibited in Mexico.
• Gambling and Raffles Bureau regulates Poker, Bingo, Betting, and Casino in Mexico.
• Only Mexican commercial companies can be licensed to operate online gaming.
• Online Mexican currency MXN is allowed in betting.

Paraguay 

• Most gambling formats are allowed in Paraguay.
• National Commission of Games of Chance (Comisión Nacional de Juegos de Azar, CONAJZAR)  is the authority responsible for giving gambling licenses.

Peru 

• Peru only allows slot machines and table games.
• Races, sports betting, and lottery games are still prohibited in the country.
• The Ministry of Foreign Trade and Tourism (Ministerio de Comercio Exterior y Turismo, MINCETUR) regulates the gambling operations in the country.
• Only licensed operators are allowed to run gambling services.
• Licenses are only provided for live casino games, sports betting, and related services.

Costa Rica

• Costa Rica has been a promoter of internet casinos.
• The country currently houses 400 gambling companies.
• Online casinos in Costa Rica are still in the gray area.
• There’s no official body overseeing or issuing licenses for online gambling companies.
• The gambling laws primarily focus on regulating physical casinos within hotels.

Panama

• Panama is the first choice for foreign iGaming investors because of the country’s cheap taxes and licensing cost.
• Online casinos can obtain a license in the country and offer their services to people from other countries as well.
• The Panama Gaming Control Board (Junta de Control de Juegos, JCJ) is the body responsible for issuing gambling licenses.
• According to the latest reforms in gambling regulations in Panama, licensed operators can offer their services to offshore markets as well as domestic market with a ‘.pa’ domain.

Asia

Asian Countries Where Gambling is Legal

• Philippines
• South Korea
• India
• Japan
• Singapore
• Macau

Navigating the Maze: A Look at Local Gambling Regulations

Philippines 

• iGaming companies in the Philippines who intend to target international customers can obtain a Philippine Offshore Gaming Operator (POGO) License, but they cannot target filipinos.
• Online casinos licenses are issued to the online entities of land-based casinos only.
• Online gambling advertisers cannot target Filipino residents.
• In March 2024, PAGCOR reduced online gaming operator fees to 35% to attract more international iGaming businesses to the country.
• Pasig City has completely banned POGO operations in their jurisdiction.

South Korea 

• Online gambling is prohibited for South Korean residents.
• Only state-run lottery operators are allowed to operate in the country.
• South Korean residents cannot access foreign online gambling websites.
• Efforts are underway to legalize and regulate online gambling in the country.
• Kangwon Land Casino is the only place where South Koreans can gamble.

India

• No federal laws prohibit online gambling in India.
• There is no central legislation to regulate gambling in the country, but some state governments have regulated or even banned gambling in their jurisdictions.
• Skill-based gambling like Poker, Rummy, Fantasy Sports is regulated and legalized in some states.
• Gambling is only allowed in Sikkim, Goa, and Daman.
• Only 5 star hotels are allowed to run casinos.

Japan

• Land-based casinos are pretty much legal and regulated in Japan, but online gambling is still in a limbo.
• The Integrated Resorts (IR) Development Act of 2016 legalized the construction and operation of online casinos in certain areas.
• There is no set process for issuing licenses in Japan, but the efforts are underway.
• Online gambling remains completely prohibited in Japan.
• Lottery tickets issued by municipal corporations and races are legal in Japan.
• Japan plans to establish in-resort casinos in cities likely to be Osaka, Tokyo and Yokohama.
• The authorities are planning to cap Japanese people’s visits to online casinos by 10 times a month.

Singapore

• Gambling is only allowed for licensed or exempted operators in Singapore.
• Though the government discourages gambling, it allows it in a specific and regulated environment.
• The Gambling Regulatory Authority (GRA) controls and regulates the gambling industry in the country.
• The country currently has two official casinos – Resorts World Sentosa and Marina Bay Islands.

Macau

• Macau is known as the gambling capital of the world.
• The country extensively invests in gambling at theme parks and recreation centers.
• In Hong Kong, four formats of gambling are legal – Mahjong, Lottery, Betting on races, and Betting on football.
• The Hong Kong Jockey Club holds the monopoly on both types of sports betting.
• In Hong Kong, there are 6 legal establishments for gambling.
• For the thriving iGaming scenario in Macau, it is also known as the Las Vegas of Asia.

Vietnam

• The Vietnamese government is considering legalization of gambling in the country.
• Slot machines in Vietnam are only open for foreigners.

Malaysia 

• In Malaysia, casinos are open only for foreigners.
• Resorts World Genting is one of the most well-known casinos in Malaysia.
  Australia

Industry Size

$12.82 Billion .

Market Volume by 2029 (Statista)

CAGR

4.80%

What’s New

Sports betting is getting most popular among the Australian gambling market. Mobile gambling is also on rise in the country due to widespread penetration of smartphones among the population.

Emerging Market

Australia is coming up as an emerging market for the global gambling industry owing to its strong economy. With high disposable income, Australians are looking at gambling as an entertainment and leisure activity.

Navigating the Maze: A Look at Local Gambling Regulations

• The Interactive Gambling Act 2001 is the foundation responsible for regulating gambling in Australia.
• Online casino games, online poker, and in-play sports betting is prohibited in Australia.
• The Australian Communications and Media Authority (ACMA) enforces IGA and monitors gambling activities in Australia.
• Victoria is looking towards stricter gambling measures in 2024.

North America

Industry Size

$44.82 Billion

Market Volume by 2029 (Statista)

CAGR

11.78%

What’s New

North America is swiftly moving towards mobile gambling due to the rise of smartphone penetration. This trend has led to the flourishing of the mobile gambling industry as well as integration of mobile payment options on gambling platforms and apps.

Emerging Market

The United States is leading the iGaming race not only in North America but globally with expected revenue of $23,000 million in 2024 alone. The rapid growth is accelerated by a growing number of states legalizing and regulating the iGaming industry.

North American Countries Where Gambling is Legal

• Canada
• Mexico
• United States

Navigating the Maze: A Look at Local Gambling Regulations

Canada

• Canadian provinces are legalized to order gambling products like casinos, lotteries, sports betting only via licensed operators.
• The federal government is responsible for legalizing some forms of horse racing.
• Each province and territory has their own gambling regulations.

Mexico

• Some forms of gambling are legal and regulated in Mexico.
• Casino, sports betting and lotteries are allowed only under specific licenses.
• The Federal Games and Sweepstakes Act of 1947 is the main body for regulating gambling in the country.
• A new gambling law is currently under process by the Mexican Gaming Control Board.
• Mexican citizens can indulge in gambling with international operators.

United States

• Most US states have legalized online horse race betting for several years now.
• Individual states are now legalizing other forms of online betting including casino, poker, fantasy sports, and betting.
• Only bookmakers licensed in Nevada, Pennsylvania, Delaware, and New Jersey are legally allowed to operate online betting in the United States.
• Louisiana has legalized casino-style gambling in the state.
• There’s no federal law prohibiting online gambling in the country.
• Most US states have state-run lotteries.

Middle East

Industry Size

$30.25 Billion

Market Size by 2030 (6W Research)

CAGR

8.19%

What’s New

The United Arab Emirates is planning to open a luxury gaming resort in Ras Al Khaimah by 2027 with primary focus on some forms of gambling.

Emerging Market

UAE is the hotspot for gaming and gambling in the Middle East.

Middle Eastern Countries Where Gambling is Legal/Partially Legal

• Lebanon
• Morocco
• UAE

Navigating the Maze: A Look at Local Gambling Regulations

Lebanon 

• Lebanon has the largest casino in the Arab world known as Casino du Liban.
• Gambling is legally prohibited for Lebanese citizens. Only foreign tourists and HNWI with special memberships can engage in gambling activities.

Morocco

• Morocco is more relaxed towards gambling than other MENA countries.
• The country allows casinos and certain gambling activities for both Moroccons and tourists.

UAE 

• Although gambling is currently illegal in the UAE, a new state body’s set up with the task of drafting gambling regulations in the country.
• New gambling reforms and regulations are expected to take place by the end of 2024.

Europe

European Countries Where Gambling is Legal

• Austria
• Belgium
• Bulgaria
• Croatia
• Cyprus
• Czech Republic
• Denmark
• Estonia
• Finland
• France
• Germany
• Greece
• Hungary
• Ireland
• Italy
• Latvia
• Lithuania
• Luxembourg
• Malta
• Moldova
• Monaco
• Montenegro
• Netherlands
• North Macedonia
• Poland
• Portugal
• Romania
• United Kingdom (Not an EU country)

Economic Impact of iGaming: Leaving Footprints On A Global Scale

The economic impacts of iGaming industry on the global economy, employment and revenue generation is a mixed bag of goods and bads. From employment generation to contribution in GDP, iGaming industry has been leaving a significant impact on the global economic landscape for quite some time. Let’s explore them one by one.

Employment Generation

The iGaming industry’s increasing popularity is leading to establishment of multiple gambling setups, casinos, poker clubs, among others. This rapid expansion is opening up new employment opportunities not just for casino bosses, dealers, waiters, cleaners, croupiers, and security, but also in the field of technology as the industry is being accelerated by recent developments on the tech turf.

Here’s how the iGaming industry is adding jobs to the local economy every year:

Traditional Casino Roles

• Operational Jobs: These kinds of jobs include the roles of managers, dealers, croupiers, security personnel, entertainment staff, waitresses, and housekeeping. According to a study by Oxford Economics, legal sports betting in the US has the potential to support over 200K jobs across different gambling industries including sportsbook, casinos, media, technology, and hospitality.
• Marketing & Promotion: Every physical or online gambling setup requires the word to be sent out and that is dealt by marketing professionals. The booming iGaming industry also opens up doors of employment for marketing professionals for branding, event planning, performance marketing, customer service, etc.

Technology-Related Roles

• Game Developers: Since online gambling is picking up pace in just about everywhere, game developers are finding opportunities to get employed with iGaming operators and brands. Aside from this, game designers, artists, UI/UX designers are also in high demand to create engaging gambling experiences for players.
• Data Analysts & Security Experts: With the large number of gambling establishments both online and offline, there’s a huge need for experts to crunch data to understand player behavior and security experts to safeguard every player’s safety and privacy.

Affiliate Marketing, Advertising & Finance

• Affiliate Networks & Managers: iGaming brands and operators looking to expand their customer base are already investing heavily in affiliate marketing. This leads to an uptick in the need to employ affiliate managers and networks to oversee their affiliate programs.
• Performance Marketers: Aside from affiliate marketing, performance marketing is another effective way to spread the word about an iGaming brand. Hence, many iGaming big players are investing in performance marketing and even hiring in-house performance marketers to make it big in the industry.
• Payment Processing & Customer Support: Since gambling involves real money, financial experts are the indispensable cogs in the machinery. Smooth and safe financial transactions will be key differentiating points for every iGaming brand, drawing customers to their institution. Hence, the industry will be in a perpetual need to have financial experts and customer support professionals to earn the loyalty of gamblers.

Income Generation

Consumer spending in casinos and betting platforms generate income for the local economy. Also, local governments generate revenue in the form of tax levied from gambling platforms. These gambling platforms and casinos also boost the local economy by paving the way for the tourism sector including hospitality, entertainment, retail, and F&B. In many countries, revenue generated from gambling activities are earmarked for specific purposes including healthcare and education to create a positive impact. According to the study by Oxford Economics, legal sports betting could generate $11 billion in total labor income and $8.4 billion in taxes at local and federal levels in the US.

Tourism

Casinos and betting platforms have always drawn attention from local as well as international tourists to a region. People like to travel to experience unique experiences offered by online casino platforms resulting in an influx of tourist activities including hospitality, dining, and recreational activities. Casinos translate to significant boost in ancillary services such as hotels, resorts, where there is increased demand from visitors to experience gambling

Technological Advancements Leading The iGaming Industry

There are no two ways about it: technology is paving the way for the iGaming industry, unlocking new markets and increasing acceptance among society. While the iGaming industry has been going through technological overhaul since the past few years, 2023 and a part of 2024 has played a pivotal role in bringing in the new era of gambling and casinos. Here are a few notable technological developments of 2023 and 2024 so far.

AR & VR Bringing More Player Engagement to Gambling

Player engagement, one of the most important KPI for iGaming operators, is being significantly boosted by the introduction of Virtual Reality and Augmented Reality in casinos and gambling setups. VR helps players enjoy the complete experience of a physical casino while being at the comfort of their homes, while AR will help casino and gambling setups to draw more players to the game by immersing digital elements into the real world. VR has also brought the community together despite geographical boundaries. With the help of VR, gaming operators are able to host virtual poker nights with people online or cheering each other on at a VR blackjack table.

Blockchain for iGaming/Gambling Transactions

Blockchain technology is one of the most tried and tested way to improve transparency and trust in any industry. Online casinos are also embracing cryptocurrency as a secure and transparent way to log a transaction. This rules out possibilities of fraudulent activities and offers a fair means of trade for both players and operators.

One such example is ‘provably fair games’, which are powered by blockchain technology. These types of games, being increasingly popular in 2024, use the blockchain technology to let players verify how random the outcomes of bets are. This increases their trust on operators, increasing their engagement with the platform.

Players Prefer to Gamble on Mobile Devices

GenZ And millennials are the driving force of the economy, be it for any industry – automobile, eCommerce, retail, or even Gambling. And there’s no doubt about it that this generation likes to hang out on their smartphones only. Hence, there has been a spike in adoption of mobile apps for gambling, betting and online casinos, as opposed to the web-based platforms. According to eMarketer, 68% of all online gambling transactions in the US take place on mobile apps, cementing mobile as the unparalleled winner in the gambling technology.

AI for Personalization & Responsible Gambling

Interestingly, AI draws gambling lovers to the platforms as well as deter addiction. How? Let’s explore. Artificial intelligence is increasingly being used to understand player behavior and preference to target them with specific promotions and offers by operators. Similarly, their gambling patterns are being used by AI models to detect problem gamblers and deter addiction even before it starts.

Sudden spikes in deposit frequency and amount, increase in bet sizes, longer time and duration, etc. are some parameters that AI models use to flag problematic gambling behavior among players. By using this data, operators can send triggering pop-up messages to players, and even prompt mobile app developers to limit such players’ time on these apps.

Not Just Luck, Skills Will Win Bets in 2024

Chance-based betting is very popular among gamblers. However, there’s a shift in trend in 2024 towards more skill-based games like video games tournaments, eSports, fantasy sports among others. One of the tell-tale signs of this trend is the sudden rise of eSports across the globe. Its competitive video game tournaments have garnered a massive global audience.

Live Dealer Games for More Gambling Excitement

Live dealer games are a bridge between traditional and modern casinos, where real dealers are streamed real-time dealing cards or spinning roulette games. With the live dealer setup, players are able to experience the anticipation of a live deal while being in the comfort of their home. This trend has increased engagement by bringing those players on board who want to enjoy live dealer games but with the convenience of online gambling.

Fraud Detection & Analytics

The iGaming industry involves big numbers and huge amounts of cash flowing between stakeholders. As we know, where there is money, there’s fraud. To nip such problems in the bud, most iGaming brands and operators tend to invest in high-quality anti-fraud tool to detect fraud traffic and block sources that are notorious for feigning real numbers.

Trackier’s anti-fraud tool, that comes complimentary with its iGaming platform, is vastly used in the iGaming industry and has helped over 100+ clients save their valuable time and ad budget from conversion impersonators.

Not only this, with the help of our database of blacklisted IPs, our anti-fraud tool is able to deter frauds from such addresses, ruling out the need for manual intervention from campaign managers.

Taking Gambling to the Next Level: iGaming Marketing Trends in 2024

As gambling industry is thriving, so are iGaming businesses. With the rising businesses, there’s a fierce competition among operators to get consumer attention and the need to get into their wallets. That’s where marketing comes into play. As the iGaming industry is becoming more and more competitive, iGaming marketing experts and agencies are coming with novel approaches to get in front of their target customers, some of these approaches are:

AI for Personalization and Data Analytics

iGaming marketers and operators are investing heavily in artificial intelligence technology to reduce manual processes in marketing, improve audience segmentation, improve understanding into consumer behavior and understand audience data better. Therefore, numerous MarTech stacks based on AI and machine learning have flourished in every nook and corner of the globe to help iGaming businesses get more out of their target audience’s pockets.

AI is also being used to segment audiences based on their demographic, player behavior, preferences, and usage patterns to create cohorts and target each cohort to their liking.

Making Big Bets With Affiliate Marketing

With budgets shrinking and marketers racing to get the maximum ROI, affiliate marketing has come up as a reliable channel to generate more revenue. Traditional marketing channels are getting saturated and are cost intensive, therefore, there has been a shift among advertisers to put their bets on affiliate marketing – which as opposed to traditional marketing involves a cost per action model.

Affiliate marketing lets gambling brands target specific demographics and geographies by partnering with affiliates who enjoy an influence over their local gambling community.

Betfair, a prominent online betting exchange leverage affiliate marketing to set its footing in the Australian gambling market. Through its affiliate program, Betfair partnered with local Australian steamers, bloggers, and content curators to appeal to the local audience. Result? The company’s brand name soared in Australia and the brand is currently enjoying good business in the region.

Data-Driven Decision Making

Though constant focus has been placed on data-driven decision making in marketing, this term has particularly gained traction in 2024. With the bleak outlook for the global economy and decreasing marketing budget, every marketer wants to put their money where the winning bet is. Therefore, it’s imperative for iGaming marketers to invest in MarTech tools that help them drive maximum output from their marketing investment.

For instance, Trackier’s iGaming Affiliate Tracking Platform helps iGaming brands and operators promote their gambling business via affiliate marketing (partner marketing). Our platform helps attributing conversions to the right touchpoints, helping iGaming marketers understand their customer’s journey on their platform.

The subscription-based platform measures campaign performance based on multiple parameters including FTD, Gross Clicks, Payouts, NGR, and GGR, to help marketers measure the true success of their affiliate program/campaigns from different channels and affiliates. Alongside, Trackier’s iGaming Affiliate Tracking Platform also lets brands and operators define their NGR and GGR for them with custom formulae – which means you don’t have to go by everything we say! It’s your platform – your rules.

Ready to get more eyeballs on your iGaming brand? Leverage affiliate marketing with Trackier. 

With hundreds of thousands of iGaming brands in the market, it’s crucial to stand out and get your name out there in front of your target audience. Affiliate marketing is one of the tried and tested methods to spread the word about your gambling business.

However, when running an affiliate program or a campaign at scale, numbers get mixed up, and conversions get lost between the spreadsheets. Also, with so many marketing stacks, it’s hard to see the complete picture of your data points.

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