Study: Online Gambling Market to Reach $107 Billion in 2024

Online gambling is taking the world by storm, with the global market expected to hit $100 billion in turnover next year, according to Sportslens.com. The website cites a study by Statista, a German research firm, that projects the online gambling industry to reach $107 billion in 2024.

That’s a huge jump from last year, when the market was worth $80.8 billion. And it’s not slowing down anytime soon. By the end of 2023, the turnover is forecasted to rise to $95 billion. The U.S. is leading the way in online gambling growth, followed by the UK and Australia.

The number of active online gamblers worldwide is currently 175 million, and it has been growing by 20% annually for the past seven years.

Online betting is the most popular form of online gambling, and it’s expected to remain so. By 2025, sports betting revenues will account for about 46% of the market. Online casinos and lotteries will take up 36% and 18%, respectively.

Statista’s study covers the period up to 2027. By then, the online gambling market will have 233.7 million users (up from 95.7 million in 2019) and a turnover of $132 billion (up from $45.7 billion in 2019).