Online casinos have been rising and transforming into better versions over time. The two major players in the market are North America and Europe. Which is the leading region in the market between the two? Statistics show that Europe is at the top of iGaming, with the largest market share of 41%.
The iGaming sector will generate over $100 billion worldwide by 2024. Online casinos’ popularity in different parts of the globe is affected by various factors. These include the number of people interested in online gaming, regulations, accessibility and advancement of gambling sites.
Let’s look at some of these factors to see why Europe continues to lead in the online casino market.
The Online Casino Culture
Canada plays a significant role in North America, being the second-largest player in gambling internationally. It has a different approach to gambling than the US, and the industry’s annual turnover of over $17 billion shows that its process works.
The Canadian gambling sector can grow even more significantly if it can be made more attractive to millennials. Statistics show that almost half of the country’s youth claim not to spend a penny on gambling.
Conversely, the US has a strong land-based casino culture. People prefer to save money throughout the year to visit big brick-and-mortar operators in top gambling and entertainment destinations like Las Vegas and Atlantic City.
The country needs to focus more on online casinos and how to bring the socialization element that gamblers visit Las Vegas for. This way, it’ll master what makes online casinos popular in the US today.
European online operators have managed to be attractive in many countries within this region. Besides the UK’s most outstanding contribution in this sector, gambling in Europe is increasing because more countries are joining.
These include places where gambling was never a thing, like Italy, Finland and Norway. Hence, this region generated over $22 billion in online casino revenue and held nearly 50% of this market globally.
Although online betting is legal in most parts of Canada, the US must catch up. This is due to its complex regulation laws regarding the iGaming sector. According to federal law, betting on internet-based games is legal, but it’s up to each state to regulate and have it in their own way.
Hence, some states have it completely legal, harshly regulated, or forbid it. Since federal law allows online betting, most US states allow some form of this type of gambling, no matter how big or small. The two states that don’t contribute even a pinch of their income in this sector are Utah and Hawaii.
Europe has been part of the online gambling market from the get-go. Its laws favor this form of gaming, but allow states to set up their regulations. Not all European countries permit web-based gambling, but most allow players to bet on a few games online.
The major players in the European online betting scene are the UK, France and Germany. Also, most countries in this region have strict laws operators and players have to follow.
The heavy regulations towards the North American gambling market have negatively affected the culture. It discourages people from placing bets because it makes them feel like they’re doing something wrong.
In Europe, regulations regarding responsible gambling, fairness, and safety are mostly toughened. Hence, players from this part of the world take gambling as a fun way to spend their free time.
Operators with Malta, the UK and Curacao licenses have excellent ratings and benefits for players worldwide compared to those from the US.
Europe Continues To Lead
Although America pushes for a higher percentage in the iGaming market, Europe consistently leads. If Canada could find a way to attract millennials, and the US loosened its regulation around online gambling, then the North American region could catch up to Europe.
This is, of course, if the stats don’t grow much in Europe. If highly regulated European areas loosen their online gambling laws and continue improving player gaming experiences, it could take over 50% of this sector. The market already generated €108.5 billion in gross gaming revenue back in 2022, but if things continue the way they are, we can only expect this sum to grow even more.