The iGaming market has grown rapidly worldwide over the last few years. However, two driving forces driving the entire industry are the European and US iGaming markets.
In North America, especially in the United States, the iGaming industry is growing rapidly. Gambling entertainment in North America ranges from traditional brick-and-mortar casinos to online casinos to iGaming in general.
Meanwhile, European countries also have a long tradition of gambling at casinos and sporting events. Historically, horse racing has been part of the UK gambling market since the 17th century. Online gambling has taken over traditional forms of gambling since the advent of the internet.
Due to technological advances, both the North American and European iGaming markets are contributing significantly to the growth of the overall industry.
Since we’re talking about two giants of the iGaming space, it’s time to find out how big the European market is compared to the US market.
General online gambling
The convenience of iGaming and the lax nature of the laws governing the market have contributed to its popularity. Many iGaming companies use SEO for their marketing services because it is easier to manage than advertising on TV or radio. For more information, please visit: https://www.fortismedia.com/industries/igaming-seo-services/
In this young but highly dynamic industry, legislators are still catching up.
Several innovations in the online gambling niche have contributed to the rapid growth of the gambling industry. Over the past few years, Internet gambling has advanced to unprecedented levels with the advent of the Internet and the shift from land-based gaming establishments to online gambling sites.
Globally, 26% of the population, or 1.6 billion people, gamble regularly in 2019. Online gambling sites are becoming more and more popular as more and more people turn to online gambling sites to gamble on casino games and sports.
According to recent estimates, the global market for internet gambling will be worth $84.9 billion by 2023. A growing number of brick-and-mortar casinos and sportsbooks are adopting online gambling options like online casinos as a convenient way to increase their earnings.
European iGaming Laws Compared to US
One of the most important things to consider before emphasizing the industry size of both markets. This is to determine the number of iGambing facilities that exist in the market. Since we are talking about different markets, both have different regulatory frameworks.
When it comes to market size, legislation plays an important role and can dampen or boost the popularity of the iGaming industry.
European online gambling market
Europe continues to dominate, with over 41% of the global iGaming market capitalization. UK law on iGaming is friendly and lenient, which contributes to UK easing.
Online gambling is not expressly prohibited by EU law, although every EU member state has its own gambling laws. As a result of the huge amount of revenue generated by online gambling, most countries allow regulated online gambling.
The European iGaming market is dominated by France, Germany and the UK.
US gambling market
The US market is slowly boosting the online gambling sector, although it does not match its European competitors.
As a result of the federal legalization of online sports betting, several states have enacted laws favorable to iGaming. Online sports betting is now legal in more than 10 states in the United States.
In 2018, the U.S. Supreme Court overturned a federal ban on sports betting and overturned the Professional and Amateur Sports Protection Act of 1992. However, some states are adamant about changing their laws to reflect federal regulations.
The DOJ recently speculated that the Wire Act of 1961 would apply to US online gambling as well. This restricts the state to offering online betting services only to residents.
Online gambling is legal in some states but not in others because there are no federal laws regulating the activity. Most states refrain from sanctioning the activity. As a result, American gamblers are not arrested for participating in online gambling.
Europe market size compared to US
Comparing the European and North American iGaming markets, it is clear that the European market is doing well. However, the United States and Canada are poised to capture a larger share of the iGaming market.
Online gaming and land-based gambling are experiencing significant growth as people move to different locations. The US market is also expected to grow rapidly due to the federal legalization of sports betting.
Although Europe’s gambling industry is now more advanced and the country allows such companies to operate freely, the size of US iGaming still dominates in terms of revenue.
The European market generated $23.2 billion last year, while the US games market generated $60 billion in the same period, according to Newzoo data.
This proves that the US market is far ahead of Europe considering online gambling is only legal in Delaware, Michigan, Connecticut, West Virginia, New Jersey and Pennsylvania. increase.
The next few years will see rapid growth as the laws against online gambling in the US continue and more states ease their laws against online gambling companies.
Comparing the player bases of both markets yields the same case. According to ESA’s report, the number of active players in the US in 2021 was about 215 million. Europe has a much smaller player base, with just 125 million European active players over the same period, according to EGDF and ISFE data.
Europe and the US are both the world’s largest iGaming markets and will continue to drive the global iGaming industry.
A comparison of both markets reveals that the US iGaming market is far superior in terms of player base and revenue. US players also tend to spend more time playing. The average time is about 13 hours, while Europe is only 9 hours.
In the future, as more states legalize online gambling, the US will continue to move forward and generate more revenue, further widening the gap between these two markets.