Global iGaming Market Set to Triple by 2034, Hitting $275 Billion

According to a report by Research and Markets, the global online gambling market is going to triple its current value in the next decade, estimating it will reach $275 billion by 2034.

As of 2024, the global online gaming market was valued at approximately $95.5 billion. This staggering figure seems possible because there is a consistent yearly growth in the industry. One of the factors driving this growth is that more people around the world now have access to the internet.

Also, the recent advancements in digital gaming, as well as an increase in the use of smartphones even among older generations, have further contributed to this development. Users can now access many online gaming sites from the comfort of their homes, offices, or wherever they find themselves. 

The increased user participation and the emerging trend of instant withdrawal casinos, where players can easily make and access payments with satisfaction, building trust with online gaming companies, contributed to the industry’s annual growth rate (CAGR) of 10.5%. By avoiding unnecessary delays and receiving payments through verified methods, online gamblers now have more trust in gambling sites.

This enhanced user experience has served as a major catalyst in shifting consumer behavior toward online platforms for both leisure and real-money gaming experiences. While users are gaining from the satisfaction of playing with convenience, operators are taking the cue to enhance their platforms for more traffic. 

By offering real-time analytics, live-streaming, and recommendations, online gambling operators are witnessing a surge in traffic. The rising popularity of online sports betting has contributed significantly to this traffic. Basketball sports betting, for example, was dominant in 2024 as it contributed 26.5% to the recorded market value. The sport has gained popularity across many countries in different continents around the world, and combined with its extensive schedule of events, player engagement has reached an all-time high. With the constant availability of live odds and betting opportunities for its large player base, it is expected to increase its dominance before the predicted period.

The global gambling market has also grown as a result of the legalization of online gambling in several nations. New regulations have made it possible for operators to provide online gambling, poker, and casino games to a larger audience in countries including the United States, Canada, and several parts of Europe. 

What was before a grey market has now been transformed into a well-organized sector that generates taxes for the government. Governments now see online gambling as a valuable source of revenue, leading to clearer legal frameworks. 

Players also benefit from better protection, responsible gambling measures, and more trustworthy platforms. As more countries update their laws to match current digital trends, the global iGaming market is expected to grow even further. With stronger legal backing and rising demand, the future of online gambling looks bright, setting the stage for the market’s projected $275 billion valuation by 2034.