The casino industry is going through a bit of a business renaissance and the iGaming industry is at an all-time high, with no signs of slowing or collapsing anytime soon.
Online gambling platforms are almost overworked to keep up with the ever-increasing number of customers. Re-inventing existing games and creating better ones with more robust features is now standard practice in the gaming industry.
Although growth is universal, some iGaming industries are growing faster than others. This list includes the countries expected to grow faster and capture the largest share of the iGaming industry’s projected US $87.75 billion market value by 2024.
Colombia
Colombia’s iGaming market has piqued the interest of investors due to its rapid growth since legalization.
The Latin American country passed the eGaming Act in 2016, resulting in massive growth in the country’s online gaming market. Colombia was the first country in Latin America to legalize online casino games, which stimulated gambling companies to embark on the stipulated licensing processes and tap the industry’s potentials.
Colombia is one of the Latin countries that majors in monetizing the gambling industry. The country is embarking on various activities meant to improve the industry, ensuring the welfare of its operators and service workers committed to devoting their resources to the Colombian market.
The Government of Colombia is beginning to realize the great potential that online gaming presents, thereby focusing more on improving the country’s conditions to support this phenomenon.
The number of consumers in Colombia is fast increasing due to online gaming activities in a regulated gambling environment. More than 1.7 million new online players were registered in 2018.
Since then, the number has steadily increased due to the introduction of exciting gaming options such as online bingo and online casino games. The industry took a hit in 2020 due to the coronavirus pandemic, which slowed the global economy altogether.
The Colombian online gaming market, on the other hand, is expected to perform better in 2022 and beyond, thanks to the tireless efforts of iGaming operators.
People aged 25 to 34 account for roughly 37% of all online players. Because of the growing number of iGaming platforms and online games, this group is expected to register and play more games online.
India
Online gambling in India is gaining traction due to increased interest in eSports, online casinos, and sports betting. The country’s online gambling market is expected to quadruple from its all-time high of US $830 million in 2019.
Despite being relatively new in the country, online casinos are gaining enormous popularity among Indians. Online activity facilitators agree that online casinos are attracting an increasing number of players every day.
The vast majority of online casino platforms attribute the enormous growth to Indians’ proclivity for gambling. Indians value online casino games, particularly card games like Teen Patti.
With a population of over 1.3 billion people, India has approximately 750 million internet users. People under the age of 25 account for roughly half of the population, and their enthusiasm for mobile gaming is unparalleled. In 2019, India had the highest number of gaming app downloads globally, recording over 5.6 billion.
Given the lack of clear online gambling restrictions in the populous country, iGaming is bound to thrive tremendously. India’s state-level laws regulate physical casinos but are not explicit on online games since the games are relatively new in the country.
Indians enjoy playing online games since it is cheaper than playing in physical casinos. The internet allows millions of Indians access to various online games with ease.
Mobile gaming has also caught on in India, with many major companies having their own applications that can be played across multiple platforms, including Android, iOS, and Windows.
Online gaming is expected to explode in India over the next few years with the launch of many new technologies such as 4G and 5G. The technologies allow millions of Indians access to every game they want.
Japan
The Japanese online gaming market is gaining popularity in the current wave of online gaming activities. The country’s population is already well-known for betting on horse, bicycle, and motorboat races.
However, since 2021, the country has seen an increase in online gaming due to the announcement and inclusion of gambling apps on Google Play. Given the authorities’ reluctance to crack down on the growing number of illegal online gambling sites in the country, the uptick is unsurprising.
Online gambling is illegal in Japan because casino operators are only permitted to conduct gambling activities within the confines of their facilities. However, the government appears hesitant to change the laws to allow online gambling.
The willingness of Google to provide gambling apps for the Japanese population is expected to increase the number of players who enjoy online games in the country.
The Japanese people enjoy various online games, particularly Dragon Quest Online, Phantasy Star Online 2, and Final Fantasy 14. People may also enjoy other time-based games, such as Lineage 2 and Eve Online. Online games are likely to gain popularity as gambling acceptance shifts.
Parting Thoughts
In these and other countries with large populations, gambling cultures, and favorable gambling policies, the online gaming industry is expected to grow dramatically in the new decade.
Online casino platforms and other online game facilitators should seek out the most promising markets to maximize profitability. Similarly, countries may consider legalizing and regulating online games to spur economic growth and ensure activity legality. With such conditions, online gaming may be beneficial in more ways than one.
