Home > News > Online Gambling Revenues to Hit $155.6 Billion by 2032

Online Gambling Revenues to Hit $155.6 Billion by 2032

Nick Hall

Senior Editor

Updated

05 / 02 / 2025

Forecasts Are Bright For Betting & Gambling Revenues

The online gaming and betting market is set to almost double its revenues and hit $155.5 billion by 2032, according to a recent study.

With the 2024 online gaming and betting market estimated at $80.82 billion, the study predicts an annual growth rate (CAGR) of 8.52% to more than double the market’s value in the next seven years. The rise of smartphones, provably fair Web3 casinos, cryptocurrency payments, improved internet connectivity, and better payment gateways have all contributed to a surge in online gambling that is slowly taking over from traditional land-based casinos.

Laws Opening Up For Online Gambling

Regulations are also swinging in favor of online gambling and betting, with several countries putting in frameworks for legalized gambling. Brazil, Thailand and the UAE have recently introduced legal online gambling, with a complete licensing process, and countries like the United Kingdom and Germany have revamped their legislation to accommodate igaming and sports betting.

More importantly, a number of US states are slowly coming around to legal online gambling. Right now, only seven states — Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, West Virginia, and Rhode Island—permit online casinos, while online sports betting is legal in 17 states.

Despite these limitations, the US is still the leading source of online gambling revenue, with $17.3 billion in 2023, and that is set to skyrocket in the coming years as more States open the doors to online casinos.

Increasing smartphone adoption and internet access, together with favorable legislation and crypto payments, are set to open up the Asia-Pacific, Indian, and African markets as well. The sheer weight of numbers in these regions should have a massive impact on the industry as a whole.

Gambling Tech Continues to Improve

Blockchain technology, which comes with provably fair gaming, is one of the main technical drivers of the casino industry’s growth spurt. With traditional online casinos there was always the lingering doubt as to whether the casino was playing fair. Now, with the latest generation of Web3 casinos, players can check each and every round and know for sure that the game is random and legit.

This is a quantum leap for the online casino industry and, as public awareness grows, will encourage a new generation of gamblers to enjoy casino games from the comfort of their own home.

Other innovations include improvements in smartphone tech, internet speed, and HTML5 technology that will make the next generation of mobile casinos even better for the end user. Payment processors are also improving beyond recognition.

Crypto Comes to the Fore

Until recently, fiat currency transfers were expensive, and withdrawals could take days or weeks. Crypto payments and e-wallets have reduced payout times to seconds in some cases and hours at most, which has boosted player engagement and helped fuel the online gaming industry’s significant growth surge.

Live betting, with dynamic odds calculated in real-time, using artificial intelligence and rapid bets enabled by the blockchain, is just another way the industry can exploit advances in modern technology to boost revenues and profits.

The emergence of esports and virtual sports betting has given us whole new niches that could yet eclipse traditional sports betting, especially with the younger crowd. Crypto betting, with its provable fairness, has turned Bitcoin Dice, Crash games, Plinko, and simple coin flip games into a profitable subsector that can help drive the industry.

Virtual Reality casinos have failed to make a significant impact to date, but again improvements in the tech and mass adoption could turn VR gambling into a major profit center.

Of course, there’s lots to come between now and 2032, and we can’t predict every twist and turn in the road ahead. But it’s clear to see that the online gambling industry is set for massive growth, and here at Casinos.org, we’ll be here to bring you the highlights as they happen. So stay tuned. It’s going to be a wild ride.

4+ Articles written
Nick Hall

Senior Editor

Nick's passion for fast paced action has seen him test Bugattis for professional car reviews for the world's biggest car magazine, to covering the high octane world of online casinos, gambling regulation and emerging Web3 trends.