Casino Market Overview: North America and Europe

The global gambling market has been experiencing a steady growth over the years. The revenue from gambling activity is expected to be as high as $525 billion by 2023.

The growth can be attributed to increasing interest in casino games, the emergence of new online casinos, new sports leagues, and high adoption of technology. Online casinos have become more popular than ever owing to their convenience, decent odds, and game variety especially during the COVID-19 shutdowns.

Europe and North America are some of the biggest casino markets. They attract bigger audiences and earn more revenue than most parts of the world. They have both benefited from deeper internet penetration, and a general increase in online casino games. The online casino market in North America is expected to register a 14.78 percent CAGR from 2020 to 2025.

The European Casino Market

Europe has lots of amazing casino markets. They include the United Kingdom, Germany, Spain, and Finland. Sports betting, online poker, and lottery are some of the biggest contributors to its gambling market.

The European online market is highly competitive. It is the biggest one in the world. In 2018, the EU got a 49.2 percent share in the world’s gambling market. Since many states in the US are now legalizing sports betting, European companies are gaining access to the US market. They have more opportunities to attract new players.

With its steady growth, the European online gambling market may grow by seven percent yearly. By 2025, it could make up over 33 percent of the global gambling revenue. The use of mobile devices over desktops also seems to be taking over the industry in Europe.

Gambling in Finland

Finland is one of the biggest gambling markets in Europe. Finns spend an average of EUR two billion on casino games annually. However, their online gambling industry is much more different from what is experienced in most developed countries.

Online gambling is a thriving industry in the country and players can enjoy games at a casino online, more so offshore casinos. These operators are licensed overseas in Malta and the UK.

Locally, the Finnish government has a state-owned monopoly over the industry. Veikkaus Oy was formed after the merging of three betting agencies. The goal is to ensure that gambling profits are distributed fairly all through the society.

Veikkaus Oy distributes 53 percent of profits to the Ministry of Education and Culture. 43 percent goes to the Ministry of Social Affairs and Health, and four percent goes to the Ministry of Agriculture and Forestry.

Even though Finland may not have the most popular gambling system, Finns are still some of the biggest contributors to the European gambling market. Their success may inspire other European countries to adopt the system.

The country has a few brick-and—mortar casinos and pesapallo is one of the most popular games to bet on. It is a lot like baseball. There are more than 250 restaurants that offer table games, 78 gaming arcades, and 30,000+ slot machine games.

The North American Casino Market

The gambling market in Northern America is fragmented. Internet gambling has lots of options for both the local and international players. The biggest players in the market are shifting their focus to mergers and acquisitions.

The goal is to attain a bigger presence in the region and improve their portfolio. Northern American casinos strive to offer options for all sorts of players. Acquisitions and mergers have become the most popular strategies to get ahead.

The online betting part of the North American casino industry is mostly about sports betting. Events like the European Championships and FIFA World Cup bring in the biggest numbers. The most sought-after sports betting options are eSports, horse racing, and football. Players are getting into agreements and partnerships to earn competitive edge.

The growing number of sports leagues has propelled the industry forward. Market players have been working to promote integration with the local sportsbooks, an increase in market share, focus on fantasy sports, and a wider presence. Following the legalization around Northern American countries, there is hope for Canadian provinces.

The Canadian Gambling Market

Canada is one of the biggest casino markets in North America. The Canadian Gaming Commission regulates and oversees the industry. However, online gaming remains mostly unregulated. Individual provinces are responsible for enacting and enforcing casino laws.

According to the Canadian Gaming Association, an average of CAD 1 billion worth of revenue is generated from the country’s unregulated online gambling market.

The revenues are distributed between poker, sports betting, and casino games. The association also reports that an average of 85 percent of Canadians practice some form of gambling. Provinces with the highest gambling participation include Saskatchewan, Nova, and Scotia.

General Trends in the Casino Industry

1. Access to Restricted Areas

Thanks to the emergence of crypto and other technologies, the casino industry has become more anonymous than ever. Today, people no longer tie their private details to their casino payments and it is almost impossible to trace their transactions. As a result, online games have become more opened up. It is now possible to access most of them regardless of a player’s location.

2. Decline in Land-Based Casinos

Both North America and Europe have experienced a drop in land-based casino activity and an increase in online gambling. Most land-based casinos have online versions.

Players are likely to visit the online versions more often than the land-based casinos. Online casinos have become popular because they are convenient, mobile-friendly, and they offer more variety. They are more affordable for players, and they mostly have fair limits.

3. Changes in Consumer Behavior

The needs of modern punters are very different from what they wanted in the past. With almost everyone owning a mobile device, players all around the world prefer mobile-friendly games.

F2P games have become very popular as well. Even though they do not present any profits, playing them can be very easy and entertaining. Players may have to pay a fee before upgrading a game or accessing certain features.

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes