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Online Betting in Emerging Markets – 2024 Statistics & Trends

How Emerging Markets Are Redefining Online Gambling

Trends and Growth Statistics

Let’s dive into the world of online betting. It’s like the huge, buzzing world of sports and games where people predict winners and losers to win money, but it all happens online. This isn’t just a small thing happening in one corner of the world; it’s big news everywhere, changing how people engage with sports and games across the globe.

Now, there’s something even more interesting going on. The action is moving fast into what we call “emerging markets” – places like Africa, Latin America, and parts of Asia. These aren’t the usual big players like the USA or Europe; these are newer areas getting in on the online betting game. And guess what? They’re growing fast, offering fresh opportunities for everyone involved.

So, what’s this article all about? We’re going to take a closer look at these emerging markets. We’ll break down the latest statistics and trends, showing how big online gambling is getting in these areas. We’ll look at who’s betting on what, where things are headed, and how changes in laws are making a difference.

Online Betting Market Overview (2024)

The world of online betting is vast and varied, stretching across continents and cultures. In emerging markets, this industry is not just growing; it’s thriving, with significant investments and interest. Understanding the current size and value of these markets offers a glimpse into the global phenomenon online betting has become. Here, we’ll dive into some key statistics that highlight just how big this sector is in different regions.

Market Highlights

Market Highlights

  • North America, especially in the United States, Canada, and Mexico, is seeing a lot of growth. The Online Sports Betting market here is expected to reach US$11.87 billion by 2024. Canada, in particular, shows a high engagement with online betting, with a user penetration rate projected at 48.8%.
  • In Asia, the momentum continues with an expected market volume of US$3.64 billion by 2024. Southeast Asia, including the Philippines and Thailand, is also making a significant impact, with revenues forecasted at US$2.29 billion. This indicates a growing interest in online sports betting, spurred by more people getting online and using mobile devices.
  • South America is experiencing similar growth, with Brazil, Argentina, Columbia, and Peru at the forefront. The online sports betting market in this region is also predicted to reach US$2.29 billion by 2024, driven by economic improvements, legal changes, and a strong passion for sports.
  • Africa’s online gambling market is catching up, with a projection of US$1.85 billion by 2024. The continent is increasingly accepting online betting, with South Africa contributing significantly to market growth. The spread of mobile technology here offers an easy way for many to engage in betting.
  • Finally, Europe has a well-established but still growing market, with Online Sports Betting revenues expected to hit US$17.14 billion by 2024. The region benefits from a diverse range of countries like Albania, Germany, and the United Kingdom, each adding to Europe’s betting culture. Europe’s regulatory environment and established gambling industry provide a steady foundation for continued growth.

 

RegionOverviewMarket Volume by 2024
EuropeDiverse contributions from across the region, with a strong regulatory environment.US$17.14 billion
North America Highest user penetration in CanadaUS$11.87 billion
AsiaSignificant contributions from the Philippines and ThailandUS$3.64 billion
South AmericaOn the verge of a betting boomUS $2.29 billion
AfricaEmbracing online betting, with South Africa as a key contributor.US $1.85 billion

 

Forecasting Growth :

  • North America, mainly the United States, expects an 11.45% annual growth rate in the online betting market, leading to a volume of US$20.41 billion by 2029. The number of users could soar to 83.7 million, showcasing the region’s strong market presence.
  • Asia‘s online sports betting market is also on the rise, with projections indicating a market volume of US$4.86 billion and 30.8 million users by 2029. This represents a growth rate of 5.95% annually, highlighting the region’s growing enthusiasm for online betting.
  • South America is preparing for significant growth, with the online sports betting market expected to hit US$4.57 billion by 2029. This equates to an annual growth rate of 14.82%, with user numbers potentially reaching 6.5 million. Countries like Brazil and Argentina are at the forefront of this expansion.
  • Africa is seeing steady growth in online sports betting. By 2029, the market is predicted to reach US$1.15 billion, with a growth rate (CAGR) of 5.98% from 2024 to 2029. Around 4.1 million users are expected to be active in this market, supported by both online platforms and traditional betting shops.
  • Europe is projected to see a steady increase, with the online sports betting market reaching US$21.84 billion by 2029 and a 4.97% growth rate. The user base is expected to expand to 45.2 million, reflecting the continent’s deep-rooted betting culture.

 

RegionProjected Market Volume by 2029 (US$bn)Annual Growth Rate (CAGR 2024-2029) (%)Projected Number of Users by 2029 (millions)
Europe21.844.9745.2
North America 20.4111.4583.7
Asia4.865.9530.8
South America4.5714.826.5
Africa1.155.984.1

 

Drivers of Growth in Emerging Online Betting Markets

Let’s take a look at what’s really pushing online betting to grow in Africa, Latin America, and Asia. We’ll see how tech improvements, changes in laws, and shifts in the economy are influencing where this industry is headed in these emerging markets.

Let’s explore the key drivers behind the surge in online betting within Africa, Latin America, and Asia, uncovering how technological advances, regulatory changes, and economic developments are shaping the future of this industry.

Africa

Africa Online BettingTrends in the Market:

In Africa, the game-changer has been mobile betting. Most people use their phones to get online, and betting companies have made sure to meet them there with easy-to-use apps and websites. This approach has made online sports betting super accessible.

Local Special Circumstances:

A big draw for online betting in Africa comes down to the basics – many places don’t have much in the way of entertainment or physical locations to place bets. So, turning online becomes not just convenient but often the best option.

Economic Factors:

Africa’s middle class is getting bigger, meaning more people have some extra cash to spend. This growth has expanded the customer base for online sports betting, making it a booming business.

Latin America

Latin America Online BettingTrends in the Market:

The spread of smartphones and fast internet, especially in cities, has given sports betting a big push. Now, with 5G rolling out in countries like Chile and Brazil, expect things to pick up even more speed by 2026.

Local Special Circumstances:

Latin American countries are starting to relax their betting laws, opening the doors wide for bookmakers looking for new markets. This regulatory shift is a game-changer, creating massive opportunities.

Underlying Macroeconomic Factors:

Despite income inequalities, Latin America’s middle class is on the rise, thanks to better access to education, health care, and better jobs. This growing demographic is key to the sports betting market’s expansion.

Asia

Asia Online BettingTrends in the Market:

The ease of betting from a smartphone, anytime and anywhere, has caught on fast in Asia. Add to that the thrill of live betting on ongoing games, and you’ve got a formula that’s hard to beat.

Local Special Circumstances:

Each Asian country has its own take on gambling, with some like China and South Korea having strict rules. Online betting offers a workaround, letting people engage in betting where other forms of gambling are off-limits.

Underlying Macroeconomic Factors:

Some Asian countries are loosening up on gambling laws, creating a welcoming scene for online betting. Places like the Philippines and Cambodia are becoming hotspots for the industry, thanks to these changes.

Online betting growth drivers by region chart

Online Betting User Demographics and Behavior in Emerging Markets

Age and Gender

  • Africa: Predominantly younger, tech-savvy men and women, with 69% of men and 44% of women in Kenya participating in sports betting. Notably, 77% of men aged 25 to 34 engage in online casinos, showing a strong trend towards sports betting among Nigerians and Kenyans aged 18 to 40.
  • Asia: In China, the online casino audience is majorly male, with over half under 35 years old and a significant portion between 36 and 50.
  • Latin America: The most active online bettors are in the 25-34 age group, particularly in Brazil.

Preferences

  • Africa: Football is the main attraction, with a growing interest in live betting and virtual sports.
  • Asia: Preferences vary, with sports betting leading in China and Vietnam, online casinos popular in the Philippines, and mobile gaming favored in Japan and South Korea. India sees growth in online lotteries and poker.
  • Latin America: Football sports betting is hugely popular, especially in Argentina. Online casinos are catching up in Brazil, while Colombia and Mexico show diverse interests including eSports, highlighting the League of Legends Liga Latinoamérica’s popularity.

Betting Patterns

  • Africa: Bettors typically place low-value bets frequently, with 30% of Nigerians betting daily at an average of 300 Naira per bet.
  • Latin America: Around 18% of residents bet weekly, with 16% in Peru and Colombia betting monthly. A significant portion across countries have engaged in betting at some point.

 

RegionAge & GenderPreferencesBetting Patterns
Africa Youth dominated; 69% of men and 44% of women bet. 77% of men 25-34 engage in online casinos.Football, live betting, and virtual sports.Low-value bets; 30% bet daily at 300 Naira average.
AsiaPrimarily male; over half under 35 years old.Sports betting in China/Vietnam, online casinos in the Philippines, mobile gaming in Japan/South Korea, lotteries and poker in India.-
LATAMMost active bettors 25-34, especially in Brazil.Football betting popular in Argentina; online casinos growing in Brazil; diverse interests including eSports.18% bet weekly; significant portion engaged in betting at some point.

 

Summary

As we wrap up our exploration of the online betting landscape in emerging markets, it’s clear that this industry is not just surviving; it’s thriving. With significant growth projected in regions like Africa, Latin America, and Asia, the potential for online betting to reshape the global gambling market is undeniable. These areas, once overlooked, are now at the forefront of the industry’s expansion, driven by a combination of technological advancements, legislative changes, and economic shifts.

The numbers speak volumes, with millions of new users joining the online betting community and billions in revenue expected across these emerging markets by 2029. This surge is underpinned by key factors such as the widespread adoption of mobile technology, which has made online sports betting more accessible than ever before. Moreover, the easing of betting regulations in various countries is opening up new opportunities for both bettors and operators alike, signaling a bright future for the sector.

In conclusion, the landscape of online betting in emerging markets is on an upward trajectory, promising not only increased participation and revenue but also the potential to influence global betting practices and preferences. As these markets continue to grow and evolve, they will undoubtedly play a crucial role in shaping the future of online betting worldwide.

References:

  1. Online Gambling and Sports Betting Market Scope and Overview 2022-2027 – https://www.marketresearchupdate.com/industry-growth/online-gambling-and-sports-betting-market-scope-and-overview-2022-2027-371574
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About the author

Andrea Rodriguez
Content Writer
Andrea Rodriguez, a skilled writer at CasinoEncyclopedia, has significantly contributed to the platform. With a passion for the ever-changing gambling industry and a talent for journalistic storytelling, Andrea delivers timely and insightful news articles. Her exceptional research and reporting skills keep readers informed about regulatory changes, industry trends, and notable events, providing current and relevant information for casino enthusiasts globally.

FAQs

faq

What are emerging markets in the context of online betting?

Emerging markets refer to regions and countries that are experiencing rapid growth in online betting but have not yet reached the same level of market maturity as established regions like North America and Europe.

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How are changes in laws affecting online betting in these markets?

Changes in laws are greatly affecting online betting by creating more secure and regulated environments for bettors and operators. In many emerging markets, new legislation is being introduced to legalize online betting, attract international operators, and protect players, which in turn is fueling market growth and investment.

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Who Are The Major Players of Online Sports Betting worldwide?:

Companies like Playtech, Flutter Entertainment, and Bet365 stand out for their contributions to the global betting scene. These major entities, along with others such as William Hill and Scientific Games, have established themselves as the backbone of online sports betting,

faq

Which countries are leading the online betting market in Africa, Latin America, and Asia?

In Africa, countries like South Africa, Nigeria, and Kenya are leading the online betting market. In Latin America, Brazil and Argentina are notable for their rapidly growing online betting sectors. In Asia, the online betting market is booming in countries such as China, India, the Philippines, and Thailand.

faq

What future trends can be expected in online betting?

Future trends include further integration of technology, such as the use of artificial intelligence and blockchain for secure and transparent betting processes. The expansion of live betting and virtual sports is also expected, along with greater customization of betting experiences through data analytics.

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