The economics of online casinos for 2023

The online gaming sector continues to experience exponential growth, especially online casinos for many reasons.

The increase in rents, the search for double income and the high interest of people are some of the most common cases. Thanks to the website casinochase.com, by 2023, the forecasts point to a growth of this interesting modality to obtain easy money, something that, without a doubt, moves the world economy.

Google Trends indicates that the highest search frequency in the last five years for online casinos occurred in July 2020. The need for entertainment fueled by venue closures would undoubtedly have far-reaching effects on growth forecasts.

An ambitious global outlook and forecast pegged the gaming industry market revenue at $525 billion by 2023. The forecast was published in September 2018 by ResearchAndMarkets.com, the world’s largest market research outlet.

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Four years ago, the size of the global gambling market reached a value of almost 449.3 billion dollars. Since 2014, the online casino market grew at a CAGR of 4.1%. This number will continue to grow by approximately 4% and may grow significantly further, according to market research data.

In a 2020 Statista publication, it was predicted that online casinos would be worth $93 billion in the global market by 2023. The compound growth rate predicted by this source would be close to 12% for the aforementioned coming year. .

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But do online casinos behave the same way in all countries?

The answer is no. In the different countries of the world, the economy does not behave in the same way and in the case of online casinos it is not the exception. In the United States, for example, the growing penetration of online casinos generated some 110 billion dollars at the end of 2020.

North America has complex gambling regulation processes, but the legalization of gambling in 2018 allowed these companies to grow. For 2019, the United States only registered revenues of 85,000 million dollars.

In the case of Europe, the gaming industries in Italy, Spain and the UK have enjoyed popularity for a number of years. The latter leads Europe, reporting £14.3 billion in gross revenue from October 2018 to September 2019. Of this figure, £5.6 billion is represented by online casinos alone.

The online casino gaming industry in Spain generated €747 million in revenue in 2019. The gaming industry is estimated to employ around 250,000 people, while the government claims 45% of annual gaming revenue.

In this country the online casino market has been very popular and there are very effective casino comparators. The range does not seem to end for this incredible market that has millions of daily visits in the Spanish region.

Within the Asian continent, China, Hong Kong, South Korea and Japan are the biggest generators of income, thanks to the relaxed regulation of online casinos. This liberalization of regulatory frameworks encourages the growth of the casino market, since the taxes they generate are used for social welfare activities. The income for these countries represents a large part of the Gross Domestic Product (GDP) of the area.

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Several Latin American countries have come to the fore to reap the benefits of promoting the online casino industry. The gaming market in Argentina is valued at 2.4 billion dollars, and the government is promoting the introduction of online gambling.

The government is now recommending a tax increase from 2% to 5% in the iGaming segment, to overcome economic deficits aggravated by the recent global crisis. Similarly, Chile has put in place legislation that allows physical casinos to launch online casinos to increase their demand.

For its part, Brazil has started talks to introduce online casinos in order to generate additional tax revenue from its population of 200 million, which shows a great fondness for gambling.

We can conclude that the forecasts indicate that the global gaming industries will have a spectacular growth. The implementation of laws that allow governments to generate tax revenue will cause, in the following years, a boost in GDP and the creation of new jobs. The benefits of online casinos for the gaming industry and the economic boom are positive.

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