iGaming is one of the most rapidly evolving industries worldwide largely in part due to its digital nature, ever-changing payment options and increased regulation. This isn’t to say that the long standing markets aren’t still the bread and butter for most brands however it does present a lot of opportunity for operators that are able to quickly adapt to the nuances of the market. Tailoring both the marketing and product is essential and those that do it well can really capture and retain market share early on.

Here we’re going to explore the top regions for igaming in 2023 and markets to keep an eye on:

Latin America:

Countries like Brazil, Peru, Mexico, Argentina, Colombia, and Chile are making headlines in the iGaming sector, with Brazil often termed as the “sleeping giant” of Latin America. The online gambling Gross Gaming Revenue (GGR) in Brazil is expected to grow significantly and reach about $1.6 billion by 2026. Other nations like Bolivia and Mexico are actively working towards regulatory reform to foster the growth of the iGaming industry. The popular games in this region include sports betting, slots, bingo, and poker​.

Asia:

Asia presents a diverse and promising region for iGaming due to its dense population and rapidly growing economy. While the gambling market in this region is tightly regulated, there is a push towards market liberalization. Countries like Thailand and Vietnam are exploring market regulation and pilot programs to expand the gambling sector. Moreover, in Japan and China, players spend a significant amount on foreign sportsbooks and online gambling platforms, respectively. The Indian market also holds potential despite its complex regulatory landscape​.

Africa:

The African market, particularly in countries like Nigeria, Kenya, Tanzania, Uganda, and South Africa, is gaining traction. South Africa is the largest market on the continent, with a projected GGR of $2.3 billion by 2023. The growth in this region is attributed to increasing incomes, improved internet access, and favorable changes in gambling taxation and legislation​.

Europe:

Although not new to iGaming, Europe continues to be a fertile market due to growing economies and emerging new markets within the region. The European Gaming and Betting Associate (EGBA) estimated that in 2022, the total GGR in Europe grew by 23% to €108.5 billion, with online gambling revenues showing an 8% growth compared to 2021​.

The other significant mentions in terms of emerging markets include several countries in South America and Africa, showing a notable growth opportunity for the iGaming industry​. Countries like Colombia and Peru in South America have passed online gambling legislation recently, signaling a positive trend towards the growth of iGaming in these regions​.