Report Predicts Online Gambling Market to Triple by 2034

Last Updated: July 28, 2025 4:04 PM EDT • 2 minute read X Social Google News Link

A new report into the global online gambling market has predicted that it is about to enter a dramatic growth phase, and is projected to nearly triple in size over the next decade.
According to the report, produced by market analysts Zion Market Research, the online gambling market, valued at $78.77 billion in 2024, is expected to reach $220.85 billion by 2034, representing a compound annual growth rate (CAGR) of 10.86% between 2025 and 2034.
This growth is likely to stem from a combination of widespread smartphone and internet access, new technologies, progressive legal changes, and shifting consumer preferences for online gaming. The report also notes that the online gambling boom is a global phenomenon, expanding rapidly across the Asia-Pacific, Latin America, Africa, and the Middle East.
Mobile-first platforms, live dealer real-money online casinos, and crypto-based gaming are expected to drive mass user adoption in emerging markets, alongside evolving regulatory frameworks in countries such as India, Brazil, and certain US states. Analysts also forecast continued growth in social gaming, esports betting, AI-driven personalization, and expansion into underpenetrated regions, such as Southeast Asia and sub-Saharan Africa.
The report also predicts challenges, including cybersecurity threats, payment restrictions, and concerns about problem gambling, stating that all of these threaten to slow progress.
Illegal gambling still dominates in the US
While the global online gambling industry accelerates, a new report has revealed that in the US, the majority of online gambling revenue is still being taken by illegal operators.
Commissioned by the Campaign for Fairer Gambling and compiled by market intelligence firm Yield Sec, the new study found that unlicensed offshore platforms accounted for 74% or around $67 billion out of the nation’s total $90.1 billion online gross gambling revenue in 2024. Meanwhile, legal operators such as the best sports betting sites brought in only $23 billion.
The report said there were 917 illegal gambling sites in the US, supported by 668 affiliates, which is six times the number that are linked to legal gambling sites. It also showed that these illegal sites use high-profile sports events and media exposure to attract American players, while avoiding tax and gambling rules.
States with limited or no laws on gambling, most notably Texas, California, and Ohio, were found to be at the most risk. Ohio alone reported $5.26 billion in illegal gambling revenue in 2024, which was the highest per capita figure nationwide. Even in states with legal online gambling like Pennsylvania and New Jersey, illegal operators still had a big market share.
The report concludes that legalizing online gambling does not automatically push out the black market, and the founder of the Campaign for Fairer Gambling, Derek Webb, emphasized that stronger enforcement is essential to curb illegal gambling and protect consumers.

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