How big is the Online Gaming Industry?
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The online gaming industry has been around for over two decades. Believe it or not, the first-ever online gaming was introduced back in 1996 and was developed by Intercasino. There are plenty of platforms these days like Nyspins bonus & Wild Casino where you can experience top-notch games.
But the industry boomed when the pandemic of covid-19 struck the economy. Because of the pandemic, the industry has become so big that it has surpassed the traditional land-based gaming industry.
Now the question is, how big is the online gaming industry in real life? Let’s find out.
The Online Gaming Industry
What is the online gaming industry? It is a network of games that operate virtually. All the gaming and betting in this network is conducted on the internet. There is no physical existence of it.
The Online gaming Industry can be segmented into three main types of games- casino games, sports betting, and virtual gaming.
The Size of the Online Gaming Industry on a Global Scale
According to data from Statista, the size of the online gaming industry on a global scale was 59.79 US Billion Dollars. So far from 2009, this growth has been linear. Hence, we can easily predict that the transition will increase in 2021 and keep pushing up for the upcoming years.
The pandemic just boosted the chance of that number increasing more. The main reason why the online gaming industry grew is the development in internet and computer technology. Also, the benefits of playing in an online games surpass those of traditional land-based games.
The worldwide growth of the online gaming industry is speeding up differently in different regions of the world—the fastest-growing region for online games in North America, the USA, and Russia.
Although North America and the USA are among the fastest-growing states for online gambling, its legality is not in great shape.
The USA only allowed online gaming regulations in three states- Nevada, Pennsylvania, and New Jersey. The other states aren’t under statute yet. Canada is also in the fastest-growing state of online gaming, but it is not regulated.
The growth of the online Gaming industry is medium in the Asian and Australian countries. Some states of those regions have legalized online gaming initially, while others are looking forward to opening up to that.
The growth is significantly less in Mexico and African countries. While Africa is not showing any progress in legalizing online gaming, Mexico is reviewing the gaming laws to enforce them. So it is good news for gamers and punters in Mexico.
Meanwhile, the UAE and its surrounding Muslim nations are taking a strong stance against online gaming. They are doing this for religious considerations.
Conclusion
The Online Gaming Industry is worth 59.79 US Billion Dollars, according to the records from last year. But currently, it may have already crossed the 60 US Billion Dollars mark.
You may think that this size will go down after the pandemic, but no. As we have seen, the online gaming industry was trending before Covid-19 came.
