Top 3 iGaming Markets in 2024: Overview of Business Options

The gambling sphere is a highly profitable business with multi-billion dollar turnover and large-scale investments. The industry is actively growing and developing, new gaming markets and innovative projects are emerging at the intersection of several technologies.

Latin America: The Legalisation of Gambling

The territory is among the most lucrative areas for launching an iGaming project and scaling a business, even though there is no unequivocal support from the authorities in the region. While in some countries (for example, Colombia or Costa Rica) the industry is booming, in others (for example, Peru) the operation of online casinos is strictly prohibited.

Analysts forecast that by 2026 the GGR (gross gaming revenue) of the local sector will be $1.6 billion.

The main indicator of growth will be the legalisation of the gambling sphere in many countries. At the moment, the authorities of Mexico, Brazil, and Bolivia are working on this.

Brazil has been called the sleeping giant of Latin states. According to experts, the launch of the gaming market there will have a positive impact on the development of the region as a whole and will bring good dividends to investors.

Why Is It Worth Opening Online Casinos in the Area?

The main advantages of the decision are as follows:

1. The demand for digital games. Residents prefer to play in an online format rather than in land-based halls. This is true for casinos, sportsbooks, sweepstakes, and poker. For operators, this is a great opportunity to launch a highly profitable iGaming project and quickly reach a decent return on investment.
2. The opening of new markets. The main expectations of investors are related to the legalisation of Brazilian gambling, as the state is Latin America's leading economy. In February 2022, the local Chamber of Deputies got 246 votes for legitimising gaming in the country. The legislation allows licensing of operators at the federal level. The changes should take effect no earlier than 2024.
3. Favourable financial environment. The Latin American region includes countries with predominantly developing economies. The segment is growing rapidly. Thanks to this, the income of the population increases. Users spend more money on gambling, bringing stable revenues to operators.
4. Gaming traditions. The priority in this market is slot machines with certified RNGs and live dealer titles. Gamblers also prefer to bet on sports, especially football. Watching regional and global matches has become a national tradition for the residents. During major soccer competitions, the bookmakers’ revenues increase several times.

The Overview of Leading Destinations in Latin America

Consider countries where operators can open an online casino in 2024:

Argentina

The state legalised the gambling field in the early 2010s. Since that time, the gaming sector has been generating solid budget revenues and creating new jobs.

In Argentina, the issuance of permits for casinos and betting shops is handled by federal bodies. Each state has its licensing rules, tax rates, and requirements for applicants.

The metropolitan region of Buenos Aires is considered the most promising for starting a gambling business. Both the digital sphere (casinos, betting shops, and totalisators) and the land-based sector are well-developed here. Gaming halls are often located in large hotel complexes to attract more tourists.

Colombia

The country is considered the locomotive of the gambling industry in Latin America. All types of gaming are allowed here. Clear legislation has been adopted and excellent conditions have been created for starting and scaling a business.

Colombia is characterised by a high smartphone penetration rate (78%). Therefore, the launch of a mobile casino will be successful.

The issuance of licenсes began in 2017. Since then, the local amusement market has shown steady growth.

Costa Rica

The popular offshore zone does not issue traditional gaming licences. However, it does not prohibit the work of operators. The jurisdiction gives out special Data Processing permits that allow businessmen to open online casinos or sportsbooks.

Over 450 iGaming entrepreneurs are registered in the country, including well-known software developers. The main requirement is not to provide entertainment services to local citizens and companies.

Many international firms are registered here to optimise the fiscal burden on businesses. There is no VAT, as well as taxes on turnover, profit, dividends, and withdrawn capital.

The Dominican Republic

This sought-after jurisdiction has well-developed tourism and information technology sectors. The gambling industry operates at the intersection of these 2 fields. Travellers visit large entertainment complexes with casinos. The sphere of information technologies gives a powerful impetus to the development of the iGaming sector.

Powerful Data centres, high-speed 5G Internet, and IT hubs are available in the country.

The licence to launch an online casino will cost $230,000. Entrepreneurs pay only 10% of the gambling turnover. There are no other taxes. In addition, operators are required to invest 0.5% of their income in the development of IT infrastructure.

Asia as the World Live Casino Centre

This market is notable for the ambiguous attitude of the authorities towards gambling. There are countries with a well-developed gaming sector (for example, the Philippines) but gaming is still prohibited in some jurisdictions. These are Muslim states (Malaysia, Iran, Pakistan, and others).

A separate category is made up of countries with special gambling zones. In China, it is Macau. In the Philippines, this is the Cagayan Special Economic Zone. In Singapore, it is the city itself.

The leadership in attracting and retaining customers belongs to live casinos. These are real dealer platforms with roulette, baccarat, blackjack, and other card entertainment solutions. Entrepreneurs can start an independent live resource or open a hall based on a ground establishment.

An important condition for launching a profitable real dealer casino in Asia is the availability of modern technologies. These are Full HD cameras, card readers, touch monitors, data transmission devices, and other useful solutions. Thanks to them, a live portal can work 24/7. Only dealers change, and the picture quality remains at the highest level.

The Advantages of Working in the Asian Market

The key benefits of launching an iGaming project in the region are as follows:

1. The course towards the legalisation of gambling. In 2024, the governments of Vietnam, Cambodia, India, and other countries announced large-scale changes in the regulation of the gaming sector. Online monitoring systems are being tested and some laws are being finalised in this direction. The launch of the entertainment market is beneficial due to low competition, access to cheap labour, and the enormous demand for gambling among residents.
2. High population density. It is home to 60% of the world's nations. People are happy to spend time in land-based machine halls and online casinos. Among the favourite types of gambling are slots with RNGs, live content, and fantasy sports. In Japan, bets on races and lotteries, as well as pachinko (a local version of traditional machines), are considered the most popular.
3. Active introduction of digital technologies. Singapore, for example, plans to open the world's first AI-powered casino. Live projects in the Philippines use state-of-the-art IT solutions (4K cameras, touch card readers, etc.) to ensure an authentic gaming experience. Asia is the region where innovative tools are applied most actively. Many FinTech companies and start-ups are operating there.

Where to Open an Online Casino in 2024?

Let us consider several promising countries for investment:

The Philippines

The uniqueness of this state lies in the fact that there are 2 regulators here:

• PAGCOR is responsible for licensing offline casinos, bookies, and bingo halls.
• CEZA issues permits for iGaming projects.

Work under the guidance of PAGCOR is aimed at both residents and tourists. Operators with a CEZA licence are prohibited from accepting bets from citizens of the Philippines. The tax burden on businesses is also different. In PAGCOR, operators pay only 5% of turnover. Meanwhile, in CEZA, the percentage of deductions depends on the GGR (gross gaming revenue) for the reporting period.

The CEZA licence allows project owners to manage sites in 2 domain zones at once — .com and .ph. This approach allows entrepreneurs to attract solvent legal internet traffic from many countries in Europe and Asia, as well as reduce taxes and marketing costs.

Many live casino content providers are registered in the Philippines. These are SA Gaming, Asia Live Tech, n2-Live, and others. Leading European developers, such as the EveryMatrix studio, have also opened representative offices there.

Georgia

The gambling sector is recognised as an integral part of the country's entertainment industry (along with tourism). Therefore it is not constrained by any restrictions. The government stimulates the development of the field in every possible way, including through the issuance of investment licences for 10 years.

The features of gambling regulation in Georgia:

• All types of gaming are allowed in the country. You can open an online casino, an internet sweepstakes project, or a sportsbook.
• The tax office is responsible for issuing permits. The application is accepted in electronic form and is considered within 20 calendar days.
• One licence is required for a particular type of activity. Permits for ground casinos, iGaming projects, and bookmakers are issued for 5 years, and for bingo halls — for 1 year.
• Licensed operators transfer 3 obligatory payments to the state treasury. These are annual and quarterly fees, as well as current taxes. The amounts depend on the region in which the entrepreneur is registered. The highest rates are in the capital.

India

Since the country is a federation, gambling regulation rules are determined in each state separately. In some territories, gaming is completely prohibited. Other regions (for example, Goa and Sikkim) allow the work of lottery operators, bookmakers, and owners of projects with online slots. The state of Goa is unique in this regard. Floating casinos are in demand there.

Poker is a skill-based game. It is legal throughout the country, including land-based tournaments and online bets.

At the beginning of 2023, the Government of India issued a series of new regulations for the online gambling field.

The authorities promise to completely reorganise the industry in 2024:

• streamline the work of operators and the issuance of licences;
• toughen the punishment for illegal betting;
• change the advertising approach.

India is among the most promising countries for launching an iGaming project due to such factors:

• high population density and residents’ interest in gambling;
• planned changes to the regulatory framework;
• advanced information technologies and FinTech sector;
• the omnipresence of smartphones and online payments.

Europe as the Birthplace of Gambling Traditions

According to the report of the EGBA, GGR in the EU increased by 23% and amounted to €108.5 billion in 2022. By 2027, the capitalisation of the industry will amount to €356.4 billion.

The European market remains one of the fastest growing and attractive for investors thanks to:

• the increase in incomes of the population;
• high interest in gambling among Europeans;
• the legalisation of gaming in most jurisdictions;
• active introduction of innovations;
• centuries-old entertainment traditions.

In Europe, all types of gambling are allowed. Each country has its gaming preferences. The United Kingdom has a well-developed betting market. Sweepstakes and stakes on horse races are a national endowment of the British. Many significant events are held here — Royal Ascot, the Grand National in Aintree, the Epsom Derby, and other competitions.

Western Europe is considered the birthplace of gambling. The oldest gambling hall in Europe is located in Wiesbaden (Germany). The largest and most famous casino is in Monaco. Many table games, including roulette, also come from Europe.

Big changes were announced in the EU market. In Germany, the process of legalising digital gaming throughout the country is being completed. However, digital amusement was allowed only in one federal state before. In the UK, France, and Spain, the legislation in terms of gambling advertising is planned to be tightened.

Why Is It Worth Opening an Online Casino in Europe?

The benefits of investing in the EU gambling sector include:

1. The legalisation of gaming throughout the region. Scandinavia is a great choice, given the high incomes of the local population. The Baltics is also a good option as this is one of the fastest-growing markets in the EU. Good prospects for launching and developing an iGaming start-up are provided by Malta due to low taxes.
2. Advanced IT infrastructure. Many reliable data centres are located in the EU. The mainland itself is covered with a high-speed 5G network. Information technologies are well-developed in Europe. There are many IT hubs with high-class developers, architects, CEOs, and QA engineers.
3. Access to innovative solutions. Companies are actively using blockchain, artificial intelligence, VR, and AR in iGaming start-ups, improving user experience and increasing business profitability. Cryptocurrency is legalised in many EU countries as a payment method. The Malta Gaming Commission was one of the first to start issuing permits to launch Bitcoin casinos.

The Best Countries for Launching a Web Amusement Start-Up

Let us consider where it is most beneficial to run an online gambling business:

The Main Things about Promising Entertainment Markets in 2024

Gambling is a highly profitable field that uses innovations and modern IT solutions.

• In 2024, investors' expectations are related to Latin territories. Brazil, the largest economy in the region, promises to legalise gambling, create transparent conditions for obtaining licences and launching iGaming start-ups. Good development opportunities are opening up in Colombia, Argentina, and Costa Rica.
• Asia has a well-developed live casino sector. The leader in terms of the number of issued licences and implemented gambling projects is the Philippines. This is one of the few countries in the world that allows operators to legally work in 2 domain zones at once — .com and .ph.
• In Europe, gambling is legalised throughout the region. Malta, Denmark, the United Kingdom, Estonia, and Romania are considered promising for launching internet casinos. The IT infrastructure is well-developed here. Innovative solutions are being actively introduced. A clear procedure for obtaining and renewing permits has been implemented.

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