3 Profitable Markets for Implementing Casino Projects in 2024

The gaming field's potential is estimated at tens of billions of dollars. The industry has shown steady growth over the years, responding positively to technical innovation and creative promotion channels.

Smart Money has prepared an overview of the key markets for the implementation of iGaming startups in 2024. Find out in which countries it is better to open an online casino to get a good income and a quick return on investment.

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Europe: Stable Economy and High Demand for Gambling Services

The region is considered one of the most attractive for launching an iGaming startup.

IMARC Group estimated its total GGR at $37.4 billion at the beginning of 2024. Experts predict that the rate will increase by 7.6% every year. By 2028, it will be $59 billion.

The main indicators of gambling growth in Europe are as follows:

• increased earnings of the population;
• centuries-old playing traditions;
• urbanisation and penetration of the high-speed Internet;
• iGaming companies investing in research and inventions;
• active development of sponsorship;
• advertising with the involvement of opinion leaders.

Maarten Hayer, the Secretary General of EGBA (The European Gaming and Betting Association), noted:

The European gambling market has shown strong growth in 2024 after the turmoil caused by the pandemic. Online betting, as before, dominates. The main income comes from online casinos and bookmakers.

The Features of the European Gambling Market

Consider the key characteristics of the region:

The Review of Countries for Launching a Gambling Platform

Consider the nuances of implementing an iGaming project in different European jurisdictions.

Great Britain

The United Kingdom occupies the top position in terms of GGR in Europe. In addition, the country is in the TOP-5 states in the world with the highest income from the gaming area.

Brief description of the UK gambling market:

• The industry has been regulated since 2005 with the adoption of the Gambling Act. In 2024, additions to the basic law came into force. The government has issued some recommendations regarding maximum betting limits, financial vulnerability and the check of casino accessibility, advertising, and betting.
• All types of gambling are allowed in the United Kingdom, including online and offline areas. Entrepreneurs can open an internet casino, launch a betting platform, or organise a poker tournament. Businessmen can also open bookmaker and lottery syndicates, sell scratch cards, and accept bets at hippodromes.
• The UK Gambling Commission (UKGC) is responsible for processing and issuing licences. Each type of gaming requires a separate document. The minimum period for obtaining a permit is 16 weeks.
• The UKGC has strict requirements for applicants, which increases the value of a UK licence in the European market. Entrepreneurs are required to provide a financial guarantee as a bank deposit, install AML and KYC tools, and pay an application registration commission and a state fee. The amount of the charge depends on the type of activity.

Malta

The country has become a European gambling hub. Over 450 iGaming companies are registered here, including online casino operators, bookmakers, game developers, and payment solution suppliers. Microgaming, Habanero, Pragmatic Play, iSoftBet, Tom Horn Gaming, and other big brands are licensed by the MGA.

Malta hosts major industry exhibitions and summits: SiGMA, EGR Nordics Awards, and Casino Beats.

Gambling brings 13% of the country's GDP without taxes and licence fees that entrepreneurs transfer to the treasury. The field ranks third in terms of capitalisation after commercial and residential construction and tourism.

According to experts, the gaming sphere will bring 19% of the country's GDP by 2030. The Maltese entertainment sector shows the highest growth rate in the EU — 5.8% per year.

Here are the benefits of opening an iGaming startup in Malta:

• Clear licensing structure. The MGA (the local regulator) issues four types of permits: for the operation of online casinos with RNG slots, bookmakers, poker rooms, and resources for accepting bets on fantasy sports.
• Affordable cost. Licences of the first three types are available for €25,000 per document. The price of permission to accept bets on fantasy sports is €10,000.
• Access to highly qualified personnel. Over 300 gambling companies are registered in Malta. They develop and test casino software, as well as audit and manage the market. More than 11,000 vacancies related to the iGaming industry were opened in the country at the beginning of 2024.
• Simplified entry to the European market. With an MGA permit, businessmen can advertise their gambling products in the United Kingdom and other EU countries. The Government of Malta has signed partnership agreements with prestigious jurisdictions, making it easier to launch and scale an iGaming business.

Romania

The Romanian National Gambling Office (ONJN) has been issuing licences since 2013. The regulator gives permits for various types of gaming: land-based and online casinos, bookmakers, and sweepstakes.

The advantage of the Romanian licence is that one document is valid for all types of gambling. Having received a B2C type permit, the operator can open an online casino, a poker room, or a betting site. A B2B licence works based on a similar principle, giving the right to produce and sell entertainment, security software, and payment solutions.

Why it is worth launching an iGaming startup in Romania:

• stable economic and legal environment;
• transparent licensing procedure;
• one document for all types of gaming;
• the high popularity of gambling among the population;
• fast issuance of permission.

Asia: The Introduction of IT Innovations and New Markets

According to the report of the analytical centre IMARC Group, the profitability of the gambling industry in the region reached $19.5 billion at the end of 2022. By 2028, the area's capitalisation will be $37.5 billion, considering the average annual increase (CAGR) of 11.39%.

The gambling industry's growth indicators will be as follows:

• the expanding penetration of the Internet and compact mobile devices;
• easy access to online gaming portals;
• the progress of new technologies such as virtual reality and blockchain;
• corporate sponsorship and attraction of celebrities for advertising;
• the launch of gambling markets in many states.

The Features of Opening an iGaming Project

Consider the main characteristics of the region:

1. The demand for gambling. Many countries in Asia are characterised by the well-developed entertainment sphere and the popularity of gaming among residents. The Japanese, for example, spend millions of US dollars on pachinko (a machine similar to land-based slots) and bets in offshore casinos. However, only lotteries are officially allowed in this state.
2. The popularity of live casinos. Real-time broadcasts are conducted from specially equipped studios and offline clubs. Gamers choose live roulette, baccarat, blackjack, poker, Sic Bo, and other types of entertainment options. Providers improve the user experience with interesting additional features: multiple bets, draws, interactive chat, leaderboards, etc.
3. Different approaches to gambling regulation. The centre of attraction for land-based and web casinos is Southeast Asia. The largest entertainment complexes in the world are located here, including venues in Macau and Singapore. There are many Muslim states in the area where gambling is completely prohibited. These are Malaysia, Pakistan, Iran, Iraq, and others.
4. Active implementation of innovations. A huge number of blockchain casinos in Asia accept bets in cryptos. Users can replenish their accounts in BTC, LTC, TRN, ETH, and other digital units. Software developers are actively using virtual and augmented reality, improving user experience and bringing stable incomes to operators.

The Overview of Countries for Registering Businesses

Consider where it is profitable to open an entertainment project in 2024:

Africa: Skyrocketing Online Sector

People from this region make up about 11.5% of the world's internet users. Many of them visit betting and slot machine sites. Since 2020, the amusement sector on the continent has been experiencing a real boom in investment.

The gaming market amounted to $5.9 billion, while the internet segment took $4.1 billion. Almost 80% of the country's population bets exclusively online. This makes the region one of the most promising for launching mobile casinos and bookmaker sites.

Key Indicators of the Industry's Capitalisation

Consider why Africa is attracting investment:

1. The steady growth of the middle class. The income of the population is constantly increasing. This means that gamers spend more time and money on gambling. Attitudes towards the online casino concept are also changing. Now this is a place where people can have fun and relax after working days, and not earn money.
2. Growing penetration of gadgets. 64% of the population has smartphones. By 2025 this figure will grow to 70%. Almost half of the users have regular access to the Internet, which increases the demand for gambling.
3. The legitimation of gaming in many states. In the north of Africa, a predominantly Muslim population lives, which is alien to gambling. The central and southern parts of the continent, on the contrary, are highly interested in casinos and bookmakers. The authorities of many countries are working on launching the gambling sector to attract foreign capital and increase revenues to the treasury.
4. The boom of mobile payments. Local providers create convenient and secure online transfer solutions. They are positively perceived by the audience. This provides an additional incentive for the growth of the sector. Mobile payments through such operators as M-Pesa, Orange Money, and Airtel Money are the priority for the population.

The Overview of States for Investing in Gambling

Consider where it is profitable to initiate iGaming startups in 2024:

The Main Things about Optimal Entertainment Markets

Gambling is one of the driving forces of the global economy. The industry fits perfectly into the concept of digital business. It successfully applies technical innovations and non-standard promotion channels.

• The European region is marked by a stable political environment, a high level of income among the population, and the active development of sponsorship. Online gambling is legal in most EU nations.
• The most favourable conditions for doing business are created in Malta and Romania. The UK is the European leader in terms of GGR.
• Asia is interesting due to the active introduction of technological advances. Many blockchain casinos, sites with live-dealer poker and roulettes, and platforms with VR slots operate here.
• The greatest interest of investors is caused by the Philippines. All types of gambling are legalised in the country. Clear licensing and business rules are applied here. India is the most undervalued market. It is set to boom in the coming years.
• Africa attracts investors with the rapid growth of the gambling sector and the active digitalisation of economics. Convenient payment services, platforms for quick bets, and comfortable 24/7 gaming portals are appearing here. It is possible to open an iGaming project in South Africa, Nigeria, Kenya, Tanzania, and Ghana.

Smart Money provides licensing and promotion services for entertainment projects. We create HTML5 slots based on individual sketches and help our clients with elaborating a business plan and installing payment systems.

You can order the following products at Smart Money:

• a turnkey online casino;
• a White Label platform;
• a blockchain-based portal;
• a resource with VR slots, and other profitable solutions.

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