How Big is the iGaming Market in Australia?
Australia is home to the most enthusiastic gamblers on the planet. It is believed, that with an 80% adult participation in gambling, Australia has the highest gambling rate in the world. Gamblers do not have to pay any tax in Australia, the gambling companies are responsible for paying tax, so none of the winnings is lost when gambling in the country. The Australian iGaming market continues to enjoy plenty of growth but how big is it right now?
What is iGaming?
Before we look more closely at iGaming in Australia, it is important to understand what the term iGaming means. iGaming is any form of gambling that takes place on the internet. Online sports betting, casino games, live casino games, lottery, and bingo are all examples of iGaming, and these are readily available to people in Australia. The first iGaming website was developed in 1994 and as of 2020, the global iGaming market was worth a staggering US$ 59.6 million.
Australian iGaming Market
There is no doubt the Australian iGaming market is growing fast. We are consistently seeing the introduction of new gambling websites and mobile apps in Australia, whether it be sportsbooks, casinos, or a combination of the two. There are many websites today offering online pokies for real money in Australia, plus table games, card games, and sports betting. A combination of more online betting options, greater income, and increased use of smartphones is leading to increasing revenue for the iGaming market in Australia. Another factor leading to an increase in the number of people betting online in Australia is the continued development of internet connections in rural areas. This has opened new opportunities for people to gamble online who a couple of years ago would struggle to get a stable internet connection.
The Statistics
We can measure how big the iGaming market has become in Australia by looking at some of the statistics. According to estimates from the Queensland Government, online gambling revenue reached AUD 225 billion in 2019. This figure has risen hugely from the mid-2010s, resulting in a massive increase in the revenue of iGaming market. So, there is no doubt the Australian iGaming market is at its peak, and it is likely to get bigger over the coming years.
The most popular forms of iGaming in Australia are the pokies. Figures show that just over 50% of iGaming revenue in Australia comes from online pokies. Horse racing, greyhounds, and harness racing comes in at 15%, while buying lottery tickets online accounts for 14%. Online sports betting has a smaller share of the market at just 5%, which comes as a surprise considering how popular some sports are in Australia. Online casino table games also have a 5% share of the Australian iGaming market. AnNSW gambling survey conducted in September 2019 showed young people are likely to participate in all forms of gambling. With young adults having access to smartphones and computers more than ever before, the numbers gambling online is only going to increase in Australia in the future.
