2024 was a bumper year for the iGaming market, with a projected €92 billion in revenue. As we step into 2025, it doesn't look like that is on course to slow down, with further growth expected to be driven by new and emerging markets, as countries develop their own regulatory frameworks or expand on existing legislation to capture more of an iGaming industry in rude health.
With these emerging markets come new opportunities for the industry, with potential for growth in a competitive market. So where are these markets, why are they promising, and what do businesses need to do to capitalise on the opportunities presented?
We'll break down five of the most intriguing and exciting markets to keep an eye on for the rest of the year and beyond.
Our first pick is one that has had something of a tumultuous 2024. Nigeria is a country with a relatively established market for online gambling, but it finds itself in a tug-of-war when it comes to regulation.
Its current regulatory system sees the country's gambling market governed federally by the National Lottery Regulatory Commission (NLRC). However, the country's Supreme Court has been called to rule on whether the authority should lie at the federal or state level. State regulators want more control, while the federal authorities want to retain control, meaning the infighting leaves the situation in a state of limbo.
Despite the apparent level of uncertainty in the country, it is a market of note for iGaming businesses looking to expand their reach. That is largely down to the demographic shift that Nigeria is currently undergoing.
According to World Bank data, the Nigerian population is set to grow to 350 million by 2050. This would position the nation above the US as the third-most-populous country globally, with a youthful population that presents an opportunity for operators to capture a sizeable market.
In stark contrast to Nigeria's regulatory uncertainty, the Brazilian market is one that appears to be entering a period of unprecedented certainty. After years of discussions, bills, and solidification, the country is using this year to establish its legal framework.
Coming into effect in the first month of the year, the New Brazilian framework sees the legalisation of iGaming in the country. With the nation's regulators now offering licences for operators, a gap has opened for operators to enter the market as existing businesses seek to achieve compliance with new regulations, as well as for affiliate marketers to expand their reach to the region.
The South African market experienced a record 2023-24 with €3 billion passing through in terms of the GGR for the whole gambling market, online and offline. This makes it one of the most lucrative on the continent, with further growth expected as confidence in the market grows.
According to data from Statista, the online gambling market specifically is projected to reach around €1 billion by the end of the decade. This represents space for new businesses to leverage the growth in the online vertical and capitalise on rapid growth in the sector. With the global market predicted to hit around €107 billion in revenue, according to Statista, South Africa is clearly set to be a big driver of that.
While not one country specifically, the Asia-Pacific market has found itself at the epicentre of growth. At the start of 2024, it surpassed Europe by achieving €197 million in net revenue, in comparison with €191 million in the 2023-2024 financial year.
While there are already established markets in nations like Macau, there are untapped and growing areas that are ready for external investment. The Philippines used 2024 to cut the fees for licensing, ensuring that the country sits on the precipice of an iGaming boom.
In Thailand, a recently announced Bill - The Entertainment Complex Business Act - is set to overhaul existing regulations around the country's land-based gambling businesses, potentially ushering in a new era for Asian casino gaming.
Industry experts are urging the government to make amendments to the act to cover iGaming, too. With the potential for a new legal online market presented, any businesses quick to act and enter this burgeoning market will be presented with a wholly new customer base and a fervour for iGaming.
Returning to Africa, while Nigeria's booming population growth and attempts to solidify online gambling regulation at one level make it the top choice for investment on the continent, that doesn't mean that there are no other countries looking to muscle in on the trend and grow the region's iGaming presence.
The African archipelago announced new regulations under the Seychelles Gambling Act 2014 covering the online gambling industry at the end of 2023, with the regulations coming into effect last year. This means that there is a nascent market to hop on for forward-thinking operators and affiliates. It may not be the largest customer base, but the establishment of a regulated market means that there is a desire to build something with longevity and quality.
With so much developing across the world in such disparate markets, it can seem daunting to work your way into regions where there is likely to be further developments and regulatory progress and, possibly, missteps. That makes partnering with the right content provider a must for anyone looking to tap into these new customer bases.
At IGC, we are already set to deploy content strategies in these areas. If you need content creation services, including localisation, outreach and link building, SEO, or anything else content-focused, reach out to us. Our services are available for all of the markets listed, as well as many more, including all the biggest markets.
