The allure of online gambling has seen this market grow substantially in the last decade. In 2023 alone, the global gambling market generated around $540bn in revenue and it’s safe to say that the online segment played a major role.
It has become a significant economic force in some countries, influencing the job market, government taxation policies and even our daily lives. This is why we’re going to take a look at some of the key areas where iGaming has an effect, both good and bad, and the perspectives it offers to some of the leading global markets.
Employment opportunities
iGaming popularity goes well beyond attracting occasional players and gamblers. The constant effort to make the games more fun, attractive, and safe is a major driver of economic activity in job markets today.
This growth calls for a huge workforce of software developers and designers, customer support and marketing agents and everything in between! With new technologies emerging almost daily, this growth isn’t likely to stop either. We’ve seen the market increasingly creating new openings for fraud analysts, AI specialists and even VR technologists.
If you’re a psychologist or psychiatrist, you’ll probably find job openings soon in this market, as operators are often required to take some responsibility for the negative effects on players the industry has.
Government funding
iGaming feeds more than the job market, as governments see increasing tax benefits from this booming industry. It’s basically free money that governments can move toward public services, infrastructure and social programs.
The US has enjoyed these benefits, with more than $65bn in tax money collected in 2023, while the UK collected just below £15bn. When you consider the range of possibilities for what governments can do with the money, it’s no wonder they’re sometimes prone to look the other way about some of the negative societal aspects of gambling.
Tech advances
You’d be surprised, but gambling operators are one of the primary drivers of technological innovation in global online payments security. Companies are increasingly investing in secure payments systems, which often overspill into other industries, pushing for broader economic growth and activity.
Economic challenges
As we mentioned before, it’s not all sunshine and rainbows. The industry also has some negative side effects, which directly influence people’s finances and drive addictive tendencies and other psychological issues.
Social costs of gambling addiction
The legalization of sports betting in the US resulted in a significant rise in gambling activity, including a 23% increase in people seeking addiction help online. When you account for the stigmatised approach and outlook on addiction, we can conclude that the numbers are even higher. The trend is affecting economic stability, as increased debt and reduced spending in other industries are taking hold of our lives.
Vulnerable populations increase
Certain demographics are more prone to falling under the influence of gambling addiction. Much like with other addictive activities, it’s hurting the youth with students of legal age taking the greatest hit.
Some studies show that students are spending nearly as much money on gambling as they do on groceries, and more than 15% of them reported using student loans to fund their gambling activities.
It’s easy to fall into the pitfall of thinking your next hand is going to be the winner. However, if you are struggling and want to put things into perspective, you can use tools like a roulette payouts calculator which provides valuable insight into returns. Tools like this help to enforce responsible gambling practices.
Global economic perspectives
Let’s look at how things are shaping up for the economic future of Western economies and what is already being done with the ever-growing tax revenue:
United States
As the leader in the gambling industry, the US will have to take centre stage when setting goals and policies concerning gambling. So far, the market has been seen as positive thanks to tax revenue and job creation. However, we have yet to see how the country will face the growing number of cases of addiction and negative socioeconomic issues.
The UK
Although a smaller market than the US, the numbers are concerning. So far, around 45% of the adult population has participated in some form of gambling in 2025. This has surely bolstered public finances, but there is an ongoing debate about the widespread effect that gambling has on the people. While they generated £4.4bn in 2023, iGaming platforms have witnessed a decline in new accounts being created.
Australia
The Australian gambling industry generated around $17bn in 2023, and individual players are wagering around $1,100 a year. Although not too concerning yet, the higher expenditure per capita will surely raise certain concerns associated with problematic gambling. So far, few legislative measures have been put in place to minimise harm due to gambling addiction.
Overall technological and economic impact
With the integration of advanced technologies, we’re surely looking at improved economic activity and growth in the years to come. Emerging technologies such as blockchain or AI will push for better and improved fair gaming practices, secure transactions, and help to attract even more users to the fold.
However, while it contributes to tax revenue and job creation, we’re also looking at higher risks related to gambling addiction and an increase in vulnerable populations. It will all result in us seeing policymakers balancing all these factors and fighting it out regarding the social costs of this online global phenomenon. This is why ongoing assessment and adaptive strategies are going to be crucial for harnessing the positive potential of it all.
We’re definitely looking at interesting times ahead of us, so stay tuned for more on this and other topics!