Top iGaming Markets in the world by GGR size in 2025

The global iGaming sector continues its strong upward trajectory, with the top 25 markets generating between $92bn and $130bn in gross gaming revenue (GGR) in 2025. This variation reflects differences in regulatory transparency, reporting standards, and the inclusion of offshore or grey-market activity across jurisdictions.

While Europe remains the most established region, North America—led by the United States—and rapidly developing markets in Latin America, Africa, and Asia are reshaping the global competitive landscape.

Global Leaders: The Largest iGaming Markets

At the top of the rankings, a small group of markets dominates global revenue generation. The United States leads with over $20bn, driven by expanding state-level legalization and strong performance in both online casinos and sports betting.

The United Kingdom follows with more than $12bn, maintaining its position as one of the most mature and well-regulated iGaming ecosystems globally.

In Asia, both Japan and China (offshore) exceed $10bn, highlighting the massive demand in the region—even where domestic regulation remains restrictive.

Italy rounds out the top five with over $5bn, supported by a long-established regulated market.

Developed Markets

These are the most advanced and enduring markets for gambling: stable regulatory environments, predictable revenue generation are found in high-value, developed markets. Germany ($4+ billion) and France ($3+ billion) are two of the largest economies in Europe, but the limits imposed by their governments inhibit their potential for additional growth. Spain, Canada, and Australia have also enjoyed continuing growth, with each generating $2+ billion through their established customer bases and general acceptance of digital transactions.

Growing and Emerging Markets

The last few years have witnessed a dramatic increase in the number of emerging markets, where many of these have begun benefitting from new regulations and the ubiquitous use of mobile devices. Brazil has quickly emerged as the largest emerging gambling market, with revenues exceeding $2 billion and continuing to grow as it transitions to a fully regulated casino framework. The Netherlands and Sweden each have reached the $1.5 billion range, clearly demonstrating how quickly a casino market can be established using newer regulatory models. Switzerland and Denmark are also each in the $1 billion+ range and are identified as emerging casino markets.

Growing Markets

Numerous areas are currently entering the gambling landscape with projected revenues in excess of $1 billion and therefore offer opportunities for long-term growth. Romania and Belgium (each $1 billion+) have both continued to drive their success through the growth of the gaming industry in Eastern and Western Europe. In addition to Europe, developing countries such as South Africa, the Philippines, and Mexico also have greater than $1 billion in annual gaming revenue due to the accelerated growth in internet access and the continued interest in online gaming.

Smaller but Expanding Markets

The final group includes markets that currently generate less than $1bn, but still play an important role in the global ecosystem.

Countries such as Greece, Portugal, and Finland continue to develop their regulatory frameworks, while Norway (offshore) and Ireland reflect strong demand despite structural limitations.

Original source: The iGaming Europe

GGR data is compiled primarily from official national regulators and government sources, where available, and complemented by insights from industry organizations such as the AGA and EGBA, as well as market intelligence firms including H2 Gambling Capital and Regulus Partners. Currency conversions are based on approximate 2024 average exchange rates. All figures refer to online-only GGR unless stated otherwise.

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