Online Casinos - Colombia | Statista Market Forecast

Revenue in the Online Casinos market is projected to reach US$308.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.58%, resulting in a projected market volume of US$403.90m by 2029.
In the Online Casinos market, the number of users is expected to amount to 1.4m users by 2029.
User penetration will be 2.0% in 2024 and is expected to hit 2.6% by 2029.
The average revenue per user (ARPU) is expected to amount to US$299.30.
In global comparison, most revenue will be generated United Kingdom (US$6.47bn in 2024).
With a projected rate of 35.6%, the user penetration in the Online Casinos market is highest Canada.

Definition:

The online casinos market refers to the segment of the online gambling industry that offers a range of traditional casino games, such as blackjack, roulette, baccarat, and slot machines, that can be played over the internet. Online casinos provide customers with the opportunity to play these games from the comfort of their own homes or on the go through various devices, including computers, tablets, and smartphones.

Additional Information

Data includes revenue figures in Gross Gambling Revenue (GGR), which is the total amount of bets placed by customers minus the amount paid out in winnings, Users, average revenue per user (ARPU), user penetration rate, and a breakdown of the product shares of the total online casino market. User and revenue figures represent B2C services.

Online slot machines such as Starburst, Mega Moolah, and Gonzo's Quest
Online card games such as poker, blackjack, baccarat, and their variants
Online roulette games such as European, American, and French roulette

Offline or land-based casino establishments such as casinos and gaming halls
Skill-based games such as chess, backgammon, and Go
Betting on non-casino games such as sports, politics, and entertainment.

The Online Casinos market in Colombia is experiencing steady growth and development due to various factors.

Customer preferences: Colombian customers are increasingly drawn to online casinos due to the convenience and accessibility they offer. Online casinos provide a wide range of games and betting options, allowing customers to enjoy their favorite casino games from the comfort of their own homes. Additionally, the availability of mobile casino platforms has further enhanced the convenience factor, as customers can now play on the go using their smartphones or tablets.

Trends in the market: One of the key trends in the Colombian online casinos market is the growing popularity of live dealer games. These games provide a more immersive and interactive experience, as players can interact with real-life dealers through video streaming. The presence of live dealers adds an element of realism to the online casino experience, which many customers find appealing. Another trend is the increasing adoption of cryptocurrency as a payment method in online casinos. Cryptocurrencies offer a secure and anonymous way to make transactions, and their use in online casinos is becoming more widespread.

Local special circumstances: The Colombian government has taken steps to regulate and legalize online gambling, which has created a favorable environment for the growth of the online casinos market. In 2016, Colombia became the first country in Latin America to establish a legal framework for online gambling. This has provided a sense of legitimacy and security to both operators and customers, leading to increased participation in the online casinos market. Additionally, the government has implemented measures to prevent money laundering and protect vulnerable individuals from the harms of gambling.

Underlying macroeconomic factors: Colombia is experiencing economic growth and a rising middle class, which has contributed to the growth of the online casinos market. As more people have discretionary income, they are more likely to engage in leisure activities such as online gambling. Furthermore, the increasing internet penetration and smartphone adoption rates in Colombia have made online casinos more accessible to a larger population. The availability of reliable internet connections and affordable smartphones has facilitated the growth of the online casinos market in Colombia. In conclusion, the Online Casinos market in Colombia is developing due to the preferences of customers for convenience and accessibility, as well as the adoption of new trends such as live dealer games and cryptocurrency payments. The favorable regulatory environment established by the Colombian government has also contributed to the growth of the market. Additionally, underlying macroeconomic factors such as economic growth and increasing internet penetration have played a role in the development of the online casinos market in Colombia.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Gambling Revenue (GGR) and represent what consumers pay for these products and services.

Modeling approach:

Market size is determined through a Top-Down approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, number of internet users, and internet consumption.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

As an industry seemingly built on chance, the odds of the global casino sector growing in the coming years appear a safe bet. Thanks to the ongoing legalization of gambling-related activities in many parts of the world, licensed casinos have expanded to new markets and generated record-breaking revenue figures. While the market size of the casino and online gambling industry suffered heavily during the coronavirus (COVID-19) pandemic, falling by nearly 100 billion U.S. dollars in 2020, the recovery has been steady. As of 2024, the industry’s market size totaled over billion U.S. dollars. At the center of this growth has been leading casino companies such as MGM Resorts, which alone generated 16.16 billion U.S. dollars in revenue in 2023. Online enterprises specializing in sports betting have also carved out significant chunks of the market share, with Fanduel and DraftKings both ranking as two of the most valuable gambling brands globally in 2024.