Online Casinos - Latvia | Statista Market Forecast

Revenue in the Online Casinos market is projected to reach US$78.05m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.64%, resulting in a projected market volume of US$90.05m by 2028.
In the Online Casinos market, the number of users is expected to amount to 54.0k users by 2028.
User penetration will be 2.9% in 2024 and is expected to hit 3.1% by 2028.
The average revenue per user (ARPU) is expected to amount to US$1.51k.
In global comparison, most revenue will be generated United States (US$7.64bn in 2024).
With a projected rate of 35.7%, 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 Latvia is experiencing significant growth and development in recent years.

Customer preferences: Latvian customers have shown a growing interest in online casinos, which can be attributed to several factors. Firstly, the convenience and accessibility of online casinos allow players to enjoy their favorite games from the comfort of their own homes. This eliminates the need to travel to physical casinos, saving time and money. Additionally, online casinos offer a wide variety of games, including popular options such as slots, poker, and blackjack. This variety appeals to a broad range of customers, ensuring that there is something for everyone.

Trends in the market: One major trend in the Latvian online casino market is the increasing use of mobile devices for gambling. With the widespread adoption of smartphones and tablets, more and more players are choosing to access online casinos through their mobile devices. This trend is fueled by the development of mobile casino apps and optimized websites, which provide a seamless and user-friendly experience. As a result, online casinos are now available to players anytime and anywhere, further enhancing their appeal. Another trend in the market is the emergence of live dealer games. These games bridge the gap between online and land-based casinos by providing a live streaming experience with real dealers. This adds an element of authenticity and interaction that was previously lacking in online casinos. Live dealer games have gained popularity among Latvian players who seek a more immersive and social gambling experience.

Local special circumstances: In Latvia, the online casino market is regulated by the Lotteries and Gambling Supervisory Inspection (IAUI). The IAUI ensures that online casinos operate in a fair and transparent manner, protecting the interests of players. This regulatory framework provides a sense of security and trust for Latvian customers, encouraging them to engage in online gambling.

Underlying macroeconomic factors: The growth of the online casino market in Latvia can also be attributed to favorable macroeconomic factors. Latvia has experienced steady economic growth in recent years, which has resulted in increased disposable income for its citizens. This has allowed more individuals to participate in online gambling activities, driving the demand for online casinos. Furthermore, the widespread availability of high-speed internet and advancements in technology have facilitated the growth of the online casino market. With faster and more reliable internet connections, Latvian players can easily access online casinos and enjoy a seamless gaming experience. In conclusion, the Online Casinos market in Latvia is witnessing significant growth and development. Customer preferences for convenience, variety, and accessibility are driving the demand for online casinos. The use of mobile devices and the popularity of live dealer games are major trends in the market. The regulatory framework provided by the IAUI ensures a fair and transparent gambling environment for Latvian players. Favorable macroeconomic factors, such as economic growth and technological advancements, further contribute to the growth of the market.

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. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies, and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, the urban population, the usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Digital 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.