We ranked every major online gambling market by gross gaming revenue. The global total sits between $92bn and $130bn depending on who's counting and what they include.
🇺🇸 𝗡𝗼𝗿𝘁𝗵 𝗔𝗺𝗲𝗿𝗶𝗰𝗮
The US leads at $27.1bn from just 8 iGaming states and 32 sports betting states. FanDuel (Flutter Entertainment) and DraftKings Inc. control the majority of US online handle. Canada hits $4bn, driven by Ontario's CA$3.2bn fiscal year, but Stake pulls 21M monthly Canadian visits, more than double Loto-Québec's traffic, exposing the offshore gap.
🇧🇷 𝗟𝗮𝘁𝗶𝗻 𝗔𝗺𝗲𝗿𝗶𝗰𝗮
Brazil crashed into the top three at $7bn in its first regulated year. 79 licensed operators, 25.2M active bettors, BRL 10bn in tax collected. Kaizen Gaming's Betano leads market share. Argentina ($1bn) runs on provincial regulation with 14.6M online users. Colombia ($0.8bn) was the first LatAm country to regulate back in 2016, with BetPlay and Codere among the leading operators. LatAm is the fastest-growing region globally.
🇪🇺 𝗘𝘂𝗿𝗼𝗽𝗲
The UK generates $10bn but the 40% online casino duty is reshaping operator economics. Flutter Entertainment flagged a £540m tax impact, Entain projected £200m. bet365 remains the UK's top operator by revenue.
Italy and Germany both sit at $5.5bn. Flutter Entertainment's Sisal leads Italian online, while Tipico dominates German sports betting, though the GGL channels less than half the market. Romania ($3bn) generates more online GGR than Spain ($2bn), with Super Technologies (Superbet) the dominant local operator. The Netherlands ($1.6bn) has the same channelisation problem, with 50% of spend going unlicensed.
France holds $2.9bn without even allowing online casino, with FDJ UNITED the market leader. Sweden ($1.7bn) is under tax pressure. AB Trav och Galopp's CEO stepped down in early 2026 amid revenue declines. Betsson Group remains one of the top-performing Nordic operators. Portugal ($1.2bn) delivered 32% YoY growth. Denmark ($0.8bn) with Danske Spil the state-backed market leader.
🌍 𝗔𝗳𝗿𝗶𝗰𝗮 & 𝗥𝗲𝘀𝘁 𝗼𝗳 𝗪𝗼𝗿𝗹𝗱
Australia posts $5.2bn without allowing online casino. Sportsbet leads the market. South Africa ($1.6bn) is driven by Betway Global Super Group (SGHC) and Hollywoodbets Africa controlling two-thirds of online sports betting. Nigeria ($0.8bn) is mobile-first with 60M+ regular bettors, Sporty Group leading traffic.
🇯🇵 Japan has ¥6.4 trillion ($41bn) wagered offshore despite online gambling being illegal. India 🇮🇳 banned all real-money gaming in August 2025, killing a $2bn market overnight.
Market size and commercial viability are two very different things. Our full breakdown covers all 25 markets, and the structural trends shaping 2026.
#iGaming #OnlineGambling #GGR