Leading online gambling news and insights platform iGamingBusiness (iGB) shared an interesting statistical analysis of the current mobile gambling market. The metrics were presented by H2 Gambling Capital (H2GC), the principal data partner of iGB and delved into market growth, regional split, 2028 revenue projections and more.

Join us as we take a look at the provided charts and graphs to learn more about the development and fiscal future of this device-focused gambling vertical:

 Mobile Gambling Overview of 2023

As the world increased in pace and the demand for freedom grew, so did the necessity for being to gamble on the go. Players would accept being restricted by time (after all, work is how you pay the bills) but not by location, which forced the iGaming sector to adapt.

This shift of focus heralded the advancement of gaming in some unexpected corners of the world. Far from the expected outcome of this type of analysis, the United States, despite its massive population, is not the largest mobile gambling market, even falling short of the global average by nearly 3%.

As you can see, it is Africa, Europe and Asia/Middle East that have been the highest adopters of mobile technology in 2023. Looking ahead, H2GC predicts that the fastest-growing markets will be Latin America and the Caribbean, with a growth curve of 31% or more.

 Popular Mobile Gambling Verticals in 2023

While instant slots and live dealer games dominate the online casino gambling landscape in most regions, their reach is primarily on PC. When it comes to mobile wagers, it is online sports betting that rakes in the most cash, according to the iGB results.

Currently, sports betting is responsible for generating  62% of the gross gaming revenue of 2023, with lotteries in second position with 27.5% and games of chance producing 10.3%.

It is, however, worth noting that when it comes to the annual growth rates, it is lottery sites and online casinos, which are growing the fastest at 17.9% and 16.8%, respectively. Over the next few years, it is expected that as mobile diversification and regulation become more widely adopted, we will see games of chance begin to eclipse betting..

Looking to the Future of Mobile Gambling

With the advent of mobile-browser-based instant slots and other forms of online gambling, it comes as no surprise that the vertical is projected to produce record-breaking revenues in the near future.

According to the data provided by H2GC, what was no more than a $500 million market segment in 2003 will be a $121.8 billion behemoth by 2028! This projection is based on a median annual growth of 15.1% which tracks with the past two decades of data.

 The Mobile Revolution will Gain Momentum

The analysis of the mobile gambling market does not only assume growth in overall spending and revenue potential but also that the number of mobile-first online gamblers will continue to grow.

As you can see from the chart, in 2003, mobile gambling only accounted for 7.2% of the total market. By 2023 that figure had grown to an incredible 47.1% thanks to the advancements in handheld devices, battery life, and mobile internet stability and speed.

The report projects that the adoption of mobile devices for gambling will continue to grow, reaching a record-breaking 55.7% by 2028.