Top 6 Nations in 2024 for iGaming Revenues

Based on data from January to December 2024, Blask has published a study on the condition of the iGaming industry, highlighting nations that have achieved an estimated gross gaming revenue (eGGR) of over $1 billion.

The six major nations that have emerged as major players in the iGaming industry—India, South Africa, Brazil, the Netherlands, Bangladesh, and Spain—each producing over $1 billion in Estimated Gross Gaming Revenue (eGGR) have been the focus of analysts at Blask’s (an AI market analytics platform that provides iGaming businesses with insights into the main metrics of the market) most recent piece.

However, a variety of factors contribute to their effectiveness. This article examines the factors that have contributed to these nations’ remarkable economic achievements.

Assessing iGaming Markets and Important Indicators

The Blask team used GGR data for 2024 to analyze iGaming marketplaces in 42 nations. Finding the top-performing nations in terms of revenue was their primary objective. The Blask team sorted countries based on their Estimated Gross Gaming Revenue (eGGR). It incorporates six key parameters, including player behavior, market dynamics, seasonal trends, and regulatory frameworks.

The researchers carried out more studies to better understand what led to these remarkable outcomes. One of the most important indicators was Estimated First-Time Depositors (eFTD), which measures how many new players make their initial deposit on a platform. The number of operators in each market was also taken into account in the analysis, which gave important information about market saturation and competitiveness.

The iGaming revenue leaders are:

# 1 India

With an eGGR of $2.1 billion and 16 million eFTD, India’s iGaming business reflects substantial player involvement among its 1.41 billion inhabitants.

India is a very competitive and varied market, with 308 iGaming brands. Stake is the top brand ($311m eGGR).

# 2 South Africa

Despite having a smaller population of 60.4 million, South Africa performs well. South Africa has a high level of player participation, with an eGGR of $1.9 billion and 21 million eFTD.

Together, industry giants Betway ($762m eGGR), which is regarded as one of the most trusted bookmaker websites by players all over the world, and Hollywoodbets ($704m eGGR) generate $1.466bn, or more than half of the nation’s eGGR. With 177 operators, South Africa has a smaller operator base than India.

# 3 Brazil

Brazil, which has a population of 220 million, surpassed South Africa and India in terms of deposit volume, achieving an eGGR of $1.8 billion and 73 million eFTD.

With 342 iGaming operators, the sector is quite competitive. The market leader, 1win, produced $376 million in eGGR. A new gaming rule with more stringent restrictions went into effect on January 1, 2025, even though 342 brands were active in 2024. It is yet unknown how it will affect the competitive environment.

# 4 The Netherlands

Despite having a population of only 17.7 million, the Netherlands produces an eGGR of $1.8 billion, which is equivalent to Brazil’s, which has a far larger population.

Toto ($311m eGGR) and Unibet ($309m) are the leaders. Surprisingly, the Netherlands has significantly fewer brands than other high-performing nations—just 96.

# 5 Bangladesh

In 2024, the 168.7 million-person nation of Bangladesh had an eGGR of $1.7 billion and 22 million eFTD.

Seven operators will have more than $100 million eGGR in 2024, with local brands JeetBuzz ($253m eGGR) and Baji ($239m eGGR) dominating. Bangladesh’s market structure is small, with only 56 iGaming brands.

# 6 Spain

Spain, which has a population of 47.2 million, produces 4.1 million eFTD and $1.5 billion in eGGR.

Spain is behind other top nations in terms of player involvement (4.1 million eFTD) and market size (105 iGaming brands). With $378 million in eGGR, Bet365 is way ahead of the competition.

Which Is More Important for Success, Mass or Premium?

Scale and quality must be balanced for the iGaming business to succeed, according to a study of six nations. Mass participation is essential in emerging economies like Bangladesh, Brazil, and India because many participants, frequently from younger, economically engaged generations, maintain consistent profits. However, the average revenue per player is reduced due to limited purchasing power.

European markets, such as those in Spain and the Netherlands, show the opposite pattern. Their success is a result of strict control, a wealthy audience, and excellent living conditions. These marketplaces place a premium on quality, with fewer players producing substantial profits due to increased average expenditure and open gaming environments.

With characteristics of both established and rising markets, South Africa finds itself in a medium position. It’s one of the most potential areas for growth because of its special combination of a young population and a developing economy.