The Italian gaming market will reach $31.4 billion by 2028, report
The Italian gaming market in 2022 was valued at US$22.98 billion. The market value is expected to reach $31.46 billion by 2028, the market is expected to grow at a Compound Annual Growth Rate of approximately 5 per cent during 2023-2028. This is according to a new report by Research and Markets.
Gaming refers to the act of participating in various games of chance, where players place bets or wagers on uncertain outcomes with the hope of winning additional money or prizes. This form of gaming is commonly associated with casinos, betting shops, online gambling platforms, and other gambling establishments. The Italian gaming market appears to be benefitting from strong underlying growth within the online segment. Moreover, introduction of new gaming verticals and innovation would further drive the market growth.
Italy has a mature gaming market as compared to its other counterparts. In terms of gaming regulation, Italy has been one of the most active countries in Europe. The Italian model amounts to a concession-based environment and one that is open to national and foreign operators through public tender procedures.
On the other hand, the regulator, the Italian Customs and Monopolies Agency (ADM), is the guarantor of the industry's legality and security, and its efforts have made Italy a virtuous example in the fight against illegal and irregular gaming operators. Therefore, owing to the favorable regulations, the Italian gaming market has been experiencing growth in the past few years.
Market Segmentation Analysis:
The report provides the bifurcation of the market into four types: Retail Gaming, Lotteries, Casino & Bingo, Online, and Retail Sports. The retail gaming segment held the highest share of the market, whereas online gaming is expected to be the fastest-growing segment in the forecasted period.
The performance of the retail gaming market in Italy would be influenced by tourism and travel trends. The presence of international tourists and visitors is expected to drive foot traffic to brick-and-mortar casinos and gaming establishments in the forthcoming years.
On the other hand, online platforms can offer a wide variety of gaming options, including casino games, sports betting, eSports, virtual reality gaming, and more. This diversity can cater to different interests and preferences, attracting a broader spectrum of players.
The Italian online gaming market can be divided into three segments based on the type: iGaming, iSports, and Other. iGaming held the highest share in the market and is expected to be the fastest-growing segment in the forecasted period. iGaming allows players to participate in gaming activities from the comfort of their homes or on-the-go through computers, smartphones, tablets, and other internet-enabled devices.
The advancement of internet technologies, increased internet penetration, and the proliferation of smartphones have made online gaming more accessible to a wider audience. On the other hand, esports has seen tremendous growth in recent years, with large-scale tournaments, professional leagues, and a dedicated fan base. The popularity of esports has contributed to the overall growth of the iSports market.
