The size of Belize's gambling industry

Belize is a small, tourist-oriented market where the gambling ecosystem consists of four elements: land-based casinos, national lotteries, cruise traffic (which increases the demand for games during ship calls) and a limited online segment. The formal frame is set by the Gaming Control Act (Cap. 152) and the work of the Gaming Control Board. However, there are few consolidated official statistics on gross gaming income (GGR) in the public domain, so one has to rely on mosaic sources and indirect benchmarks to estimate scale.

1) What the market consists of

1. 1. Land-based casinos

According to various open sources, there are about 6-10 casinos in the country (some in border and tourist locations; part - small objects). The variation in ratings is due to differences in the accounting for "full-fledged" casinos and halls with a limited set of games. Separate directories indicate 6 legal objects, others - about ten; there are lists for 8 sites. In any case, the scale of the sector is modest.

1. 2. National Lotteries

The state lottery (including the popular Boledo and Sunday Lottery) is the largest cash flow in the Belizean gambling industry. In 2024, sales of over 100 million BZD/USD equivalent were reported (in the media sometimes without a clear breakdown of "sales revenue" vs. "profit"). At the same time, government reports mentioned a profit ~ 16.6 million BZD for 2024, which emphasizes the difference between ticket turnover and net result.

1. 3. Cruise factor

Cruise stops are shaping surges in tourist demand for entertainment, including casinos and lotteries. According to the FCCA, the total costs of the cruise sector in Belize (passengers, crews, lines) in the cruise year 2023/24 amounted to $88.6 million - this is not "gambling money," but an important context of solvent traffic, part of which goes to gambling on calling days.

1. 4. Online and offshore

The legal regime is historically cautious of online formats; it mentions an extremely limited number of licenses and a restraining compliance loop until the end of 2025 for virtual assets. This means that the local online GGR is still small, and players often go to foreign ones. com brands.

2) Landmarks of scale (which can be said confidently)

Lotteries are the largest "cash desk" of the segment in terms of gross revenue from ticket sales (in 2024 - over 100 million according to local reports; profit - about tens of millions), and part of the funds is directed to the budget/social programs.

Land-based casinos are a small sector in terms of assets: independent analytics noted a modest asset size of ~ USD 14 million and about eight regulated casinos (an assessment of the scale of assets emphasizes the compactness of the industry in comparison with its neighbors).

Tourism is a powerful external driver: 562 thousand overnight tourists in 2024 (a record figure) + "cruise" $88.6 million in expenses create a demand for entertainment spending, some of which ends up in casinos/lotteries.

💡 Conclusion: in the structure of the Belize game sphere of the lottery - No. 1 in terms of turnover, casinos - niche and compact, online - cautious/nascent.

3) Why not one GGR figure by country

1. Disparate sources: some data from media and speeches, some from commercial reviews and industry notes; there are few official consolidated GGR reports for all verticals in the public domain. 2) Different accounting bases: lotteries often post sales rather than GGR/earnings; casinos in the public field are more often featured by the number of sites. 3) Cross border and. com market: spending of Belizeans and tourists in offshore online casinos does not fall into local reporting. 4) The legal regime of virtual assets: until the end of 2025 there is a restrictive circuit, which complicates the comparability of data on crypto payments.

4) Approximate valuation technique (how to "estimate" the market)

If a pragmatic assessment of the industry size "corridor" for business planning is required:

Lottery block: take annual ticket sales as the upper shell and use the distribution structure typical for state lottery (prizes/operating/social counts) - the guide can be that the profit in 2024 was ~ 16.6 million with sales> 100 million (shows the order of the margin).
Casino block: consider 6-10 venues and a modest active circuit; in border/tourist clusters, demand is higher. To evaluate, use a check for visitors (overnight + day cruisers), the share of those involved and the average check for the game.
Online block: so far minimal in local statistics; growth is possible with the liberalization of rules and the connection of payment rails (including stablecoins) after 2025.

5) Growth Drivers 2025-2030

Tourist upside: increased overnight stays and stable cruise stops increase the demand for entertainment (especially during peak months).

Lottery transparency: high product awareness and stable distribution support turnover.

Regulatory modernization: clarification of online formats, RG standards and payment rules can "whitewash" part of the flow that goes offshore.

6) Limitations and risks

Small scale economy and banking derisking - limited local acquiring for gambling, caution of correspondent banks.

Gray zones in the online segment - outflow of spending on. com sites.

Fluctuations in tourist flow (Caribbean logistics, weather factors, liner schedules) - revenue volatility by season.

7) Practical conclusions for business and government

For operators:

Build a unit economy around a lottery showcase and niche casino clusters (tourist areas, cross-selling on peak cruise days).
Invest in RG/compliance and transparent payments (cards + stablecoins subject to the rules), prepare for possible online liberalization after 2025.

For regulator:

Publish consolidated reports (lotteries, casinos, online) with a sales/GGR/profit split.
Clarify the definitions of online formats and payment standards (including VASP/Travel Rule) in order to return traffic from offshore to a regulated field.

The size of the Belize gambling industry is small by world standards, but significant for the domestic budget due to lotteries and a tourist multiplier. Today, the market structure looks like this: lotteries are the largest stream, casinos are compact niches, and online is limited. By 2030, the greatest growth potential is associated with tourism and the regulatory upgrade of the online segment (clear rules, payment clarity, Responsible Gambling). This is able to convert part of the "gray" demand into regulated revenue, while maintaining the social benefits of lotteries and the sustainability of the industry.

💡 Note on data: in open sources there are discrepancies in the number of casinos and the interpretation of lottery "100 million" (sales vs profit). In the article, we carefully separated these concepts and indicated the ranges where the sources diverge. If you need a numerical corridor GGR estimate for a business case, you can prepare a calculation with assumptions for average checks and tourist conversion (based on BTB and FCCA statistics).