TOP-10 countries with the highest gambling revenues

💡 Methodology: below is an indicative rating for gross gaming income (GGR) and comparable metrics for the 2024-2025 reporting periods. In a number of countries, statistics are published as GGY/Gross Win or as "net player losses" (Australia), and in Japan the pachinko/pachislo industry is measured in its own way - this can overestimate compared to "net" GGR. We clearly note such cases and cite sources.

1) US

Revenue benchmark: record $71.9 billion commercial GGR in 2024 (excluding breeding segment). Drivers - stable offline, iCasino growth in a number of states and a sports book.

What is important: high "white" payment infrastructure → high Approval Rate and strong LTV; strong offline + online omnichannel.

2) China (Macau, OSAR)

Income benchmark: $28.3 billion GGR in 2024, the second consecutive "year-on-year" increase after the restart of tourism.

What is important: a shift to "premium mass," strict supervision and a course towards diversification of the economy; sensitivity to tourism and visa regimes.

3) Japan (pachinko/pacislo)

Scale benchmark: JPY ~ 15.7 trillion in 2023 (total "pachinko + pachislo," industry sources). Attention: this is an industry turnover/" market" according to the local method, not a classic GGR.

What is important: despite the long-term decline, the volume is still gigantic - when brought to the classic GGR, the country still remains in the upper echelon of Asia.

4) Italy

Income benchmark: €21.6 billion GGR in 2024 (growth ~ 4.4% YoY; strong contribution online).

What matters: Broad land base market + fast-growing online; regulatory frameworks and payment localization support conversion.

5) UK

Income benchmark: £15.6bn GGY (Apr 2023-Mar 2024). One of the most mature "white" markets.

What is important: strict RG/advertising rules, but they create a high trust and payment loop → a healthy Retention.

6) Germany

Income benchmark: €14.4 billion GGR in 2024 (growth ~ 5% YoY). The online segment ~ 24% and adds quickly.

What is important: settled online is growing against the background of strict rules (limits/speeds), but the "obelization" of the market strengthens the payment matrix.

7) France

Revenue benchmark: €14 billion PBJ (GGR) in 2024, + 4.7% YoY; a particularly strong year for lottery and online betting (euro/OI).

What is important: a high share of lotto, but online verticals are growing at double-digit rates at major sporting events.

8) Australia

Revenue benchmark: A $31.5 billion "net loss" of players in 2022-23 - the metric is comparable to GGR and has historically been used in the country.

What is important: some of the highest per-kapit losses in the world; an active agenda of advertising restrictions and responsible play.

9) Canada

Income benchmark: estimated $15-16 billion of total industry income; only Ontario online gave CA $3.2 billion GGR in 2024/25.

What is important: the model of "provincial" markets; Ontario is a showcase for online white growth with high payment conversion.

10) Spain

Income benchmark: online GGR €1.45 billion in 2024 (record; offline and lotteries - beyond that). The market is growing rapidly.

What is important: the regulation of advertising "swings," but the lifting of restrictions on 2024 partially returned marketing equipment and accelerated growth.

A few caveats about ranking

Japan: pachinko data is not "pure" GGR in the Western sense; when converting, the order of the countries at the top may change, but the scale remains huge.

Australia: Publishes expense/loss, methodologically close to GGR; in per capita terms, the country is No. 1.

Canada/Spain: some sources give online separately (Ontario, DGOJ); taking into account offline/lotteries, the total "gambling revenue" is higher than only online GGR.

What pulls revenues up in 2025

1. "White" payment rails → the growth of Approval Rate and Retention (USA, UK, Ontario).

2. Tourism and the IR model (Macau, Singapore): offline shoulder remains a powerful multiplier.

3. Sports calendar and omnichannel sports book → casino (Europe).

Risks and brakes

Tightening RG/advertising (UK/EU/AU) can reduce "hot" verticals, but increases trust and access to media in the long term.

Tax shifts and reporting unification (OECD trend) - CIT/compliance OPEX growth for international groups.

Dependence on tourist flow (Macau/Singapore) and visa policy.

Quick takeaways for operators and investors

Top cluster in absolute income - USA and Macau; followed by major European markets (Italy, UK, Germany, France).

Australia stands out not so much for its GGR size as for its extremely high per-capit monetization.

Canada (Ontario) and Spain (online) show double-digit growth online, which is enhanced by payment quality and regulatory maturity.

Source and comparability notes

USA: AGA is the official trailer for commercial GGR (without the breeding segment).

Macau: DICJ/agency statistics; total for 2024.

Japan: pachinko/pachislo industry surveys (GGR ≠ method).

Italy/UK/Germany/France: regulatory reports (ADM/focus digest, UKGC, GGL, ANJ).

Australia: AIHW/QGSO by "expense/loss."

Canada: Market summaries + official iGaming Ontario data on online GGR.

Spain: DGOJ/industrial publications on online GGR 2024.

Even with different calculation methods, it is clear: the main monetary "gravity well" is the USA and Macau, then the large European economies. Australia dominates in per-capit, Canada/Spain is rapidly building up "white" online. For growth strategies, the key to the answer is not in the "dry" GGR, but as a funnel (payments, quick payments, RG/privacy, trust) - it is this that turns high market revenues into a stable Net/GGR for a particular operator.