Gambling revenue skyrockets to more than $350 million in 2022

Gila Herald
 
Gambling revenue skyrockets to more than $350 million in 2022
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As online gambling gains popularity around the world, it has reached new heights never seen before. With the popularity of online poker, all other casino games were opened up, creating a new trend called iGaming. In today’s day and age, there are hundreds of online betting sites available worldwide.

Is New Zealand any different? What is the legal status of online gambling in the country? Is gambling a popular pastime among New Zealanders? Let’s take a look at that.

Does New Zealand allow online gambling?

As far as online gambling is concerned, the New Zealand Gambling Act was passed in 2003, long before it became what it is today. Therefore, the Department is reviewing the Gambling Act at the moment. Is gambling online legal in New Zealand? The answer to the question is yes and no.

Online gambling is legal in New Zealand for those over 18, but there are some stipulations. Those in New Zealand who want to gamble are only able to do so on offshore websites. Lotto NZ and the TAB are the only authorized providers of domestic online gambling websites.

As a result, online casinos NZ are located in foreign jurisdictions. Like Malta and Curacao, these operators welcome Kiwis, but they follow their national laws.

Why are Kiwis attracted to online gambling?

Many people are choosing online gambling over land-based casinos for a variety of reasons, and New Zealanders are no different. Gaming online provides one of the best perks a person can ask for: the convenience of playing from home. The majority of these games can be played without a powerful computer. In many cases, a smartphone will suffice.

With just a few clicks, you can play your favorite online pokies. With so many choices, Kiwis are more likely to choose an online casino over a land-based one due to their love for pokie machines. Furthermore, many gambling websites offer a great gaming experience that is topped off by generous bonuses and rewards.

New Zealand’s online gambling statistics

A great deal can be said about how the online gambling industry thrives in New Zealand. Online casinos are booming in New Zealand because there is no national lottery to impede them. This is one reason why this country is becoming so popular for iGaming investment. 

In a study conducted by consultancy firm Regulus for SkyCity, conservative estimates suggested an increase in total online gambling revenue from $139.3m to $332.6m between 2014 and 2020. An annual compound growth rate of 15.6% is represented by this increase. Estimated revenue takes increased by 18.2 percent in 2018 and 33.5 percent in 2020, the two largest increases.

With the way things are going, the market is estimated to be worth $350 million in 2022 and to reach over $600 million in 2025.

iGaming’s future and new trends

There is no doubt that the iGaming industry is destined for great success in the future. More Kiwis are becoming aware of the convenience of gambling online as opposed to going to a land-based casino every day, which makes it a no-brainer for them to join.

Not only that but there’s more. It seems like a new trend is emerging every now and then that makes iGaming more prominent than it was before. Among those trends is mobile gaming. With mobile gaming becoming increasingly popular in recent years, gambling can be done anywhere and anytime through accessible and convenient means.

As we realized, nothing could stop the rise of online gambling in New Zealand, and Kiwis who enjoy pokies cannot remain indifferent to this industry. More and more NZ consumers are getting on board with iGaming due to the many online casino websites offering New Zealanders’ favorite games every day.

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