The iGaming market has been an ever-present across the markets of Europe for around two decades now, developing into a trusted and well-regulated sector under the wider entertainment umbrella. Going online opened existing gambling brands up to huge new audiences, while creative new entrants have greatly bolstered the classic offering to make the experience more and more diverse with each passing year.

As a global market, iGaming was doing exceedingly well coming into the back half of the 2010s, but the repeal of PASPA in the United States in 2018 opened the floodgates to the coveted North American markets. Soon after, states were permitting online sports betting, and eight now permit all-in-one, fully-fledged online gaming platforms. Canada even joined the rush, with Ontario being the pacesetter for regulation and market building.
 

A Growing Market Globally and Locally
 

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According to the market data, the global online gambling (iGaming) market size was reportedly hitting just over $78.6 billion in 2024. The impressive figure isn’t the end of it, though. With more jurisdictions looking to regulate and tax iGaming platforms, the compound annual growth rate looks to near 12 percent over the next five years.

Many new technologies enhancing products, like 5G for live streaming, and operations behind the scenes, such as incorporating sophisticated AI programs to create a more personalised experience, will aid in this growth. Of course, it’s not always just about what’s new and the potential of novel markets and fresh creations. Even in its state of play, iGaming has shown tremendous growth in local markets, too.

The governing body of the industry in Ontario, iGaming Ontario, found that its open and competitive approach to its regulated market has led to extensive growth. In the year-on-year figures released, iGaming Ontario reported a 31 percent increase in total wagers to $82.7 million and a 32 percent increase in total gaming revenue, hitting $3.2 million. Clearly, there’s still plenty of room to grow even in established markets for iGaming.
 

A Major Player to Watch

Source: Pexels
 

As noted, Ontario credits the consistent rise of its market to the competition it encourages. As it stands, there are thousands of games available across over 80 regulated sites, the regulator says. It was also reported that thanks to the amount of choice available, over 83 percent of Ontarians choose regulated sites, which makes sense given the quality of the regulated platforms and the level of competition they encourage.

According to this page, the top five platforms score at least a 4.3 out of 5.0, and one earns itself a perfect score. All five of those platforms are owned by different companies, showcasing just how high up the competition goes. However, one of those four isn’t a public company just yet. The owner of ToonieBet, Soft2Bet, which is based in Malta, has yet to go public.

During NEXT Summit: New York in March of this year, Soft2Bet’s general counsel, David Yatom, said that an IPO is very much on the table. The plans are there, but first, the focus is on organic expansion. Still, it’s an important goal for the company, as is building a sustainable business. So, they’ll be one to watch in the market for when they eventually commit to an IPO.

The global iGaming market continues to grow, and even in what are now seasoned markets like Ontario, growth continues. With an eye on a future IPO, industry watchers would be wise to see how Soft2Bet develops over the coming months.

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