SOFTSWISS iGaming Trends 2027 projects $415.5B by 2028

SOFTSWISS has published the fifth edition of its iGaming Trends 2027 report, projecting global online gambling gross gaming revenue (GGR) of $415.5 billion by 2028, up from $349 billion in 2026. The report puts the compound annual growth rate (CAGR) at approximately 9% over the two years.

The study draws on H2 Gambling Capital data and input from WorldGaming and Amazon Web Services. It also includes a survey of over 500 experts and a review of more than 480,000 media headlines. Mobile’s share of onshore GGR is forecast to climb from 45% in 2026 to 78% in 2028.

Brazil’s measure came after the report

The report was published before Brazil moved to close its legal online betting market. On Friday, September 25, President Lula signed a provisional measure that took effect immediately and prohibits the operation, offering, intermediation, and advertising of fixed-odds betting nationwide, including previously authorized operations. It requires congressional approval or amendment within 120 days to remain in force.

iGaming Business reported a 141% increase in the opening of unauthorised gambling platforms since the announcement. The report itself described Brazil as a substantial market, with federal betting-tax revenue of R$3.397 billion in the first quarter of 2026, a 123.7% increase year on year.

SOFTSWISS data shows Brazil’s regulated market share rising from 15% in 2022 to 65% in 2026, with a forecast of 70% by 2028. Brazil’s instant payment system Pix accounted for 91% of payment transactions in the market.

The report forecasts North America as the fastest-growing major market, at a 15% CAGR.

North America: growth across a fragmented market

Online GGR in North America is forecast to rise from $58.1 billion in 2026 to $76.6 billion in 2028 across the U.S. and Canada. Full online casino authorisation exists in seven U.S. states, while sports betting operates in 38.

U.S. online GGR grew 27.6% in 2025 to a record $10.74 billion, with Michigan, New Jersey and Pennsylvania accounting for nearly 90% of the total. The report noted that prediction markets and exchanges have created a divide with digital-native betting operators, and that legal challenges continue, including a Supreme Court review.

“The U.S. market has and always will be a marathon and not a sprint,” says Brendan Bussmann, managing partner at B Global, who is featured in the report.

Europe: taxation and product restrictions

Europe remains the largest regulated online gambling market, with GGR forecast to rise from $85.3 billion in 2026 to $95.2 billion in 2028, a 6% CAGR. The report points to more intrusive taxation and product restrictions, including limit-setting measures across 30 jurisdictions.

In Germany, these include a slot stake limit, mandatory five-second spin delays and a €1,000 monthly cross-operator deposit limit. The UK is moving toward online slot stake caps of £5 and £2, and is considering a machine gaming duty increase in the autumn 2026 budget. The Netherlands applies deposit checks at €700 per month for players over 24 and €300 for younger players.

SOFTSWISS warned that tax increases and product restrictions may push customers toward unlicensed operators. The Netherlands’ regulated channel share fell below 50% in the first half of 2025 after a tax increase to 37.8% of GGR. Offshore GGR in Great Britain is forecast to rise by 110% by 2028 despite remote gaming duty increases.

Latin America, Africa, Asia and Oceania

Latin America’s online GGR is forecast to grow from $19.7 billion in 2026 to $22.7 billion in 2028, a 7% CAGR. Colombia’s emergency 19% VAT on deposits in 2025 reportedly cut online GGR by nearly 30% before it was suspended. Peru’s 1% levy on wagers has drawn criticism as “catastrophic”.

Africa’s online GGR is projected to grow from $13.6 billion to $17 billion over the period, a 12% CAGR, with sports betting accounting for 79% of the 2026 total. In South Africa, a 2025 court ruling restricting fixed-odds casino games has driven an estimated 62% of gambling activity underground, diverting roughly R50 billion offshore annually. Processing fees of 3% to 6% of deposits have prompted a rand-pegged stablecoin trial.

“Africa is increasingly recognised as one of the most dynamic and strategically important regions in global gambling,” said Peter Emolemo Kesitilwe, CEO of the African iGaming Alliance.

The report projects online GGR in Asia and the Middle East at $162.8 billion in 2026 and $193.7 billion in 2028, a 9% CAGR, much of it originating offshore. Momentum holds the UAE’s first licence and operates the country’s only licensed iGaming and betting site, Play971. Oceania’s online GGR is forecast to rise from $9.5 billion to $10.3 billion, a 4% CAGR.

Beyond iGaming

The fifth edition adds a “Beyond iGaming” segment comparing the sector with e-commerce, sports, film, gaming, streaming, e-pharma and crypto. Alexandra Kavelich, Deputy Chief Marketing Officer at SOFTSWISS, said: “The next competitive advantage in iGaming will not come from content alone.”

Gonzalo Perez, CEO of Apuesta Total, is also quoted in the report: “In iGaming, the real competition isn’t another licensed operator, it’s the unregulated one that pays no taxes and follows no rules.”

The full report is available for download on the SOFTSWISS website. The company is presenting the findings at stand B501 during SBC Summit Lisbon 2026 this week.