Casino Market Projected to Surge
There is wonderful news on the horizon for those in the casino industry. The casino market is reported to surge to US$224 billion by 2030. The global market for the online gambling industry was estimated at US$163.6 million in 2023, and that number is only growing with time. This is a 4.6% increase expected from 2023 to 2030! So let's unpack the reasons why this surge is predicted to occur.
Determining the reason for growth in the casino market can be hard to pin down because there are several factors at play here. This is a dynamic industry, and its nature is to fluctuate. However, the proliferation of digital technology, along with internet access being more widespread than ever, is certainly a main factor in its growth. We're no longer limited to gambling only while actually visiting a land-based casino, and so any restraints customers previously experienced are no longer applicable thanks to online gambling platforms. Many gamblers prefer the convenience and comfort of remote gaming, and because of this, casinos as a whole can reach a broader market than they've ever been able to reach before. Technology has become a resource for expanding the reach of the online gambling community as a whole.
Another reason for this growth relates to the legalization of gambling in regions where gambling had previously been prohibited, and this includes parts of the United States and Asia. The United States in particular was infamous for its confusing state by state laws related to gambling online and in person. However, as these regions lift their restrictions, new markets can thrive.
These newly legal regions have attracted investors who want to capitalize on casino infrastructure. The reports regarding consumer behavior trends have lead to an increased demand for integrating entertainment experiences into the casino experience, which increases the platform's growth. Casinos aren't just about gambling anymore, either. Many casinos are multifaceted leisure destinations, hosting some of the world's greatest spas and entertainment venues, nightclubs and dining establishments.
You can't deny the role technology plays in the surge of the casino market in other ways related to AR and VR, which is advanced technology that's slowly being incorporated into casinos everywhere. Virtual reality gambling and augmented reality gambling are innovative, and have attracted tech-savvy youth from all corners of the world. Older customers might prefer to stick with retro slots, but younger players will leap at their chance to use their VR glasses in a game of poker or blackjack.
The industry's reputation as a whole is also improving. Many casinos place an emphasis on responsible gambling, which in turn encourages substantial growth for the industry as a whole. More players feel safe and secure, especially while gambling online. When online gambling began in the 1990s, the security of the internet was always a questionable concern. Those worries are dwindling these days. Even the most technology-resistant players are growing more comfortable with online gambling. Online casino sites implement a lot of practices and protocols to protect both themselves and their customers.
Another factor that is likely to contribute to the rapid growth of the online casino industry is the rise of both e-sports and digital betting platforms, which can introduce new revenue streams along with expand the gambling market's general audience. The traditional casino audience will be tempted to dive into e-sports and digital betting because of the availability and convenience. Many platforms integrate e-sports into their digital betting nowadays, and that's a trend that's likely to continue. Introducing new types of betting ensures continuous growth and a market that is constantly adapting and changing with the times!
Understanding market growth and the trajectory of the industry is important. The Gaming Tables segment of the industry should expect a 4.4% CAGR growth over the analysis period, while the Gambling Machines cement is expected to reach US$108.4 Billion by 2030 with a CAGR of 5%.
Reasons For Market Growth
The normalization of online gambling could be blamed for the prosperity of the marketplace, especially in times that are so uncertain. The convenience of online gambling is undeniable, and on top of that, many platforms have developed gambling apps. These apps also contribute to the rising popularity of online casinos. Apps are more stable and allow you to gamble using your mobile device without any limits, so you can play on the go. In an economy where many folks have multiple jobs just to keep up with their expenses, the time gambling on a computer requires is sometimes too much. Instead, you can use mobile gambling apps to play games in-between activities. Just a few minutes of spinning slots a day from players all around the world can greatly contribute to the industry's overall growth.
Another market driver is the welcome bonuses online casinos offer players. Since an online casino can't offer buffets or spas the way a real casino can, many brands offer free play money instead. Welcome bonuses that give you extra cash on top of your deposit, or free spins alongside your deposit are invaluable marketing tools. Many casinos are also adjusting to shifts in the marketplace by offering cryptocurrency payment methods and e-wallets.
Even the slots themselves are facing many innovations. The longstanding themes most slots offer are great, but a plethora of software development companies are incorporating modern video game themes into their slots, drawing in new and younger audiences. The range of slots one can access via an online casino is incomparable to a land-based casino. Since an online casino doesn't need the physical space to store a literal slot machine, they can offer a range of games which are all transparent about their volatility and RTP, and many slots even offer high rewards.
As long as a website is willing to further the effort to protect against cyberattacks, there are few downsides to online gambling. On top of that, smartphone technology continues to improve. Online gambling is easier than ever, and smartphone technology offers clear, realistic graphics and fast loading screens. Back in the day, when technology wasn't so savvy, low quality graphics and longer loading times were normalized. Nowadays, even the cheapest smartphones can run online casino technology without much effort. Smartphones undoubtedly present an amazing opportunity, and that's the opportunity for expansion.
The fact of the matter is, as the lifestyles of players everywhere adjust, so will the gambling habits of the consumer demographic. The convenience and usability of online casinos attract a broader demographic, one that was unreachable when all we had was land-based casinos. That means players without cars or a lot of free time can still enjoy slot games, or immerse themselves in online poker and blackjack table games. Live dealer games grant the opportunity to socialize and play against a real croupier rather than a computer, almost entirely eliminating the need for real land-based casinos when it comes to the actual desire to play the game. We're even seeing broader trends, such as more women in casinos than ever before. Many slot companies are taking note of the inclusion and even putting out games with more female-friendly themes. That being said, real land-based casinos are not predicted to fall out of style any time soon. In fact, there's also a close relation to the casino industry and the tourism industry, which could also be deemed responsible for industry growth as well.
There's another type of casino also making waves in the marketplace. Social casinos are predicted to make healthy gains. These unique casinos are online platforms where players can participate in games like poker, blackjack and slots without having to bet any real money. Instead, social casinos offer prizes in sweepstakes mode. Social casinos can be particularly helpful in regions where regular gambling is forbidden by law. However, players from all over indulge in social casinos during their free time.
On top of that, the casino market is also experiencing growth simply because of offering new table games, and continuing to offer new, culturally relevant slot machine themes. Brick and mortar casinos often include new select table games, too. Many of the genres of table games have stayed the same for ages. Most casinos offer slots, blackjack, baccarat and poker. However, it's vital for casinos to offer new variations of these legendary games in order to adapt to an audience that requires constant change. Players want the games to be somewhat familiar enough, but also optimize new features. Many of these games have a rich history, and while they have plenty of faithful players who might prefer old school games, the incorporation of new technology by taking the games' classic themes and changing them attracts both new and old players alike.
You've heard of smartphone gambling, I'm sure. What about smartwatch gambling? Nowadays, you can place bets using your smartwatch. Talk about futurism! Not only does this improve the IGaming experience, but it's a trend that has been steadily gaining traction as the smartwatch's popularity surges. Smartwatches are the next step, and are bound to change the industry similarly to mobile gambling. Smartwatch gambling and cryptocurrency will revolutionize the industry alongside a few other trends.
Trends on The Horizon
Speaking of trends, we can't discuss the reasons for the surge of the casino industry without discussing the up-and-coming trends. Right now, the gambling industry is slowly incorporating bigger slot machines into their land-based casinos. They're also working harder to include more skill-based games along with in-play wagering and bar top gambling. When it comes to online gambling, live casino games and other interactive gaming methods are all the rage these days, and many companies are incorporating GPS and RFID for targeted advertising.
The advancement of technology has shaped the gambling industry since the 20th century, and since the internet rose in prominence, everything has moved even faster. There are growing investments in VR and AR technologies along with an interest in artificial intelligence and robotics, which are bound to impact the gambling experience for players at both online casinos and players who play at brick and mortar casinos.
Another notable trend is cashless transactions I mentioned earlier. Blockchain technology and cryptocurrency make it easier than ever to enjoy anonymous, cash-free gambling. You can enjoy instant deposits and withdrawals while playing using the blockchain. As long as a customer is willing to get to know the ins and outs of cryptocurrency gambling, they can benefit greatly from this trend. Crypto is one of the easiest ways to gamble nowadays, and you can even crypto gamble using mobile technologies! Many of these online casinos have been utilizing chatbots more and more, which operate almost like an interactive FAQ and can answer simple questions by searching through a database of preset information. While real customer service won't be going anywhere anytime soon, chatbots make it easier for players to access the information they need instantaneously.
Even the way casinos are marketing themselves is changing as technology advances, and issues such as security and crime are becoming the focal points of many online gambling platforms. Teams of experts are constantly working on new ways to protect their sites from scammers and hackers. Similarly, even land-based gambling platforms are focused on increasing their security, utilizing all the tools available at their disposal to keep both their patrons and their cash safe!