Reasons for Tremendous Growth of Global Casino Market during 2021-2029
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Casinos over the years have been changing and upgrading to include different games and facilities. The concept of casino implies games of chance and skill played at tables and machines. Casino gaming industry over the years has been a source of entertainment for people in several countries. Casino gaming as part of the commercial gambling market, continues to grow in popularity driven by the development of new destinations and rising fame of online casino platforms. The global casino market is anticipated to register a compound annual growth rate (CAGR) of 8.5% over the forecast period (2021 – 2029). The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
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Growing Prevalence of Online Casinos
Online casinos have experienced striking demand since the Covid-19 pandemic. The use of internet and smartphones have significantly contributed towards the growth of online casino market, managing to reach more people than ever before. Online casino companies are offering F2P (free to play) types of game products, usually referred to as freemium to increase their user base and have more active players on their platforms, who would eventually make a purchase. Additionally companies are looking forward to gradually investing into artificial intelligence (AI) for improving the overall experience of customers with multiple solutions throughout the service. With the help of AI, personalization for each user is possible as the technology can evaluate the preference of the user in aspect of game selection and offer a customized page accordingly. Additionally, smartwatches are set to take over as a more convenient and accessible option in online casino gaming and casino game developers are looking forward to crafting new games that can be easily integrated into such devices. Most modern-day casino players have become engrossed with mobile gaming due to its availability from any given location, which has led to rise in number of online poker and virtual platforms, casino online gaming options, and online slots.
Legalization of Gambling in Emerging Countries of Asia-Pacific
Asian-Pacific countries are looking forward to legalize casino gambling which is anticipated to have a positive impact on the region’s casino market revenues. The countries with legalized gambling make huge profits, and in states where gambling is illegal, offshore casinos are very popular. Additionally, Asian countries are looking forward to increase foreign investment towards tourism. Companies are investing towards building resorts, which offer casinos and luxury holiday experiences. For instance, Vietnam casinos were available only to foreigners, but in the last few years, the government has been considering legalization of gambling. Additionally according to a study, it was highlighted that casino countries generated 10% more real per capita income than non-casino countries along with registering a positive impact on the employment.
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Video Poker to witness Fastest Growth over the Forecast Period (2021-2029)
According to Absolute Market Insights report, video poker is the fastest growing game type during 2021-2029 period in the casino market. With the emergence of online casinos, video poker have gained huge demand in the recent years. Online poker was widely available on prominent social media site such as Facebook in the browser version. It attracted a huge customer base as it was an improvement in the gaming industry that allowed players to add real opponents. The demand for video poker games is currently being driven by huge companies in the gaming industry with smartphone adoption and easy access to casino gaming platforms. The market continued to increase steadily in 2021, and with key players adopting more strategies the market is expected to continue its growth throughout the year. For instance, International Game Technology (IGT) has introduced features to liven up the video poker scene. The updates have included multipliers and other interesting features with certain variations such as two-way live audio video chat feature to enable online players interact at the tables.
Impact of Covid-19 on the Global Casino Market.
Due to the COVID-19 outbreak, land based casino were forced to cease their operations on an immediate basis, which led many casino players to turn towards the digital space, which triggered a boom in the online casino market. This led many online casino platforms to push for rapid growth. Many players have expanded their online casino offerings and bingo operators have moved their offerings online, which has positively impacted the market. The global casino market participants are entering into strategic partnerships with third party developers to handle the sudden surge in demand for online casino platforms, therby enabling them to provide consumers with a better online casino-playing experience. According to a study there has been a massive increase of 43% in the number of daily poker players and a 255% increase in first-time poker players during the period, compared to an average day before the lockdown, which up surged the online casino market.
Some of the players operating in the casino market are 77BET, Co-Gaming Limited (ComeOn!), Enjoy11, Europa Casino, Flutter Entertainment plc, Genesis Global Limited (Genesis Casino), gw.casino, Mega Casino, MYSTINO, NetBet Enterprises Ltd. (NetBet), ONISAC Ltd (Casino.com), THE RANK GROUP PLC, Unibet, Wildz, Mohegan Sun, Inc., and Caesars Entertainment amongst other industry participants.
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Global Casino Market:
- By Type
- Land-based Casino
- Online Casino
- By Game Type
- Blackjack
- Baccarat
- Slot Games
- Video Poker
- Craps
- Roulette
- Others
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
Company: Absolute Markets Insights
