What Will the Australian Online Casino Market Look Like in 2024?
GAMING - Take a look behind the curtain of the Australian online casino market and peek at the statistics that are shaping its 2024 direction. Across Australia, online casinos have experienced a boom in attention and a surge in popularity. With the rise in demand, lists have been established to outline the best Australian casinos online, which are created in the hopes of saving players time in researching and allowing them to simply dive straight into playing.
The best Australian casinos online are said to experience some interesting projections in the next year. This article aims to shed light on some important stats and figures to showcase how the Australian online casino market might look in 2024.
Important Figures for 2024
To understand the scope of just how big the online casino market is in Australia, it might be a good idea to throw some figures right at the start of this article, to showcase just how large the casino industry is projected to be.
The projected figure in terms of revenue in the region of Australia (and Oceania) is said to be around 11.39 billion dollars. There is also said to be an increase of 5.22 percent for the next four years. What does this mean? It means that the projected market value of online casinos in Australia will be just shy of 14 billion dollars by 2024, which is a staggering amount.
The three main online forms of betting are online casinos, online lotteries and online sports betting. If you take a look at the last half-decade, online lotteries experienced the most downfall, with the average user revenue in 2018 being around $1400 to 2023 when the amount was reduced to $1000 only. Naturally, players who see this downward curvature will automatically seek other forms of betting and so they did, making online lotteries experience even less demand. Moving on to sports betting, which is one of the most popular forms of online betting, with Australians making an average revenue of just over $960 in 2018 and experiencing a slight increase to $1270 in 2023. But if you look at online casinos, you will see the most improvement of all. In 2018, the average revenue per user was at $1610 and in 2023 it soared to $2650. Any person looking at these figures from Statista would move toward online casinos, as the most wins can be experienced here.
Trends in the Market for 2024
Moving away from numbers only and focusing on other trends, the Australian Casino market is said to be more available, advanced and secure in 2024 than ever before.
With the rise in technology and the ability to play online casino games on a large plethora of devices, one major trend will be the fact that players can partake in their favorite games on the go. Just a few years back, players were astounded by the fact that they did not have to visit brick-and-mortar establishments but could play their favorite games from the comfort of their homes. Now, online casino availability has surpassed all expectations and players are now able to play using their laptops while commuting on the bus, use their phones during lunch breaks and even get online via their smartwatches while standing in the queue at their local grocery shop. The availability of online casinos in almost all aspects of life is a huge trend for 2024.
Another trend that comes with the rise in technology, is that not only are games available on many platforms and devices but the quality is far more advanced than ever before. Online casinos are speedily experiencing a make-over, with high-resolution graphics adorning every user interface, excellent sound systems and effects within every game being established and a huge variety of themes to choose from. Online casinos are spending large amounts to improve the look and feel of every game, plus improving the security behind each, using blockchain technology, hardware wallets and two-factor authentication, which is also a major trend in 2024 – player safety.
A Look at the Potential Future
It's impossible to look into the future and know exactly what is going to happen. With volatile markets and games that are based on chance and luck, it can be even harder to make predictions. However, the figures and stats mentioned above show a steadily increasing market of online casinos in Australia. With the introduction of AI (artificial intelligence) and VR (virtual reality) into the world of online casinos, who knows, perhaps the popularity of these platforms will increase more than anyone is expecting. If the games that are online now are immersive and captivating, imagine a fully AI and VR-powered game. It would knock people off their feet and be a new reason for the rise in online casinos. What the future holds, no one can tell but it looks as though the Australian online casino market shows no signs of slowing down.