Will the global casino market continue to grow?
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The global gambling market is continuing to grow year-on-year, despite obstacles and setbacks, largely due to new innovations and changes in laws throughout various territories across the world.
This year, the market is expected to hit a value of $516bn and could grow to $674bn by 2025 at an annual growth rate of 7%. A large portion of that growth is estimated to come from major casinos, both brick-and-mortar ones and online platforms like 888Casino.
Where is the casino market growing?
As of 2017, casinos generated $43.61bn in the US alone, and that figure has only grown since then, and is projected to continue its upward trend.
It is not just the US that has seen this growth, though. Territories like the UK, Canada and the Asia Pacific region have all experienced significant increases in the number of people using casinos over the past few years.
One of the key drivers behind this growth has been the development and deployment of online gambling and casinos. Over the space of just a few years, online casinos have already claimed over 20% of the global casino market and show no signs of slowing down.
This has dramatically widened the potential audience and customer base for casinos across the globe, as people no longer need to seek out a real-life one in order to play games there; they can simply look online.
Not only has this helped dispel misconceptions about casinos only being places for dedicated gamblers, but it has also shown many more people how enjoyable and relaxed casino games can be, thus growing the popularity of the global casino market.
Another important factor to consider is the relaxing of laws in countries like the US and Singapore. In 2009, the latter had no casinos due to different laws and attitudes but by 2016, many casinos had been established and were generating $8bn every year.
In the US, Las Vegas and Atlantic City have long been the main hotbeds of casinos and gambling, as many other states had laws and policies that did not allow such establishments to be built in real-life or developed online.
While those two cities still dominate the land-based American casino market, many more states are embracing casinos and gambling in general. This is making it a lot easier for more people in one of the world’s largest gambling markets to access these services, thus growing the global market.
Further still, online casinos are being legalised in more areas of the US and more countries worldwide as regulation of them becomes clearer and governments grow more aware of the impact they can have on economies.
In countries like the UK and Canada, casinos - both real-life and online ones - have been legal entities for many years now, yet they are continuing to see healthy growth due to the availability of innovative online platforms and technologies.
In fact, brick-and-mortar casinos are somewhat of a rarity in the UK nowadays, with the majority of players taking their games online. This is because most major betting suppliers now offer online casino platforms.
The rise of online casinos
The main attraction of online casinos is simple, convenience. Some card games like poker can take hours to finish, and many people will not want to sit at a table the entire time. Now, they can keep an eye on the game from their phone or computer.
So, being able to keep an eye on the game on your device makes life a lot easier. You can bring it with you while you get other things done, or while you are on the move.
Mobile casino apps mean you do not need to visit a brick-and-mortar casino or access a virtual one on your computer; now you’ve got one in your pocket and it’s available at any time.
This, in turn, exposes these games to a wider audience. Previous misconceptions about casinos are more easily debunked as more people are able to experience and see what it is really like.
People who do not live near a brick-and-mortar casino now do not need to travel far to play in one, as they can access games over the internet and play against real people, with real money at stake.
These technologies have also allowed companies to experiment with different formats and game types, diversifying the experience for players and potentially appealing to a wider range of people.
Now we are seeing even more technologies and developments being introduced into the global casino market. Virtual reality (VR) can create a more immersive online experience, making games even more engaging.
Cloud gaming - where you stream a game to your device over the internet - could also boost popularity for online casinos, making the process more streamlined and even more convenient than it already is.
The global casino market has shown it can adapt to major changes and trends fairly smoothly and has enjoyed healthy growth because of this. With new technology now becoming more available to major vendors, online platforms will surely continue to boom.
Add to this the fact that laws and attitudes regarding casinos are changing across the world, and it is easy to see why the industry is on such an upward trend.
