ID: MRFR/ICT/8628-CR | July 2020 | Region: Global | 80 pages
Global Casino Market size is anticipated to reach USD 480 million by 2026, according to the latest report by Market Research Future (MRFR). It is likely to register a CAGR of 7% over the forecast period (2019-2026). The casino industry is expected to grow by leaps owing to approval of gaming licenses and the boost to tourism it provides to domestic economies. Investments in developed economies and the increasing affluent lifestyle of customers are likely to be lucrative for the market in the coming years.
The COVID-19 pandemic brought all activities and operations in casinos at a standstill. Casinos were reopened after implementation of social distancing measures coupled with the use of masks and sanitizers for curbing the spread of the virus. Non-invasive tests at entry points and social distancing points between slot machines are expected to drive customers as well as ensure their safety. On the other hand, the pandemic has restricted renovation and construction projects with the largest casinos halting their plans.
Entertainment options are limited but are being offered at select venues. For instance, the Fantasy Spring Resort in California provides music by Latin artists on Sundays during the pandemic. Dining services offered at these venues with buffets being scrapped and the food being brought to the customers’ tables. But the impact on cardrooms can affect the profit margins of casinos during this period.
Popularity of Online Gambling to Influence Growth Spurt in Global Casino Market
The global casino market is expected to witness increased demand owing to increased online gambling witnesses among customers. The COVID-19 pandemic and restrictions on staying inside has led to signups on online gambling sites and casinos. Legalization in certain states of countries, popularity of mobile gaming, and increased expendable income levels of customers can drive the market growth over the forecast period. Changes in lifestyles and demand for leisure activities in hectic times can bode well for the global casino market.
Blockchain based Online Casinos to be a New Source of Revenue
Blockchain technology can provide an additional layer of security in addition to existing protocols on online gambling sites. For instance, Bitbook.ag is providing online sites with extra layers of authentication and preventing online fraud. The lack of trust on these sites has led to a drop in revenue. But blockchain can store and record all bets on blocks that can be verified by all players within a game. The ease of transactions and acceptance of cryptocurrency can bode well for the global casino market in the coming years.
VR Based Gaming to Strike Gold for Global Casino Market
The launch of VR hardware to the general public has created interest for VR gambling games. For instance, Net Entertainment, one of the prominent gambling service providers, is expected to provide a VR version of other games such as Blackjack and roulette in the coming years. This is owing to the success of VR based Jack and the Beanstalk slot machine games.
Cyber Attacks on Online Casinos to Restrain Casino Market Growth
The move of casinos to enter the digital market space has brought its set of risks. The rising spate of cyber attacks on online gambling sites and need for cybersecurity to ensure their security can benefit casino operators and customers. Unless, cyber measures are undertaken by online gambling sites, it can restrain global market growth.
Security Risks and Legal Hurdles to Present a Bulwark to Market Growth
Gambling laws in certain countries preventing the establishment of casinos can pose a challenge to market growth. In addition, the slow approval of licenses for online gaming sites as well constrict the global casino market growth.
Cumulative Growth Analysis
The global casino market is expected to record resurgence after the passing of the pandemic. The offering of online gambling games by developers and investments in entertainment options for attracting crowds can bode well for the market. The inclination towards slot machine games and affinity towards card games by the general public can lead to huge revenue spurts, observes MRFR in its report.
Lottery Segment to be the Biggest Winner in Casino Market
The lottery segment is projected to gain maximum share as more people buy offline and online lottery tickets. The integration of video lottery terminal in casinos to increase participation among customers and drive revenues can spur market growth.
APAC to Lead in Global Casino Market
APAC is expected to dominate the market by accumulating revenues at a 9% CAGR over the forecast period. Investments by overseas gambling companies in countries of the region can bolster the market demand. The large appetite of online gamblers and approval of licenses in certain states can favor the market. But the large potential in India and China can be a lucrative opportunity for the market. Uncertain laws on approval of gambling licenses can restrain market growth. The popularity of cricket betting can open the doors for players in the global casino market.
North America to Contribute to Revenue Share of Online Casino Market
North America is expected to contribute to the casino market owing to legalization of sports betting and approval of online gambling. Rise in female customers and convenience of cashless modes of payment can drive the regional market growth. Increasing use of cryptocurrencies and the push for legal betting in the U.S. can spearhead the avenues for growth in the market.
The online casino market is currently dominated by large players with blockchain solution providers aiming to provide a chance to small owners as well. Lax regulations for online gambling and the COVID-19 pandemic can provide an opportunity for global economies to gain taxes and bolster employment rates.
ORYX Gaming, a subsidiary of Bragg Gaming Group, has announced a content deal with Swiss-based mycasino.ch in 2020 owing to lax regulations on legal gambling. Reforms on gambling in Europe and large amount of revenue generated by licenses given by online casinos can drive the revenues for the global casino market. The effort by Bragg for expanding its reach in foreign countries as well as proposal for relaxing laws on online gambling can spur the market growth.
The global casino market report by MRFR provides an unfettered outlook on the industry. It takes into consideration the various gaming establishments and trends, niches, and developments in machines for the forecast period. The COVID-19 pandemic and its implications make up a pivotal part of the report. It is segmented in the following manner for comprehensive purposes.
Frequently Asked Questions (FAQ) :
The global casino market valuation can reach USD 476.27 billion by 2025.
The global casino market is predicted to expand at 7.6% CAGR from 2019 to 2025.
Slot machine games can attain the maximum revenue for the global casino market till 2025.
The Asia Pacific region can be highly lucrative for the global casino market till 2025.
Betsson AB, Evolution Gaming, Paddy Power Betfair PLC, The 888 Group, Elaunch Solution Pvt. Ltd, Betsoft, Ladbrokes, Scientific Games, Microgaming, NetEnt AB, Kindred Group PLC, Playson, Creatiosoft, Chetu, Inc., and Addison Global Limited are key players of the global casino market.