The global casino market is thriving, according to the latest report released by ResearchAndMarkets.com. The annual growth rate is significant, and it is expected to be even higher by 2028. The compound annual growth rate (CAGR) is expected to be 4.6%.
Steadily growing online gaming market
In 2024, the compound annual growth rate is even higher: 5.2%. The casino market size increased compared to the previous year, and its value is now $138.26 billion. In 2023, the annual revenue was $131.42 billion, and by 2028 it is estimated to increase to $165.72 billion.
Various factors will affect the industry in the upcoming years, especially the digital transformation which is present in almost every part of the casino industry. Back in 2021, the revenue from online gambling was 58.3% of the total revenue, and steady growth in the upcoming years is expected.
The new era in the whole casino industry began with digitization and increased popularity of online gaming. That led to the opening of cryptocurrency casinos, whose popularity is still growing, but the experts predict that those are the casinos of the future.
The casino industry is focusing on innovations which help them stand out in the market and improve the player’s experience. Along with that, the focus is on responsible gaming and improving the ways to prevent problem gambling.
The companies invest the most in the expansion of online gambling, and smartphone proliferation, as well as in various innovative and unique casino products. Along with that, they work hard to establish important strategic industry partnerships.
Among the most popular games in casinos are slot machines and table games, and the industry is looking for a way to improve its operations by upgrading them and using the newest technologies to increase the players’ experience.
Strategic operations and plans
The growth is the most significant in the Asia-Pacific region since tourism in the region is growing rapidly as well.
The year behind us will be remembered by various strategic partnerships and acquisitions, which helped industry leaders such as 888 Holdings PLC and Caesars Entertainment Corporation to strengthen their position in the global market and also helped small companies expand their reach to various key markets all around the world. The companies, especially major industry players, focus on strategic expansion and various operational strategies that allow them to reach as many players as possible.
After the detailed market analysis was conducted, the researchers realized that cutting-edge technologies and the integration of various unique and modern gaming technologies have a significant impact on the industry.
Source: “Casino Global Market Report”. Research and Markets. January 2024.