Casino Global Market Report 2023

Casino Global Market Report 2023

Posted on September 13, 2024 by in Gambling
Casino Global Market Report 2023
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Casinos are facilities that offer customers various forms of gambling activities, such as poker, craps, bingo, baccarat, big six wheels, and slot machines. They also provide amenities like restaurants, motels, and live entertainment to enhance their visitors’ overall experience. The casino market includes revenues earned by providing these games and services, as well as the value of related goods sold by the service provider or included within the service offering.

Market Overview

The global casino market is expected to grow from $99.87 billion in 2022 to $145.92 billion in 2023 at a compound annual growth rate (CAGR) of 46.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The casino market is expected to reach $163.71 billion in 2027 at a CAGR of 2.0%.12

Asia-Pacific was the largest region in the casino market in 2022, followed by North America and Western Europe. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of casino include gambling machines, gaming tables, and others. Gambling machines are devices that are used by placing coins into a slot and pulling a handle to activate a set of spinning symbols on wheels. Gaming tables are tables where customers can play games such as blackjack, roulette, or craps with cards, dice, or other equipment. Others include online casinos, sports betting, lotteries, and bingo.

Market Drivers

The increased demand for online gambling is expected to propel the growth of the casino market going forward. Online gambling refers to the use of internet to place bets and earn money. Online gambling helps casino market to grow by taking place on a digital platform and placing bets with credit cards rather than cash, and both winnings and losses are settled electronically. For instance, in December 2021, according to the European Gaming and Betting Association, a Belgium-based trade association representing the online gambling operators, Europe’s online gambling revenue is predicted to reach €36.4 billion ($39.06 billion)- 41.7% of total gambling revenue in 2021, a 19% increase over 2020 levels.12

Another factor that is driving the growth of the casino market is the rising disposable income and leisure spending of consumers. As the global economy recovers from the pandemic-induced recession, consumers are expected to have more income and spending power to indulge in entertainment and leisure activities such as gambling. Moreover, casinos offer various incentives and rewards to attract and retain customers, such as loyalty programs, free drinks, meals, or accommodation. These benefits increase the customer satisfaction and loyalty, which in turn boost the revenue of the casino market.

Market Challenges

One of the major challenges faced by the casino market is the stringent regulations and legal restrictions imposed by various governments on gambling activities. Gambling is considered as a social vice or an addictive behavior that can have negative impacts on individuals and society, such as crime, fraud, money laundering, addiction, debt, and mental health issues. Therefore, many countries have banned or limited gambling activities within their jurisdictions or imposed high taxes and fees on gambling operators and customers. For example, in India, gambling is prohibited by law except for lotteries and horse racing. In China, gambling is illegal except for state-run lotteries and some special administrative regions such as Macau and Hong Kong.3

Another challenge that is hampering the growth of the casino market is the increasing competition from other forms of entertainment and leisure activities. Consumers have more options to choose from when it comes to spending their time and money on entertainment and leisure activities such as streaming services, video games, social media platforms, sports events, concerts, and theme parks. These alternatives offer more convenience, variety, and affordability than casinos, which may reduce the demand for casino games and services.4

Market Opportunities

globenewswire.com/news-release/2023/05/11/2666488/28124/en/Social-Casino-Global-Market-Report-2023-Increasing-Proliferation-of-Smartphones-Boosts-Growth.html Another opportunity for the casino market is to tap into the growing demand for social casino games. Social casino games are online games that simulate casino games but do not involve real money gambling. They are played on social media platforms, mobile devices, or web browsers, and allow users to interact with other players and share their achievements and rewards. Social casino games are popular among younger and casual gamers who enjoy the thrill and fun of gambling without risking any money. They also provide a potential customer base for the casino market, as some social casino gamers may convert into real money gamblers in the future.

Market Segmentation

The global casino market can be segmented by casino type, gaming type, and end user.

By casino type, the market can be divided into:

Land-based casinos: These are physical facilities that offer gambling games and services to customers who visit them in person. They may also provide other amenities such as restaurants, hotels, and live entertainment.

Online casinos: These are digital platforms that offer gambling games and services to customers who access them through the internet. They may also provide other features such as live dealers, chat rooms, and bonuses.

By gaming type, the market can be divided into:

Gambling machines: These are devices that are used by placing coins into a slot and pulling a handle to activate a set of spinning symbols on wheels. The outcome of the game depends on the combination of symbols that appear on the wheels. Examples of gambling machines include slot machines, video poker machines, and electronic bingo machines.

Gaming tables: These are tables where customers can play games such as blackjack, roulette, or craps with cards, dice, or other equipment. The outcome of the game depends on the skill and luck of the players and the dealer. Examples of gaming tables include blackjack tables, roulette tables, and craps tables.

Others: These include other forms of gambling games and services that do not fall under the above categories. Examples of others include online gambling, sports betting, lotteries, and bingo.

By end user, the market can be divided into:

Routellte: These are customers who play gambling games for entertainment and fun. They do not have a specific budget or strategy for gambling and may play different games at different times. They are more likely to be influenced by external factors such as promotions, rewards, or peer pressure.

Vr version: These are customers who play gambling games using virtual reality technology. They wear VR headsets or glasses that create realistic and immersive simulations of casino environments and games. They may play for entertainment or for real money.

Conclusion

The global casino market is expected to grow significantly in the next few years due to the increased demand for online gambling, the rising disposable income and leisure spending of consumers, and the adoption of emerging technologies such as AI, blockchain, VR, and AR. However, the market also faces some challenges such as the stringent regulations and legal restrictions on gambling activities, the increasing competition from other forms of entertainment and leisure activities, and the ethical and social issues associated with gambling. The market can capitalize on the opportunities such as leveraging social casino games and expanding into new regions and segments.

FAQ

Q: What is the size of the global casino market?

A: The global casino market is expected to grow from $99.87 billion in 2022 to $145.92 billion in 2023 at a compound annual growth rate (CAGR) of 46.1%.

Q: What are the main types of casino?

A: The main types of casino include land-based casinos, online casinos, gambling machines, gaming tables, and others.

Q: What are the main drivers of the casino market?

A: The main drivers of the casino market are the increased demand for online gambling, the rising disposable income and leisure spending of consumers, and the adoption of emerging technologies such as AI, blockchain, VR, and AR.

Q: What are the main challenges of the casino market?

A: The main challenges of the casino market are the stringent regulations and legal restrictions on gambling activities, the increasing competition from other forms of entertainment and leisure activities, and the ethical and social issues associated with gambling.

Q: What are the main opportunities for the casino market?

A: The main opportunities for the casino market are to leverage social casino games and expand into new regions and segments.

1: Casino Global Market Report 2023 – GlobeNewswire

2: Casino Global Market Report 2023 – Yahoo Finance

3: Global Casinos Market (2023-2028) by Casino Type, Gaming Type, and …

4: Social Casino Global Market Report 2023: Increasing – GlobeNewswire

: Social Casino Global Market Report 2023 – Research and Markets – Market Research Reports – Welcome

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