Casinos And Gambling Market size is set to grow by USD 132.17 billion from 2024-2028, Increasing popularity of online gambling boost the market, Technavio

NEW YORK, July 16, 2024 /PRNewswire/ -- The global casinos and gambling market size is estimated to grow by USD 132.17 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 10.43% during the forecast period. Increasing popularity of online gambling is driving market growth, with a trend towards increasing use of social media marketing by casino operators. However, socio-economic impact of casinos poses a challenge. Key market players include Bufalo Partners, Caesars Entertainment Inc., Cher Ae Heights Casino, DraftKings Inc., Flutter Entertainment Plc, Galaxy Gaming, Gambling.Com Group Ltd., Konami Group Corp., Luxury Casino, Marina Bay Sands Casino, MGM Resorts International, NOVOMATIC AG, Selina, SJM Holdings Ltd., Sky City Auckland Casino, Table Trac inc., Thinamy Entertainment Ltd., Wynn Resorts Holdings LLC, CT Gaming, and Motion JVco Ltd..

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Market Driver

Social media marketing has emerged as a powerful tool for casino operators, both online and offline, to attract and engage customers. With consumers spending significant time on social media platforms like Facebook, Twitter, Pinterest, Instagram, and YouTube, these channels offer fewer restrictions and greater reach compared to traditional marketing methods. Vendors are capitalizing on this trend by using innovative strategies, such as floating advertisements, winner stories, and lucrative offers, to promote casino gambling and create brand awareness. Social media marketing enables casinos to convey the glamorous, exciting, and fun aspect of gambling, encouraging new users to try new products and engage with the brand. The growing use of social media for casino promotion is expected to positively impact the global casinos and gambling market, driving growth during the forecast period. 

The Casino Gambling Market is thriving, with record-breaking Gross Gaming Revenues. Tourists are a significant contributor, driving demand for Casinos, Restaurants, and Entertainment, including Live shows and Concerts. Internet Penetration and Mobile Phones have expanded Gambling's reach, enabling Online Gambling Websites and Mobile Apps. Blockchain Technology and Cryptocurrency are trending, offering secure, anonymous transactions for Sports Betting, Gambling, and Wagering. Casinos offer various Games like Poker, Lotteries, Horse Wagering, and Casino Services such as Bingo Halls, Video Gaming Terminals, Off-track Sports Betting, Coin-operated Gambling Devices, Bookmakers, Card Rooms, and Casino Hotels. Female Gamblers and E-sports are emerging markets. Augmented Reality, Virtual Reality, XR Casino, and Extended Reality (XR) are future trends. Casinos ensure Event Security and comply with Gambling Regulations to maintain Intent. Sports Betting, Online Betting, and Betting on Non-athletic Events continue to grow. Casinos also face challenges like Casino Breaches and Cybersecurity threats. 

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Market Challenges

• Casinos and gambling have significant impacts on both the social and economic landscape of a country. Despite the lower odds of winning compared to losing, a large number of individuals continue to participate, leading to collective losses every year. Gambling addiction can result in bankruptcy and increased debt, which can negatively affect an individual's quality of life and that of their family. On average, gambling addicts carry more than double the debt of non-gambling households. The rise in gambling participation has also led to an increase in crime rates, as some individuals resort to illegal activities to fund their addiction. Gambling addiction can lead to irritable behavior, secrecy, and arguments, causing strain on relationships. The financial stress resulting from inability to repay debts can lead to dangerous behaviors, including suicide. These severe consequences are expected to hamper the growth of the global casinos and gambling market.
• The global Casinos and Gambling market faces several challenges. Events like sporting events, reality show contests, and political elections drive significant betting intent. Gamblers engage in various forms of gambling services, including poker, lotteries, horse wagering, and casino games in casinos, bingo halls, card rooms, and even through coin-operated devices and online gambling websites. Female gamblers and gambling enthusiasts also contribute to the market's growth. Casinos offer live casino offerings and mobile gambling platforms, while new casinos emerge with innovative technologies like augmented reality (XR), virtual reality, and mixed reality. Online gambling platforms, offshore betting services, and e-sports betting are gaining popularity. However, challenges include casino breaches, the need for regulation, and competition from poker cardrooms like PokerStars Exchange. Jackpots from slot machines and progressive jackpot slots continue to attract gamblers, but the industry must adapt to evolving consumer preferences and technologies.

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Segment Overview 

This casinos and gambling market report extensively covers market segmentation by

1. Type 
• 1.1 Poker
• 1.2 Blackjack
• 1.3 Craps
• 1.4 Lottery
• 1.5 Others
2. Platform 
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Poker- The poker segment holds a substantial share in the global casinos and gambling market in 2023. Online poker is a significant contributor to this growth, with its popularity increasing in various countries. Poker is a card game played over the internet, leading to an influx of new players worldwide. The demand for online casino games, including poker, is on the rise due to the increasing number of gambling platforms. Live casino games are also gaining traction, boosting the popularity of poker. These games can be accessed on desktops and smartphones. Notable vendors, such as Caesars Entertainment Inc., are expanding their online gaming offerings. Televised poker tournaments and high-profile events, like the World Series of Poker (WSOP) and World Poker Tour (WPT), have fueled the game's popularity among both casual and professional enthusiasts. With the proliferation of mobile and web applications, the poker segment of the global casinos and gambling market is poised for significant growth during the forecast period.

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Learn and explore more about Technavio's in-depth research reports

The global gambling market is witnessing robust growth, driven by increasing disposable incomes and relaxed regulations. Key players are leveraging technology to enhance user experiences, fueling market expansion.

Simultaneously, the global online gambling market is booming, propelled by the widespread adoption of smartphones and internet access. Online platforms offer a variety of betting options and convenience, attracting a diverse user base. Innovations in virtual reality and secure payment systems are further augmenting market growth, making online gambling a significant contributor to the overall gambling industry.

Research Analysis

The Casino Gambling Market encompasses various forms of entertainment that involve wagering on the outcome of games or sporting events. This market includes traditional Casinos with their diverse Casino games such as Poker, Blackjack, Roulette, and Slots, as well as Lotteries, Horse Wagering, and Sports Betting through Bookmakers, Card Rooms, and Online Gambling Websites. Gross gaming revenue is a significant metric in this industry, with Casinos, Video gaming terminals, Bingo parlors, and Coin-operated gambling devices contributing substantially. Mixed reality and online platforms, including Live casino offerings, Mobile gambling platforms, Online casino platforms, and Online gambling websites, are increasingly popular. Jackpots, whether in physical Casinos or online, add excitement and potential for substantial winnings. Regardless of the format, the Casino Gambling Market offers a wide range of opportunities for entertainment and potential rewards.

Market Research Overview

The Casino Gambling Market continues to grow, driven by the increasing demand for entertainment and wagering experiences. Gross gaming revenue reaches new heights, fueled by tourists seeking excitement in restaurants, live shows, and casinos. Casinos offer various games, including poker, lotteries, horse wagering, and bingo halls. The digital age brings new opportunities with internet penetration and mobile phones, leading to the rise of online gambling websites, sports betting, and cryptocurrency transactions. Blockchain technology and XR Casino experiences add to the allure, offering gamblers immersive, secure, and convenient wagering options. The market caters to diverse demographics, including female gamblers and gambling enthusiasts, with live casino offerings, mobile gambling platforms, and online casino platforms. The industry continues to evolve, with new casinos, jackpots, and innovative technologies like augmented reality, virtual reality, and extended reality (XR) experiences. Online betting on sporting events, non-athletic events, reality show contests, and political elections also contributes to the market's growth. Gambling services expand to offshore betting services, online gambling platforms, and coin-operated gambling devices. Bookmakers and card rooms cater to specific markets, while casino hotels provide a complete entertainment package. The market's intent remains focused on providing enjoyable and engaging experiences for gamblers, whether they prefer traditional casino games, poker, lotteries, or the latest e-sports and online gambling trends.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Poker
• Blackjack
• Craps
• Lottery
• Others
• Platform
• Offline
• Online
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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