Global Casinos Market to Reach $153.2 Billion by 2026

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Mar 21, 2022, 05:05 ET

SAN FRANCISCO, March 21, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Casinos - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

Global Casinos Market to Reach $153.2 Billion by 2026

FACTS AT A GLANCE
Edition: 20; Released: February 2022
Executive Pool: 412
Companies: 151 - Players covered include 888 Holdings Plc; Boyd Gaming Corporation; Caesars Entertainment Corporation; City of Dreams Manila; Delaware Park Racetrack & Slots; Dover Downs Hotel & Casino; Eldorado Resort Casino; Foxwoods Resort Casino; Galaxy Entertainment Group Ltd; Golden Nugget Atlantic City; Harrington Raceway & Casino; LC International Limited (Ladbrokes); Las Vegas Sands; MGM Resorts International; Palms Casino Resort; Penn National Gaming, Inc; Philippines Amusement and Gaming Corporation (PAGCOR); Resorts World Manila; SJM Holdings Ltd; Station Casinos; The Strat Hotel, Casino and SkyPod; William Hill PLC; Wynn Resorts Limited and Others.
Coverage: All major geographies and key segments
Segments: Type (Gambling Machines, Gaming Tables, Other Types); Application (Offline, Online)
Geographies: World; USA; Canada; Europe; France; Germany; Italy; UK; Spain; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Casinos Market to Reach $153.2 Billion by 2026
Casino gaming industry over the years been a main source of entertainment for people in several countries, and is governed by strict government regulations. Casino gaming, as part of the commercial gambling market, continues to grow in popularity driven by the development of new destinations and rising prominence on online gambling/casino platforms. Dynamics of the casino gaming industry are closely linked to the health of the economy, employment levels, and discretionary incomes of people, all which determine the spending levels of casinos market. Online casino gaming constitutes the major driver of growth in the market. Technology has also enabled the development of rich interfaces that are closer to the real world, making even professional gamblers to embrace online casinos. Technological developments such as cryptocurrencies, artificial intelligence, augmented reality, virtual reality, and development in security features are enabling online casinos to augment their offerings. In the casino industry, robots are being used for programmed using artificial intelligence to defeat the even the most professional players. For instance, Deepstack is a poker bot that has been programmed to learn the basics of poker game and subsequently refine the playing strategy. Given the absence of emotional aspect, the bots are incapable of irrational decisions that is generally an issue with poker players. Some casinos in Las Vegas are using robots for the purpose of enhancing customer experience. Casino hotels are using check-in kiosks, small robots and iPad menus.

Amid the COVID-19 crisis, the global market for Casinos estimated at US$129.2 Billion in the year 2022, is projected to reach a revised size of US$153.2 Billion by 2026, growing at a CAGR of 3.7% over the analysis period. Gambling Machines, one of the segments analyzed in the report, is projected to record a 4.1% CAGR and reach US$77.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Gaming Tables segment is readjusted to a revised 3.5% CAGR for the next 7-year period. Slot machines are considered one of the most popular types of gambling machines globally, wherein the pressing of a button results in spinning of multiple reels. The growth of slot machines market is mainly due to the ease of government regulations.

The U.S. Market is Estimated at $72 Billion in 2022, While Asia-Pacific is Forecast to Reach $34.6 Billion by 2026
Casinos market in the U.S. is estimated at US$72 Billion in the year 2022. Asia-Pacific is forecast to reach a projected market size of US$34.6 Billion by the year 2026 trailing a CAGR of 4.5% over the analysis period. Among the other noteworthy geographic markets are Canada and Europe, each forecast to grow at 3% and 3.3% respectively over the analysis period. The US remains at the forefront of casino business. In the US, Las Vegas remains a key attraction for casino players from around the world, and is hence a major contributor to industry revenues in the region. Asia-Pacific represents a promising regional market for casino gaming globally. The rising popularity of casino destinations in Singapore in Macau constitute a major factor driving growth in the region.

Technology Innovations Crucial to Growth
As with most industries, technology is shaping the dynamics of the global casino industry. Innovations in the areas of virtual reality (VR), artificial intelligence (AI) and upcoming 5G networks are contributing to significant improvements in performance, customization and flexibility. Though the casino industry has been in operation since the 17th century, technology advancements are driving growth in mobile gaming and also fueling new customer-centric adaptations in land based casinos. Data analytics are contributing towards a considerable change in various industries due to availability of data collection and processing. Generally consumers use the information from consumers for marketing efforts and for communicating with customers. Online casinos for monitoring purposes are using data analytics, which provide insights into consumer related trends that can be utilized for making changes to the strategies. Given the intensely competitive landscape, investments into advanced technologies including data analytics are being made by casino operators to gain an edge over rivals. With data analytics, user experience can be modified by online casino companies in the real time. Online casinos generally record all types of data associated with consumers, including the types of games preferred by gamers, and time spent on each game among others. The use of Artificial Intelligence (AI) and predictive analytics is gaining traction in the online casino market. AI, coupled with predictive analytics, can learn from the playing patterns and provide suggestions for games based on favorite games and time spent. AI also has potential to advise gamers with regard to strategies to be followed and can also warn players based on their spending patterns, thereby addressing patterns of excessive gambling. AI also enables operators to identify and provide better benefits to retain high spenders, and also to design promotional and incentives strategies around such players. By leveraging the capabilities of artificial intelligence and data analytics, casinos can create marketing campaigns targeting specific consumers segments and thus help in improving user experience.

Online casinos are increasingly investing in latest technologies such as virtual reality (VR), augmented reality (AR), artificial intelligence (AI), and 3D graphics to improve user experience. While VR and AR allow online casinos to deliver an immersive, engaging experience to users, AI is being exploited to analyze behavior as well as identify illegal activities. On the other hand, 3D graphics is used by operators for a positive change through appealing casino designs. Casino players are no longer satisfied with playing basic slot games, and instead seeking more immersive and interactive experiences. In this regard, slot developers are using virtual reality (VR) technology to increase complexity of slot games. While VR hardware is becoming increasingly technologically advanced, the associated cost is continuously decreasing. Though technology is yet to reach its peak, there are significant opportunities to transform the slot gaming. Virtual reality has been gaining prominence driven by the increasing proliferation of VR devices. VR enables online casinos to offer 3-dimensional experience to players to provide an immersive experience, rivalling physical casinos. VR can provide innumerable experiences to players and as the technology develops, could even pose a threat to the very existence of physical casinos. For instance, using VR technology, online casinos can offer players the feel of the real world, such as moving around the tables, live dealers, and watching the expressions of other players rivalling that of physical casinos. This aspect diminishes one of the few advantages physical casinos hold over online casinos. More

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