A recent market analysis projects that by 2027, the worldwide market for social casino games would have grown to a record $9.25 billion. The main driver of the anticipated increase is reportedly North America’s constantly growing legal and cultural footprint of gaming.
By 2027, the Value of the Casino Gaming Business to Hit $9.25 Billion
Paid and unpaid games of the online and wired (in-person) kind may be found on the worldwide casino gaming market. All the standard casino games that come to mind, such as slots, bingo, and poker, are included in this.
The business is expected to reach an astounding $9.25 billion by 2027, up from an anticipated $7.26 billion in 2023. In terms of CAGR, that is an increase of 6.24% between now and then. The analysis predicts that during the next four years, a number of variables will affect this market’s growth. The U.S. gaming industry’s fast and ongoing development is among the most important of these causes.
Increased Gambling in the US Affects Forecasts
As casino gambling becomes increasingly legal across the U.S., North America is expected to continue to develop at a rapid rate in the next few years. Gaming businesses engaged in a massive client acquisition frenzy have boosted their marketing and advertising expenditures as a result of this ongoing liberalization. And as casino gambling has become ingrained in American culture, focus is shifting to other types of gambling including sports betting and internet casinos. Americans will spend $157 billion on gaming in 2022, according to a new Eilers & Krejcik Gaming research. 63% of that sum was used just for gambling at casinos.
The United States has another 5-8 years until gambling reaches a plateau, if the UK’s chronology is any indication.
Modern Technology Helps the Expanding Gaming Sector
Other elements that might affect the gaming business in North America and elsewhere were described in the ResearchAndMarkets.com analysis. This industry grew significantly as a result of the introduction of new technologies like 5G wireless, as well as the increasing appeal of cloud gaming and virtual reality gaming. A further factor in the industry’s rapid expansion was the COVID-19 epidemic, which encouraged more individuals to gamble online in order to combat loneliness and boredom.
Gaming is now more accessible than ever because of the popularity boom of casino games and the expansion of tablet, smartphones and other mobile devices. Additionally, the consumer base of the gambling sector is still expanding exponentially due to younger audiences’ quicker adoption of new technology. As more companies go from free promotions to real-cash casinos, jurisdictions are gradually starting to tighten rules. This might momentarily halt market growth. However, legal casino gaming is here to stay in the long term and is asserting its mark on a worldwide scale.
Here are some of the trends that are expected to drive the growth of the North American online casino industry in the coming years:
- The increasing popularity of mobile gambling.
- The growing popularity of social casino games.
- The increasing legalization of online gambling.
- The development of new and innovative online casino games.
The North American online casino industry is a rapidly growing market with a lot of potential for growth. As the market continues to develop, we can expect to see even more innovation and competition in the years to come.
Last Updated: August 21, 2023