The gambling industry has seen many an advancement in recent years. It is not one that ever desires to stand still though, and more changes are on the way. The Virtual Reality (VR) Gambling Market is the next step forward and it is expected to make billions of dollars in the future.
That’s the view of the latest market analysis report by Technavio that covers the period 2020-2025. Technavio is a leading global technology research and advisory company. They carry out research and analysis into emerging market trends. These give businesses assistance in identifying market opportunities. Such a report as this one into the VR gambling market will help companies optimize their positions in this growing market.
Their report states that the VR gambling market’s potential growth difference will grow by $1.74 billion. That’s not the only piece of good news. The Compound Annual Growth Rate is expected to be 53.13% during their forecast period.
Recent years have seen changes in how we gamble. Rather than just going to amusement arcades, casinos, and betting shops, we now just go online to play. Not just on our computers but also betting can be carried out on our mobile devices so there is the need to register with the best casino apps in the UK.
The pandemic has been bad news for many industries. However, parts of the gambling market have prospered. Lockdowns caused the closure of land-based casinos and High Street bookmakers. With people having more time on their hands and staying indoors, more time was spent gambling online.
All of these advancements have seen the gambling industry receive a massive boost. The industry needs to continue to be innovative to retain its customers. Live casinos, 3D graphics, and second-screen bonus games in slot games have achieved that but now it’s the VR gambling market that is taking off.
Esports are becoming increasingly popular and with some countries liberalizing their regulatory framework, this is all going to be helping the VR gambling market. Not every country has legalized gambling, so this will put some restrictions on the growth figures.
Another problem that might curb the growth of this market is financially based. VR headsets are quite expensive to buy at present. However, the same situation used to be the case with items such as personal computers and mobile phones when they were first introduced.
The hope is that VR headsets will go down the same route. If they drop in price, then more players will be able to purchase them and then use them to gamble at online casinos. Another concern is in the area of privacy with regards to using VR headsets.
The VR gambling market report looks at some of the key players in the gambling industry. This includes high-profile companies such as Caesars Entertainment Corp., Evolution Gaming Group (who have achieved so much with their live casinos), 888 Holdings, William Hill, the Kindred Group, and DraftKings.
At present, it must be said that the VR gambling market is a fragmented one. There are several gaming options being delivered by companies that are market competitors. The future will see them putting more focus on the fast-growing areas while being content to maintain revenue levels in the areas that are only slowly growing.
The gambling market has many parts. There are the casino games such as roulette, poker, baccarat slots, and blackjack. Then there’s the betting side of the business with gamblers placing bets on sporting events and other events such as reality television programs and politics. The lottery side of the gambling market includes games such as Powerball, EuroMillions, SuperEnalotto, and plenty of scratchcard games.
It is the casino area of the gambling market that was top of the VR gambling market share in 2020. The belief is that this will continue to be the case in the future. The gambling industry is a truly worldwide business.
The market can be classified as being in Europe, APAC, MEA, South America, and North America. In the US, there is a great deal of growth taking place with a growing number of American states legalizing gambling.
43% of the market’s growth is expected to come from North America. With the rising number of American states contributing massive amounts, then that may well even be a higher figure. There is also increased use of VR technology in this area, which will contribute more to the revenue figures.
VR does appear to be the future of the gambling industry. While there will always be areas where players will just place a bet on a sporting event or try to win the lottery, VR will do well in other areas. Putting on a handset and playing exciting slots and video games are going to become the norm in the future.
