According to a recent report by market analyst firm Technavio, the gambling industry is projected to see significant growth in the coming years. The report examines trends in both iGaming and traditional offline gaming, and estimates that the global market size will increase by 90.22 billion between 2022 and 2027.
One major factor driving this growth is the increasing popularity of the iGaming industry. Casino operators and other gambling companies are increasingly turning to online platforms, which offer a high level of security and easy sign-up processes for customers. This is making it more convenient for consumers to access casino services from the comfort of their own homes. Additionally, many companies are expanding their online presence to regions where land-based casinos are not legal, providing access to casino services to a wider customer base.
Driving forces: New Technologies in iGaming
One of the most striking finding is that online gambling is shifting toward the use of new technologies such as crypto and decentralised betting. The use of cryptocurrency in the gambling industry is becoming increasingly popular and is driving growth in the online casinos and gambling market. As a result of this trend, the use of real money for online gambling transactions is declining. Additionally, the market is highly competitive among vendors for business expansion, customer base and other factors. This competition is expected to continue during the next five years.
One key trend in the market is the increasing use of social media marketing by casino operators. Social media platforms such as Facebook, Twitter, Pinterest, Instagram, and YouTube are highly popular and widely used. As social media marketing is less restrictive than traditional marketing methods, it has become a popular and useful advertising and branding tool for casinos. Casino operators are using these social networking platforms to promote their casino games and attract new customers. Some of the promotion strategies include floating ads highlighting the history of winners and showcasing lucrative offers and programs. This will have a positive impact on the market during the forecast period.
Market Challenges: negative consequences of gambling
However, the market faces challenges from the socio-economic impact of casinos. The negative consequences of gambling such as financial stress, addiction, and decline in the quality of life for individuals and their families can hinder market growth. Gambling addiction can lead to serious consequences for addicts and their families, including financial stress caused by the inability to repay debts, which can trigger dangerous behavior. These factors are expected to hinder the growth of the global casino gambling market during the forecast period. It is important for the casino operators to consider these challenges and implement measures to mitigate their impact.