The Numbers That Show How Much the Gaming Industry Has Changed Over the Last Five Years
COVID-19 has sparked uncertainty across the globe and as a result of that, many businesses are suffering.
Traditional bricks and mortar firms have had to reimagine their offering as the whole globe stopped in its tracks and outdoor living became more and more dangerous.
There are certain parts of the world slowly opening up, Canada is a good example, while the vaccine roll out across the United Kingdom is highly encouraging, but by and large, the rest of the globe is still battling pandemic.
One industry that has weathered the storm well is gambling. A casino used to be a place you went with your mates, maybe had a few drinks, and generally had a good time in the evening. But now you’ll be hard-pressed to find one that’ll let you through the door for fears of spreading the virus.
As a result, people have turned their attention to online casinos instead, with a significant growth that, in all fairness, has been rising over the past couple of decades. The legalization of online gambling across the world has spearheaded this, and new casino operators have sprung up to take advantage of fresh markets.
According to figures obtained by Statista, the size of the global casino and online casino industry was worth in excess of $227 billion USD. That’s a whole lot of cash floating around.
That’s pretty appropriate because the United States is home to more than 50% of the biggest gambling companies in the world and had 981 casinos operating nationwide in 2019.
While the US might be the spiritual home of gambling, focus has shifted towards Macao. Macao is the only place in China where gambling is legal, and as a result, is a domestic tourism hotspot as well as a plaything for international money. It’s now the biggest casino marketing in the world – taking in over $36 billion USD in 2019.
Additionally, the global demand for online gambling isn’t expected to slow down any time soon. A report published by Globe Newswire predicted that the industry would expand at a CAGR of 7.91% between 2019 and 2026 and eventually reach a value of $7.74 billion USD.
Some driving factors of that increase are the increased use of smartphones and better internet penetration across the globe, while the availability of mobile apps for betting will make it easier than ever before to log on and gamble.
In particular, how smartphones penetrate the developing world will have a big impact on gambling numbers as we head towards 2030. Casinos are sure to increase the attractiveness of their online offering.
COVID-19 has made online gambling more attractive than ever before while rising disposable incomes across North America and Europe mean that upwardly mobile people have more money to splash on recreational activities like gaming.
As we can see, the gaming industry took a slight hit during the pandemic but managed to reposition itself well and looks set to go from strength to strength as we move through the decade thanks to the increased prevalence of smartphones, higher disposable income, and developing countries coming online on ways we’ve never seen before.
If you’re in the casino business, the future definitely looks bright.
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About the Author
Dr. Jerry Doby Editor-in-Chief of The Hype Magazine, Media and SEO Consultant, Journalist, Ph.D. and retired combat vet. 2023 recipient of The President's Lifetime Achievement Award. Partner at THM Media Group. Member of the U.S. Department of Arts and Culture, the United States Press Agency and ForbesBLK.
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