The casino gaming industry has embarked on a mammoth evolution over its long and varied history. In 2023, it has continued to thrive since being valued at almost $64 billion in the previous year.
But what about the data, trends, and insights that shape the world of online casinos in 2023? Here we’ll look at the popularity of gambling from the comfort of your own home, its impact, projected growth, and the potential future developments for this flourishing industry.
Global Gambling In 2023
As of 2023, 1.1 billion people across the globe take part in online gambling activities. This amounts to an impressive 15% of the world’s population.
If recent statistics are anything to go by, it is expected that the Asia Pacific and Africa regions will have the biggest impact on driving the growth of the gambling industry. 2023 estimates indicate that these regions will push growth rates by as much as 8% annually.
North America’s casinos are also growing rapidly, which can be attributed to the legalization of online gambling and sports betting in several states across the country over the last few years.
Projections indicate that by the end of 2023, total wagers placed on real money U.S. gambling sites, including sportsbooks and casinos like those seen at Techopedia.com, will surpass $700 billion, which is an increase of $80 billion within five years. This demonstrates both the impact that gambling has on the American economy and how American gambler’s preferences are evolving.
A Glimpse Into The Future Of Online Gambling
If the online casino statistics of 2023 are anything to go by, online gambling is here to stay. But what exactly does the future hold?
Explosive Growth by 2027
The future of gambling shows promise with an estimated Compound Annual Growth Rate (CAGR) of 11.9% projected for the global gambling industry by 2027. This substantial growth demonstrates the industry’s resilience and adaptability.
The Emergence of Crypto Casinos
Online gambling is expected to see a surge in cryptocurrency adoption. Many online casinos are likely to encourage cryptocurrencies as a method of payment to enhance their security features, and, on top of this, offer much more convenience for their online players.
As it currently stands, the gambling industry has seen around 4% of all gambling endeavors being dedicated to cryptocurrencies, with this percentage only set to increase. In 2022, crypto gamblers placed nearly 3 billion bets during the first half of the year, with increases in this figure in 2023 inevitably predicted.
Artificial Intelligence (AI)
AI algorithms will also become more prevalent in online casinos to personalize gaming experiences. Using these AI systems, players will be able to choose games and offers tailored to their preferences, making the experience more enjoyable and engaging. It will also make it easier to uncover problematic behavior.
Social Gaming on the Rise
With the popularity of gaming and gambling, social gaming is poised for significant growth, with an increase on the 700 million people who play social games predicted. By 2024, the social gaming market size is expected to grow to $98.8 billion.
Live Dealer Games
Live dealer games have gained a steady stream of players in recent years and this trend is expected to continue well beyond 2023. These games provide players with an opportunity to engage with dealers through video streaming, effectively recreating the traditional brick-and-mortar casino experience. This enhanced level of interaction makes the gameplay more captivating, social, and immersive.
In response to the growing demand for a ‘real’ casino experience, online casinos are highly anticipated to expand their offerings of live dealer games in 2023 and beyond. Currently, according to a 2023 report by the American Gaming Association (AGA), it is estimated that there are approximately 100,000 live dealer casino players in the US. Thanks to tech advancements, these games will become more sophisticated in the coming years, featuring a wider variety of game options, an increased number of skilled dealers, and additional immersive features.
Both virtual reality (VR) and augmented reality (AR) technologies are ready to transform how we gamble online. With over 170 million users of VR headsets worldwide and a market size of over $13 billion, predictions indicate that gambling via a headset is set to become the next big thing in online gambling.
Although legal on a federal level, US gambling laws are decided on a state-by-state basis. This means that, depending on where they live, some Americans are not able to gamble in online casinos legally.
Among the potential changes in gambling, the next big step will likely be more states following in the states of the likes of West Virginia, Michigan, and New Jersey and lifting bans on using online casinos and sportsbooks. Florida, Georgia, and Maine are just 3 of the states that have been in the news this year due to the potential of online gambling legalization.
The current statistics and future projections for 2023 clearly demonstrate the gambling industry’s growth. And there’s no sign of it slowing down.
With the rise of online casinos, the integration of cryptocurrencies, and the popularity of gaming the future of gambling is poised for innovation and expansion. Despite challenges, the allure of gambling perseveres, making it a resilient form of entertainment that isn’t going to go away any time in the near or distant future.