Many people believe gambling is on the rise all over the world. The reason is countries increasingly see gaming as a source of revenue for their projects and services. In addition, both online and mobile gaming appear to be on the rise. More and more people prefer the convenience and immediacy of online gaming. What can gamers look forward to in the next five years? Here is a look at the gambling forecast through 2023.
Some Gaming Opportunities are Growing More Quickly than Others
Gaming has become a major commercial activity in the United States, the United Kingdom, and other Western European countries. It is also popular in Australia. The most popular games in these countries include many different types of poker, casino table games, sports wagering, and lotteries.
The fastest growing sector in these countries, however, are online games and mobile applications. The increase in gaming opportunities is because of the growth of the leisure economy. Wages rise and unemployment falls. People have more discretionary income with which to gamble. Online games and mobile games draw the attention of many people. This is another reason for the quick growth of the sector. This fact is especially true since many countries have started to legalize them. Currently, in the United States, a handful of states allows online gaming and sportsbooks.
Researchers project the global gaming market will take in revenue of more than $525 billion within the next five years. This represents a 4 percent growth each year through 2023.
New Gaming Opportunities on the Horizon
Both augmented reality and virtual reality have already made inroads in the gaming technology and eSports markets. Experts project them to grow faster in popularity by 2023. These two adaptations of gaming will not only allow eSports players but gamblers as well to get an enhanced experience. The growth should develop more fully in online casinos and in-game sportsbooks betting while the players play a game. Eventually, the entire casino experience will be available in the 3D market. This would enhance the gaming experience for everyone, especially with upgraded sensory devices, such as sound and graphics.
Gaming Opportunities Around the World
Researchers have discussed the possibility of too much saturation in the gambling markets of the United States, Europe, and Australia. Others have argued that is not the case, however. All of these markets should see a 3 percent increase in revenue each year through 2023. Live casinos offer feeds to online gamers in real time. This gives them the opportunity to bet on a game while watching it. In addition, table games are still popular both on-site and online. The sports betting, horse racing, and greyhound betting markets will also see some growth. The tracks will provide live feeds as well as in-game or on-track betting.
In addition to the growth of gaming in the West, there are two other areas experts say will grow exponentially. One is in Asia. Asia has already experienced considerable growth with Macau, Hong Kong, and Hainan. And, Japan has opened its gaming market to the public. There is room for more countries, however. Southeast Asia, particularly Cambodia, Korea, and Vietnam, will continue to push for the legalization of gambling.
South America does not have a lot in the gaming market to offer people. Brazil is the only country that has any casinos. But, South America could see a huge explosion in the casino gaming market in the future. In addition, the legalization of sportsbooks and online gaming will soon begin in South America. This will eventually allow several gaming companies to begin to get in on the action and increase their revenue streams.
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