Job prospects are up in the gambling industry – There is a projection by the Business Research Company that the value of the global gambling market world could be up to $565.4 billion (£455.94 Billion) by 2022, meaning an annual growth of 5.9%.
With the arrival of new technologies like Augmented Reality (AR), Virtual Reality (VR), and hybrid games, the global gambling industry has been witnessing a huge, geometric kind of growth. Offline and online casino firms – like the ones you can find at New Casinos UK – employ these technologies to make their services unique from what others are offering and to stand above the competition in the industry.
Augmented Reality, Virtual Reality, and Hybrid Games
To lure in more gamers and keep them immersed in their games, some of the casinos make use of hybrid table games. Of course, when we talk about hybrid table games we are talking about a combination of land-based and online games. The major thing here is bringing the fast-paced and player-friendly nature of slot machines and live dealer gaming system together.
To make sure that top-notch service is delivered after they’ve lured in these prospects, most of the gambling firms are looking at the option of bringing in technologies like skill-based games. In skill-based games, nothing is left to chance. Here, the skills that are inherent in the players become the dominant factor in the gameplay and a huge determinant of the outcome of games.
Now, it’s highly likely that the coming generation will be prone to very immersive and interactive gaming and that they will all be tech compliant. Because of this, there are two major services that gambling companies must embrace if they are to stand above the competition and lure in new players. These are the skill-based and hybrid gaming options.
When AR and VR are applied in online gambling, the viewing experience is improved and the level of engagement is also increased among the players. it’s good to note that the two aforementioned factors – Experience and engagement – are the major drivers of demand in online gambling.
One of the major activities that is witnessed in the VR gambling market at the moment is the marketing of gambling services and other allied goods through online virtual reality channels by the firms that run gambling platforms. In Virtual Reality technology, realistic sounds, images, and other sensations, together with physical attributes, are created with multi-projected or simulated environments.
With this technology, the user is physically thrown into a seemingly real environment. With VR, players are made to feel like they are in a real land-based casino where they can play on physical machines and against other players.
In augmented reality, a projection machine or transparent screen is used to create an overlay of virtual images or digital data in the real world. This technology throws digital objects into the real world to transform real-world environments into virtual space. While the ease of use and the convenience that people enjoy from online gaming stand as some of the major factors that makes them stick to gambling online, these factors get rid that feeling of originality that comes from gambling in the land-based casinos. However, the live gaming experience that players can’t get from online casinos could be given to them through the AR technology by linking virtual objects with the physical world.
Important Segments of the Gambling Market
Most of the categorizations of the gambling market are done according to types, and here, you have sports betting, lotteries, casinos, and others. With about 46% total value of the entire market just 2 years ago, the lotteries sector had the highest share in the market. The fact that lotteries are very popular all over the world could probably be described as the reason for this. Among all the sectors, the sports betting sector is expected to witness the highest volume of growth from now on and it is projected to enjoy an annual growth rate of 7%.
When you come to the sports betting, lotteries, and casinos segments, there is further segmentation, and these are based on the sales channels, which lead to sub-segments like the online gambling, offline gambling, VR gambling and others. In the casino segment, the VR gambling sector is projected to witness the fastest growth by 2022 and this would be at an annual rate of up to 21.5%.
Variations According To Regions in the Gambling Industry
The largest market for gambling according to regions in the Asia Pacific region with more than 32% of the global gambling activities taking place here. After this, comes North America, and then Western Europe, with the other regions trailing. However, the fastest-growing regions in the gambling market from now on will be the Asian Pacific and surprisingly Africa – both regions are expected to enjoy annual growth of up to 8% each.
The Asia Pacific region is enjoying an increase in the size of the gambling market due to contributions of locations like Macau in China – the only place where casino gambling can be done legally by Chinese citizens. There are also huge gambling activities in some locations in South Korea, Malaysia, and the Philippines. It’s also good to note that the Chinese lotteries market makes a huge contribution to the increase in the size of the gambling market in the Asia Pacific.
One of several new reports on this industry is the report on the research of the global gambling market made by the Business Research Company. From the report by the Business Research Company, people thinking about a job in this industry can get hold of data on industry statistics, market size analysis and forecasts, overview of the gambling market, and the gambling industry’s full analysis, plus gambling market shares, market revenues, market restraints, market drivers, market trends, and the market growth rates.