Despite technological development and a shifting regulatory landscape, the gaming industry has shown promising growth over the previous 12 months. In 2022, the United States gaming market was worth $54.9 billion, making it the largest in the world. China’s video gaming market was second, with about $44 billion.
Between 2022 and 2027, the worldwide gambling industry is expected to generate $260.44 billion, with a CAGR of 7.1%. The global gaming market will see several opportunities and surprises in 2023.
The Future of the Gambling Market in 2023
The rise in the number of people gambling online shows no indications of stopping. What does the future of the gambling industry look like in 2023?
1. The Rise of Online Gambling
Land-based casinos have had a rough few years. Customers from the United States have stopped physically visiting casinos and other gambling venues due to the Covid epidemic and rising economic uncertainty. Like other industries, gambling is turning digital, as evidenced by a 15% increase in interest in creating virtual casinos the previous year; check out sports betting with bc games’ welcome offers.
2. The Appeal of Live-Dealer Casino Games Will Not Fade
Combining the ease and speed of online gambling with the excitement of real-life dealers has shown to be a winning formula. In 2022, several virtual game studios released live dealer games, which immediately took off in established and developing countries across Europe. Increased demand for mobile-first experiences and the maturation of VR technologies both bode well for the future of live dealer games.
3. Potential Growth of Virtual Reality
After the success of live dealer games, virtual reality casinos are seen as the next logical step in developing the gaming industry. Already, players can enter a virtual world in some online casinos. However, most of these systems are still in their infancy, so there are still some openings for games that may be played for real money. Due to the high price tag and limited availability of compatible material, 32% of US and 24% of UK gamers do not see any practical use for virtual reality. In addition, the 25% drop in share price and the layoffs reported in Meta’s 2022 third quarter results suggest that the company is not doing an excellent job of inspiring confidence in a VR-first future, telling that this is a potential area to watch in 2023.
4. The Use of Cryptocurrencies Will Eventually Become the Norm
There has been a rise in the use of cryptocurrency in online casinos. Cryptocurrency gambling is still in its infancy but is widely regarded as more secure than traditional casino gambling. This is because of the heightened level of data protection provided by the several levels of security. As a result, more online gambling establishments are expected to facilitate cryptocurrency payments by 2023.
5. The Growth of Live-Streaming Gambling.
After Twitch prohibited the live-streaming of gaming zones without proper licensing, the online gambling industry came under attack in 2022. The Guardian said the restriction came after “a series of controversies involving popular streamers like ItsSlicker,” who admitted to cheating other hosts out of thousands of dollars. Stream betting is likely to take up, but it could end up on a competing platform that has sprung up to meet the demand.
6. A.I. Will Increase Industry Credibility.
Gambling, like every other business, is seeing significant benefits from AI. Digital gaming systems that include AI and ML offer improved user experience and highly customized gameplay. Artificial intelligence (AI) enhances the gaming business by detecting and reporting suspicious behavior, thereby safeguarding companies from fraud and the financial consequences of noncompliance. As a result, AI will continue to increase the respectability of the gambling industry well beyond 2023.