The size of the global casino market has almost tripled over the last 20 years, according to information from a new research on the sector.
According to the compilation made by Catena Media, the worth of the land based and online casino sector was a combined total of $130bn, in comparison to the gross gaming yield that was placed at $50bn in 2001.
The advancement of the online casino sector is the driving force behind this growth, and the research made a prediction that the financial size of the best online casinos and gambling is expected to double in 2024, increasing to $94.4bn from $45.8bn that it was worth in 2017.
In the gambling world, the value and importance of casinos has increased in the last few decades, and this is seen in the fact that the sector has accounted for up to one quarter of the entire gambling market in the last few years. In 2017 for instance, the casino sector accounted for 20% of the entire market, but this grew rapidly in 2014, giving it a 26% share of the market. The estimate in 2021 is that it will account for 25% of the market. While the casino sector in general was growing, the contribution of poker as a game was dwindling.
While it accounted for 19% in 2007, it dropped to 7% in 2021.
According to the study, four of the five most successful casino firms are in the United States of America, and the group that sits at the top of the list is the Las Vegas Sands, which had up to $13.8bn revenue in 2018. Las Vegas Sands is followed in the list by MGM Resorts as the 2nd most successful, while Caesars Entertainment comes third. Galaxy Entertainment from Hong Kong and Wynn Resorts took the fourth and fifth positions respectively.
When it comes to size, the Oklahoma based WinStar World Casino is the biggest, covering 600,000 square feet, which is three times bigger than the biggest casino venue in Las Vegas, named the MGM Grand. The second on the list of the biggest in size is the Venetian Macao, followed by the City of Dreams in Macau at the third position.
The SEO product specialist of Catena Media, Joevrem Curmi posited that they wanted to dive deep into the casino industry, to ascertain the level of growth that different branches of the sector has witnessed in the past, and the types of changes they’ve witnessed in the past years, plus the level of evolution that the landscape may witness in the years to come.
According to her, they’ve seen fascinating results from their study, revealing that even though the world is going through a lot of challenges at the moment, it looks really positive for both the land based and online casino sectors, as we head into the middle of the 21st century.