Global Casino Market Poised to Grow by $43 Billion Over Five Years, Report Claims

Supported by increased consumer spending, the global casino gaming market is poised to grow by $43.3 billion for the five years spanning 2024 to 2028, representing a compound annual growth rate (CAGR) of 3.2%, according to a new report by Technavio.

Gaming companies’ increased social media efforts could be catalysts for increased visitation to land-based casinos, as well as avenues for driving increased engagement on internet gaming platforms, including online casinos and sportsbooks.

In today’s digital age, social media marketing has become a crucial tool for casino operators to attract and engage customers. With the widespread use of smartphones and enhanced internet connectivity, social media platforms like Facebook, Twitter, Pinterest, Instagram, and YouTube have gained immense popularity among consumers,” notes Technavio.

Leveraging social media has paid dividends in terms of bringing millennials and Gen Z into the iGaming and online sports wagering folds, but industry observers believe there’s still more work to be done to make those demographics devoted customers of brick-and-mortar casinos.

Tech at Forefront of Casino Market Growth

In addition to social media, nuts-and-bolts technology is expected to be a contributor to casino market growth over the coming years. That includes gaming companies increasing their use of artificial intelligence (AI) and cloud-based software.

Technavio also mentioned nongaming amenities and a broader embrace of cryptocurrency as possible long-term growth drivers for the gaming industry.

“Demographics, live shows, concerts, fine dining, hotels, restaurants, entertainment, and gaming technology are essential components of the industry,” observes the research firm. “Mobile phones and blockchain technology, including cryptocurrency, are transforming online sports betting. Regardless of the platform, ensuring responsible gambling practices remains a priority.”

Cybersecurity Looms Large

With casino operators acting as the stewards of significant amounts of important customer data, including bank and credit card account information, cybersecurity improvements are essential to safeguarding data and fostering trust among customers.

Casino gaming companies prioritize the security of their customers’ financial information when accepting payments via credit or debit cards. Compliance with the Payment Card Industry Data Security Standard (PCI DSS) is essential to secure cardholder data and reduce financial fraud,” according to Technavio.

The industry’s efforts to bolster cyberdefenses are under a microscope following the 2023 hacks of Caesars Entertainment and MGM Resorts International, the latter of which crippled the operator for over a week and led to more than $100 million in losses.