The VR gambling industry has been scaling up for a while now. It comes as no surprise that according to the industry reports, the VR gambling market is projected to grow by $1.74 Billion (USD). The market will also grow at a CAGR of 53.13% ongoing the period of forecast. There is a boom in the industry thanks to so many people getting involved in it. There are players around the world experiencing the world of VR gambling.
There are various factors responsible for this growth, let us take a look at what factors affect the growth in a positive and negative manner.
- Dynamics of the market
Multiple online gaming platforms have come up attracting a wide range of players, encouraging the VR gambling market. One driving factor is the online casinos that are pushing players into the adoption of VR technology. This segment of online gambling has seen new advances like live dealer casinos, mobile casinos, 3D graphics, and others.
VR technology had to be the next logical step in this segment creating a revolution. Additionally, the increased interest and demand in esports betting and change in regulations around online casinos making it more liberal will help the growth of the VR gambling market.
Although, not everything is looking bright for the VR gambling market. If you have ever looked for a VR headset, you know how expensive it can be. This high cost for VR headsets can hamper the growth of the VR gambling market. If you observe globally, the VR headset market has seen progress in the gaming apps segment and reached the growth stage of the product’s lifecycle. But, many are afraid to buy it because of the high price tag on the device. The high cost of VR headsets might hinder the growth of the VR gambling market as players might not be willing to adopt it.
In addition to this, the privacy issues related to VR headsets and the ban on online gambling in a few countries will pose a threat to the growth of the VR gambling market.
- Competitive Study
There are various performance indicators that need to be studied to evaluate the growth of companies in the VR gambling market to track the overall growth of the market. Companies do a lot of things to promote their products, especially online casinos. The use of top bonuses for online casinos is a common way to pursue players to try out online gambling. This is observed a lot in the UK online gambling scenario. Some of the online casinos in the UK are doing extremely well to improve their financial performance. This is a good marketing and growth strategy that improves financial performance. Product innovations, more market share, growth strategies, launching new products, etc are factors to understand the performance of companies.
- Profiling of Companies
The key vendors in the VR gambling market like Evolution Gaming, 888 Holdings Plc, DraftKings Inc, GVC Holding Plc, and others are competing against each other by giving some of the best gaming options to the players to keep them hooked and earn profits. These vendors are focusing on segments that are fast-growing along with maintaining their place in the slow-growing segments. This will impact the growth of the VR gambling market.
- Segmentation of Market
The VR gambling market has three-segment types, betting, lottery, and casinos. The leading segment in 2020 was the casino segment. It will continue to grow and will bring the largest revenue to the market.
The market is also segmented according to geography. The VR gambling market is divided into many segments like North America, South America, Europe, MEA, and APAC. North America generated the largest revenue in 2020 and 43% market growth is expected from it during the forecast period. The growth based on regions is due to the popularity and many people gambling along with the increased willingness to adopt VR technology. Furthermore, the forever-increasing demand for online and offline games around gambling will boost the market growth.
The VR gambling market is going to reach new heights thanks to this beautiful technology and the love for gambling. All the above-mentioned factors will drive the growth of the VR gambling market and bring a lot of new opportunities.