The first casinos opened their doors in the 1600s in Italy. If this feels like a long time ago, it was, if anything, a long time coming.
Evidence of humans betting on things, whether it be livestock or property, dates back as far as 2500 BC. And after the invention of minted currency in 600 BC, the sky was the limit.
Unsurprisingly the invention of the casino took the world by storm. By 1800 they were common in Europe and the US and by 1850 the first slot games began to arrive on the scene.
Significantly, there was a general loosening of restrictive legislation in the 19th and 20th centuries. But the next big thing that happened to casinos was at the beginning of the 21st century when they went online.
No longer did the game player have to physically attend a bricks and mortar casino. Now with a flick of a switch, they could play the games available at an online casino as seen on BonusFinder Canada as long as they have an internet connection.
These days, players can play in land casinos and online, but how has this affected the overall casino industry? More pertinently, what does the future hold?
To answer this, we need to take a look at a few facts and figures to put this into some sort of context. It’s worth bearing in mind that figures generated by land casinos aren’t as transparent as those generated online.
- In 2019 the annual revenues of nine MGM Las Vegas casinos generated a combined total of $5.8bn in revenue. We’ve chosen 2019 because the Covid 19 pandemic severely affected the brick-and-mortar casino industry.
While this industry subsequently recovered, it’s hard to get an accurate figure of how it stands in 2023. For now, we’ll use the former as a yardstick concerning the following…
- In 2023 the online gambling industry was worth $95bn in revenue having more than doubled in the space of four years. We might assume that this growth was down to the aforementioned Covid 19, but was it?
- According to Business Wire, the global online gambling market size is predicted to touch $153.57 billion by the end of the decade. So, it would seem that the online market is thriving and will continue to do so, especially best online casinos in Australia are very popular.
But land-based casinos, such as the ones cited in Las Vegas are still popular, in fact, according to David Schwartz, a gaming historian, “The demand for gambling has increased in Las Vegas post-pandemic.”
If we take that at face value, it would appear that traditional Vegas casinos are appealing to a completely different sort of gamer: people who crave the glitz and the glamour of a real-life casino and are prepared to travel to indulge in their pastime.
To put that into some sort of financial context, the Las Vegas Convention and Visitors Authority’s claimed that gamers had a budget of just over $761 in 2022. That’s 40 bucks more than in 2021 and 200 more than they had in 2018.
This implies that the online gaming industry is being fuelled by people new, or relatively new to the pastime. And with new technology coming into play, such as cryptocurrency, AI and VR, the online gaming industry would appear to be in its infancy.
Let’s break that down:
Cryptocurrency
While it’s hard to specifically detail how much cryptocurrency has contributed to the online gaming market, it’s definitely growing in popularity. This is down to a combination of user identity (you’re anonymous) and convenience.
Blockchain technology ensures that all your data is encrypted making it potentially much safer than using more traditional bank transfers. And that’s another benefit, crypto transactions are instantaneous and there are no bank charges to worry about either.
Crypto has certainly made online betting a more attractive proposition to those worried about sharp practice. As we move through the decade currencies like Bitcoin and Ethereum will contribute significantly to the gaming industry alongside radical changes to the user experience.
AI and AR
These days, most of us are used to playing on PCs or smartphones. But a new generation of AI and AR are set to revolutionize the gaming experience.
In the case of the former, AI is already being used to generate random numbers (RNG) for slots. And AI can instantaneously crunch numbers derived from billions of bytes of data, helping you to win through the use of bots while protecting you from overspending.
Finally, let’s not forget AR (augmented reality) a fully submersible gaming experience which is expected to further add to the swelling finances already generated by the industry. That’s right folks, the AG revolution is waiting right around the corner, and that could literally be a game changer.
So, to answer the question regarding the financial future of casinos. It’s looking very good, and that’s somewhat of an understatement. Once you have chosen your casino, for example Ignition Casino, and understood the game’s rules, you can start playing slots for cash.
