The casino industry is one of the most exciting markets in the world, and it’s growing every year. As you can imagine, there are several different types of casinos out there that cater to different kinds of players and gamblers. From land-based ones to online gambling sites in Canada an worldwide, each one has its own unique features and benefits. However, as gambling becomes even more popular, thanks to some of the best Canadian online casino sites you can read about on TerraCasino, and new technologies, there are new challenges facing this industry as well. In this post, we’ll go over some interesting statistics about the casino industry right now so that you can better understand how it works!
Overview of the Casino Industry
The casino industry is a multi-billion dollar industry that spans the globe – from New Zealand to Macau. The global casino and online gambling market reached a size of 263 billion U.S. dollars in 2023, compared to 262 billion U.S. dollars in 2021. What’s more according to gambling experts reviewing the best online casino sites in NZ, by 2023 the online gambling market in New Zealand will be worth $1.1 billion.
With over 1.5 million employees worldwide, the industry is also one of the largest employers in the world! And with revenues projected to increase by 8% annually until 2027 (according to estimates), it seems like there will be plenty more jobs available within this sector as well!
Impressive Casino Industry Statistics
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You may think you understand this industry, but there’s always more to learn. Here are just some of the most impressive statistics that make up this comprehensive report on casinos:
Macao’s Dominance in the Casino Market
To begin with, let’s take a look at the world’s most famous gambling destination: Macao. This Special Administrative Region of China is known for its abundance of casinos and gambling activities, which generated a GGR of 1.58 bn billion U.S. dollars in revenue in 2023.
The economic impact of gambling activities in Macao and its potential to generate revenue and jobs worldwide has been studied extensively by various institutions.
Global Gambling Trends
The popularity of gambling has increased exponentially in recent years, with many people around the world participating in various types of gambling activities. In fact, approximately 1.6 billion people worldwide gamble with strategy at least once a year, and 4.2 billion people gamble at least once during their lives! This shows just how popular this pastime really is among different cultures throughout the world today.
In terms of revenues generated from gambling activities worldwide: The United States generated $306 billion USD from online gaming alone during 2018 which accounted for about half (49%) of all global online gaming revenue! That being said, it’s estimated that the global online gaming market will rise from 61.5 bn U.S. dollars in 2021 to 114 bn U.S .dollars by 2028!
Impact of COVID-19 on the Casino Industry
The effects of COVID-19 have been well documented, but what are the real consequences for the casino industry? The pandemic caused a significant drop in revenue for land-based venues in Macao, Nevada and Las Vegas. The betting industry in the United States was affected with 47% of respondents betting less often after COVID-19 hit. Despite this pandemic, however, it seems that there are no signs of slowing down as we head into 2023: The online gaming market continues to grow rapidly while traditional brick and mortar venues continue to struggle with decreasing revenues. Mainly due to a large user base now perefering convenience of playing on online platforms and through social media than in land-based venues.
Revenue and Growth Potential
The global casino market is expected to reach $525 billion by 2023, growing at a CAGR of 4%. In 2019, the total revenue of the industry in the United States was approximately $79.42 billion. Las Vegas Strip generated roughly $6.58 billion in revenue in 2019.
Casino Locations and Size
Macau had an annual gross gaming revenue of $35.6 billion in 2020, surpassing Las Vegas for the first time ever and becoming the largest gambling city in the world. Atlantic City casinos reached a total gaming revenue of $3.29 billion in 2019, down from $4 billion three years prior due to competition from other states’ casinos and online betting sites.
The largest casino in the world by floor space is WinStar World Casino and Resort in Oklahoma, with 600,000 square feet–about twice as large as MGM Grand! There are nearly 3,000 casinos worldwide as of 2023. However, this number can change rapidly if new ones open up quickly enough.
Casino Industry Statistics and Revenue Impact
The average gambler spends $68.92 per visit. In fact, Americans have been spending more money on gambling than they do on movies and music combined since 2018.
Casino gambling accounted for 25.8% of Nevada’s total annual revenue in 2019. However, this number is expected to decline over time as online casinos become more popular with younger generations who don’t want to drive across town just so they can play some slots or blackjack while eating free pretzels from a machine.
The global market for casino management systems is expected to reach $13.7 billion by 2025. Meanwhile, in Canada alone, the industry generate revenue of CAD$9.229 billion in 2017.
Conclusion
The casino industry has grown over the years and is expected to continue doing so in the future. The popularity of online gambling has led many people to join this industry as well, since it offers a wide range of opportunities for anyone who wants to make money from their love for games or betting on sports events.