A compound annual growth rate of 12% is forecast for the period 2020 to 2025 for the global gaming industry. With regards to slots in particular, there have been various reports forecasting growth in the slot machine market from 2020 to 2024. According to The Analyst, slots are expected to grow by 14.09 billion USD from 2020 to 2024.
Below are some reasons for the forecasted mobile slot gaming market growth.
COVID-19 Pandemic
Mobile slot games are becoming more and more popular by the day. However, this is even more the case in 2020 due to the coronavirus pandemic. As more and more brick and mortar casinos are shut down, players are looking to mobile slot games to play their favorite slots. In addition, new players are attracted due to the free time they now have, also as a result of the COVID-19 lockdown.Casinos that were only brick and mortar suffered immensely, as most states relied on this tax revenue to keep up the state. It soon became clear that online casinos were thriving as most people were confined to their homes and needed to find alternatives ways of entertaining themselves.
States who have not yet gone digital in terms of slots are now pushing to pass legislation so that they can still benefit from tax revenue generated by slots and other casino games.
Bitcoin Slots
The use of bitcoin is expected to increase the growth in the slot machine industry. This is largely due to the anonymity that bitcoin brings. When depositing money at a casino, you will be asked to enter your banking details. This exposes players to scams and possibly identity theft. The use of bitcoin reduces this risk as it allows players to make deposits using bitcoin.Convenience and accessibility
It was estimated that by this year, 2020, players will most likely spend close to 4.5 billion USD on online gaming. A large portion of this income will be as a result of online slots.Online slot games are not only more convenient, but also way more accessible than the traditional mechanical slot game. All you need to play online slots is a mobile device and an internet connection, most people have both.
The fact that more and more people have access to internet connections is what drives market demand.
