Virtual Reality Tech Makes Its Way into The Gambling Market
Virtual reality (VR) has taken the gaming world by storm and since its creation has continued to steadily grow in the market. With the contribution of VR headsets and other new technology coming into play, a recent study said that by 2025 the worldwide gaming industry is predicted to see massive growth of up to $171.96 billion.
The US-based Fortune 500 research firm Grand View Research conducted a 2018 study of the gaming industry, stating it has now “emerged as one of the most lucrative industries in the entertainment sector” — just behind music and film.
The gaming industry seems to be headed in the direction “of all things digital”. Grand View’s study predicts this direction is going to change the future of gambling.
VR technology enhances gamers’ experience in other parts of the gaming world, so it only makes sense that it is starting to have an impact on the way gamble. The Grand View Research study says the VR has “significantly impacted” the gaming market already.
Immersive Gaming Technology
Virtual reality technology gives gamers the ability to indulge in an imaginary setting where the gamer’s physical presence virtually becomes a part of the three-dimensional environment. The immersion is far greater than traditional gaming platforms, because the gamer is placed inside a 360-degree visual landscape. Human experience is so often a visual experience, so the best way to enhance a player’s gaming is to change the way they see their gaming world.
With VR equipment and accessories, the user is able to view, move around, and interact with the other players and objects within the game. Many developers already are on board with VR, but the development potential for slots, poker, electronic roulette, and skill-based gaming is so much greater than what has been produced so far. Many more designers are experimenting with new VR casino games, so the industry is expected to grow over the next five years.
In fact, the next 5 years could be the key to VR gaming in the gambling and betting world. Narrow the window to the next 3 years and casino visitors should see an explosion of VR gambling.
Tremendous Growth by 2021
According to the Grand View study, the global VR hardware and software market, which in 2016 was at $1.8 billion, is predicted to grow to a massive $19 billion by the year 2021. Another study predicted that VR gambling is set to grow by 800% by the year 2025. The Grand View study believes VR will account for as much as 40% of the entire sector by 2021.
With the clear effect that VR is having on the gaming market, casinos are now wanting part of the action. IGT, a gaming software company partnered with a VR developer and brought a “virtual reality competition” to The Orleans casino in Las Vegas earlier this year. Casino owners see VR tech as a way to drive millennial gamblers to their gaming venues.
New Casinos Invest in VR Gambling
Though it will have an influence on the future of gambling, it does not mean every casino will be overtaken by VR. The technology is expensive and it might make traditional slots and electronic gaming studios obsolete, so many existing casinos will be hesitant to invest in VR gaming. For that reason, a lot of the global growth will fall in from new casinos and newly developed markets.
A few established casino operators have invested in the technology, though. Foxwoods Casino and Mohegan Sun in Connecticut have opened advanced gaming studios, hoping to compete with MGM Springfield and Encore Boston Harbor. The gaming market has seen consistent growth recently with the growth of new casinos all over the northeastern US.
Casino gaming has included a slow evolution over the decades. While Faro was the top game in gambling halls at the turn of the 20th century, eventually blackjack, roulette, and craps became top table games. Baccarat rose in prominence as Asian high rollers became wealthier and more plentiful in recent years.
Through it all, gaming machines have been taking over the casino gaming space. Slot machines once were too bulky for big prizes. When electronic slots were invented, big jackpots became possible and that transformed casinos. Even then, the rise of slots row has been a 40-year process. These days, with the rapid advancement in technology, casino gambling sometimes seems more revolutionary than evolutionary. The rapid rise of VR gaming machines in the next few years will be the latest development — but certainly not the last.
About Grand View Research
Grand View works to provide syndicated research involving a wide range of industries and their companies, including those involving technology. The result of these studies is often what pushed the growth in their business. The San Francisco-based company has done in-depth analysis on 46 industries in 25 countries worldwide, including over 300 multi-country market studies.
Grand View’s researchers have conducted research on the chemical industry, material sector, the energy industry, and various aspects of the healthcare and technology industries.
Grand View Research provides industry reports, custom research, and consulting services. The company describes itself as the “world’s largest and most trusted BI enabled market research database.” Its work has been cited by the New York Times, The Guardian, Forbes, Business Insider, Bloomberg, CNBC, BBC, USA Today, Wired, The Huffington Post, Investopedia, Information Week, Mashable India, Seeking Alpha, and TechCrunch.