Global Social Casino Market Will Reach US$8.2 Billion by 2026
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NAIROBI, Kenya, Sep 26 – The global social casino market is expected to reach US$8.2 billion by 2026, according to Stratview Research.
The expected value of the global social casino market in 2026 represents a compound annual growth rate (CAGR) of 6.7% from the 2020 figure of $5.6 billion.
The demand for social casinos, also known as sweepstakes casinos, is especially prevalent in the US, UK, and mainland Europe. There are several reasons why the demand for these types of sites continues to grow.
The global pandemic originally promoted the growth of social casinos. Playing at these sites does not involve using real money as people play with and win virtual coins.
So, they were an ideal way to spend time when other activities were restricted. Now that more people have discovered social casinos, the word has spread, and the growth of these sites has continued even though the pandemic is now over.
Technology is also promoting the increase in social casino gaming. For example, the expansion of the smartphone market allows more people to play social casino games 24/7 from any location that has an Internet connection.
Following a dip in the smartphone market during the pandemic, it’s expected to grow in value from US$484.81 billion in 2022 to US$792.51 billion in 2029. This represents a CAGR of 7.3%, which will be helped by the expansion of 5G coverage across the globe. So, more people will have access to social casino mobile sites.
A further reason for the ongoing popularity of social casinos is the more relaxed approach to playing at these sites. They are not regulated in the same way as online casinos because there is no real money involved. So, more people can enjoy playing games such as slots, blackjack, and roulette.
People who choose to play are not at risk of losing money as a result. This is another factor in the rising popularity of these sites. Using them is all about fun and enjoyment, and there is no danger of any financial issues as a result.
For the foreseeable future, the strongest markets for social casinos are likely to be North America and Europe. However, other markets are likely to emerge as smartphone usage expands. According to current predictions, the Asia-Pacific region is likely to be the fastest-growing of the emerging markets.
It’s difficult to predict the exact trajectory for the social casino market in the future, although continuing growth is predicted. One of the biggest threats to the industry, especially in North America, is the expanding regulated online casino market. Playing at these sites gives people an opportunity to win cash prizes which may be an incentive to choose these sites ahead of social casinos.
However, with the opportunity to win cash comes the risk of spending money to play. So, the likelihood is that there will continue to be significant demand for social casinos online from people who want to enjoy traditional casino games without experiencing any financial risk.
