The video game industry is among the popular industries that improve technological advancement and entertainment among their players. Gaming industries are putting out innovations that make it easy for players to play on Personal Computers, Mobile and consoles. On the other side, the online gambling industry also offers players entertainment by betting on casinos and sportsbook games over the internet. These games include roulette, bingo, video poker, slots, lotteries, and keno. In this article, we will be comparing and contrasting the video game and online gambling industries. So, let’s dive in!
Industry Size and Share
According to research conducted by Statista, the video game industry has an estimated global worth of $155.89 billion and $178.37 billion in 2020 and 2021, respectively. Furthermore, the market is estimated to reach $268.81 billion in 2025, with an expected CAGR (Compound Annual Growth Rate) of 12.9% from 2020 to 2027. However, according to a report by Grand View Research, the online gambling market was valued at $53.7 billion in 2019, with an expected CAGR of 11.5% from 2020 to 2027.
Industry Drivers and Trends
The two growth drivers for the online gambling industry are high internet connectivity and the high penetration of mobile devices. Moreover, there are different innovative trends in the industry, including virtual reality, IoT (Internet of Things), and Blockchain. Similarly, the IoT and Virtual Reality is helping the Gaming industry to experience growth and acceptance by more players. Other innovative trends in the gaming industry include Cloud Gaming and Streaming, Digital Distribution, and Next Generation Consoles.
There are several opportunities for people in the online gambling and video game industries. Hopefully, there should be massive growth in terms of market size and users in years to come. People can get jobs as cybersecurity specialists, marketing and communication experts, legal advisers, live dealers, and online payment specialists in the online gambling industry. Moreover, people can get jobs as video game designers, video game programmers, video game animators, and quality assurance specialists in the video game industry.
Market Fragmentation and Competition
Besides the industry opportunities, the online gambling industry is highly fragmented with the presence of local and international players. These key players include 888 Holding PLC, Betsson AB, MGM Resorts International, Leovegas AB, and Bet365 Group Limited. The video game industry is a highly competitive market too. Some key players in the industry include giants like Microsoft Corporation, Sony Corporation, Nintendo, Electronic Arts Inc, and Tencent Holdings Limited. These major players have reached new heights in player investment.
According to the research by Statista and NewZoo, it estimates the worth of the video gaming industry to be $268 billion by 2025. Another study by eMarketers estimated the number of digital gamers in the US to be 181.3 Million in 2023, while a Market Research report estimated that the Video Game market value will increase to 510$ billion by 2031. In regard to Gambling Industry, as we have mentioned earlier, the report by Grand View Research estimated the online gambling market will reach $123.3 billion by 2027. Also, the online gambling industry is expected to gain popularity over the period of forecast, with a CAGR of 11.5% between 2020 and 2027.
This article has explained the differences and similarities in the video game and online gambling industries. In terms of industry size and shares, the online gambling industry was valued at $53.7 billion in 2019. However, the video game industry has an estimated global worth of $155.89 billion and $178.37 billion in 2020 and 2021, respectively. Additionally, in terms of fragmentation, both industries are highly fragmented, with both big and small players. Some top players in the online gambling industry include Bet3565, Leovegas AB, and 888 Holdings PLC. All these key players have different online casinos around the world, including the UK. Players can also enjoy games like keno, bingo, live dealer games, as well as Platin Casino slots in the UK.